United States Steel Corporation (NYSE: X) has provided its third quarter 2024 guidance, with adjusted net earnings per diluted share expected to be in the range of $0.44 to $0.48. The adjusted EBITDA for the same period is anticipated to be approximately $300 million.
The company's President and CEO, David B. Burritt, highlighted that the adjusted EBITDA guidance reflects resilient domestic flat-rolled steel demand, offsetting challenging pricing dynamics. In the North American flat-rolled segment, U.S. Steel is benefiting from a balanced and diverse order book, while the European segment is expected to see higher adjusted EBITDA despite a challenging market environment, largely due to a favorable adjustment for CO2 allowances. However, the tubular segment is expected to face lower adjusted EBITDA primarily due to lower selling prices.
Looking ahead, the company is preparing for the planned start-up of Big River 2 in the fourth quarter of 2024, anticipating approximately $40 million in related start-up and one-time construction costs, which are included in the adjusted EBITDA guidance for the mini mill segment.
The third quarter adjusted EBITDA guidance also includes the estimated adjustments, with projected net earnings attributable to United States Steel Corporation expected to be $90 million, along with estimated adjustments of $25 million, resulting in projected adjusted net earnings of $115 million. Additionally, the projected adjusted net earnings per diluted share is expected to be $0.46, reflecting an estimated adjustment of $0.10.
These figures illustrate the company's performance and outlook for the third quarter of 2024, signaling both the challenges and opportunities it faces in its various segments. Today the company's shares have moved 2.8% to a price of $37.8. For the full picture, make sure to review United States Steel's 8-K report.
