US Steel Issues Strong Q2 Profit Outlook

(RTTNews) - United States Steel Corp. (X) Thursday said it expects its second-quarter adjusted profit to be about $880 million or $3.08 per share, above analysts' current estimates, driven by higher steel prices and strong demand for flat-rolled steel.

Analysts polled by Thomson Reuters currently expect earnings of $2.67 per share for the second quarter. Analysts' estimates typically exclude one-time items.

"Higher steel prices and strong flat-rolled steel demand coupled with well-run operations are expected to deliver adjusted EBITDA that more than doubles our first quarter performance," commented CEO David Burritt. "Continued strong demand and low steel inventories are empowering today's ongoing market improvements. These market fundamentals are showing no signs of slowing down and have us increasingly confident of another strong year in 2022."

Second-quarter adjusted EBITDA is expected to be about $1.2 billion.