SEATTLE (Scrap Monster): Pittsburgh-based United States Steel Corporation (U.S. Steel) announced guidance for second quarter 2021.
The Q2 adjusted EBITDA is projected at around $1.2 billion. The adjusted net income, excluding impacts related to restructuring and asset impairment charges is expected to be around $880 million. U.S. Steel expects adjusted earnings of $3.08 per diluted share during the quarter.
The EBITDA from the company’s flat-rolled segment is expected to witness two-fold jump in Q2 this year, compared with the sequential quarter. The higher EBITDA performance is mainly on account of reduced mining headwinds and higher steel selling prices. The Mini Mill Segment earnings are expected to hit record levels during the quarter. The European segment is likely to witness continued strong demand. U.S. Steel expects steady improvement in Tubular market conditions.
The company has decided to fully redeem and pay the principal amount of nearly $718 million of its outstanding 6.875% Senior Notes due 2025.
David B. Burritt, President and Chief Executive Officer, U.S. Steel said that it expects significant market improvement, triggered by continued strong demand and low steel inventory levels. The market fundamentals have not yet shown any sign of slowing down, he added.
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