SEATTLE (Scrap Monster): Pittsburgh-based United States Steel Corporation (U.S. Steel) provided guidance for second quarter 2022.
The company expects the second quarter 2022 adjusted EBITDA at around $1.6 billion, which would be the new all-time best Q2 performance by the company. The adjusted net earnings are expected to range between $3.83 and $3.88 per diluted share, the press release said.
David B. Burritt, President and Chief Executive Officer, U.S. Steel said that the company expects to deliver record performance in the second quarter, with each business segment meaningfully contributing to profitability. The company’s broad market exposure will keep it business resilient. It anticipates another quarter of record performance, triggered by ongoing focus on strategic end markets and realization of increased fixed price contracts, he added.
Furthermore, Burritt noted that its balance sheet remains strong with an overfunded pension plan and no significant debt maturities until 2029. The current cash position is approximately $3 billion, which has helped the company to invest in the business with high confidence. To date this year, the company has repurchased approximately $320 million of common stock, he noted.
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