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Steel News March 23, 2020 12:30:32 PM

U.S. Steel Foresees $30 Million EBITDA in Q1 2020

Paul Ploumis
ScrapMonster Author
U.S. Steel anticipates better-than-expected Q1 performance from its USSE segment, on the back of steady increase in steel selling prices in Europe.

U.S. Steel Foresees  $30 Million EBITDA in Q1 2020

SEATTLE (Scrap Monster): The Pittsburgh-based leading steelmaker United States Steel Corporation (US Steel) provided guidance for first quarter 2020.

According to the company, adjusted EBITDA for the quarter is likely to be approximately $30 million. It expects smaller-than expected loss for the quarter at approximately $0.80 per diluted share.

David B. Burritt, President and Chief Executive Officer, U.S. Steel noted that the investments in assets over the past several years have led to robust operational and financial performance from its flat-rolled segment. Meantime, the tubular market continues to remain challenging, due to significant pressure from falling oil prices and low rig count. The conditions in Europe continue to remain challenging, Burritt added.

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The company announced that the safe and structured indefinite idling of iron and steelmaking operations at Great Lakes Works outside of Detroit, Mich will commence in April this year, as previously announced last year.

U.S. Steel anticipates better-than-expected Q1 performance from its USSE segment, on the back of steady increase in steel selling prices in Europe.

Commenting on the impact of coronavirus, the company noted that the impacts for the full year could not be predicted at this point of time, as it is quite uncertain as to how long the situation will last. The company will continue to monitor demand levels and take appropriate decisions at right time, it noted.

 

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