U.S.Steel: Surge in Headwinds Eroded Metal Demand in Q3

SEATTLE (Scrap Monster): Pittsburgh-based United States Steel Corporation (U.S. Steel) provided guidance for Q3 2022 results.

The company expects the adjusted EBITDA to be approximately $825 million in the third quarter of the current year. Also, the adjusted net earnings are likely to range between $1.90 and $1.95 per diluted share.

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The news release noted that adjusted EBIDTA of the flat-rolled segment is expected to be lower than the prior quarter. This is mainly due to lower shipment volumes, as accelerated market headwinds negatively impacted demand across many of the key end markets. The ongoing supply chain issues continues to hamper demand from automotive and appliance end markets, the company said.

The adjusted EBITDA of the company’s Mini Mill segment is expected to be significantly lower, when matched with the second quarter’s strong performance. The European segment’s adjusted EBITDA is also expected to be significantly lower than the second quarter. On the other hand, the Tubular segment’s adjusted EBITDA is expected to improve on last quarter’s strong performance.

David B. Burritt, President and Chief Executive Officer, U.S. Steel noted that Q3 marks another important step towards its Best for All future. All the key projects remain on-time and on-budget, he added.