United States Steel (X) came out with quarterly earnings of $0.56 per share, beating the Zacks Consensus Estimate of $0.45 per share. This compares to earnings of $1.40 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 24.44%. A quarter ago, it was expected that this steel maker would post earnings of $0.76 per share when it actually produced earnings of $0.84, delivering a surprise of 10.53%.Over the last four quarters, the com ...

[Q3 2024 Financial and Operational Overview](index=1&type=section&id=Q3%202024%20Financial%20and%20Operational%20Overview) A comprehensive review of U.S. Steel's Q3 2024 financial performance and key management insights [Overall Performance](index=1&type=section&id=Overall%20Performance) U.S. Steel experienced a significant year-over-year decline in profitability and earnings per share for Q3 2024 Q3 2024 vs. Q3 2023 Financial Highlights | Metric | Q3 2024 | Q3 2023 | | :--- | :--- | :--- | | Net Earnings | $119 million | $299 million | | Diluted EPS | $0.48 | $1.20 | | Adjusted Net Earnings | $140 million | $350 million | | Adjusted Diluted EPS | $0.56 | $1.40 | | Adjusted EBITDA | $319 million | $578 million | [Management Commentary](index=1&type=section&id=Management%20Commentary) Management discusses Q3 performance, strategic project milestones, and progress on the Nippon Steel transaction - The North American Flat-Rolled segment benefited from a strong commercial strategy, while the Mini Mill segment's margins were impacted by softening prices and **$40 million** in one-time start-up costs. USSE earnings were aided by a one-time CO2 allocation adjustment, and Tubular earnings weakened as expected due to lower prices[4](index=4&type=chunk) - A major strategic milestone was achieved with the first coil produced at **Big River 2 (BR2)**. Shipments to customers are expected to begin in Q4. This is part of over **$4 billion** in growth capital investments[4](index=4&type=chunk) - The company is progressing towards closing its transaction with Nippon Steel by year-end. Nippon Steel has committed to at least **$1.3 billion** in investments in the Mon Valley and Gary plants, increasing the total capital commitment to at least **$2.7 billion**[7](index=7&type=chunk) [Q4 2024 Outlook](index=3&type=section&id=Q4%202024%20Outlook) Anticipated financial performance and segment-specific expectations for the fourth quarter of 2024 [Q4 2024 Guidance](index=3&type=section&id=Q4%202024%20Guidance) The company forecasts Q4 adjusted EBITDA and provides segment-specific performance expectations - Fourth quarter adjusted EBITDA is forecasted to be in the range of **$225 million** to **$275 million**[8](index=8&type=chunk) - **Flat-Rolled:** Results expected to decrease slightly due to lower average selling prices - **Mini Mill:** Results expected to improve, even with **$25 million** in start-up costs, due to better pricing - **Europe (USSE):** Results expected to be lower due to the absence of a one-time CO2 credit and weak market conditions - **Tubular:** Results expected to be largely consistent with Q3[8](index=8&type=chunk) [Financial Statements and Supplemental Data](index=3&type=section&id=Financial%20Statements%20and%20Supplemental%20Data) Detailed financial statements and key operating statistics for the current and prior periods [Earnings Highlights and Segment Performance](index=3&type=section&id=Earnings%20Highlights%20and%20Segment%20Performance) Detailed Q3 2024 segment earnings before interest and income taxes show a sharp year-over-year decrease Segment Earnings Before Interest and Income Taxes (in millions) | Segment | Q3 2024 | Q3 2023 | | :--- | :--- | :--- | | Flat-Rolled | $106 | $225 | | Mini Mill | $(28) | $42 | | U. S. Steel Europe | $7 | $(13) | | Tubular | $(4) | $87 | | **Total Segment EBIT** | **$84** | **$348** | [Operating Statistics](index=4&type=section&id=Operating%20Statistics) Key operational metrics indicate a general decline in average realized prices and steel shipments for the first nine months of 2024 Average Realized Price ($/net ton) | Segment | Nine Months Ended Sep 30, 2024 | Nine Months Ended Sep 30, 2023 | | :--- | :--- | :--- | | Flat-Rolled | $1,030 | $1,045 | | Mini Mill | $880 | $898 | | U. S. Steel Europe | $818 | $910 | | Tubular | $2,062 | $3,422 | Total Steel Shipments (thousands of net tons) | Period | Shipments | | :--- | :--- | | Nine Months Ended Sep 30, 2024 | 10,910 | | Nine Months Ended Sep 30, 2023 | 11,700 | - Total capital expenditures for the first nine months of 2024 were **$1.782 billion**, with the Mini Mill segment accounting for the largest portion at **$1.302 billion**[10](index=10&type=chunk) [Condensed Statement of Operations](index=5&type=section&id=Condensed%20Statement%20of%20Operations) The Q3 2024 income statement reflects a year-over-year decrease in net sales and net earnings Q3 Statement of Operations Highlights (in millions) | Metric | Q3 2024 | Q3 2023 | | :--- | :--- | :--- | | Net Sales | $3,853 | $4,431 | | Earnings before interest and taxes | $48 | $277 | | Net Earnings | $119 | $299 | [Condensed Cash Flow Statement](index=6&type=section&id=Condensed%20Cash%20Flow%20Statement) Net cash from operating activities significantly decreased for the first nine months of 2024, impacting overall cash position Cash Flow Summary - Nine Months Ended Sep 30 (in millions) | Metric | 2024 | 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $711 | $1,711 | | Net cash used in investing activities | $(1,784) | $(1,935) | | Net decrease in cash | $(1,173) | $(280) | | Cash at end of period | $1,815 | $3,259 | [Condensed Balance Sheet](index=7&type=section&id=Condensed%20Balance%20Sheet) The balance sheet as of September 30, 2024, shows a decrease in cash and an increase in property, plant, and equipment Balance Sheet Highlights (in millions) | Metric | Sep 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $1,773 | $2,948 | | Total current assets | $5,766 | $6,943 | | Total assets | $20,633 | $20,451 | | Total liabilities | $8,961 | $9,213 | | Total stockholders' equity | $11,671 | $11,140 | [Non-GAAP Financial Measures](index=8&type=section&id=Non-GAAP%20Financial%20Measures) Reconciliations and explanations of non-GAAP financial metrics used to assess the company's performance [Reconciliation of Adjusted Net Earnings and EBITDA](index=8&type=section&id=Reconciliation%20of%20Adjusted%20Net%20Earnings%20and%20EBITDA) Reconciliation of GAAP net earnings to adjusted net earnings and adjusted EBITDA for Q3 2024, highlighting key adjustments Q3 2024 Reconciliation of Net Earnings to Adjusted Net Earnings (in millions) | Description | Amount | | :--- | :--- | | Net earnings (GAAP) | $119 | | Adjustments (e.g., restructuring, strategic review costs) | $27 | | Tax impact of adjustments | $(6) | | **Adjusted net earnings (Non-GAAP)** | **$140** | Q3 2024 Reconciliation to Adjusted EBITDA (in millions) | Description | Amount | | :--- | :--- | | Net earnings (GAAP) | $119 | | Add: Taxes, Net Interest, D&A | $164 | | EBITDA | $283 | | Adjustments (e.g., restructuring, strategic review costs) | $36 | | **Adjusted EBITDA (Non-GAAP)** | **$319** | [Reconciliation of Free and Investable Cash Flow](index=9&type=section&id=Reconciliation%20of%20Free%20and%20Investable%20Cash%20Flow) Reconciliation of free cash flow and investable free cash flow over the trailing twelve months, showing impact of strategic investments Trailing Twelve Months Cash Flow (in millions) | Metric | Total of the Four Quarters | | :--- | :--- | | Net cash provided by operating activities | $1,100 | | Net cash used in investing activities | $(2,417) | | **Free cash flow** | **$(1,317)** | | Strategic capital expenditures | $1,707 | | **Investable free cash flow** | **$390** | [Explanation of Non-GAAP Measures](index=10&type=section&id=Explanation%20of%20Non-GAAP%20Measures) U.S. Steel explains the rationale for using non-GAAP measures to enhance understanding of operating performance and trends - The company presents non-GAAP measures like adjusted EBITDA to provide a relevant indicator of trends related to operating performance and for comparison with other companies[17](index=17&type=chunk) - Adjusted net earnings and adjusted EBITDA exclude items such as restructuring charges, asset impairment, and strategic alternatives review costs to better show ongoing operating performance and established trends[18](index=18&type=chunk) - Free cash flow and investable free cash flow are presented to offer further insight into the company's overall utilization of cash[19](index=19&type=chunk) [Other Information](index=10&type=section&id=Other%20Information) Important disclosures including forward-looking statements and a corporate overview of U.S. Steel [Cautionary Note Regarding Forward-Looking Statements](index=10&type=section&id=Cautionary%20Note%20Regarding%20Forward-Looking%20Statements) A disclaimer on forward-looking statements, emphasizing risks and uncertainties related to future performance and the proposed merger - The report contains forward-looking statements identified by words like "believe," "expect," "will," etc., which are not historical facts but projections about future events[20](index=20&type=chunk) - Significant risks and uncertainties could cause actual results to differ, including those related to the consummation of the proposed transaction with Nippon Steel, regulatory approvals, and potential litigation[21](index=21&type=chunk) [About United States Steel Corporation](index=11&type=section&id=About%20United%20States%20Steel%20Corporation) A corporate overview of U.S. Steel, detailing its history, market position, and operational capabilities - U. S. Steel, founded in 1901, is a leading steel producer with a customer-centric strategy focused on sustainability and innovation[22](index=22&type=chunk) - The company serves the automotive, construction, appliance, energy, containers, and packaging industries and has an annual raw steelmaking capability of **25.4 million net tons**[22](index=22&type=chunk)

The market expects United States Steel (X) to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended September 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be re ...

United States Steel Corporation (X) has become the first steel company in the world to qualify to sell its products as ResponsibleSteel Certified Steel at its Big River facility in Osceola, AR. Big River achieved the first ResponsibleSteel Site Certification in North America in 2022 for steel that is sustainably sourced and made.ResponsibleSteel is the industry's premier worldwide multi-stakeholder standards body, offering site-level certification and, for the first time, steel certification. By reaching th ...

United States Steel Corporation (X) issued its guidance for third-quarter 2024. The company expects adjusted net earnings per share to be in the range of 44-48 cents and adjusted EBITDA to be $300 million.X’s Performance Outlook for Q3For the third quarter, the Flat-Rolled segment's adjusted EBITDA is expected to be down sequentially due to lower selling prices. However, U.S. Steel’s diverse commercial portfolio and operational efficiency are expected to help offset some of this impact.The Mini Mill segment ...

Key TakeawaysNippon Steel reportedly has been given permission by U.S. security officials to refile its plans to purchase U.S. Steel.Bloomberg said that effectively would push the review period for the $14.9 billion deal past the November elections.Politicians including President Joe Biden, Vice President Kamala Harris, and former president Donald Trump have questioned the purchase, arguing that U.S. Steel should remain American-owned. Shares of U.S. Steel (X) advanced Wednesday amid a report that Nippon St ...

United States Steel Corp (NYSE:X) is back in the news today, after a Reuters report indicated the U.S.' Committee on Foreign Investment (CIFUS) granted a request from both companies to push back the review of the Nippon merger 90 days. The decision will now come after the Presidential election, giving CIFUS time to weigh the national security implications. U.S. Steel stock is up 3.5% to trade at $37.49, on track for its fifth win in the last six trading days. X has essentially filled the 17.5% bear gap suff ...

UKRAINE - 2021/12/18: In this photo illustration, U.S. Steel (United States Steel Corporation)(USS) ... [+] logo is seen on a smartphone and a computer screen. (Photo Illustration by Pavlo Gonchar/SOPA Images/LightRocket via Getty Images)SOPA Images/LightRocket via Getty ImagesUnited States Steel stock surged nearly 9% during Wednesday’s trading, recovering somewhat from more than a 30% correction in its price from the beginning of the year, after a revival in discussions around the company’s acquisition by ...

United States Steel (X) shares rallied 7% in the last trading session to close at $33.39. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 25.5% loss over the past four weeks.U.S. Steel’s stock popped on reports that a senior Nippon Steel executive traveled to Washington to meet with U.S. officials in a last-ditch effort to save Nippon Steel’s proposed $14.9 billion takeover of U.S. Steel following reports a w ...

Company Overview - United States Steel Corporation (X) has introduced ZMAG-coated steel, a new carbon flat-rolled coated steel product designed to be stronger, more resilient, and sustainable compared to existing products in the market [1] - ZMAG steel features a zinc-aluminum-magnesium coating that offers up to five times the corrosion resistance of standard galvanized steel, making it suitable for harsh environments [1] - The steel is domestically manufactured in the U.S., eliminating uncertainties associated with imported materials [1] Product Features and Market Demand - The demand for materials capable of withstanding severe and corrosive environments is increasing, with ZMAG-coated steel being robust enough for long-lasting projects [2] - U.S. Steel emphasizes its commitment to reducing environmental impact through waste-reducing manufacturing methods and offers a 25-year warranty on ZMAG-coated steel [2] Financial Performance and Expectations - U.S. Steel's shares have increased by 3.2% over the past year, contrasting with a 17.8% decline in its industry [2] - The company anticipates adjusted EBITDA for Q3 to be between $275 million and $325 million, influenced by recent pricing dynamics [2] - Results in the North American Flat-Rolled segment are expected to soften due to reduced spot prices, while the Mini Mill segment will reflect lower spot prices and $30 million in start-up costs for Big River 2 [2][3] Segment Performance - The Europe unit's results are expected to remain consistent with Q2, as lower selling prices are balanced by reduced raw material costs [3] - Weaker results are anticipated in the Tubular segment for Q3 due to decreased selling prices [3]