US steel expects loss in earnings for Q1

Friday, 20 March 2020 21:44:44 (GMT+3)   |   San Diego

US Steel provided first quarter 2020 guidance Friday, indicating first quarter 2020 adjusted EBITDA is expected to be approximately $30 million. The company expects first quarter 2020 adjusted diluted loss per share to be approximately ($0.80).

“Through the quarter, our Flat-rolled operations have performed well, and we are recognizing the operational and financial benefits of the investments in our assets that we have made over the past several years. Strong performance on reliability, quality, and productivity, combined with a continued focus on driving sustainable cost improvements across the footprint, have contributed to a better than expected first quarter to date,” commented President and Chief Executive Officer David B. Burritt. “The Tubular market continues to be challenging and conditions in Europe remain volatile. We are focused on preserving cash and liquidity in the current market environment.”

Burritt continued, “At US Steel, safety is our top priority and we are continuing to set records related to safety performance, another indication that our facilities are running efficiently and reliably. We continue to monitor the impacts of the Coronavirus and are following policies and procedures recommended by health and government officials to ensure our employees are working in a safe and healthy environment. We understand the situation remains fluid and we are preparing our operations to be flexible as circumstances may warrant. Our regional supply chain minimizes the risk of significant supply-chain related production disruptions and we continue to work with our customers to provide value-added steel solutions as we execute our world-competitive, ‘best of both’ strategy.”

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