US Steel announced today preliminary unaudited third quarter 2019 results, expecting a third quarter 2019 net loss in the range of $94–$84 million, or $0.55–$0.49 per diluted share. Adjusted net loss is expected to be in a range of $45–$35 million, or $0.26–$0.20 per diluted share. In addition, US Steel expects adjusted EBITDA to be in a range of $134–$144 million, which excludes approximately $9 million of estimated third quarter impacts from the December 2018 fire at the company’s Clairton coke making facility and approximately $54 million of estimated restructuring charges.
The company said stronger shipments and better than expected manufacturing performance in the Flat-rolled segment, as well as a contingency gain from recovered claims arising out of the bankruptcy of a supplier drove better than expected results.
US Steel plans to report finalized third quarter 2019 financial results after market close on October 31, 2019.