U.S. Steel Corp. X, +8.24% on Friday called for “significant earnings growth” in its first quarter thanks to more demand and a “well timed” acquisition. The steel producer guided for first-quarter adjusted EBITDA around $540 million, excluding impacts related to acquiring the remaining stake in Big River Steel mill in Arkansas, a deal that closed in January. The company forecast first-quarter adjusted net income around $160 million, and adjusted earnings of about 61 cents a share in the quarter. “Strong market conditions and our well-timed acquisition of Big River Steel are allowing us to drive significant earnings growth,” U. S. Steel Chief Executive Officer David B. Burritt said in a statement. Among the favorable market conditions are “healthy” demand for flat-rolled steel and low inventories in the steel supply chain. In addition, a “continued consumer-driven demand and pent-up infrastructure demand has us increasingly bullish,” Burritt said. Shares of U.S. Steel fell 0.1% in the extended session Friday after ending the regular trading day 8.2% higher.
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