Market Overview

US Steel Is The Latest Steel Manufacturer To Warn About Guidance

US Steel Is The Latest Steel Manufacturer To Warn About Guidance

United States Steel Corporation (NYSE: X) on Tuesday afternoon provided second-quarter 2019 guidance and sent out a warning to expect earnings to be adjusted.

Second-quarter EBITDA will be around $250 million, which excludes about $15 million of the estimated second-quarter impacts from the December 24, 2018 fire at the Clairton coke making facility. U.S. Steel expects second-quarter adjusted diluted earnings per share to be approximately 40 cents.

On Tuesday, Steel Dynamics, Inc. (NASDAQ: STLD) warned its second-quarter steel operation earnings is expected to decrease in comparison to its first-quarter results. The company also provided second-quarter earnings guidance in the range of 86 cents to 90 cents per diluted share.

In May, Nucor Corporation (NYSE: NUE) was downgraded by Bank of America to Underperform.

Analyst Timna Tanners said Nucor will likely be one of the first victims of what she calls a “steelmageddon” supply glut that will persist through 2021. As a result of oversupply concerns, Bank of America cut its 2022 benchmark hot rolled coil steel price forecast from $590/ton to just $475/ton.

U.S. Steel traded higher by 4.5% at $15.24 in Wednesday's pre-market session.

Related Links:

Steel Dynamics Warns For Q2 Steel Shipments

Bank Of America Double Downgrades Nucor Ahead Of 'Steelmageddon'

Posted-In: News Guidance Commodities Markets Best of Benzinga


Related Articles (STLD + NUE)

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