US Steel's Stronger-Than-Expected Preliminary Q3 Results Send Sector Higher

United States Steel Corporation X shares were trading higher Thursday after the company reported preliminary third-quarter results that outperformed gloomy guidance issued last month. 

The company expects a preliminary net loss in the range of $84 to $94 million, or a loss of 49-55 cents per diluted share. 

U.S. Steel reported a preliminary adjusted net loss of approximately $35 to $45 million, or a loss of 20-26 cents per share.

Third-quarter preliminary adjusted EBITDA is expected to be in a range of $134 to $144 million. 

"Stronger shipments and better than expected manufacturing performance in our 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," the company said in a statement. 

The company had said on Sept. 18 it expected third-quarter adjusted EBITDA of $115 million and an adjusted third-quarter loss of 35  cents per share.

U.S. Steel is set to report final third-quarter results Oct. 31. 

Price Action

U.S. Steel shares were trading up 3.37% to $10.43 at the time of publication Thursday. The stock has a 52-week high of $29.84 and a 52-week low of $9.93.

Steel Dynamics, Inc. STLD shares were trading up 3.11% at $29.01 at the time of publciation; Nucor Corporation NUE shares were trading up 2.93% at $50.23; AK Steel Holding Corporation AKS shares were trading up 2.09% at $2.20; Schnitzer Steel Industries, Inc. SCHN shares were trading up 2.42% at $19.88; and Reliance Steel & Aluminum Co RS shares were trading up 2.04% at $100.04.

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