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U.S. Steel's Gary Works is shown.
U.S. Steel forecasts adjusted earnings before interest, taxes, depreciation and amortization, or EBITDA, of $375 million in the first quarter. The Pittsburgh-based steelmaker, one of the Region’s biggest and longest-running industrial companies, expects to make between 58 cents and 63 cents in adjusted net earnings per diluted share in the first three months of the year. “Momentum continues to build in the North American flat-rolled market,” U. S. Steel President and CEO David Burritt said. “Strong safety and operating performance, improving order entry and our continued focus on winning share in strategic markets are resulting in better than expected first quarter guidance. We expect these trends to continue into the second quarter given extending lead times and the flow-through of higher selling prices.”
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Steel prices have been rising again after falling off record highs in 2021, lifting up domestic steelmakers’ fortunes. “We are increasingly more bullish for 2023 performance. Our flat-rolled segment order book reflects wide-ranging demand improvement. Our mini mill segment’s order book is also improving and its cost structure continues to normalize, as anticipated, by absorbing higher priced metallics purchased at the onset of the Ukraine war,” Burritt said. “In Europe, demand has improved, and coupled with our focus on continuous improvement, we saw positive EBITDA return in February. In tubular, we expect another quarter of improving EBITDA performance as seamless pipe prices and order entry remains healthy in the first quarter.” The steelmaker, which founded Gary as a company town in 1906 and has remained an enduring employer along the Lake Michigan lakefront, said its recent $60 million investment in a new pig iron caster at its flagship Gary Works steel mill is paying off. “Our high-return strategic projects remain on-time and on-budget,” Burritt said. “The Gary pig iron project is already contributing to the mini mill segment’s normalizing cost structure and the Big River Steel non-grain oriented electrical steel line is expected to be commissioned this summer. Our balance sheet strength, strategic investments with returns that significantly exceed our cost of capital and continued direct returns to stockholders are creating stockholder value, today and tomorrow.” U.S. Steel expects to buy back $500 million in stock in the first quarter. The company said it has returned $1.1 billion to stockholders through share buybacks since Dec. 2021.
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Joseph S. Pete is a Lisagor Award-winning business reporter who covers steel, industry, unions, the ports, retail, banking and more. The Indiana University grad has been with The Times since 2013 and blogs about craft beer, culture and the military.
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U.S. Steel's Gary Works is shown.
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