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US Steel Issues Q1 Profit Outlook, To Miss Street View

United States Steel Corp. (X) Thursday provided guidance for the first quarter of 2022, which is below Street's current estimates.

For the first quarter, the company expects adjusted EBITDA to be approximately $1.3 billion, a new all-time record for the first quarter. First-quarter adjusted earnings is expected to be in the range of $2.96 to $3.00 per share. Analysts polled by Thomson Reuters' currently expect earnings of $3.77 per share for the quarter.

"We expect to deliver another strong quarter of safety, adjusted EBITDA, free cash flow, and operational performance in the first quarter," commented U. S. Steel President and Chief Executive Officer David Burritt. "At the beginning of the year, we communicated expected market softness for the first quarter, along with the normal seasonal impacts related to our mining operations. We are exiting the first quarter with spot business accelerating, steel prices rising, and the longest backlog at our Big River Steel operations since October."

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