United States Steel Corporation (X) Thursday forecast a loss for the fourth quarter. Shares of the company slipped over 3% in the after-hours session.
United States expects fourth-quarter adjusted loss per share guidance of $0.29 to $0.25. Fourth quarter 2024 adjusted EBITDA is expected to be approximately $150 million.
"The fourth quarter marked a critical milestone towards our Best for All future, as the team completed execution on over $4 billion of growth capital investments with first coil achieved at Big River 2 (BR2) on October 31, 2024 and shipments to customers beginning in December. Aligned with our commercial strategy, we look forward to further strengthening our resilient earnings with increasing free cash flow," commented U. S. Steel President and Chief Executive Officer David B. Burritt.
Burritt continued, "Adjusted EBITDA guidance of $150 million is below our prior fourth quarter outlook. Steel prices remained depressed and BR2 ramp-related costs exert pressure on the quarter, while the Big River team works towards increasing prime ton production in our new mill."
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