(Boursier.com) — US Steel, the American steel giant, climbed on Wall Street on Friday, on forecasts that exceeded expectations. United States Steel Corporation has therefore published its forecast for the first quarter of 2023, evoking an adjusted Ebitda of approximately $375 million. Adjusted net earnings per diluted share for the first quarter of 2023 should be between $0.58 and $0.63. “Momentum continues to build in the North American flat-rolled products market,” commented Group CEO David B. Burritt. “Strong safety and operational performance, improved order entry and our continued focus on capturing market share in strategic markets are resulting in better than expected guidance for the first quarter. We We expect these trends to continue into the second quarter given longer delivery times and the flow of higher selling prices.”
Burritt adds, “We are increasingly optimistic for 2023 performance. Our flat-rolled segment backlog reflects wide-ranging demand improvement. Our Mini Mill segment backlog is also improving and its cost structure continues to normalize, as expected, absorbing higher prices for metals purchased at the start of the war in Ukraine In Europe, demand has improved and, together with our focus on continuous improvement, we saw a positive EBITDA return in February In the tubular segment, we expect another quarter of improved EBITDA performance as seamless tube prices and order intake remain healthy in the first quarter “.
The company expects to complete approximately $75 million in common stock repurchases in the first quarter under its existing $500 million share repurchase authorization.
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