(AOF) – Steel producer, United States Steel Corporation today released its guidance for the fourth quarter of 2022. Adjusted EBITDA for this quarter is expected to be approximately $375 million. Adjusted net earnings per diluted share over this period are expected to be between $0.58 and $0.63. Additionally, US Steel expects to complete approximately $150 million more in stock repurchases in the fourth quarter under its existing $500 million stock repurchase authorization.
By the end of the year, the company expects to have repurchased approximately 15% of its outstanding shares since the start of December 2021, which equates to more than $1 billion returned directly to shareholders.
“We remain on track to deliver our second best fiscal year with continued execution of our strategy and $150 million in direct shareholder returns expected in the quarter,” commented the President and Chief Executive Officer. US Steel executive, David B. Burritt.
“Our expected fourth quarter performance is in line with comments provided on our October earnings conference call. December business demand in the U.S. is better and scrap prices have started to rise this month. Customer demands for flat-rolls are accelerating and spot steel selling prices are improving,” he adds.
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An ecological transition that drives metal prices
The ecological transition is driving demand and driving up prices. Thus lithium prices jumped 100% last year, supported by sales of electric cars. The needs for metals such as aluminum, copper, graphite, or nickel should soar by 2050. The war in Ukraine has reinforced the rise in prices because Russia is a major producer of mineral raw materials , in particular aluminium, palladium, nickel and titanium. The International Energy Agency (IEA) recently warned of the risk of a shortage of several metals necessary for the energy transition. Europe has mobilized on strategic metals with the aim of strengthening its sovereignty.