PITTSBURGH - United States Steel Corporation (NYSE: NYSE:X), one of the leading steel producers, has declared a dividend for its stockholders. The company announced that a dividend of $0.05 per share on U.S. Steel Common Stock will be distributed on June 12, 2024, to shareholders who are on record as of the close of business on May 13, 2024.
The declaration of the dividend comes as U.S. Steel continues to implement its Best for All® strategy, which focuses on customer-centric practices and sustainable operations. The company, founded in 1901, is known for its commitment to safety and innovation in the steel production industry.
It caters to a diverse range of sectors, including automotive, construction, appliance, energy, containers, and packaging industries, by providing high value-added steel products.
One of the key products in U.S. Steel's portfolio is the proprietary XG3® advanced high-strength steel, which is part of the company's drive to offer innovative solutions to its customers. U.S. Steel boasts significant iron ore production capabilities and maintains a sizeable annual raw steelmaking capacity of 22.4 million net tons.
Headquartered in Pittsburgh, Pennsylvania, U.S. Steel has established a substantial presence not only in the United States but also in Central Europe, reflecting its global operational reach.
The announcement of the dividend is based on a press release statement from United States Steel Corporation and is intended to provide shareholders with the latest information regarding the company's financial distributions.
InvestingPro Insights
As United States Steel Corporation (NYSE: X) continues to reward its shareholders with dividends, a deeper look into the company's financial metrics and market performance through InvestingPro provides additional context to its current position.
With a market capitalization of $8.35 billion and a price-to-earnings (P/E) ratio of 9.34, U.S. Steel shows a valuation that could be attractive to investors looking for potentially undervalued stocks. The adjusted P/E ratio for the last twelve months as of Q4 2023 stands even lower at 8.02, suggesting a more favorable earnings perspective.
InvestingPro Tips reveal that U.S. Steel has maintained dividend payments for 34 consecutive years, which highlights the company's commitment to returning value to its shareholders despite a volatile stock price. Moreover, the company has been profitable over the last twelve months, which could reassure investors of its financial stability in a challenging market environment.
InvestingPro Data indicates that while U.S. Steel has experienced a revenue decline of 14.3% over the last twelve months as of Q4 2023, it still generated a substantial $18.05 billion in revenue. The gross profit margin during this period was recorded at 12.76%, which aligns with the InvestingPro Tip regarding the company's weaker gross profit margins. This might be a point of focus for investors assessing the company's operational efficiency.
For those interested in further insights, InvestingPro offers additional tips on U.S. Steel, which can be found at https://www.investing.com/pro/X. By using the coupon code PRONEWS24, readers can get an extra 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking a wealth of data and expert analysis to inform their investment decisions.
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