NEW YORK - United States Steel Corporation (NYSE:X) reported second quarter earnings that beat analyst expectations, while revenue also came in above estimates. However, the stock slipped 1.6% following the results.
The Pittsburgh-based steelmaker posted adjusted earnings per share of $0.84 for Q2, surpassing the analyst consensus of $0.75. Revenue for the quarter was $4.12 billion, topping estimates of $4.01 billion.
U.S. Steel's Q2 revenue declined 17.8% compared to $5.01 billion in the same quarter last year.
"We were pleased with our performance during the second quarter, as adjusted EBITDA of $443 million improved sequentially in spite of pricing headwinds that grew in the quarter across our operating segments," said U. S. Steel President and CEO David B. Burritt.
The company expects third quarter adjusted EBITDA to be between $275 million and $325 million, citing recent pricing dynamics continuing to impact the business.
U.S. Steel said construction on its Big River 2 project is achieving key milestones as it targets startup in the fourth quarter.
Regarding its pending acquisition by Nippon Steel Corporation, Burritt noted the company continues to make progress on U.S. regulatory processes ahead of the anticipated closing later this year.
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