U.S. Steel (X) Tops Q3 EPS by 8c

U.S. Steel (NYSE: X) reported Q3 EPS of ($0.21), $0.08 better than the analyst estimate of ($0.29). Revenue for the quarter came in at $3.07 billion versus the consensus estimate of $3.05 billion.

The team delivered better than expected results from solid cost performance and higher than forecasted shipments in Flat-Rolled. While market headwinds persist, we continue to focus on what we can control, including re-scoping our asset revitalization investments and reducing fixed costs," commented President and Chief Executive Officer David B. Burritt. "We also completed three financing activities since the quarter ended, which delivered approximately $1.1 billion of incremental capital to further support our strategy."

Burritt added, “We are using today's market environment as a catalyst to improve our business model with our 'best of both' strategy. Our investment in Big River Steel is strategic priority number one and we are already purposefully re-prioritizing our uses of cash towards investments most closely aligned with the business we are becoming. We will be flexible managing the pace of our strategic investments to ensure we demonstrate the resiliency required to achieve the cost and capability differentiation of our world competitive strategy."

For earnings history and earnings-related data on U.S. Steel (X) click here.

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