U.S. Steel (X) Tops Q3 EPS by 24c, Revenues Beat

October 29, 2020 4:18 PM

U.S. Steel (NYSE: X) reported Q3 EPS of ($1.21), $0.24 better than the analyst estimate of ($1.45). Revenue for the quarter came in at $2.34 billion versus the consensus estimate of $2.22 billion.

“In the third quarter, the U. S. Steel team continued to execute with an unwavering commitment to safety as the market recovery took hold,” said U. S. Steel President and Chief Executive Officer David B. Burritt. “Our third quarter results exceeded our guidance and demonstrated the power of the actions we have taken since the onset of COVID-19 with dramatically improved results in our Flat-rolled segment, positive EBITDA in U. S. Steel Europe, and cash from operations of $213 million. We expect to generate positive adjusted EBITDA in the fourth quarter with excitement about our ‘Best of Both’ future.”

Commenting on the Company’s world competitive, “Best of Both” strategy, Burritt said, “I am pleased with the significant progress we have made executing our ‘Best of Both’ strategy so far this year. At the heart of our strategy is the customer, and this month we are celebrating the successful start-up of our electric arc furnace at Fairfield and the one-year anniversary of our investment in Big River Steel. Both of these investments expand our sustainable steel offerings for our customers. It has only been a year and we are confident and enthusiastic that the strategic rationale of our partnership with Big River Steel is being validated. Our teams of leading steel technologists are already proving that sustainable, high-end steel grades previously thought to be impossible for mini mills to produce can indeed be made at Big River with U. S. Steel R&D and know-how.”

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

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