United States Steel Corporation Provides Full-Year 2018 Guidance
13 March 2018 - 7:20AM
Today, United States Steel Corporation (NYSE:X) provided full-year
2018 guidance. The guidance reads as follows.
Given the market dynamics primarily related to President Trump’s
recent order, which imposes a 25% tariff on steel imports from
certain countries resulting from the Section 232 national security
investigation, and the announced restart of one blast furnace and
the steelmaking facilities at Granite City Works, the Company is
providing full-year 2018 guidance. The Company believes the impacts
on market conditions from the Section 232 actions will become
clearer over the next several months, which may affect our results.
The Company is anticipating incremental shipments of approximately
100,000 tons per month from Granite City Works once the restart
process is completed. The Company expects the benefits from these
actions will be primarily reflected in our results in the second
half of the year, as recent price changes become more fully
realized for spot and contract volumes, and shipments increase from
Granite City Works.
The Company continues to believe first quarter EBITDA will be
approximately $250 million. Based on the Company’s assessment of
potential market conditions resulting from the Section 232 actions,
and increased shipments from Granite City Works, the Company
currently expects full-year 2018 EBITDA of approximately $1.7
billion.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTSThis release contains information that may constitute
“forward-looking statements” within the meaning of Section 27 of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. We intend the
forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements in those sections.
Generally, we have identified such forward-looking statements by
using the words “believe,” “expect,” “intend,” “estimate,”
“anticipate,” “project,” “target,” “forecast,” “aim,” “should,”
“will” and similar expressions or by using future dates in
connection with any discussion of, among other things, operating
performance, trends, events or developments that we expect or
anticipate will occur in the future, statements relating to volume
growth, share of sales and earnings per share growth, and
statements expressing general views about future operating
results. However, the absence of these words or similar
expressions does not mean that a statement is not forward-looking.
Forward-looking statements are not historical facts, but
instead represent only the Company’s beliefs regarding future
events, many of which, by their nature, are inherently uncertain
and outside of the Company’s control. It is possible that the
Company’s actual results and financial condition may differ,
possibly materially, from the anticipated results and financial
condition indicated in these forward-looking statements.
Management believes that these forward-looking statements are
reasonable as of the time made. However, caution should be
taken not to place undue reliance on any such forward-looking
statements because such statements speak only as of the date when
made. Our Company undertakes no obligation to publicly update
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise, except as required by
law. In addition, forward-looking statements are subject to
certain risks and uncertainties that could cause actual results to
differ materially from our Company's historical experience and our
present expectations or projections. These risks and
uncertainties include, but are not limited to the risks and
uncertainties described in “Item 1A. Risk Factors” in our Annual
Report on Form 10-K for the year ended December 31,
2017, and those described from time to time in our future reports
filed with the Securities and Exchange Commission. References
to "we," "us," "our," the "Company," and "U. S. Steel," refer to
United States Steel Corporation and its consolidated
subsidiaries.
|
UNITED STATES STEEL CORPORATION |
Reconciliation of 2018 EBITDA Guidance |
|
|
|
|
|
Year ended |
(Dollars in millions) |
December 31, 2018 |
|
Projected net earnings
attributable to United States Steel Corporation included in
guidance |
|
$ |
885 |
|
|
Estimated income
taxes |
50 |
|
|
Estimated net interest
and other financial cost |
|
|
270 |
|
|
Estimated depreciation,
depletion and amortization |
|
|
495 |
|
|
Projected
annual EBITDA included in guidance |
|
$ |
1,700 |
|
|
|
|
|
|
|
We believe that EBITDA, a non-GAAP measure, considered along
with net earnings, is a relevant indicator of trends relating to
our operating performance and provides management and investors
with additional information for comparison of our operating results
to the operating results of other companies. EBITDA is used by
analysts to refine and improve the accuracy of their financial
models that utilize enterprise value. EBITDA should not be
considered a substitute for net earnings or other financial
measures as computed in accordance with U.S. GAAP and is not
necessarily comparable to similarly titled measures used by other
companies.
CONTACTS:
MediaMeghan CoxManagerCorporate CommunicationsT - (412)
433-6777E - mmcox@uss.com
Investors/AnalystsDan LesnakGeneral ManagerInvestor RelationsT -
(412) 433-1184E - dtlesnak@uss.com
US Steel (NYSE:X)
Historical Stock Chart
From Apr 2024 to May 2024
US Steel (NYSE:X)
Historical Stock Chart
From May 2023 to May 2024