United States Steel Corporation (US Steel) has reported fourth quarter 2024 adjusted net earnings per diluted share guidance of $0.29 to $0.25. Comparatively, the company reported third quarter 2024 adjusted net earnings of $0.48 per diluted share. The company expects its adjusted EBITDA for the fourth quarter to be approximately $150 million, below its prior fourth quarter outlook. Steel prices remained depressed and Big River 2 ramp-related costs exerted pressure in the given quarter.
In a press release, the company said the Flat-Rolled segment’s adjusted EBITDA is expected to be lower than the third quarter due to lower selling prices and volumes, and higher outage and maintenance activity. The company’s Mini Mill segment’s adjusted EBITDA is expected to be lower than the third quarter due to lower volumes. For the fourth quarter, the company expects approximately $30 million in related start-up and one-time construction costs, and $20 million in ramp-related impact from Big River 2. US Steel’s Tubular segment’s adjusted EBITDA is expected to be higher than the third quarter, primarily due to increased volume and lower costs due to the absence of outage activity.
“The fourth quarter marked a critical milestone towards our Best for All® future, as the team completed execution on over $4 billion of growth capital investments with first coil achieved at Big River 2 (BR2) on October 31, 2024 and shipments to customers beginning in December. Aligned with our commercial strategy, we look forward to further strengthening our resilient earnings with increasing free cash flow,” David B. Burritt, CEO of US Steel, commented.