United States Steel Corporation X on Tuesday afternoon provided second-quarter 2019 guidance and sent out a warning to expect earnings to be adjusted.
Second-quarter EBITDA will be around $250 million, which excludes about $15 million of the estimated second-quarter impacts from the December 24, 2018 fire at the Clairton coke making facility. U.S. Steel expects second-quarter adjusted diluted earnings per share to be approximately 40 cents.
On Tuesday, Steel Dynamics, Inc. STLD warned its second-quarter steel operation earnings is expected to decrease in comparison to its first-quarter results. The company also provided second-quarter earnings guidance in the range of 86 cents to 90 cents per diluted share.
In May, Nucor Corporation NUE was downgraded by Bank of America to Underperform.
Analyst Timna Tanners said Nucor will likely be one of the first victims of what she calls a “steelmageddon” supply glut that will persist through 2021. As a result of oversupply concerns, Bank of America cut its 2022 benchmark hot rolled coil steel price forecast from $590/ton to just $475/ton.
U.S. Steel traded higher by 4.5% at $15.24 in Wednesday's pre-market session.
Related Links:
Steel Dynamics Warns For Q2 Steel Shipments
Bank Of America Double Downgrades Nucor Ahead Of 'Steelmageddon'
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