Why United States Steel Shares Are Sliding After Hours

United States Steel Corp X shares are trading lower in Thursday's after-hours session after the company issued first-quarter guidance below estimates. 

U.S. Steel expects first-quarter adjusted earnings to be in the range of $2.96 to $3 per share versus the estimate of $3.77 per share. 

Quarterly adjusted EBITDA is expected to be approximately $1.3 billion. 

“At the beginning of the year, we communicated expected market softness for the first quarter, along with the normal seasonal impacts related to our mining operations," said David Burritt, president and CEO of U.S. Steel.

"We are exiting the first quarter with spot business accelerating, steel prices rising, and the longest backlog at our Big River Steel operations since October."

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X 52-Week Range: $17.98 - $34.16

The stock was down 3.82% in after hours trading at $33.25 at publication time.

Photo: jannonivergall from Pixabay.