Here's Why United States Steel Shares Are Moving

United States Steel Corporation X shares are trading lower by 3.0% at $33.52 after the company issued first-quarter EPS guidance below estimates.

United States Steel sees first-quarter EPS of $2.69-$3.00, which is lower than the analyst consensus estimate of first-quarter EPS of $3.77. United States Steel sees adjusted EBITDA of approximately $1.3 billion for FY 2022.

"We expect to deliver another strong quarter of safety, adjusted EBITDA, free cash flow, and operational performance in the first quarter," commented U.S. Steel President and Chief Executive Officer David B. Burritt. 

"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. 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. Additionally, as a result of continued execution of our differentiated commercial strategy, we are realizing significant upside on our fixed price contracts. We expect improving market conditions to continue into the second quarter as seasonal demand picks up and buyers begin to shift their attention to a more reliable, regional steel supply given the geopolitical risks and cost volatility which has increased in recent weeks,” Burritt stated.

United States Steel operates primarily in the United States but also has a steelmaking capacity in Slovakia.

United States Steel has a 52-week high of $34.80 and a 52-week low of $17.98.