: U.S. Steel outlook on UAW strike tops Wall Street view
U.S. Steel Corp. X shares rose in the extended session Monday after the steel maker provided a forecast that both accounted for the auto workers strike, and topped Wall Street estimates. U.S. Steel shares rose 1% after hours, following a 0.5% decline to close the regular session at $30.53. The company expects adjusted third-quarter earnings of $1.10 to $1.15 a share, and adjusted earnings before interest, taxes, depreciation and amortization of about $550 million. “Today’s guidance also reflects the expected impact on third-quarter financial results from the United Auto Workers union strike announced earlier this month,” said U.S. Steel Chief Executive David Burritt, in a statement. “Consistent with actions taken in 2022 to balance our melt capacity with our order book, we will temporarily idle blast furnace ‘B’ at Granite City Works and are reallocating volumes to other domestic facilities to efficiently meet customer demand.” Analysts surveyed by FactSet had forecast, on average, $1.01 a share and adjusted EBITDA of $512.2 million.
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