United States Steel News: Why X Stock Is Surging 6% Today

United States Steel (NYSE:X) news for Friday includes guidance for the third quarter of 2020 sending X stock higher.

Image of a United States Steel (X) building with its logo on the side.
Source: Daniel J. Macy/Shutterstock.com

The United States Steel news release reveals that the company is expecting adjusted diluted losses per share of $1.45 in Q3 2020. That’s good news for X stock when Wall Street’s estimate is for adjusted diluted per-share losses of $1.53.

United States Steel also notes that it’s expecting adjusted EBITDA to be -$100 million. While this is still a negative result, the company says it’s expecting improvements in several areas when compared to the second quarter of the year.

David Burritt, president and CEO of United States Steel, said the following in the guidance news release.

“Improving market conditions experienced in June and July have accelerated through August and September. Strengthening steel fundamentals and our ability to respond quickly to increasing customer demand are expected to result in significantly improved adjusted EBITDA in the third quarter.”

United States Steel also notes that it’s planning to reduce its ABL borrowing by $900 million by the end of its current quarter. The company points out that this will put its ABL borrowing below what it was at before the novel coronavirus hit.

United States Steel hasn’t announced when it will release its Q3 earnings report but it will likely be on Oct. 29 if it keeps with previous trends.

X stock was up 5.8% as of Friday afternoon but is down 21.7% since the start of the year as of Thursday’s close.

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.

Article printed from InvestorPlace Media, https://investorplace.com/2020/09/united-states-steel-news-pushes-x-stock-up/.

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