Fri, Aug. 19, 2:00 PM
Fri, Aug. 19, 11:32 AM
Wed, Aug. 10, 9:56 AM
- U.S. Steel (X -2.4%) opens lower after pricing its upsized 18.9M-share public offering at $23/share for gross proceeds of $434.7M; the company had announced a 17M-share offering on Monday.
- The company also grants the underwriters an option to purchase up to 2.835M additional shares before the offering closes on or about Aug. 15.
- Shares have dropped nearly 11% so far this week.
Mon, Aug. 8, 4:14 PM
- U.S. Steel (NYSE:X) -2.1% AH after announcing a public offering of 17M common shares - ~11.5% of total current shares outstanding - with an underwriters option to purchase up to an additional 2.55M shares.
- U.S. Steel says it plans to use the proceeds for financial flexibility, capital expenditures and other general corporate purposes.
Wed, Jul. 27, 2:02 PM
Wed, Jul. 27, 10:30 AM
- U.S. Steel (X +14.2%) soars to a 52-week high after Q2 earnings easily topped expectations and improved significantly from Q1, as its European segment posted its best results since Q3 2008 and its flat-rolled segment returned to profitability.
- Q2 results reflect a steep decline in unit costs, which could result in "a meaningful re-rating of medium-term earnings and FCF power," Credit Suisse’s Curt Woodworth says as he reiterates an Outperform rating and $29 price target on the shares.
- U.S. Steel’s Q2 cash costs were significantly lower than expected - U.S. flat-rolled total unit costs fell by $100/ton Y/Y - mainly due to “strong utilization rates in Europe and benefits from footprint rationalization in the U.S.,” Woodworth says, adding that he believes the lower costs are sustainable.
Wed, Jul. 27, 9:23 AM
Tue, Jul. 26, 6:54 PM
- U.S. Steel (NYSE:X) +4.1% AH after reporting a narrower than expected Q2 loss and saying it expects FY 2016 EPS of ~$0.34.
- The company expects ~$850M in adjusted EBITDA for the full year, compared with its April outlook of nearly $400M, saying "the significant improvements we have made to our earnings power through our Carnegie Way transformation will become more apparent as market prices recover from the very low levels at the end of 2015."
- U.S. Steel says pricing increases contributed to a strong Q2, and expects more price improvement in H2 of the year; its European segment posted its best results in nearly eight years, its flat-rolled segment returned to profitability, and an improving cost structure helped margins.
- Steel names AK Steel (NYSE:AKS), Nucor (NYSE:NUE), Steel Dynamics (NASDAQ:STLD) and Reliant Steel (NYSE:RS) have reported better than consensus earnings this quarter on the heels of surging steel prices.
Tue, Jul. 26, 4:53 PM
Tue, Jul. 26, 3:47 PM
- AK Steel (AKS +13.5%) surges after Q2 earnings easily beat analyst estimates, and adjusted EBITDA of $99.3M, or 6.7% of sales, more than doubled from last year's adjusted EBITDA of $47.6M, or 2.8% of sales.
- AKS says Q2 shipments fell 14% Y/Y to 1.55M tons from 1.81M tons a year ago, as its decision to reduce exposure to the commodity carbon steel spot market resulted in a 48% decline in shipments to the distributors and converters markets.
- However, shipments of higher value coated products, which are sold mostly to the automotive market, rose to 53% of total shipments in Q2, up from 45% a year ago.
- AKS says Q2 selling prices improved 2.8% Y/Y to $957/ton, vs. $931/ton a year earlier; total Q2 operating expenses fell 15%.
- The favorable results are boosting U.S. Steel (X +8.9%) ahead of the latter's Q2 earnings report after the close today, perhaps with an assist from Allegheny Tech's (ATI +19%) better than expected Q2 results.
Wed, Jun. 15, 3:25 PM
- Steel companies are surging after Nucor (NUE +2.1%) released better than expected guidance and Bank of America upgraded U.S. Steel (X +8.4%) to Neutral from Underperform with an $18 price target, raised from $10, citing more stable earnings and higher steel prices.
- Nucor's upbeat commentary follows Steel Dynamics' (STLD +3.1%) upside Q2 guidance issued earlier this week, citing improved metals spread and shipments, and both of which follow May's U.S. Commerce Department ruling that it is imposing a 266% tariff on Chinese cold-rolled steel imports.
- BofA now forecasts $673M in 2016 EBITDA for U.S. Steel vs. consensus forecasts of $424M, based on the higher prices.
- The firm also praises U.S. Steel's ability to push out its debt maturities, although leverage remains steep with total debt at ~5x projected EBITDA.
- Also: AKS +8.3%, CLF +3.7%, MT +4.1%.
Wed, Jun. 15, 9:19 AM
- Nucor (NYSE:NUE) +1.6% premarket after issuing upside guidance for Q2 earnings; NUE now sees Q2 EPS of $0.65-$0.70 vs. the $0.56 analyst consensus estimate, Q1 EPS of $0.22 and year-ago quarter EPS of $0.39.
- NUE expects a "much improved" Q2 performance in the steel mills segment due to higher average selling prices and improved volumes, and notes that sheet mills have benefited from lower inventory levels in the supply chain, mainly at service centers, and decreased levels of imports.
- NUE also sees improvement in the downstream products segment due to seasonal factors and the gradual improvement in non-residential construction markets.
- Related tickers include X, AKS, STLD.
Wed, Jun. 8, 10:18 AM
- AK Steel (AKS +10.5%) surges more than 10% as Credit Suisse upgrades shares to Outperform from Neutral with a $7 price target, doubled from $3.50, after the firm increases its U.S. steel price deck.
- Credit Suisse says it remains "very bullish" on the U.S. steel industry, and its new supply/demand model for the U.S. flat rolled market indicates continued deficits for value add sheet into Q3, supporting prices well above fair value levels.
- The firm raises its price targets on all steel stocks in its coverage universe except Commercial Metals (CMC +1.9%), owing to rebar spread risks.
- Steel stocks (SLX +2.8%) are broadly higher in early trading: X +6.8%, MT +3.9%, STLD +3.8%, NUE +2.4%, WOR +1.5%, ZEUS +1.4%.
Mon, Jun. 6, 11:58 AM
- Steel stocks (SLX +2.1%) are higher as U.S. Treasury Secretary Lew blames China for flooding low-cost steel into the U.S. and other markets.
- Lew is urging China to cut excess steel production, as the two countries open high-level talks overshadowed by tension over the South China Sea.
- "The Chinese government is... engaged in economic warfare against the U.S. and sadly, they are winning,” Nucor (NUE +0.3%) CEO John Ferriola says in a WSJ interview, adding that China two months ago set a new production record after spending two years promising to cut production.
- Steel producers are mostly higher: X +2.9%, MT +2.1%, CLF +2.8%, AKS -1%, STLD +0.3%, RS +0.4%.
Thu, May 26, 1:11 PM
- U.S. Steel (X +2.7%) is reiterated with a Buy rating and $25 price target at Rosenblatt, which says its series of channel checks indicates the company is on-track to generate $500M-$525M of total EBITDA in 2016.
- The firm expects X to raise its full-year EBITDA target by $100M-$125M based on the continued strength in domestic carbon sheet pricing, anticipated cost savings from Carnegie Way, and new evidence of slowly improving trends in the tubular markets.
- Rosenblatt also raises its 2017 EPS forecast by $0.46 to $0.30 in anticipation of favorable annual steel contract adjustments and reduced losses for the tubular segment.
- Now read U.S. slaps heavy duties on Chinese corrosion-resistant steel
Thu, May 26, 9:18 AM| Thu, May 26, 9:18 AM | 1 Comment
United States Steel Corp. engages in the manufacture and sale of steel products. It operates through the following segments: Flat-Rolled Products, U.S. Steel Europe and Tubular Products. The Flat-Rolled Products segment manages steel plants and production facilities that manufactures steel... More
Sector: Industrial Goods
Industry: Metal Fabrication
Country: United States