Sees Q4 adjusted EBITDA roughly $250M. Commenting on fourth quarter guidance, President and Chief Executive Officer David B. Burritt said, “Our expected fourth quarter performance is in-line with commentary provided on our October earnings call. We successfully navigated the impact of the autoworkers’ strike to our domestic flat-rolled order book. Our diverse order book allowed us to repurpose tons impacted by the strike to other customers. In our Tubular segment, increased shipments are expected to more than offset the impact from lower selling prices. We focus on the things we can control and expect to deliver another quarter of strong safety, environmental, and operational performance. Looking ahead, domestic steel markets are improving, customer demand is growing, and spot selling prices are increasing.” Burritt concluded, “We are ending 2023 from a position of strength. Our guidance reflects strong performance, we are successfully negotiating annual auto contracts for incremental volumes and better pricing, and our suite of Best for All(R) strategic projects continues to progress on-time and on-budget. Earlier this month, we produced the first pellets from our Keetac direct reduced-grade pellet investment on-time and on-budget. In 2024, we expect to complete the remaining strategic investments, including our dual coating line at Big River Steel and our new state-of-the-art Big River 2 mini mill.”
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