U.S. Steel sees Q4 EPS (29c) to (25c), consensus 24c

Cuts Q4 adjusted EBITDA view to $150M from $225M-$275M. The company states: “The Flat-Rolled segment’s adjusted EBITDA is expected to be lower than the third quarter due to lower selling prices and volumes, and increased outage and maintenance activity. Despite the weak demand environment, NAFR’s diverse commercial portfolio continues to provide resilience, as the team maintains a strong focus on operations and cost management. The Mini Mill segment’s adjusted EBITDA is expected to be lower than the third quarter due to lower volumes. For the fourth quarter, we expect approximately $30 million in related start-up and one-time construction costs, and $20 million in ramp-related impact from BR2. These costs are included in our fourth quarter Adjusted EBITDA guidance for the Mini Mill segment. We look to steadily ramp to full capacity in 2025. The European segment’s adjusted EBITDA is expected to be lower than the third quarter, largely due to the unfavorable impact of weak demand, resulting in lower volumes, average selling prices, and volume inefficiencies. The third quarter included a favorable adjustment related to the reserve for CO2 emissions, which is not expected in the fourth quarter. The Tubular segment’s adjusted EBITDA is expected to be higher than the third quarter, primarily due to increased volume and lower costs due to the absence of outage activity.”