U.S. Steel raises Q2 profit guidance on higher steel prices, demand

U.S. Steel Corp.

stated late Thursday it expects to report an adjusted web revenue of about $880 million, or $3.08 a share, boosted by higher steel costs and “strong” demand for flat-rolled steel. Moreover, ongoing “strong demand and low steel inventories are empowering today’s ongoing market improvements. These market fundamentals are showing no signs of slowing down and have us increasingly confident of another strong year in 2022,” the corporate stated. U.S. Steel had guided for adjusted EPS of $2.85. Analysts polled by Factset anticipate the corporate to report adjusted EPS of $2.67 when it reviews second-quarter earnings possible in August. Shares of U.S. Steel had been flat within the prolonged session Thursday after ending the common buying and selling day down 7.7%.

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