Shares of United States Steel Corp. (X) are gaining more than 6 percent or $0.53 in Friday’s morning trade at $8.94 after the company projected its third-quarter loss to be narrower than analysts’ estimates.
Friday, United States Steel said it expects its third-quarter adjusted loss to be approximately $1.45 per share. Analysts polled by Thomson Reuters, on average, expect the company to report loss of $1.53 per share. Analysts’ estimates typically exclude special items.
The company said it expects adjusted EBITDA for the quarter to be negative at about $100 million.
“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,” said CEO David Burritt.
United States Steel has traded in a range of $4.54 to $14.52 in the past 52 weeks.
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