Advertisement
U.S. markets open in 4 hours 46 minutes
  • S&P Futures

    5,210.00
    -4.75 (-0.09%)
     
  • Dow Futures

    39,229.00
    +6.00 (+0.02%)
     
  • Nasdaq Futures

    18,194.75
    -36.75 (-0.20%)
     
  • Russell 2000 Futures

    2,046.20
    -3.60 (-0.18%)
     
  • Crude Oil

    82.53
    -0.19 (-0.23%)
     
  • Gold

    2,153.20
    -11.10 (-0.51%)
     
  • Silver

    25.01
    -0.25 (-1.01%)
     
  • EUR/USD

    1.0847
    -0.0029 (-0.27%)
     
  • 10-Yr Bond

    4.3400
    0.0000 (0.00%)
     
  • Vix

    14.50
    +0.17 (+1.19%)
     
  • GBP/USD

    1.2685
    -0.0044 (-0.34%)
     
  • USD/JPY

    150.4840
    +1.3860 (+0.93%)
     
  • Bitcoin USD

    63,754.93
    -3,934.63 (-5.81%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • FTSE 100

    7,729.63
    +7.08 (+0.09%)
     
  • Nikkei 225

    40,003.60
    +263.20 (+0.66%)
     

US Steel Is The Latest Steel Manufacturer To Warn About Guidance

United States Steel Corporation (NYSE: X) on Tuesday afternoon provided second-quarter 2019 guidance and sent out a warning to expect earnings to be adjusted.

Second-quarter EBITDA will be around $250 million, which excludes about $15 million of the estimated second-quarter impacts from the December 24, 2018 fire at the Clairton coke making facility. U.S. Steel expects second-quarter adjusted diluted earnings per share to be approximately 40 cents.

On Tuesday, Steel Dynamics, Inc. (NASDAQ: STLD) warned its second-quarter steel operation earnings is expected to decrease in comparison to its first-quarter results. The company also provided second-quarter earnings guidance in the range of 86 cents to 90 cents per diluted share.

In May, Nucor Corporation (NYSE: NUE) was downgraded by Bank of America to Underperform.

Analyst Timna Tanners said Nucor will likely be one of the first victims of what she calls a “steelmageddon” supply glut that will persist through 2021. As a result of oversupply concerns, Bank of America cut its 2022 benchmark hot rolled coil steel price forecast from $590/ton to just $475/ton.

U.S. Steel traded higher by 4.5% at $15.24 in Wednesday's pre-market session.

Related Links:

Steel Dynamics Warns For Q2 Steel Shipments

Bank Of America Double Downgrades Nucor Ahead Of 'Steelmageddon'

See more from Benzinga

© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Advertisement