|Day's Range||0.2100 - 0.2100|
PITTSBURGH, Oct. 18, 2019 -- United States Steel Corporation (NYSE: X) announced today that interested stockholders, investors and others may listen to the company’s third.
United States Steel Corporation (NYSE:X) (“U. S. Steel”) today announced the pricing of an aggregate principal amount of $300,000,000 5.00% Senior Convertible Notes due 2026 (the “notes”) in a previously announced private offering made only to persons reasonably expected to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). In addition, U. S. Steel has granted the initial purchasers of the notes a 30-day option to purchase up to an additional $50,000,000 aggregate principal amount of the notes on the same terms and conditions (the “additional notes”).
Moody's Investors Service ("Moody's") assigned a B3 senior unsecured rating to United States Steel Corporation's (U. S. Steel) Convertible Senior Notes Due November 2026. Moody's affirmed the B2 Corporate Family Rating (CFR), the B2-PD Probability of Default Rating, and the B3 senior unsecured ratings, including the IRB's and the ERB's. The Speculative Grade Liquidity Rating is unchanged at SGL-2.
U.S. Steel (X) plans to employ the net proceeds for general corporate purposes, which includes capital expenditures and earlier-announced strategic investments.
US steel tariffs have been a pawn in the broader game. In order to get a bigger trade deal, the US looked amenable to relaxing the tariffs.
United States Steel Corporation (X) (“U .S. Steel”) today announced that it intends to offer, subject to market conditions and certain other factors, an aggregate principal amount of $300,000,000 senior convertible notes due 2026 (the “notes”) in a private offering made only to persons reasonably expected to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). U. S. Steel also intends to grant the initial purchasers of the notes a 30-day option to purchase up to an additional $50,000,000 principal amount of notes. The notes will be U. S. Steel’s general senior unsecured obligations and will rank equally in right of payment with all of its existing and future senior debt, and senior in right of payment to all of its future subordinated debt.
United States Steel Corp. (NYSE: X) reported improved preliminary third quarter results on Oct. 10 compared to its projections a month prior, but analysts say the manufacturing giant still has several challenges ahead. The company reported that it expects to incur an $84 million to $94 million net loss, or a $35 million to $45 million adjusted net loss, according to a news release. Richard Bourke, a senior analyst at Bloomberg Intelligence, said three factors led to the net loss, primarily lower steel prices in the quarter that caused margin compression.
Moody's Investors Service ("Moody's") assigned a B3 senior unsecured rating to The Industrial Development Board of the City of Hoover (Alabama) Environmental Improvement Revenue Bonds, Series 2019 and a B3 senior unsecured rating to Allegheny County Industrial Development Authority Environmental Improvement Revenue Refunding bonds, Series 2019. Repayment of all bonds is a direct obligations of United States Steel Corporation (U. S. Steel). All other ratings, including the SGL-2 Speculative Grade Liquidity Rating remain unchanged.
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(Bloomberg) -- U.S. Steel Corp. gave a third-quarter loss estimate that was better than its guidance just three weeks earlier, helped by a gain from claims arising out of a supplier’s bankruptcy.Analysts weren’t impressed. Shares were the second-worst performer on the S&P gauge of steelmakers. The stock has slumped 15% since the start of the month when it announced it’s paying $700 million to buy almost half of its high-tech rival Big River Steel, a purchase that will be funded by a lending facility.“You have to question the motive when a company pre-releases twice,” Phil Gibbs, an analyst at Keybanc Capital Markets, said in a telephone interview. “They’re trying to create good news for themselves, and I think it signals to me a kind of longer-term, more permanent capital raise is likely closer than the reverse.”On Thursday, U.S. Steel said in a statement it expects to report a third-quarter adjusted loss of 20 cents to 26 cents per share, up from a Sept. 18 estimate for a loss of 35 cents. That will beat a 32-cent average estimated loss by 13 analysts, according to data compiled by Bloomberg. The third-quarter results are due Oct. 31.“As we said in the press release, we released the preliminary results to support the company’s upcoming capital market activities to support the execution of our strategy,” a U.S. Steel spokeswoman said in an email.Earlier this month, U.S. Steel said it’s increasing its asset-backed lending facility to $2 billion, from $1.5 billion, to fund the purchase of a 49.9% stake in Big River. Days after the deal was announced, the company said Chief Financial Officer Kevin Bradley is leaving his current position.In a statement Thursday, the company said stronger shipments, better-than-expected manufacturing performance in its flat-rolled segment, and a contingency gain from recovered claims arising out of the bankruptcy of a supplier improved the outlook for earnings.The company’s adjusted earnings before interest, taxes, depreciation and amortization are expected to be in the range of $134 million to $144 million, excluding about $9 million of estimated third-quarter impacts from the Dec. 24, 2018 fire at the Clairton coke-making facility and $54 million of estimated restructuring charges, it said.“Why couldn’t you wait three weeks to say this? Because you’re desperate for good news,” Gibbs said. “Why would you be desperate for good news? You’d be desperate for good news because you need money, and why do you need money, because you just announced a $700 million acquisition in the last week and a half.”The deal comes at a time when the steelmaker’s cash level is already at the lowest in almost six years, and while the industry is beset by weakening demand and the prospect of oversupply in the market.Shares rose 0.5% to $10.14 in New York on Thursday, trailing a 2.8% advance in the S&P gauge of steelmakers.To contact the reporter on this story: Joe Deaux in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Luzi Ann Javier at email@example.com, Joe RichterFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
United States Steel Corporation (NYSE: X ) shares were trading higher Thursday after the company reported preliminary third-quarter results that outperformed gloomy guidance issued last month. The company ...
United States Steel Corp. shares rose 4.6% in premarket trade Thursday, after the company issued guidance for the third quarter that was less bad than feared. The company said it expects it let loss to range from $94 million to $84 million, or 55 cents a share to 49 cents a share. The company expects its adjusted loss per share to range from 26 cents to 20 cents, narrower than the 28 cent loss consensus of FactSet analysts. "Stronger shipments and better than expected manufacturing performance in our Flat-rolled segment, as well as a contingency gain from recovered claims arising out of the bankruptcy of a supplier drove better than expected results," the company said in a statement. The company is expecting third-quarter sales of $3.040 billion to $3.075 billion, ahead of the $3.020 billion FactSet consensus. Shares have fallen 45% in 2019, while the S&P 500 has gained 16%.
Preliminary net loss of approximately $94 – $84 million, or $0.55 – $0.49 per diluted sharePreliminary adjusted net loss of approximately $45 – $35 million, or $0.26 – $0.20 per.
United States Steel Corp. announced Wednesday that it would be implementing an enhanced operating model starting on Jan 1., which it said would reduce costs and more closely align the company with its strategic investments, like the recent purchase of a stake in Big River Steel. In a press release, U.S. Steel only gave a few details about their enhanced operating model. "We are intensely focused on improving our capabilities to win in strategic markets, reducing structural costs with a leaner footprint and attracting and investing in the best talent that share our S.T.E.E.L. Principles," U.S. Steel President and CEO David Burritt said in a prepared statement.
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