U.S. Steel Performs Well in Q3 but Still Lowers 2016 Profit Guidance; No Change to FVE
Third-quarter adjusted EBITDA of $272 million marked U.S. Steel's best performance since the fourth quarter of 2014. However, with U.S. steel prices having declined sharply since July and only about a fourth of the flat-rolled products shipments transacted at spot prices, profitability is set to deteriorate in the fourth-quarter. Our $7 per share fair value estimate and no-moat rating are unchanged.Management materially reduced 2016 adjusted EBITDA guidance to $355 million from $850 million. Gr...
United States Steel is a steel producer of flat-rolled and tubular products with production operations in the United States and Europe. The company is also engaged in railroad services and real estate operations. The company's segments are: North American Flat-Rolled, which produces slabs, strip mill plates, sheets and tin mill products; U. S. Steel Europe, which produces and sells slabs, strip mill plate, sheet, tin mill products and spiral welded pipe, as well as heating radiators and refractory ceramic materials; and Tubular Products, which produces and sells electric resistance welded steel casing and tubing (known as oil country tubular goods), and standard and line pipe and mechanical tubing.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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