U.S. Steel's 3Q Results Closely In Line With Prior Guidance; Shares Fairly Valued
U.S. Steel reported encouraging third-quarter results that nearly matched the company's prior guidance. Full-year adjusted EBITDA guidance has been slightly decreased to $1.81 billion from $1.85-$1.90 billion. For 2018, we forecast adjusted EBITDA of $1.80 and adjusted earnings of $5.41 per share on $14.40 billion of revenue. Having updated our valuation model, both our near- and long-term forecasts are largely unchanged. Shares are fairly valued, trading slightly above our $25 per share fair va...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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