U.S. Steel's Asset Revitalization Program Will Weigh on Free Cash Flow in the Medium Term
In the second quarter, U.S. Steel grew profits across both its flagship U.S flat rolled operations and its European steelmaking business. The tubular operations were once again loss-making. Adjusted EBITDA rose 20% year on year and we expect profits to rise further in the third quarter. Having updated our valuation model, our fair value estimate is unchanged at $25 per share. Although returns on invested capital are set to safely exceed our assumed cost of capital this year, we don't believe thi...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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