Shares of United States Steel Corp. (NYSE:X) fell slightly in premarket trading Monday after the steelmaker provided a fiscal Q1 2024 earnings guidance that missed consensus expectations.
Specifically, the company said it expects first-quarter adjusted earnings per share (EPS) to be between $0.80 and $0.84, while analysts were estimating $0.89.
U.S. Steel expects adjusted EBITDA of around $425 million in the quarter, also below the consensus estimates of $467.5 million.
“We remain focused on running our business as we make progress towards closing our transaction with Nippon Steel Corporation,” said the company’s President and Chief Executive Officer David B. Burritt.
“Our anticipated first quarter performance is in-line with our prior outlook, reflecting healthy steel demand, strong operating performance, and continued focus from our employees on delighting our customers,” he added.