United States Steel Corporation Reports Third Quarter 2024 Results
StockNews.AI • 476 days
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Information
PITTSBURGH--(BUSINESS WIRE)--United States Steel Corporation (NYSE: X) reported third quarter 2024 n...
Original sourceAI Summary
Q3 2024 net earnings decreased by 60% compared to Q3 2023. Adjusted EBITDA of $319 million signals resilience despite price pressures. First coil achieved at Big River 2, boosting future production capacity. Transaction with Nippon Steel expected to close by year-end, promising technology transfer. Fourth quarter adjusted EBITDA projected between $225 million and $275 million.
Sentiment Rationale
Substantial drop in earnings and adjusted EBITDA compared to the previous year indicates weaker performance. Historical data shows earnings declines typically correlate with stock price drops.
Trading Thesis
Immediate earnings impact will likely affect the stock price quickly, similar to past earnings reports.
Market-Moving
- Q3 2024 net earnings decreased by 60% compared to Q3 2023.
- Adjusted EBITDA of $319 million signals resilience despite price pressures.
- First coil achieved at Big River 2, boosting future production capacity.
Key Facts
- Q3 2024 net earnings decreased by 60% compared to Q3 2023.
- Adjusted EBITDA of $319 million signals resilience despite price pressures.
- First coil achieved at Big River 2, boosting future production capacity.
- Transaction with Nippon Steel expected to close by year-end, promising technology transfer.
- Fourth quarter adjusted EBITDA projected between $225 million and $275 million.
Companies Mentioned
- Nippon Steel Corporation (Nippon Steel Corporation)
- XG3 (XG3)
Earnings
Earnings reports significantly influence investor sentiment and market valuations, especially with notable declines.