United States Steel Corporation - X STOCK NEWS

United States Steel Corporation (NYSE: X) has appointed Scott M. Dorn as Interim Head of Tubular Solutions, succeeding Douglas R. Matthews, who will retire in January. Dorn's extensive experience since joining U. S. Steel in 1988 positions him well for this role. The Tubular Products segment, a leading integrated tubular products manufacturer in North America, focuses on tailored energy solutions. U. S. Steel is committed to innovation and customer satisfaction, with an annual raw steelmaking capability of 23.2 million net tons.

TuSimple, a leading self-driving technology company, has established an Executive Advisory Board comprising industry leaders and regulatory experts to enhance its strategy for the autonomous freight market. The board includes notable figures like Jeff Denham and Eric Fuller. Their guidance aims to accelerate the deployment of autonomous trucks, focusing on critical areas such as technology, regulation, and logistics. Cheng Lu, TuSimple's CEO, emphasized the board's vital role in shaping market strategies and public policy efforts to ensure the safe introduction of self-driving trucks.

U. S. Steel has finalized the acquisition of Big River Steel for approximately $774 million, utilizing cash on hand. This deal, approved by the U.S. Department of Justice, aims to create a competitive integrated and mini mill steel company, enhancing U. S. Steel's product offerings in advanced high-strength steels. With Big River Steel's advanced manufacturing capabilities and the completed Phase II-A expansion increasing production capacity to 3.3 million tons annually, the company anticipates profitable growth in 2021.

United States Steel Corporation (NYSE: X) will host its fourth quarter and full year 2020 conference call on January 29, 2021, at 8:30 a.m. EST. The financial results will be announced after market close on January 28. Key executives, including CEO David B. Burritt and CFO Christine S. Breves, will participate. Investors can access the call via the company’s website. U. S. Steel produces 23.2 million net tons of raw steel annually and focuses on high value-added steel products, emphasizing innovation and sustainability.

A study by Trinity Consultants on air quality near U. S. Steel's Mon Valley Works revealed a 40% decrease in PM2.5 concentrations following the COVID-19 stay-at-home order. The analysis showed a 50% drop in vehicle traffic without changes in production at the Clairton Plant. This data suggests a strong connection between traffic volume and air quality. U. S. Steel aims for a 20% reduction in GHG emissions intensity by 2030 as part of its sustainability strategy, alongside its investment in advanced steelmaking technologies.

United States Steel Corporation (NYSE: X) has finalized the sale of the Keystone Industrial Port Complex in Fairless Hills, Pennsylvania, for approximately $160 million in cash. This strategic move is aimed at enhancing the company's cash position, enabling the funding of the remaining equity purchase of Big River Steel. The acquired site includes about 1.4 million square feet of industrial space and 1,800 acres of land along with logistics infrastructure. U. S. Steel will maintain operations of its hot dipped galvanizing line at the location.

United States Steel Corporation (NYSE: X) announced its fourth quarter 2020 guidance, projecting an adjusted EBITDA of approximately $55 million and an adjusted diluted loss per share of about ($0.85). CEO David B. Burritt noted improved flat-rolled customer demand in the U.S. and Europe, driven by the automotive, appliance, and packaging sectors. The company anticipates significantly enhanced financial performance in 2021, supported by strong order books and better efficiencies. Despite raw material cost increases in Europe, the company expects fourth quarter results to outperform the previous quarter.

U. S. Steel Corporation (NYSE: X) has exercised its call option to acquire the remaining equity of Big River Steel for approximately $774 million, utilizing cash reserves. The transaction is anticipated to enhance earnings immediately, driven by significant synergies. With approximately $2.9 billion in liquidity, including over $1.7 billion in cash, U. S. Steel expects the deal to boost operational capabilities and competitiveness, especially in advanced steel products. The closing is subject to customary conditions, including antitrust approval, targeted for the first quarter of 2021.

United States Steel Corporation (NYSE: X) has successfully closed $63.4 million in Environmental Improvement Revenue Bonds, designated as green bonds. The funds will support the new low-emission electric arc furnace at the Fairfield Works facility. This initiative aims to enhance sustainable practices, with a target to reduce greenhouse gas emissions intensity by 20% by 2030. The bonds feature a 6.375% coupon and mature in 2050, with interest paid semiannually. U. S. Steel, a leading integrated steel producer, emphasizes innovation and sustainability in its operations.