United States Steel Corporation - X STOCK NEWS

United States Steel (NYSE: X) provided guidance for the second quarter of 2024, forecasting adjusted net earnings per diluted share between $0.76 and $0.80. The adjusted EBITDA is expected to be around $425 million. CEO David B. Burritt highlighted the company's progress towards closing a transaction with Nippon Steel and noted stable domestic steel demand. Key developments include the startup of the Big River Steel dual Galvalume®/Galvanized coating line and progress towards the launch of Big River 2. However, the Tubular segment faces challenging market conditions, and the Mini Mill segment is expected to see lower adjusted EBITDA due to pricing headwinds.

United States Steel (NYSE: X) announced the awarding of 20 college scholarships to children of its employees, funded by the U. S. Steel Foundation. Each scholarship is worth $10,000, disbursed as $2,500 per year over four years. Since 1995, the program has awarded over $4.4 million to more than 525 students. This year also introduced the Maverick Award and Trailblazer Award, honoring two U. S. Steel retirees, which provide additional one-time $5,000 scholarships. Scholarship recipients are selected based on academic achievements, leadership, and community involvement. This initiative underscores U. S. Steel’s commitment to supporting its workforce and fostering future leaders.

United States Steel (NYSE: X) and Nippon Steel (TSE: 5401) have obtained all non-U.S. regulatory approvals for their proposed transaction. These approvals were received from competition authorities in the EU, Mexico, Serbia, Slovakia, Turkey, and the UK. The companies expect to finalize the deal in the second half of 2024, pending U.S. regulatory approvals. U. S. Steel's CEO David B. Burritt and Nippon Steel's Vice Chairman Takahiro Mori emphasized that the transaction would bolster the steel industry and benefit multiple stakeholders. A Special Meeting of Stockholders saw 71% of U. S. Steel's outstanding shares vote in favor, with 99% of the represented shares supporting the deal.

U.S. Steel (NYSE: X) announced the opening of its new direct reduced (DR)-grade pellet production facility at its Minnesota Ore Operations-Keetac Plant. The $150 million investment enables the plant to produce approximately four million tons of pellets annually, addressing the growing demand for low-cost DR-grade iron ore. The facility also offers flexibility to produce blast furnace pellets, adapting to market changes. The project, completed ahead of schedule and under budget, created 250 construction jobs and 33 full-time positions, emphasizing U.S. Steel's commitment to quality and sustainability. Minnesota Governor Tim Walz and U.S. Steel's CEO David B. Burritt celebrated the launch, highlighting the project's potential to strengthen Minnesota's iron ore industry.

The Board of Directors of U. S. Steel (NYSE: X) released a letter addressing misinformation about their pending all-cash transaction with Nippon Steel (NSC). The Board emphasized that the deal delivers significant value to investors, offers job security, growth, and opportunities for employees and communities, and enhances national security. They also clarified that Cleveland-Cliffs, an unsuccessful bidder, has been disseminating false information to disrupt the transaction. The Board chose NSC's offer over Cleveland-Cliffs due to superior value and lower antitrust risks. The transaction is expected to bolster the American steel industry, introduce advanced technologies, and ensure U. S. Steel's contribution to local communities. The deal has received significant shareholder support and foreign regulatory approval, with final closure anticipated in the second half of the year.

Key benefits of the NSC investment include competitive advantage, national security enhancement, employee continuity, and community support. The Board remains committed to transparent communication with stakeholders to combat misinformation.

United States Steel (NYSE: X) has declared a dividend of $0.05 per share of common stock payable on June 12, 2024, to stockholders of record on May 13, 2024. The company focuses on safety and innovation, serving various industries with high-value steel products.

United States Steel reported first quarter 2024 net earnings of $171 million, adjusted net earnings of $206 million, adjusted EBITDA of $414 million, and a transaction update with Nippon Steel The company expects a stronger second quarter with adjusted EBITDA between $425 million to $475 million. They continue to progress towards closing the transaction with Nippon Steel , expected in the second half of 2024.

U. S. Steel received the “Governor’s Award for Environmental Excellence” for converting two diesel locomotives to battery power, reducing emissions and diesel fuel consumption. The project is part of the company's goal to achieve net-zero emissions by 2050. U. S. Steel invested over $2.3 million in the locomotives and partnered with the DEP to offset costs. The initiative was recognized as an innovative sustainability project by the Pennsylvania Department of Environmental Protection.