US Steel 2Q results steady as guidance buoys shares in after-hours trading

United States Steel (NYSE:X) reported nearly flat second-quarter results on Wednesday, but shares rose in after-hours trading due to an optimistic guidance by the company.

US Steel said net earnings reached US$214mln, or $1.20 per diluted share and that adjusted net earnings were $262mln, or $1.46 per share. This compares to second quarter 2017 net earnings of US$261mln, or US$1.48 per share.

Shares of US Steel finished on Wednesday at US$35.81, down US$0.62 or by 1.7%. In after-hours trading, US Steel hit US$36.50. 

READ: US Steel beats on 1Q earnings, but sags on word of ‘operational challenges’ at Michigan plant

US Steel president and chief executive David Burritt said: “In the second quarter, our team performed well by responding quickly to customer demand. We restarted steelmaking at Granite City ahead of schedule and safely ramped up production and shipments faster than planned.”

“The success to date of our ongoing US$2 billion asset revitalization program, as well as our earnings power in the current market, makes us increasingly optimistic about future investments that will drive long-term profitable growth.”

US Steel is an integrated steel producer headquartered in Pittsburgh, Pennsylvania, with production in the United States, Canada, and Central Europe. As of 2016, the company was the world’s 24th largest steel producer and second largest domestic producer, trailing only Nucor Corporation.

Story by ProactiveInvestors