tag:blogger.com,1999:blog-1527840491496268397.post5206626547940589371..comments2024-03-08T11:20:30.095-07:00Comments on Credit Bubble Stocks: United States Steel Corporation ($X)Unknownnoreply@blogger.comBlogger8125tag:blogger.com,1999:blog-1527840491496268397.post-35609117224062409702023-05-23T18:35:39.602-07:002023-05-23T18:35:39.602-07:00Good thought:
In general, my preference is to mai...Good thought:<br /><br /><i>In general, my preference is to maintain a bullish stance on the supply-constrained segment of the supply chain, specifically focusing on metallurgical coal and metallurgical producers. If necessary, I will hedge my position by shorting the oversupplied segment, which includes steel companies. While steel companies typically have strong balance sheets, similar to metallurgical producers, they have been investing heavily in capacity additions in an attempt to lower carbon emissions from basic oxygen furnace (BOF) production towards electric arc furnace (EAF) production, especially in North America and Europe. This is the classic Capital Returns cycle at play and if you haven’t read the book I highly recommend it.</i><br />https://thecoaltrader.substack.com/p/portfolio-weightings-and-performance-628CPhttps://www.blogger.com/profile/12701174164478027499noreply@blogger.comtag:blogger.com,1999:blog-1527840491496268397.post-54830183540511159462023-03-16T21:38:50.494-07:002023-03-16T21:38:50.494-07:00United States Steel Corporation (NYSE: X) today pr...<i>United States Steel Corporation (NYSE: X) today provided first quarter 2023 guidance on adjusted EBITDA of approximately $375 million. First quarter 2023 adjusted net earnings per diluted share is expected to be in the range of $0.58 to $0.63.<br /><br />"Momentum continues to build in the North American flat-rolled market," commented U. S. Steel President and Chief Executive Officer David B. Burritt. "Strong safety and operating performance, improving order entry and our continued focus on winning share in strategic markets are resulting in better than expected first quarter guidance. We expect these trends to continue into the second quarter given extending lead times and the flow-through of higher selling prices."<br /><br />Burritt continued, "We are increasingly more bullish for 2023 performance. Our Flat-rolled segment order book reflects wide-ranging demand improvement. Our Mini Mill segment’s order book is also improving and its cost structure continues to normalize, as anticipated, by absorbing higher priced metallics purchased at the onset of the Ukraine war. In Europe, demand has improved and coupled with our focus on continuous improvement, we saw positive EBITDA return in February. In Tubular, we expect another quarter of improving EBITDA performance as seamless pipe prices and order entry remains healthy in the first quarter."</i><br /><br />https://finance.yahoo.com/news/united-states-steel-corporation-provides-201700390.htmlCPhttps://www.blogger.com/profile/12701174164478027499noreply@blogger.comtag:blogger.com,1999:blog-1527840491496268397.post-85547774821247352212022-10-27T13:48:47.234-07:002022-10-27T13:48:47.234-07:00Free cash flow fell from $3.3 billion during the f...Free cash flow fell from $3.3 billion during the first nine months of 2021 to $2 billion this year.<br /><br />Enterprise value is about $5.7 billion, so still a very high FCF/EV yield. (Close to 50%.) <br /><br />Overall, however, feeling glad we changed our minds about this. <br /><br />For comparison, Altria spends about a hundred million on capex and earns more and generates more cash.<br /><br /><i>United States Steel Corporation (NYSE: X) reported third quarter 2022 net earnings of $490 million, or $1.85 per diluted share. Adjusted net earnings for the third quarter 2022 was $516 million, or $1.95 per diluted share and excluded the impact of restructuring and other one-time items detailed in the reconciliation of adjusted net earnings table. This compares to our all-time best record third quarter 2021 net earnings of $2,002 million, or $6.97 per diluted share.</i><br />https://finance.yahoo.com/news/united-states-steel-corporation-reports-201700161.html<br /><br />U.S. Steel (X) 8-K Q3 2022<br />https://www.sec.gov/Archives/edgar/data/1163302/000116330222000104/ex99p1er221027.htmCPhttps://www.blogger.com/profile/12701174164478027499noreply@blogger.comtag:blogger.com,1999:blog-1527840491496268397.post-74790491581077390302022-10-27T13:34:40.286-07:002022-10-27T13:34:40.286-07:00United States Steel Corporation (NYSE: X) reported...<i>United States Steel Corporation (NYSE: X) reported third quarter 2022 net earnings of $490 million, or $1.85 per diluted share. Adjusted net earnings for the third quarter 2022 was $516 million, or $1.95 per diluted share and excluded the impact of restructuring and other one-time items detailed in the reconciliation of adjusted net earnings table. This compares to our all-time best record third quarter 2021 net earnings of $2,002 million, or $6.97 per diluted share.</i><br />https://finance.yahoo.com/news/united-states-steel-corporation-reports-201700161.htmlCPhttps://www.blogger.com/profile/12701174164478027499noreply@blogger.comtag:blogger.com,1999:blog-1527840491496268397.post-56866581014856658792022-08-24T15:26:43.343-07:002022-08-24T15:26:43.343-07:00It's concerning how much X is spending on expa...It's concerning how much X is spending on expansion. <br /><br />Not sure that we can find capital expenditure discipline in the steel industry.CPhttps://www.blogger.com/profile/12701174164478027499noreply@blogger.comtag:blogger.com,1999:blog-1527840491496268397.post-48647013561554505432022-08-24T14:38:45.048-07:002022-08-24T14:38:45.048-07:00CP excellent point on the industrialization of the...CP excellent point on the industrialization of the US, my bet it will happen in a big way. <br /><br /> Beg to differ on the abortion noise will allow they Dems to soften the Red Wave, the only way the Dems win is if they cheat, Don't believe for a second that in NY Hudson Valley special election Ryan the Dem won becasue of abortion, Molinaro is a Trump hating, tax raising, wear your mask and get your shot or die Republican and he still almost won, that race is no bell weather.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1527840491496268397.post-28241479773405807042022-08-24T11:09:41.736-07:002022-08-24T11:09:41.736-07:00Regarding CLF:
When Cleveland-Cliffs acquired AK ...Regarding CLF:<br /><br /><i>When Cleveland-Cliffs acquired AK Steel in March of 2020, AK Steel, as a stand-alone company, was ready to walk away from electrical steel. It was ready to shut down Butler Works in Pennsylvania. Butler Works produces electrical steel, a type of steel used to make transformers. If AK Steel had done that as a stand-alone company, today the U.S. would not be able to produce any grain-oriented electrical steel for transformers or nonoriented electrical steel, among several other things. That was the scenario that I inherited at Cleveland-Cliffs, as far as electrical steel goes, when we acquired AK Steel. Then, I made the decision not to shut down Butler Works, and now Cleveland-Cliffs is the only producer of grain-oriented steel products in the U.S.</i><br />https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/us-electrical-steel-output-vital-to-infrastructure-plans-8211-cleveland-cliffs-ceo-67766869<br /><br />Note that U.S. Steel is expanding into this area:<br /><br /><i>Integrated steelmaker US Steel will build a 200,000 short ton (st)/yr non-grain oriented (NGO) electrical steel line at its electric arc furnace (EAF) minimill steelmaking operations in Arkansas. The $450mn investment at Osceola-based Big River Steel, which US Steel acquired at the beginning of the year, will target the electric vehicle (EV) industry. The facility will be built next to Big River Steel's finishing line and is expected to be online by the third quarter of 2023, according to an investor presentation.</i> <br />https://www.argusmedia.com/en/news/2223601-us-steel-plans-big-river-electrical-steel-lineCPhttps://www.blogger.com/profile/12701174164478027499noreply@blogger.comtag:blogger.com,1999:blog-1527840491496268397.post-12238904562041824662022-08-24T11:08:05.698-07:002022-08-24T11:08:05.698-07:00Something else to consider - if there is ever a re...Something else to consider - if there is ever a reactionary / restorationist government in the U.S., it would undoubtedly decide to re-industrialize the country and de-offshore industrial production. That would mean a U.S. steel boom, and companies like U.S. Steel would print money.<br /><br />But, the 2022 midterm election prospects look bad because of the SC decision on abortion and because of Biden's massive "emergency" release of crude oil from the SPR.CPhttps://www.blogger.com/profile/12701174164478027499noreply@blogger.com