U.S. Steel sees Q2 adjusted EBITDA $375M-$425M

The company states: “We expect second quarter adjusted EBITDA in the range of $375 million and $425 million. Our North American Flat-Rolled segment results are expected to increase as seasonal constraints in mining logistics ease and higher average steel prices flow through results. However, we do expect a partial offset from lower shipments as a function of planned maintenance activity and outage costs during the quarter. We expect an improvement in Mini Mill segment results, reflecting both an increase in average selling prices and volumes from BR2, even after accounting for approximately $50 million of ramp-up impact at BR2. In Europe, where demand conditions remain tepid, we expect results to be broadly consistent with the first quarter, as higher average selling prices and volumes are expected to be offset by planned seasonal maintenance activities. We expect broadly consistent results in the Tubular segment as the benefits of higher selling prices are partly offset by slightly higher costs. Overall, we expect to deliver positive enterprise free cash flow in the second quarter, as working capital impacts in the first quarter begin to unwind.”