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U.S. Steel expects lower adjusted EBITDA, swing to loss in Q3'19

U.S. Steel Corp. said Sept. 18 that for the third quarter, it is expecting adjusted EBITDA of about US$115 million and an adjusted diluted loss per share of 35 cents, compared to adjusted EBITDA of US$526 million and an adjusted diluted earnings per share of US$1.79 in the same quarter last year.

The company said that the third-quarter adjusted EBITDA guidance excludes approximately US$53 million of estimated impacts from the fire at the company's Clairton coke making facility in Pennsylvania in December 2018, and estimated restructuring charges.

U.S. Steel is expected to maintain its two blast furnaces as idled through at least the end of the year, and the company forecasts full-year flat-rolled shipments to third party customers to be approximately 10.7 million tons, based on the idling of the two furnaces and current demand forecasts.

The company also said that it has eliminated about 1,800 positions at U.S. Steel Europe, and that it will continue to execute its labor productivity strategy that includes a headcount reduction of 2,500 by the end of 2021.

In August, U.S. Steel said that it intends to temporarily lay off less than 200 workers following a decision to stop production at its Great Lakes operation in Michigan.