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US Steel estimates Q3'19 loss of up to US$94M

U.S. Steel Corp. expects a third-quarter loss of between US$84 million to US$94 million, or 49 cents to 55 cents per share, swinging from last year's profit net earnings of US$291 million, or US$1.62 per share, according to preliminary figures released Oct. 10.

Adjusted EBITDA is projected in the range of US$134 million and US$144 million, plummeting from US$526 million in the same period in 2018. The estimate excludes about US$9 million of impacts from a December 2018 fire at the Clairton coke-making facility in Pennsylvania and about US$54 million of restructuring charges.

U.S. Steel said stronger shipments and manufacturing performance in the flat-rolled segment, as well as a gain from recovered claims from a bankrupt supplier, helped the results improve compared to the company's September profit warning. Full results are expected to be released Oct. 31.

The company recently announced a plan to enhance its operating model and structure by next year to save about US$200 million of annual fixed costs by 2022.