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U.S. Steel raises Q2 profit guidance on higher steel prices, demand

Economy, Finance

U.S. Steel Corp. said late Thursday it expects to report an adjusted net income of about $880 million, or $3.08 a share, boosted by higher steel prices and “strong” demand for flat-rolled steel. Moreover, ongoing “strong demand and low steel inventories are empowering today’s ongoing market improvements. These market fundamentals are showing no signs of slowing down and have us increasingly confident of another strong year in 2022,” the company said. U.S. Steel had guided for adjusted EPS of $2.85. Analysts polled by Factset expect the company to report adjusted EPS of $2.67 when it reports second-quarter earnings likely in August. Shares of U.S. Steel were flat in the extended session Thursday after ending the regular trading day down 7.7%.

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