Shares of U.S. Steel Corp. rose more than 1% in the extended session Thursday after the company said commercial demand for steel is on the upswing in the U.S. and guided for better-than-expected quarterly earnings. U.S. Steel guided for a fourth-quarter adjusted EBITDA around $375 million, and fourth-quarter adjusted per-share earnings between 58 cents and 63 cents. Analysts polled by FactSet expect adjusted fourth-quarter earnings of 43 cents a share. “We remain on-track to deliver our second-best financial year with continued execution of our strategy and $150 million of direct returns to stockholders expected in the quarter,” Chief Executive Officer David B. Burritt said in a statement. “December commercial demand in the U.S. is better and scrap prices have begun to increase this month. Flat-rolled customer inquiries are accelerating and spot steel selling prices are improving.” The company is starting 2023 “from a position of strength,” the executive said. Shares of U.S. Steel ended the regular trading day down 3.8%.
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