Will US Steel Beat Earnings Expectations?

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US Steel, the steel giant that has had structural cost issues for years, with high cost smelters and poor operations has suddenly raised their earnings and profitability guidance (twice) in the last 4 months.

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US Steel reports their 3rd quarter financial results tonight after the closing bell with analyst consensus expecting $1.17 in earnings per share on $4.56 billion in revenue. Forbes warns that planned maintenance activity in the third quarter will affect production volumes and raise repair and maintence costs for the US Steel Europe segment.

On Monday, October 27, the 3-month price of the US HRC futures contract experienced the biggest change, rising 0.3% to $635.00 per short ton. The spot price of the US HRC futures contract saw little movement at $642.00 per short ton.

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Chinese steel prices closed flat for the day. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($136.77) and a low price of CNY 830.00 ($135.14) per dry metric ton. The price of Chinese HRC saw essentially no change for the fifth day in a row, remaining around CNY 3,030 ($493.34) per metric ton. The price of Chinese coking coal was unchanged at CNY 1,390 ($226.32) per metric ton.

The steel billet cash price remained essentially flat at $465.00 per metric ton on the LME. The steel billet 3-month price held steady on the LME at $455.00 per metric ton.

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