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US Steel

X operates three segments: Flat-rolled, Tubular, and US Steel Europe. Flat-rolled caters to domestic customers, while tubular chiefly services the petroleum market. European operations are tailored to the central and southern parts of the continent. X shipped 15.16 mn tons of steel in 2017, with the company shipping roughly 37% of that amount to service centers and converters. Remaining markets include transportation (14%), construction (17%), containers (7%), and oil & gas/petrochemicals (4%). (21 Nov 2018)

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Transcript: 2018 IG & Crossover Conf-Basics Panel

Transcript: 11 Dec 2018, 5:51 AM ET - We present a transcript of the Basic Industries Panel discussion given at the CreditSights Investment Grade & Crossover conference on December 4, 2018.
Focused

X 3Q18: Positive Outlook, Capital Allocation Shift

Earnings Note: 02 Nov 2018, 2:55 PM ET - We examine US Steel's 3Q18 results and also take a look at its outlook and shifting capital allocation initiatives.  

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 

Arconic: LBO Rumors Continue

Worth Watching: 09 Oct 2018, 3:37 PM ET - Arconic (Ba2/BBB-/BB+): LBO rumors continue to swirl. According to Reuters, Blackstone, Carlyle, Onex, and Canada Pension have made a joint bid to acquire ARNC. The report also noted that the PE consortium is competing with Apollo in the bidding p ..

FCX: Landmark Grasberg Deal Signing

Worth Watching: 30 Sep 2018, 10:35 PM ET - FCX (Ba2/BB) and Rio Tinto signed a binding agreement to sell their stakes in the Grasberg mine to PT Indonesia Asahan Aluminum (Inalum). The terms are roughly in-line with what was reported in July when the parties signed a nonbinding agreement ( ..
Focused

X 2Q18: Capital Allocation Favors Bondholders

Earnings Note: 02 Aug 2018, 2:39 PM ET - We examine X's 2Q18 earnings results and take a look at the steelmaker's capital allocation initiatives. 

Coal Producers: Exposure to Potential Retirements

Sector Analysis: 28 Jun 2018, 5:16 AM ET - As part of our continued coverage of coal producer exposure to plant retirements, we have analyzed coal plant data to determine which basins and coal producers have the greatest exposure to unplanned, but at risk, coal plant retirements.  
Focused

X: Second Furnace Restart at Granite City

Worth Watching: 05 Jun 2018, 9:42 PM ET - X (B2/B/BB-) plans to restart blast furnace A at its Granite City Works plant and expects it to come online in October. Back in March, X announced the restart of blast furnace B, which is currently underway. In addition, management reiterated its ..
Focused

X 1Q18: Ups EBITDA Guidance, But Not Good Enough

Earnings Note: 27 Apr 2018, 4:33 PM ET - Management's stronger EBITDA guidance doesn't appear to be good enough for investors, evident by the 14% decline in the stock on the day.
Focused

X: Fitch Upgrades to BB-

Worth Watching: 09 Apr 2018, 2:13 PM ET - X (B2/B/BB-): Fitch raised U.S. Steel's Long-Term Issuer Default Rating by one notch to BB- from B+. The senior unsecured ratings were upgraded by two notches to BB- from B. The rating agency's upgrade reflects X's improved financial profile on t ..
Focused

HY Note: Pass on X's 8NC3 Bond Offering

HY Note: 13 Mar 2018, 12:18 PM ET - Our thoughts on US Steel's $650 mn 8NC3 bond offering.

US Strategy: Tariffs as Repricing Event?

Strategy Analysis: 01 Mar 2018, 9:40 PM ET - The market has been building in very low odds of a trade war event, a NAFTA withdrawal, or a significant escalation of tit-for-tat trade retaliations on a broader scale.  The odds-makers just got a fresh load of input.

Tronox: EU Pauses Review of Cristal Merger

HY Note: 28 Feb 2018, 4:52 AM ET - The EU Commission paused its review of the Tronox/Cristal merger until it receives additional information from the two companies.  Although some may be alarmed, it is a fairly regular component of the EU Phase 2 process.

Section 232: The NAFTA Conundrum

Sector Analysis: 26 Feb 2018, 3:42 AM ET - Using Section 232 on Steel/Aluminum could damage supplier chains and cost structures and drive broader inflation.  A tariff gambit in such key industries could undermine the NAFTA negotiations and have immediate effects on risk pricing. 

Metals: U.S. Protectionism Comes to a Head

Sector Analysis: 19 Feb 2018, 11:06 PM ET - Our thoughts on the Commerce Department's proposed Section 232 tariffs/quotas on steel and aluminum imports and the implications on various industries. 
Focused

X: Moody's Upgrades on Continued Progress

Worth Watching: 04 Feb 2018, 8:47 PM ET - X (B2/B): Moody's raised U.S. Steel's Corporate Family Rating by two notches to B1 from B3. The senior secured ratings were upgraded to Ba2 from B1, while the senior unsecured ratings were upgraded to B2 from Caa1. The rating agency's upgrade refl ..
Focused

X 4Q17: Continued Progress, More to Come

Earnings Note: 01 Feb 2018, 9:54 PM ET - We take a look at U.S. Steel's 4Q17 results and outlook for 2018.

CREDITSIGHTS WEBCAST: EVs, Autos and Metals

Worth Watching: 29 Jan 2018, 6:04 PM ET - CREDITSIGHTS WEBCAST: The mega trend around vehicle electrification is set to meaningfully impact a number of sectors, changing the landscape in a disruptive fashion that will make for significant divergence between the winners and losers. Who wil ..

Metals: Electric Vehicle Revolution

Sector Analysis: 29 Jan 2018, 2:49 PM ET - We discuss the EV market and more specifically EV batteries, supply/demand profiles of the commodities that are found within an EV battery, and our coverage companies that could stand to benefit and lose from the EV revolution. 

Chemicals 2018 Outlook (Part 5): Chlor-Alkali

Sector Outlook: 25 Jan 2018, 10:35 PM ET - With investment in chlor-alkali capacity effectively non-existent and positive manufacturing and construction trends around the globe, we expect operating rates around the world to rise in the medium term. 

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