United States Steel Corporation (X - Free Report) announced the completion of the sale of its non-core real estate asset, the Keystone Industrial Port Complex (“KIPC”) in Pennsylvania for around $160 million.
The sale facilitates U.S. Steel to extract incremental value from its portfolio of real estate assets. It would also help strengthen its cash position and support the funding required for the purchase of the remaining Big River Steel equity.
KIPC was acquired by NP Falls Township Industrial, LLC, an affiliate of NorthPoint Development, LLC. The acquisition includes 1.4 million square feet of industrial area and roughly 1,800 acres of land, an inland deep-water port and other logistics infrastructures like rail and heavy power.
The hot dipped galvanizing line will continue to be operated at the site by U.S. Steel.
Shares of U.S. Steel have surged 44% in the past year compared with 17% rise of the industry.
U.S. Steel projects adjusted EBITDA of $55 million for the fourth quarter. Adjusted loss per share is forecast to be 85 cents. Notably, the company reported a loss of $1.21 per share in the third quarter and a loss of 64 cents in the prior-year quarter.
U.S. Steel witnessed improvement in flat-rolled demand in the United States and Europe in the fourth quarter, backed by strength in end-markets such as automotive, appliance and packaging. The flow-through of higher steel prices, improved operations and cost-saving initiatives are driving performance in the ongoing month.
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It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
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United States Steel Corporation (X - Free Report) announced the completion of the sale of its non-core real estate asset, the Keystone Industrial Port Complex (“KIPC”) in Pennsylvania for around $160 million.
The sale facilitates U.S. Steel to extract incremental value from its portfolio of real estate assets. It would also help strengthen its cash position and support the funding required for the purchase of the remaining Big River Steel equity.
KIPC was acquired by NP Falls Township Industrial, LLC, an affiliate of NorthPoint Development, LLC. The acquisition includes 1.4 million square feet of industrial area and roughly 1,800 acres of land, an inland deep-water port and other logistics infrastructures like rail and heavy power.
The hot dipped galvanizing line will continue to be operated at the site by U.S. Steel.
Shares of U.S. Steel have surged 44% in the past year compared with 17% rise of the industry.
U.S. Steel projects adjusted EBITDA of $55 million for the fourth quarter. Adjusted loss per share is forecast to be 85 cents. Notably, the company reported a loss of $1.21 per share in the third quarter and a loss of 64 cents in the prior-year quarter.
U.S. Steel witnessed improvement in flat-rolled demand in the United States and Europe in the fourth quarter, backed by strength in end-markets such as automotive, appliance and packaging. The flow-through of higher steel prices, improved operations and cost-saving initiatives are driving performance in the ongoing month.
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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