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US Steel finds alternatives to ease raw material disruptions from Russia (NYSE:X)

Large bowl of molten metal at the steel mill.  Steel production.

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US Steel’s (NYSE:X) Q1 best ever and company Expect the best product ever Q2 failed to stop shares from falling 5.4% on Friday to a six-week low, as industrial metals companies plunged into a broader stock market bloodbath.

US Steel (X) is seeing consistently strong orders from auto and appliance manufacturers as well as the construction industry, which should help it boost record earnings, said CEO David Burritt tell about the company earnings conference call.

Steel maker, Q1 adjusted EPS of $3.05 beat Wall Street estimatessaid it would look to “significantly” increase its share buybacks in Q2 to reward investors for anticipating some of the most profitable quarters to come.

Chief Financial Officer Christine Breves said US Steel (X) arranged an alternative supply of iron ore and coal to the plant in Slovakia to reduce reliance on shipments from Russia.

The company told analysts that all shipments of coal from Russia to the Slovak plant have been halted, with a “non-stop flow” of iron ore directly into the plant, having ~78 days of inventory. and shipping volumes from Europe are expected to remain stable over the next quarter.

US Steel (X) is “better than Amazon”, as paying 6x free cash flow this year is “very tempting,” Michael Wiggins de Oliveira wrote in a blog post. New analysis posted on Seeking Alpha.

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