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U.S. Steel traded lower early Friday after its first-quarter earnings outlook missed analysts’ expectations.
The steel maker said it expects adjusted earnings of $2.96 to $3 a share, below Wall Street forecasts of $3.81. U.S. Steel (ticker: X) also said it expects first-quarter adjusted earnings before interest, taxes, depreciation, and amortization (Ebitda) of about $1.3 billion, an all-time record for the first three months of the year but lower than estimates of about $1.55 billion.