March 12, 2018 / 8:44 PM / a year ago

U.S. Steel raises 2018 earnings forecast on tariff bump

FILE PHOTO - Exterior view of U.S. Steel Corp rolling mills in Granite City, Illinois on July 5, 2017. REUTERS/David Lawder

(Reuters) - United States Steel Corp (X.N) raised its full-year earnings forecast on Monday, as the biggest U.S. steel maker expects to benefit from President Donald Trump’s imposition of hefty tariffs on imported steel and aluminum.

The company last week said it would restart one blast furnace and the steelmaking facilities at Granite City Works, Illinois in anticipation of higher demand for steel in the United States following the tariffs.

U.S. Steel said it expects net earnings of $885 million for 2018, compared with its prior forecast of about $685 million.

The company said it anticipates full-year earnings before interest, tax, depreciation and amortization (EBITDA) of about $1.7 billion, up from its previous forecast of about $1.5 billion.

U.S. Steel’s shares were up marginally at $43.90 in after-hours trading. They have risen about 24 percent this year.

Reporting by Arunima Banerjee in Bengaluru; Editing by Sai Sachin Ravikumar and Sriraj Kalluvila

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