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X – X is currently trading well below Uniform Asset levels, but management is confident in their safety programs, quality and reliability improvements, and working capital management

February 15, 2018

    • United States Steel Corporation (X:USA) currently trades near recent averages relative to UAFRS-based (Uniform) Assets, with a 0.7x Uniform P/B, implying bearish expectations for the firm. However, management is confident in their safety programs, quality and reliability improvements, and working capital management
    • Specifically, management is confident in their emphasis on focus, discipline, and execution, and that their expanding safety programs will take their safety performance to the next level. Additionally, they are confident in their commitment to reaching their goals for improvements in quality and reliability in a cost-effective and timely manner, and in their serious focus on cash and working capital management as they are the pulse of their business. Furthermore, they are confident that they will have the same type of assessment regarding their steel volume next year, and in their desire to be on the offense and opportunistic in troughs going forward

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