U.S. Steel Corporation and the Curious Case of $300 Million

U.S. Steel Corporation (X), the once iconic US steel producer, gives an annual earnings guidance during its quarterly earnings call. During the earnings call for the fourth quarter of 2017, the company said that it expects to post an adjusted EBITDA of $1.5 billion in 2018. The guidance was based on prevailing market conditions including steel and raw material prices. The guidance was announced before the Department of Commerce released its Section 232 findings.