Shares in steelmaker United States Steel Corp (X.N) jumped about 20 percent as the market opened in the United States after the company posted forecast-beating earnings for its second quarter late on Tuesday, despite the impact of bad weather on its operations.
The Pittsburgh-based steelmaker posted adjusted earnings at $0.17, ahead of analysts' consensus of a $0.29 loss.
Chief Executive Officer Mario Longhi was also upbeat for the next quarter saying he expected operating income for all the company's businesses to "increase significantly" as the company returns to normal operating levels. [ID:nL2N0Q42F3]
"Their operational performance was significantly better than people had anticipated and they were able to generate more free cash. The market was better and they were able to offset the weather impact, that was the upside," Nomura Securities analyst Curtis Woodworth said.
Shares in U.S. Steel were up 17 percent by 1500 GMT, sharply outperforming a 0.4 percent fall of the NY-listed blue chips .DJI.
(Reporting by Silvia Antonioli; editing by Elaine Hardcastle)