RTTNews | Sep 17, 2021 10:45AM EDT

10:45 Friday, September 17, 2021 (RTTNews.com) - United States Steel Corp. (X) shares are sliding on Friday morning after reports of the creation of a new mini-mill on an investment of $3 billion.

Bloomberg reported that the company will invest $3 billion to create a new mill combining two electric arc furnaces, primarily using steel scrap. The mini-mill will be energy efficient compared to traditional integrated plants running on coal.

The company provided third quarter 2021 adjusted EBITDA guidance of approximately $2.0 billion, while the second quarter 2021 adjusted EBITDA was approximately $1.3 billion.

The shares are currently at $23.68, down 6.73 percent from the previous close of $25.39 on a volume of 13,509,264. The shares have traded in a range of $6.85-$30.57 on average volume of 20,063, 868.

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