Benzinga | Oct 29, 2021 09:56AM EDT

Why United States Steel Shares Are Surging Today

United States Steel Corp (NYSE:X) is trading significantly higher Friday after the company announced better-than-expected third-quarter financial results, initiated a buyback and raised its quarterly dividend.

United States Steel reported quarterly adjusted earnings of $5.36 per share, which beat the estimate of $4.85 per share. The company reported quarterly revenue of $5.96 billion, which beat the estimate of $5.79 billion.

United States Steel announced a $300 million stock repurchase program and raised its quarterly dividend from 1 cent per share to 5 cents per share.

"We continue setting records, including record net earnings, record EBITDA, record EBITDA margin, record liquidity, record safety, and record quality and reliability," said David Burritt, president and CEO of United States Steel.

Burritt continued, "Our balance sheet has been transformed and the cash flow generation of the business has us highly confident in our ability to pre-fund organic growth investments that will expand our existing competitive advantages.

X Price Action: United States Steel has traded as high as $30.57 and as lowas $8.96 over a 52-week period.

The stock was up 14.10% at $26.67 at time of publication.