United States Steel Corporation (NYSE: X) said second quarter 2022 adjusted EBITDA is expected to be approximately $1.6 billion, a new all-time best second quarter performance.

Second quarter 2022 adjusted net earnings per diluted share is expected to be in the range of $3.83 to $3.88, the integrated mining and steelmaking firm said in a June 16 news release.

“We expect to continue delivering record performance in the second quarter, with each business segment meaningfully contributing to profitability,” commented U. S. Steel President and Chief Executive Officer David B. Burritt. “Our broad end market exposure keeps our business resilient with demand across a diverse customer base, including the resurging energy market. Our focus on strategic end markets and the continued realization of significantly increased fixed price contracts is again expected to generate another quarter of record performance.”

Commenting on the company’s capital allocation strategy, Burritt continued, “Our balance sheet remains strong with an overfunded pension plan and no significant debt maturities until 2029. Our strategic projects are pre-funded, with a current cash position approaching $3 billion, and we accelerated our stock buybacks in the second quarter."

Quarter to date, the company repurchased approximately $320 million of common stock. As of June 16, there is approximately $210 million remaining under the company’s $800 million stock buyback authorization.