U.S. Steel Shares Drop 16% On Unexpected Quarterly Loss

U.S. Steel Corp. shares dropped in the extended session Tuesday after the steelmaker reported an unexpected loss for the quarter. U.S. Steel shares fell 16% to $26.23 after hours on heavy volume. The company reported an adjusted loss of 83 cents a share on revenue of $2.73 billion. Analysts surveyed by FactSet had forecast earnings of 35 cents a share on revenue of $2.95 billion. "While our segment results improved by over $200 million compared with the first quarter of 2016, operating challenges at our Flat-Rolled facilities prevented us from benefiting fully from improved market conditions," said U.S. Steel Chief Executive Mario Longhi in a statement.

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