U.S. Steel Shares Sink On Disappointing Third-quarter Results

Shares of United States Steel Corp. sank in Tuesday's extended session after the steel maker's quarterly results undershot expectations significantly. U.S. Steel reported its third-quarter loss narrowed to $173 million, or $1.18 a share, from $207 million, or $1.42 a share, a year earlier. On an adjusted basis, the company would have lost 70 cents a share, worse than the loss of 21 cents a share forecast by analysts in a FactSet survey. Revenue shrank to $2.83 billion from $4.59 billion. Analysts had expected revenue of $2.92 billion. "Our cost reduction efforts and increasing Carnegie Way benefits are not yet able to fully mitigate the unfavorable commercial impacts and we now expect our full-year adjusted earnings before interest, income taxes, depreciation and amortization to be approximately $225 million," said the company in a statement. U.S. Steel shares slumped 10% in after-hours trading.