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

By Sue ChangMarketWatch Pulse

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.

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