US Steel (X, Financial) has projected an unexpected loss for the fourth quarter, causing its stock to drop over 5% in after-hours trading. The company anticipates an adjusted loss per share ranging from $0.29 to $0.25, contrasting with analysts' expectations of a $0.23 earnings per share. Additionally, the company forecasts its adjusted core profit for the quarter to be around $150 million, significantly lower than the previous estimate of $225 million to $275 million.
CEO David Burritt highlighted that steel prices remain weak, with continued sluggish demand and pricing conditions in Europe. Furthermore, increased downtime and maintenance activities have led to reduced production, with the mini-mill segment's core profit expected to fall below that of the third quarter. As a result, the company's stock experienced a notable decline in after-hours trading.
