X Doesn't Mark The Spot (X)

Shares of United States Steel Corporation X are getting killed in pre-market trading, losing more than 5% after the company reported earnings this morning that did not meet Wall Street expectations. U.S. Steel reported a loss of 35 cents per share, on revenues of $4.5 billion. Wall Street had expected a gain of 23 cents on revenues of $4.46 billion. CEO John Surma was negative on the quarter, saying, "All three of our segments had lower shipments and production as activity in most of our markets slowed. Our current order entry rates reflect the uncertain economic situation in North America and Europe, with spot customers reducing inventory levels in light of short lead times, while our contractual customers' order rates are consistent with traditional downtime taken late in the fourth quarter." At last check, shares of U.S. Steel were down 5.4% to $39.97, a loss of $2.30.