United States Steel Corporation X shares fell 8% after the company issued fourth-quarter forecast and announced plans to cut dividend. The company also plans to lay off workers.
U.S. Steel sees fourth-quarter adjusted EBITDA loss of $25 million and adjusted EPS at a loss of $1.15, which is far wider than the 59-cent loss analysts estimate. The company cut its fourth-quarter dividend from 5 cents to 1 cent per share.
The company will send notices to more than 1,500 employees at Michigan-based Great Lakes Works, although the actual number of people affected may be lower.
AK Steel Holding Corporation AKS and ArcelorMittal SA MT shares both traded down about 2%, while Nucor Corporation NUE and Steel Dynamics, Inc. STLD traded traded higher by more than 1%.
U.S. Steel's stock traded down 7.8% at $12.30 per share at time of publication.
Related Links:
Cleveland-Cliffs To Acquire AK Steel In $1.1B Deal
US Steel To Acquire 49.9% Interest In Big River Steel For $700M Cash
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.