Update: United States Steel Continues Downward Descent

reported its

after Tuesday's market close which resulted in heavy selling of the stock. Shares of U.S. Steel opened for trading at $7.00 on Wednesday and quickly sold off to an intra-day low of $6.43. After nearly a full hour of trading, the stock was lower by 13.90 percent at $6.69. U.S. Steel said that it lost $0.23 per share in the fourth quarter on revenue of $2.57 billion. Wall Street analysts were expecting the company to $0.81 per share on $2.53 billion. Net loss for the quarter fell to $990 million from a net income of $275 million in the same quarter a year ago. For the full fiscal year, U.S. Steel reported a net loss of $1.5 billion (including non-recurring items totaling $1.2 billion) compared to a net income of $102 million in 2014. Commenting on U. S. Steel's outlook for 2016, the company's President and CEO Mario Longhi said, "We are facing significant headwinds and uncertainty in many of the markets we serve but remain focused on continuing to improve our cost structure, developing differentiated solutions for our customers and creating more reliable and agile operating capabilities. We have a strong and growing pipeline of Carnegie Way projects that will provide benefits in our operating segments and all other areas of our company. The substantive changes and improvements we are making continue to increase our earnings power. We are working hard every day to serve our customers and are well positioned to respond to improving market conditions."