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Steel makers follow U.S. Steel lower

Nov. 04, 2015 3:48 PM ETUnited States Steel Corporation (X) StockNUE, CMC, X, AKS, STLD, RS, CLFBy: Carl Surran, SA News Editor6 Comments
  • Steel company shares are sliding after U.S. Steel (X -14.3%) reported weaker than expected Q3 results and warned of sharply lower shipments and realized prices for 2015 than it previously projected.
  • The company drastically reduced its full year adjusted EBITDA guidance to $225M from an earlier forecast for $700M-$900M, and said commercial markets are not improving as management had expected; steel selling prices reversed direction in Q3 as excessively high levels of imports and lower steel scrap prices caused spot prices to reach new lows for the year.
  • Deutsche Bank downgrades the stock to Hold from Buy, citing the Q3 miss and dreary outlook.
  • Also: AKS -4.2%, CLF -2.2%, NUE -1.6%, CMC -1.2%, STLD -0.9%, RS -0.3%.

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