Alexa
  • Directory of Taiwan

US Steel posts 3Q loss on depressed demand

US Steel posts 3Q loss on depressed demand

United States Steel Corp. says it lost money for a third straight quarter due to lingering weak demand for the metal. But it forecast improved results for the last three months of the year.
The loss of $303 million, or $2.11 per share, for the July-September quarter highlights an industrywide slump that began when the global economy deteriorated late last year. U.S. Steel says it earned $919 million, or $7.79 per share, in the year-earlier period.
It says revenue fell 61 percent to $2.82 billion.
Analysts expected a loss of $2.87 per share on revenue of $2.72 billion.
In response to tough market conditions, U.S. Steel has laid off thousands of workers, temporarily idled plants and cut costs.


Updated : 2021-04-24 02:35 GMT+08:00