U.S. Steel Reports $84 Million Loss in Q3

United States Steel Corp. reported a net loss of $84 million in the third quarter due to declining steel prices and weaker market conditions—down sharply compared with third-quarter 2018 yet better than analysts’ expectations. The steelmaker earned $291 million in last year’s third-quarter.

“The team delivered better than expected results from solid cost performance and higher than forecasted shipments in flat-rolled,” said U.S. Steel President and CEO David Burritt during the company’s quarterly conference call last week. “While market headwinds persist, we continue to focus on what we can control, including re-scoping our asset revitalization investments and reducing fixed costs.”