U.S. Steel estimates wider loss than Wall Street had forecast; stock falls
Shares of U.S. Steel Corp. X, +9.97% dropped 3.1% in premarket trading Wednesday, after the steel producer's estimate for second-quarter losses was much wider than expectations. The company expects an adjusted loss per share of $3.06, compared with the FactSet per-share loss consensus of $1.73, as a"significant portion" of steelmaking operations have been idled during the quarter as a result of the COVID-19 pandemic.
The company reiterated its view that it believes the second-quarter will mark the bottom for the years, with demand starting to show improvement in June. Results for the company's flat-rolled business are expected to be"significantly lower" than the first quarter as a result of the pandemic, but demand has begun improving.
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