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United States Steel Corporation (NYSE:X) shares fell 8% after the company issued fourth-quarter forecast and announced plans to cut dividend. The company also plans to lay off workers.
U.S. Steel sees fourth-quarter adjusted EBITDA loss of $25 million and adjusted EPS at a loss of $1.15, which is far wider than the 59-cent loss analysts estimate. The company cut its fourth-quarter dividend from 5 cents to 1 cent per share.
The company will send notices to more than 1,500 employees at Michigan-based Great Lakes Works, although the actual number of people affected may be lower.
AK Steel Holding Corporation (NYSE:AKS) and ArcelorMittal SA (NYSE:MT) shares both traded down about 2%, while Nucor Corporation (NYSE:NUE) and Steel Dynamics, Inc. (NASDAQ:STLD) traded traded higher by more than 1%.
U.S. Steel's stock traded down 7.8% at $12.30 per share at time of publication.
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