U.S. Steel Plunges by Record Amount After ‘Abysmal’ Earnings
- CEO says asset-revitalization plan will take 3-4 years
- Adjusted Ebitda fell short of all nine analyst estimates
Molten steel is cured from a furnace into a ladle during the metal smelting process at the Quaker City Castings facility in Salem, Ohio, U.S., on Wednesday, Aug. 24, 2016. The U.S. Census Bureau is scheduled to release durable goods figures on August 25.
Photographer: Ty Wright/BloombergThis article is for subscribers only.
U.S. Steel Corp. plummeted after the nation’s second-biggest producer said it’s speeding up plant upgrades to resolve shortcomings that choked earnings even as prices of the metal surged.
The Pittsburgh-based company’s shares lost as much as 26 percent on Wednesday, the steepest drop since at least 1991. The stock extended declines before the start of regular trading as Chief Executive Officer Mario Longhi tried to defend his strategy on an earnings call with analysts.