In the third quarter of 2019, the second largest steel company and US Steel reported net loss of $ 84 million compared with a net profit of $ 291 million a year earlier. However, the company's shares saw a dramatic increase in premarket trades on Friday on expectations of analysts of much larger losses.
"Domestic demand for flat products continues to offset the weakness in the global steel market," he said in US Steel< / span>.
the Company reported that its adjusted net loss for the three months ending in September amounted to 21 cents per share, which significantly exceeded the consensus forecast of 29 cents.
the Pessimists argued that quarterly profit US Steel < / span>will fall, and it will continue simple on its two major blast furnaces in the United States because of "the impact of the fall in steel prices during the second quarter combined with the impact more significant than expected fall in the price of scrap."
"the Team has achieved better results than expected, thanks to high rates of cost reductions and higher than expected volumes of shipments of flat rolled," said CEO David Barrett. "We also completed three activities to refinance, with the end of the quarter, which brought approximately $ 1.1 billion of additional capital to further support our strategy."
shares of U.S. Steel rose by 4.08% in the previous auction on Friday to 11.98 dollars for a paper that is still 32% lower than at the beginning of the year.
