US Steel posts muted quarterly results amid Nippon deal snag
Add BT as a preferred source
US STEEL reported fourth-quarter loss and revenue that matched Wall Street estimates on Thursday, dented by price declines and a bumpy demand environment.
The industry has been struggling, as distributors have refrained from purchasing material in excess of their inventory amid a supply glut fueled by domestic production and imports.
US Steel is attempting to salvage an about US$15 billion sale to Nippon Steel and navigate rivals Cleveland-Cliffs and Nucor vying for a shot at a takeover.
Activist investor Ancora has nominated nine candidates to US Steel’s board of directors, as it looks to oust its CEO David Burritt and push the company to pull the deal with Nippon.
On an adjusted basis, the company lost 13 cents per share during the quarter ended Dec 31, in line with analysts’ estimates, according to data compiled by LSEG.
The company’s overall quarterly revenue fell 15 per cent to US$3.5 billion from a year ago, but met estimates. REUTERS
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Share with us your feedback on BT's products and services
TRENDING NOW
‘I felt like dying’: Thai Singha beer scion speaks up after disclosure of alleged sexual abuse
CSE Global independent director quits after clashes with chairman Eugene Lai over board refresh
Tiger Beer lines up new products as Singapore operations’ role shifts from brewing to innovation
Single founders, billion-dollar valuations: AI is minting unicorn startups at birth
