U.S. Steel Reports Q4 Loss, Revenue Meets Estimates Amid Market Challenges
U.S. Steel announced a fourth-quarter loss and revenue that aligned with Wall Street expectations, primarily impacted by price declines and volatile demand.
Distributors have limited material purchases due to an oversupply driven by domestic production and imports, weighing on the industry. U.S. Steel faces additional challenges as it navigates a proposed $15 billion sale to Nippon Steel, while rivals Cleveland-Cliffs and Nucor pursue potential takeovers.
Activist investor Ancora has sought a shakeup, nominating nine candidates to U.S. Steel's board of directors in an attempt to remove CEO David Burritt and cancel the Nippon Steel deal.
Adjusted earnings per share for the quarter ended December 31st reached a loss of 13 cents, matching analyst estimates. Revenue saw a 15% decline year-over-year to $3.5 billion, but met expectations.