PITTSBURGH (AP) — U.S. Steel Corp. is reporting a third-quarter loss of $1.79 billion, reflecting the huge impairment charge on the value of its steel-making operations that it warned about two weeks ago. Excluding the charge, the loss was smaller than Wall Street expected, but revenue was worse than predictions. Its stock fell.
The net loss in the quarter through September amounted to $12.38 per share. Excluding the impairment charge of $1.8 billion, the loss came to 14 cents per share, not as bad as the 45 cents per share loss expected by analysts polled by FactSet.
Revenue fell 11 percent to $4.13 billion, below the $4.33 billion expected by analysts.
U.S. Steel's stock dropped 1 percent in after-hours trading following the release of the earnings report.