marcob77
Moderator
BUZZ-U.S. Steel falls on disappointing forecast, plans to halt ops at a facility
20/12/2019 13:15 RSF
** Shares of steel producer (X.N) drop 5.7% to $12.60 premarket
** Company sees Q4 adj. loss per share at $1.15 compared with analysts expectations of 60 cents
** Cuts its quarterly dividend to $0.01/share from $0.05/share (news)
** Expects Q4 adj. EBITDA to be -$25 mln, which excludes about $225 mln of estimated restructuring and other charges, compared with analysts' EBITDA est. of $83.98 - Refinitiv IBES data
** Company also lowers its 2020 spending forecast to $875 mln from $950 mln
** Says it plans to "indefinitely idle a significant portion" of its operations at its Great Lakes Works facility near Detroit
** Company will issue Worker Adjustment and Retraining Notification Act notices to about 1,545 employees at the facility (news)
** While steel markets in North America are recovering, Europe and Tubular segments remain weak - company
** Up to Thursday's close, stock had fallen ~27% this year compared with ~18% gain in the S&P 400 materials index <.SPMDCM>
20/12/2019 13:15 RSF
** Shares of steel producer (X.N) drop 5.7% to $12.60 premarket
** Company sees Q4 adj. loss per share at $1.15 compared with analysts expectations of 60 cents
** Cuts its quarterly dividend to $0.01/share from $0.05/share (news)
** Expects Q4 adj. EBITDA to be -$25 mln, which excludes about $225 mln of estimated restructuring and other charges, compared with analysts' EBITDA est. of $83.98 - Refinitiv IBES data
** Company also lowers its 2020 spending forecast to $875 mln from $950 mln
** Says it plans to "indefinitely idle a significant portion" of its operations at its Great Lakes Works facility near Detroit
** Company will issue Worker Adjustment and Retraining Notification Act notices to about 1,545 employees at the facility (news)
** While steel markets in North America are recovering, Europe and Tubular segments remain weak - company
** Up to Thursday's close, stock had fallen ~27% this year compared with ~18% gain in the S&P 400 materials index <.SPMDCM>