USX still underperforms

Better but NOT good enough. USX reported third-quarter earnings of $51-million (32¢ per share) vs. a loss of $173-million or $1.18 in the same year-ago period. Sales also fell 5.1% to $2.69-billion. However, analysts projected earnings, excluding items, at 80¢. And the steel company projected adjusted 2016 earnings (EBITDA) of about $475-million compared to a July guidance of about $850-millon.

U.S. Steel’s flat-rolled segment showed improvement in spot and contract prices, while prices also improved at its European business. At its tubular segment, results were better than the second quarter but reflected the challenges of low utilization rates.

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