United States Steel Corp. on Thursday reported a third-quarter loss of $84 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the Pittsburgh-based company said it had a loss of 49 cents. Losses, adjusted for restructuring costs and non-recurring costs, were 21 cents per share.
The results topped Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for a loss of 29 cents per share.
The steel maker posted revenue of $3.07 billion in the period, also exceeding Street forecasts. Three analysts surveyed by Zacks expected $3.03 billion.
U.S. Steel shares have decreased 37% since the beginning of the year, while the Standard & Poor’s 500 index has risen 21%. In the final minutes of trading on Thursday, shares hit $11.50, a drop of 57% in the last 12 months.
