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U.S. Steel Warns of Slowdown in Orders as Industry’s Rally Ebbs

  • This week Nucor also projected lower-than-forecast results
  • Steel prices have slipped after touching an all-time high
Updated on

U.S. Steel Corp. projected quarterly results that were lower than Wall Street estimates, the second producer in as many days to do so in a further sign of slowing for the industry that’s been riding record steel prices to higher profits.

The company said in a statement Thursday that adjusted earnings before interest, taxes, depreciation and amortization will be about $1.65 billion. That compares with the $2.13 billion average analysts had been expecting. The Pittsburgh-based steelmaker said it reflected a slowdown in orders related to seasonal end-of-year weakness.