This morning in metals news, U.S. Steel shares are down over 10% this morning, U.S.-China trade talks resume and the Federal Reserve decided to cut its benchmark interest rate again yesterday.
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U.S. Steel Shares Down on Earnings Guidance
U.S. Steel announced it expects a diluted loss per share of $0.35 in the third quarter.
“We expect third quarter 2019 adjusted EBITDA to be approximately $115 million, which excludes approximately $53 million of estimated third quarter impacts from the December 24, 2018 fire at our Clairton coke making facility and estimated restructuring charges,” U.S. Steel said.
Shares of the steelmaker were down 10.8% as of 11:30 a.m. ET.
U.S., China Resume Trade Talks
The world’s top two economies were expected to kick off two days of trade talks Thursday, CNBC reported.
According to the report, the talks will serve as a prelude to higher-level talks scheduled for early next month.
Fed Makes Interest Rate Cut
As expected, the U.S. Federal Reserve Board voted to cut interest rates once again, marking only the second cut since the 2008 recession.
MetalMiner’s Annual Outlook provides 2019 buying strategies for carbon steel
The vote to approve the cut was not unanimous, with seven votes in favor and three dissenting. The board voted to bring its benchmark lending rate down to a range of 1.75% to 2.00%, down from a range of 2.00% to 2.25%.