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US Steel, formerly a darling of Trump's trade war, plunges 15% after issuing dismal profit forecast (X)
  • Shares of US Steel tumbled as much as 15% on Thursday after the producer said it expects to post a larger loss than analysts expected for the third quarter. 
  • The company said it expects a loss of $0.35 per share for the period, compared to the $0.06 loss estimated by Wall Street analysts.
  • The firm cited falling demand for flat-rolled steel and a bleak outlook for the European market as the reason for the forecast. 
  • The weak guidance come as the steel industry is continuing to grapple with dwindling demand and the fallout of the US-China trade conflict. 
  • The Trump administration levied steep tariffs on steel in early 2018, a move meant to level the playing field for American companies through restrictions on foreign access to the market.
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