U.S. Steel Posts Muted Quarterly Results As Nippon Deal In Limbo

U.S. Steel has reported a fourth-quarter loss and revenue that matched Wall Street estimates, impacted by price declines and a challenging demand environment, Nathan Gomes of Reuters reported.

Activist investor Ancora has nominated nine candidates for U.S. Steel's board of directors in an effort to oust CEO David Burritt and pressure the company to abandon the deal with Nippon. I Photo: United States Steel Corporation Facebook

The industry has been struggling as distributors refrain from purchasing excess material amid a supply glut fueled by domestic production and imports. U.S. Steel is attempting to salvage its approximately $15 billion sale to Nippon Steel while navigating takeover interest from rivals Cleveland-Cliffs and Nucor.

Activist investor Ancora has nominated nine candidates for U.S. Steel's board of directors in an effort to oust CEO David Burritt and pressure the company to abandon the deal with Nippon.

On an adjusted basis, the company posted a loss of 13 cents per share for the quarter ended December 31, in line with analysts' estimates, according to data compiled by LSEG.

Overall, quarterly revenue fell 15% from a year ago to $3.5 billion but still met expectations.