U.S. Steel Corp. shares fell in the extended session Wednesday after the steel maker cut its outlook. U.S. Steel shares fell 5.5% after hours, following a 3.9% decline to close the regular session at $12.45. The company expects an adjusted third-quarter loss of 35 cents a share. Analysts surveyed by FactSet had forecast an adjusted loss of 10 cents a share. U.S. Steel said that it would continue to idle two blast furnaces until the end of the year. "The positive flat-rolled steel market indicators experienced earlier this summer have softened after a brief recovery in steel selling prices," U.S. Steel said in a statement. "The impact of falling steel prices through the second quarter, combined with the impact of a larger than expected drop in scrap prices on market sentiment, is expected to negatively impact flat-rolled earnings in the second half of the year."
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