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U.S. Steel posts muted quarterly results amid Nippon deal snag
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U.S. Steel posts muted quarterly results amid Nippon deal snag
Jan 30, 2025 2:44 PM

Jan 30 (Reuters) - U.S. Steel reported

fourth-quarter loss and revenue that matched Wall Street

estimates on Thursday, dented by price declines and a bumpy

demand environment.

The industry has been struggling, as distributors have

refrained from purchasing material in excess of their inventory

amid a supply glut fueled by domestic production and imports.

U.S. Steel is attempting to salvage an about $15 billion

sale to Nippon Steel ( NISTF ) and navigate rivals

Cleveland-Cliffs ( CLF ) and Nucor ( NUE ) vying for a shot at a

takeover.

Activist investor Ancora has nominated nine candidates to

U.S. Steel's board of directors, as it looks to oust its CEO

David Burritt and push the company to pull the deal with Nippon

.

On an adjusted basis, the company lost 13 cents per share

during the quarter ended Dec. 31, in line with analysts'

estimates, according to data compiled by LSEG.

The company's overall quarterly revenue fell 15% to $3.5

billion from a year ago, but met estimates.

(Reporting by Nathan Gomes in Bengaluru; Editing by Sriraj

Kalluvila)

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