U.S. Steel: Down as coronavirus concerns drive 2020 capex cut, operation halts

Olympic Steel

27/03/2020 14:24

** Shares of steel producer  X.N  drop 4.9% to $5.8 in
morning trade
    ** Reduces 2020 capital spending by $125 mln, idles some
steel plants to focus on cash, liquidity concerns as impact of
coronavirus weighs  urn:newsml:reuters.com:*:nGNX721mj2
    ** Sees meaningful reduction in demand for full fiscal year
    ** Other U.S. steel stocks - Olympic Steel  ZEUS.O , Nucor
Corp  NUE.N , TimkenSteel Corp  TMST.N , Steel Dynamics  STLD.O 
- down between 2.6% and 9.8%
    ** U.S. Steel to idle a blast furnace in Gary, Indiana
immediately; to also idle all or most of its tubular operations
in Lone Star, Texas and Lorain, Ohio, beginning May
    ** Plans to delay construction at its steel processing
plant, Mon Valley Works
    ** Stock has fallen 48.7% this year

 (Reporting by Sanjana Shivdas in Bengaluru)
 ((SanjanaSitara.Shivdas@thomsonreuters.com; within U.S. +1 646
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@SanjanaShivdas;))