NEW YORK (AP) — Standard & Poor's Ratings Services on Monday lowered its ratings on United States Steel Corp., expecting weak market conditions will continue to weigh on the steel maker.

The rating agency said that industry conditions are difficult for sheet steel producers as bumpy economic growth has not proven enough to absorb some of the excess supply in the industry. High levels of imports also put pressure on prices for domestic companies' products.

S&P lowered the ratings, including the corporate credit rating, on the company one notch in junk-grade territory to 'BB-' from 'BB'. The outlook is stable, as S&P believes that US Steel has enough cash to cushion itself if the market remains weak over the next year.

US Steel in April reported a first-quarter loss due to tough competition and rising costs.

US Steel shares fell 41 cents, or 2.3 percent, to close at $17.48.

About News.net

Publishing Services International Limited (PSIL) is the publisher and operator of a worldwide network of online news sites dedicated to delivering fair, accurate and relevant reporting from a variety of the world’s most trusted sources – from the biggest cities to the smallest towns.

We deliver positive and powerful messages to our readers, providing up‑to‑the‑second news that matters to the individual.

Our promise is to serve communities and individuals worldwide, delivering information that hasn’t always been available to them. We will give them back a voice – a voice that’s empowering because it is theirs – and provide a platform to communicate between themselves and the world.

We believe people are not just generic demographics; they are individuals with their own preferences and curiosities. We are about understanding these individuals, listening to them, and serving them.

We are the new pioneering spirit of news – we’re not talking to everyone, we’re talking with every one.

If you want your news, your voice, your way, on your time – we’ve got news for you.

 

FAQs

Email

If you have any questions or concerns please email us on support@news.net

Phone

  • Australia, Toll Free 1-800-983-421
  • Hong Kong, Toll Free 800-906-187
  • Singapore, Toll Free 800-852-3871
  • USA/Canada, Toll Free 1-800-830-4132

Advertise With Us

Interested in being awesome?
Contact us by email or phone.

Cancel