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02.10.2019 21:57:00

Why United States Steel Stock Dropped 8.5% Today

It's been a couple of days of mixed news for shareholders of United States Steel (NYSE: X). On Tuesday, the steelmaker announced that it will invest $700 million to acquire a 49.9% stake in Big River, a privately held scrap recycler and steel producer, with an option to acquire the remaining 50.1%. BMO Capital Markets called Big River a "low operating-cost, growth asset" that will give U.S. Steel exposure to cutting-edge electric arc production technology.   Today, we got the opposing view: Noting that U.S. Steel will fund the purchase with "100% debt," Standard & Poor's warned that such a move "could stretch adjusted debt leverage above our threshold for a downgrade during 2019 or 2020 if market conditions remain weak." Accordingly, S&P revised its outlook for the company's debt to negative -- indicating a downgraded credit rating could be forthcoming.Investors responded by selling off the stock, and it was down 8.5% as of 3:05 p.m. EDT.Continue reading
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Analysen zu United States Steel Corp. (U. S. Steel, US Steel)mehr Analysen

23.09.19 United States Steel Neutral JP Morgan Chase & Co.
30.05.19 United States Steel Sell Deutsche Bank AG
09.01.19 United States Steel Market Perform Cowen and Company, LLC
11.10.18 United States Steel Buy Seaport Global Securities
30.04.18 United States Steel Market Perform Cowen and Company, LLC

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