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U.S. Steel shipments drop 37% on dropped orders

MarketWatch - United States Steel Corp. swung to a loss for the second quarter as total shipments dropped with automotive manufacturers and other customers pulling back on orders as the coronavirus shut down the economy.

The company also said it incurred costs as it idled a major portion of its steelmaking operations.

US Steel reported a loss of $589 million, or $3.36 a share, compared with earnings of $68 million, or 39 cents a share, a year earlier. The company's adjusted loss of $2.67 a share was 12 cents worse than analysts' forecasts.

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