US Steel plunges 25% as the sector championed by Trump just last week completely rolls over

After a rally last week in the wake of President Donald Trump’s announcement that he would be kick starting a probe into imported steel, steel stocks tumbled Wednesday as weak earnings and slashed guidance from United States Steel sent worries through the sector.

U.S. Steel reported a quarterly loss of $1.03 per share, according to Thomson Reuters. That was quite a miss, as analysts polled by were expecting a quarterly profit of 35 cents per share. The company also slashed guidance, expecting full-year 2017 earnings of $1.50 per share, half the Street’s expected figure of $3.05 per share.

Source – cnbc