Steel shipments expected to cut loss for US Steel

US steelmaker US Steel said stronger shipments and better than expected manufacturing performance reduced its losses in the third quarter.

The integrated steelmaker said it expects its quarterly loss to be $84mn-$94mn, down from the $100mn it estimated in its previous third quarter guidance released in September.

The losses narrowed because of the improved shipments and manufacturing performance in its flat-rolled segment and a gain from money it recovered because of a bankruptcy of a supplier, US Steel said.