US Steel is tanking after reporting an unexpected loss

SteelREUTERS/Stringer

US Steel is diving after reporting a loss for the first quarter of 2017.

The adjusted $0.83 per share loss was far below analysts expectations of earnings of $0.35 per share. Additionally, the company whiffed on revenues, generating $2.73 billion versus expectations of $2.95 billion.

While our segment results improved by over $200 million compared with the first quarter of 2016, operating challenges at our Flat-Rolled facilities prevented us from benefiting fully from improved market conditions,” said US Steel CEO Mario Longhi in a press release.

Following the news, shares of US Steel dived nearly 17% to $25.84 a share in post-market trading as of 5:56 p.m. ET.

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