U.S. Steel Cuts Dividend; Shares Plunge
Steel production can be a tough business, and United States Steel (NYSE: X) is doing what's necessary to survive. But the actions it's taking are a bitter pill for the nearly 120-year-old company's employees and shareholders.
U.S. Steel is cutting its quarterly cash dividend from $0.05 per share to $0.01. It also issued a fourth-quarter earnings forecast that was much worse than Wall Street expected. Worse still, the company is laying off more than 1,500 employees as it struggles to cut costs. U.S. Steel's shares sank more than 10% on Friday following the news.
U.S. Steel stock fell sharply after it slashed its dividend. Image source: Getty Images.
Source Fool.com
