US Steels drops dividend by 80%, stops buyback and eliminates a factory and 1500 jobs..
All is not well at US Steel. Unfortunate notification for those at the Great Lakes Works facility. 1500 people will be out of work leaving the total loss in that area at 1700 jobs out of this factory. Pulling back the way USS is, does not reflect the narrative of everything is awesome. The approach of pulling back to consolidate their efforts is not out of place. Not like Detroit area needed another major failure in their area. But they got it.
Event with tariffs that were to help domestic producers, the prices continue to drop (-74%) since the trade war began.
What is of concern is the buyback stoppage and dividend 80% reduction is a measure to avoid bankruptcy. Looking at their negative cash flow, they may have been caught with their pants down. Give them credit for taking corrective (though painful) action now? Watch out 2020 unfolds as they may be a contender for Not QE, QE help.