U.S. Steel Corp. expects significantly lower shipments and prices than it previously projected for 2015, citing "excessively high levels of imports."

The company said "commercial markets are not improving as we had anticipated for the second half of 2015."

U.S. Steel reported a narrower loss for the third quarter, while revenue fell 38% to $2.83 billion.

Shares declined 9.3% to $11.70 in after-hours trading.

The company posted a loss of $173 million, or $1.18 a share, compared with a loss of $207 million, or $1.42 a share, a year earlier. Excluding certain items, the company had a loss of 70 cents a share.

Analysts polled by Thomson Reuters had projected a loss excluding items of 20 cents a share on revenue of $2.95 billion.

U.S. Steel said in July that it expected improved market conditions in the second half of the year as supply chain inventories rebalanced, primarily in flat-rolled markets. On Tuesday, it said high imports continued to hurt rebalancing. The company also noted the poor market conditions for its "oil country" products.

U.S. Steel expects full-year adjusted earnings before interest, income taxes, depreciation and amortization of about $225 million. The company reduced its guidance for this metric in April, and in July reaffirmed a range of $115 million to $315 million.

Under Chief Executive Mario Longhi, who took over in 2013, U.S. Steel has been aggressive about laying off workers and reducing expenses.

The company said third-quarter results at its flat-rolled segment improved from the second quarter, reflecting successful cost-cutting efforts. Its European segment had positive results that were comparable with the second quarter.

In August, U.S. Steel said it would shut its blast furnace and some steel finishing operations in Alabama, marking a significant retrenchment.

Write to Josh Beckerman at josh.beckerman@wsj.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

(END) Dow Jones Newswires

November 03, 2015 18:15 ET (23:15 GMT)

Copyright (c) 2015 Dow Jones & Company, Inc.
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