Moody's Investors Service on Monday lowered United States Steel Corp.'s rating to Ba3 from Ba2 as it is taking longer than expected for the company's metrics to improve amid an uncertain outlook in the steel industry.
"Challenges will remain in the European operations given the weakness in European markets, concerns over sovereign debt issues and banking issues and high raw material cost inputs given that these operations are not self sufficient," said Moody's in a statement.
It also noted that flat rolled performance in the U.S. will remain under pressure due mostly to increased capacity in the sector.
The rating outlook is stable
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