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US Steel shares were on track for their steepest drop since 1991 on Wednesday a day after the Pittsburgh-based company lowered its full-year forecast and reported a quarterly loss.

Shares in the company were down 26 per cent to $23.04 taking their year-to-date losses to 30 per cent. The decline came after the company said on Tuesday that is expects net earnings of $260m or $1.50 a share this fiscal year — less than half of the figures it had given last quarter — and blamed operating challenges at some of its facilities for its quarterly loss.

Shares in US steel and its rivals had rallied recently after US president Donald Trump ordered a probe into foreign steel imports citing national security concerns. But the downbeat results snuffed out recent investor enthusiasm for the industry.

Copyright The Financial Times Limited 2017. All rights reserved.

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