Steel Companies’ Profits Hurt by Falling Prices

Steel prices in the U.S. have fallen to the lowest level in two years, shrinking steel companies’ profits but giving manufacturers hope for lower material costs.

Cleveland-Cliffs Inc., CLF -3.31%decrease; red down pointing triangle United States Steel Corp., X -4.20%decrease; red down pointing triangle Nucor Corp. NUE -1.11%decrease; red down pointing triangle and Steel Dynamics Inc. STLD -3.12%decrease; red down pointing triangle reported significantly lower profits from their steelmaking operations during the quarter that wrapped up at the end of September, compared with the same period last year when prices were at record levels.