U.S. Steel (X) Sinks as Einhorn Sees Peak Results

U.S. Steel (NYSE: X) is under heavy pressure today after Greenlight Capital's David Einhorn slammed the company, saying last quarter marked a peak in results for a long time to come.

"U.S. Steel temporarily benefited from panic ordering due to a shortage of raw materials, which led to a spike in hot rolled steel prices,” Einhorn on Greenlight Capital Re Ltd. (GLRE) conference call, according to Bloomberg News. "Given the near-record spread between domestic steel prices and foreign steel prices, we believe that imports will arrive shortly, steel prices will retrace and U.S. Steel’s great third quarter will likely be the best result it reports for a long time."

Shares of U.S. Steel last traded down 7.5% to $36.17.

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