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U.S. Steel notes eyed on increased output; United Airlines lower after posting loss
By James McCandless
San Antonio, Oct. 15 – Thursday activity in the distressed debt market was focused on manufacturing and travel names.
United States Steel Corp.’s notes varied after an iron and steel consortium reported the expansion of raw steel production.
The 6.65% senior notes due 2037 fell 2½ points to close at 66½ bid. The 6¼% senior notes due 2026 closed level at 73 bid.
On Thursday, the Pittsburgh-based steelmaker’s structure saw heightened attention after an industry group reported positive numbers concerning the industry.
In its latest weekly report, the American Iron and Steel Institute reported 1,502,000 net tons in domestic raw steel production for the week ended Oct. 10.
The figure represents a 1.2% increase from the previous week.
In the travel space, United Airlines Holdings, Inc.’s issues were pushed lower after reporting its third-quarter results.
The 5% senior notes due 2024 dipped 1¼ points to close at 89 bid. The 4¼% senior notes due 2022 lost 1¼ points to close at 93 bid.
After the close on Wednesday, the Chicago-based air carrier released its financial results for the third quarter.
The company reported a loss per share of $8.16, wider than what analysts expected at $7.44 per share.
Revenues were pegged at $2.49 billion, missing predictions of $2.54 billion.
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