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U.S. Steel (X) Stock Slumps as Steel Output Drops

NEW YORK (TheStreet) -- U.S. Steel (X - Get Report) stock is falling by 7.44% to $11.94 in afternoon trading on Tuesday, following a drop in global crude steel output in August, making it the fourth consecutive month of declines.

Output last month decreased by 3% year-over-year to 132 million metric tons as Chinese output was down by 3.5% and Japanese output dropped by 5.8%, according to World Steel Association data, Reuters reports.

China, which accounts for half of the steel production in the world, has seen its output decline due to the country's economic slow growth, which is leading to a lack of demand.

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Steel prices have fallen as a result of China's boost in exports, which has crowded the global market, Reuters added.

In the U.S., output dropped 10% as companies try to compete with cheaper imports.

India increased output by 2.8% because of the country's growing economy, Reuters noted.

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