[Ferro-Alloys.com]  United States Steel Corporation (X) beat analysts' earnings per share estimates when it reported results after the close on Thursday, Aug. 1. However, the stock opened Friday, Aug. 2, below its 50-day simple moving average at $14.28.

It has been a mixed picture for the steel industry since tariffs were set. U.S. Steel may have beat on earnings, but the company also announced that two blast furnaces will be idled in the coming months.

The purchasing managers' index (PMI) for China's iron and steel industry came in at 47.9 for July, down 0.3 percentage points from June, according to the CFLP Steel Logistics Professional Committee.

China's steel output surged in the first half of the year, but higher material costs had weighed upon profit of the sector, according to the China Iron and Steel Industry Association (CISA).

China's crude steel output came in at 492 million metric tons in H1 2019, up 9.9 percent year-on-year, CISA data showed.

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• [Editor:kangmingfei]