U.S. Steel (NYSE:X) -12.2% pre-market following weak guidance issued after yesterday's close, after Nucor (NYSE:NUE) and Steel Dynamics (NASDAQ:STLD) issued similar warnings earlier this week (I, II).

Steelmakers (NYSEARCA:SLX) raised some prices earlier this quarter, but buyers have been slow to accept the increases; U.S. hot-rolled coil prices fell to an average of $577/st ex-works Midwest so far in Q3, down from $630/st in Q2, according to Argus.