NEW YORK (TheStreet) -- Shares of U.S. Steel Corp. (X) are falling by 6.95% to $36.42 after hedge fund manager David Einhorn, who is betting on a decline in the share price, said results from the 2014 third quarter may have marked a peak for the company, Bloomberg reports.
"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 said today in a conference call discussing results at Greenlight Capital Re Ltd. (GLRE) , according to Bloomberg.
"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," Einhorn added.
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On October 28, U.S. Steel posted third-quarter adjusted net income of $325 million, or $2.16 a share, compared to an adjusted net loss of $20 million, or a net loss of 14 cents per share a year ago.
Addtionally, in the company's outlook, U.S. Steel CEO Mario Longhi said he expected fourth quarter segment income from operations to decrease compared to the third quarter primarily due to significantly lower results for its flat-rolled segment.