Andrew Carnegie would be turning in his grave if he knew what was going on with U.S. Steel (NYSE:X) in 2019. Once a blue chip member of the S&P 500 that traded above $190 a share, the company’s stock has fallen more than 90% since than high. What’s worse, the company’s risks outweigh its reward even at these depressed levels.

Risk No. 1: The global economy

Since President Trump’s steel tariffs took effect in March 2018, U.S. Steel has lost around 70% of its value, as well as announcing hundreds of layoffs and multiple disruptions for plants across America. The company’s poor performance and outlook have resulted in negative average analyst-estimated earnings per share in 2020.

U.S. Steel is plummeting despite the Trump administration’s promise to revitalize the struggling coal and steel industries. The 25% tariffs on imported steel were meant to insulate the domestic steel market from competitors to prevent layoffs and return to a growth mindset. The opposite took shape. So far, the tariffs have dissuaded the market from investing in steel companies, leading many to believe that the industry can’t survive without protection from tariffs. Also hurting the industry are declining flat-rolled and tubular steel prices, U.S. Steel’s two core product segments.