The steel sector rallied Tuesday when two major producers separately told investors to expect significant improvements in third-quarter results.

United States Steel Corporation (NYSE: X) said a stabilized market and operational improvements will yield results "significantly higher" than the Wall Street consensus. The company''s shares gained as much as 12 percent.

The much larger Nucor Corporation (NYSE: NUE) shares were up as much as four percent after the company boosted its third-quarter outlook, citing a lack of production outages and relatively strong manufacturing markets.

Other stocks gaining by several points or more on the news Tuesday included ArcelorMittal SA(NYSE: MT), AK Steel Holding Corporation(NYSE: AKS) and Steel Dynamics, Inc. (NASDAQ:STLD).

U.S. Steel, with a market capitalization of $5.79 billion, also said its Canada unit filed for bankruptcy protection and its results will be "deconsolidated" from U.S. Steel''s financial statements.

U.S. Steel posted a 2013 loss of $1.67 billion, including about $900 million attributed to Canada operations.

U.S. Steel also said it will halt expansion plans in Gary, Indiana, and in Keewatin, Minnesota, resulting in third-quarter charges of about $250 million.

Nucor, with an $18.56 billion market cap, separately said it expects third-quarter earnings of $0.70 to $0.75. Wall Street expects earnings of $0.61 per share.

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