U.S. Steel narrows loss in 2Q
Written on July 27, 2010
Downtown Pittsburgh-based integrated steel manufacturer United States Steel Corp. narrowed its losses in the second quarter and reported that sales more than doubled in the period ended June 30.
U.S. Steel (NYSE: X) reported a net loss of $25 million, or 17 cents a share, an improvement over the net loss of $392 million, or $2.92 cents a share, it reported in the year-ago quarter. Sales in the second quarter were $4.7 billion, up from $2.1 billion a year ago.
“Operating results improved significantly from the first quarter of 2010,” said Chairman and CEO John P. Surma. “Sequentially, the most notable improvement was in our flat-rolled segment, which benefited from increased average realized prices and healthy order rates in most of our markets.”
In the first quarter, U.S. Steel reported a loss of $157 million, or $1.10 per share, on sales of $3 No teletrack payday loans.9 billion.
The company did see negative effects of the fluctuating euro, reporting a decrease in net income of $96 million, or 62 cents a share. This was mostly due to an intercompany loan to a European subsidiary.
Looking ahead, the company expects its flat-rolled and tubular segments to be in line with second quarter results or improve.
“We expect to report an overall operating profit in the third quarter as the U.S. and European economies continue to work their way through a gradual and uneven recovery process,” Surma said.
However, the company said it expects lower shipments in its European operations and as result has idled a blast furnace at U.S. Steel Serbia and has started planned maintenance on a blast furnace in U.S. Steel Kosice.
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