U.S. Steel reports second-quarter loss

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U.S. Steel today reported a second quarter loss of $78 million, citing sluggish global economic growth and a lockout at one of its Canadian mills.

The Pittsburgh steelmaker said the loss amounted to 54 cents per share and compared with profit of $101 million, or 62 cents per share, in the year-ago quarter.

Sales fell 4 percent to $4.4 billion while shipments declined 5 percent.

U.S. Steel said selling prices for metal made by its North American and European sheet businesses as well as its tubular business were all below year-ago levels.

The results included a $30 million gain from the sale of real estate.

The company said the drop in shipments from its North American mills was caused by the lockout of union workers at its Lake Erie Works, which began April 28.

Analysts were expecting a loss of 68 cents per share on sales of $4.6 billion.

Chairman and CEO John P. Surma forecast similar results for the third quarter.

The loss was disclosed after Wall Street closed. U.S. Steel shares finished today at $18.98, up 4 cents. They are down 20 percent this year.

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Len Boselovic: lboselovic@post-gazette.com or 412-263-1941.


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