U.S. Steel reports profitable quarter as revenues dip
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U.S. Steel this morning reported its second straight profitable quarter, posting profit of $44 million for the third quarter, up from $22 million in the same period last year as operating costs fell.
Per-share profit was 28 cents vs. 15 cents.
Revenue for the quarter was $4.65 billion, down 8 percent from $5.08 billion.
U.S. Steel chief executive officer John P. Surma noted that all business segments were profitable on an operating basis despite tougher economic conditions than in the second quarter, when the company earned $101 million, or 62 cents per share.
But the Pittsburgh-based steelmaker forecast a weaker fourth quarter with operating results at the break-even level.
"Our results are expected to reflect continued weakness in the European and emerging market economies, as well as economic uncertainty in North America," Mr. Surma said.
Top executives were set to discuss the results in a conference call with analysts this afternoon.
The stock market was to remain closed for a second day today because of Hurricane Sandy.
First Published October 30, 2012 8:50 am