U.S. Steel nets $44M in 3d qtr.
Oct 30, 2012 | 12:38 PM
| Michael Cowden
Tags
USS,
U.S. Steel,
earnings report,
John Surma,
Michael Cowden
CHICAGO — U.S. Steel Corp. remained profitable in the third quarter, but warned that fourth-quarter results could tumble due to economic uncertainty at home and abroad.
"Third-quarter operating results were positive ... in an economic environment that was more challenging than the second quarter," U.S. Steel chairman and chief executive officer John P. Surma said Tuesday in a statement released with the company’s earnings results.
The Pittsburgh-based steelmaker posted net income of $44 million in the third quarter, double the $22 million recorded in the same period last year despite an 8.4-percent decline in sales to $4.65 billion from $5.08 billion. However, the latest quarterly results were down sharply from second-quarter net income of $101 million on sales of $5.02 billion.
For the first nine months of the year, U.S. Steel posted a net loss of $74 million in contrast to net income of $158 million a year earlier on sales that slipped 1.5 percent to $14.84 billion from nearly $15.07 billion.....
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