USS posts $78M loss on lower shipments, line pipe prices

Jul 29, 2013 | 06:21 PM | Catherine Ngai

Tags  U.S. Steel Corp, steel prices, Lake Erie, John Surma, flat-rolled, tubular, earnings report, Catherine Nga

NEW YORK — U.S. Steel Corp. swung to a $78-million net loss in the second quarter due to decreased flat-rolled shipments, particularly from the lockout at its Lake Erie operations in Nanticoke, Ontario, along with falling line pipe prices.

"Results for our flat-rolled and tubular segments are projected to improve compared to the second quarter; however, we expect lower results from our European segment due to a planned blast furnace outage in the third quarter," John Surma, chairman and chief executive officer of the Pittsburgh-based company, said in a statement July 29.....

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