USS logs loss in qtr.; better times seen ahead

Jul 29, 2014 | 06:15 PM | Michael Cowden

Tags  U.S. Steel, Mario Longhi, outages, flat-rolled steel, tubular steel, oil country tubular goods, OCTG, earnings results Michael Cowden

CHICAGO — U.S. Steel Corp. slid into the red in the second quarter after a difficult winter and operational problems dented results, but it sees better times ahead.

The Pittsburgh-based steelmaker posted a net loss of $18 million for the three months ended June 30 compared with a $78-million loss in the same period last year on sales that slipped 0.7 percent to $4.4 billion.

But the company expects operating earnings to "increase significantly" in the third quarter "as we return to normal operating levels," U.S. Steel president and chief executive officer Mario Longhi said in the steelmaker’s earnings results July 29.....

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