United States Steel Corp. became the latest American steel company to report a loss in the April-June quarter as the slumping economy continued to drag down the industry’s biggest customers.
Today, U.S. Steel reported its second straight quarterly loss and said third-quarter results would remain in the red.
“Our order book and operating rates remained at very low levels, spot market prices declined and we continued to incur carrying costs for our idled facilities,” John Surma, the company’s CEO, said in a statement.
The Pittsburgh-based company lost $392 million, or $2.92 per share, for the three months through June 30. That compares with a profit of $668 million, or $5.65 per share, in the year-earlier period. A gain from foreign currency exchange narrowed the latest loss by $41 million, or 31 cents per share.
Quarterly revenue fell 68% to $2.13 billion. Read the full article about U.S. Steel
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