This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

U.S. Steel Swings to $300M Loss

PITTSBURGH ( TheStreet) -- U.S. Steel (X - Get Report) swung to a third-quarter loss as sales fell dramatically from a year earlier on continued weak demand.

The steelmaker reported a loss in the third quarter of $303 million, or $2.11 a share, down from profit a year earlier of $919 million, or $7.79 a share. The result, however, was narrower than the latest second-quarter loss of $392 million, or $2.92 a share.

Net sales in the quarter were $2.82 billion, down from year-earlier sales of $7.31 billion, but above second-quarter sales of $2.13 billion.

Analysts surveyed by Thomson Reuters expected U.S. Steel to report a third-quarter loss of $2.87 a share on revenue of $2.72 billion.

U.S. Steel said shipments rose 41% from the second quarter to 4.2 million tons.

The company said it expects its fourth-quarter results to improve but said it will still report a fourth-quarter operating loss.

"We expect improvement in our overall fourth quarter results mainly as a result of increased demand for flat-rolled products in North America, driven primarily by automotive markets and continued strength in tin mill markets," said Chairman and CEO John Surma, in a statement. "However, we expect to report an overall operating loss in the fourth quarter due primarily to continued low operating rates and idled facility carrying costs for our Flat-rolled and Tubular segments."

-- Reported by Joseph Woelfel in New York .

Follow TheStreet.com on Twitter and become a fan on Facebook.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
X $25.55 0.00%
AAPL $127.60 0.00%
FB $83.09 0.00%
GOOG $535.38 0.00%
TSLA $205.27 0.00%

Markets

DOW 18,034.93 +208.63 1.17%
S&P 500 2,100.40 +19.22 0.92%
NASDAQ 4,994.6020 +62.7870 1.27%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs