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.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV