News Summary: US Steel's 3Q Net Income Doubles

The Associated Press

PROVING THEIR METAL: U.S. Steel made $44 million, or 28 cents per share, in the third quarter. That compared with $22 million, or 15 cents, in the year-ago quarter. Revenue fell 8.4 percent to $4.65 billion. The most recent results reflected several one-time items, including a $27 million tax benefit.

IRONING THINGS OUT: U.S. Steel, like other steel makers, said its performance was pressured by slowing global growth that hurt shipments and prices. Imports also jumped which created plentiful supplies.

STEELY DETERMINATION: U.S. Steel forecast overall break-even results in the fourth quarter, with lower prices and shipments.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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