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Business North - The Daily Briefing - Business Newspaper Online
U.S. Steel reduces quarterly loss
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7/27/2010 |
U.S. Steel Corp. today reported a sharp second-quarter turnaround from the same period a year ago, although it still suffered a financial loss.
On net sales of $4.7 billion, the company lost $25 million. Sales reflected a 20 percent quarter-over-quarter increase. USS reported net losses of $157 million in the first quarter of 2010 and $392 million in the second quarter of 2009.
"We expect to report an overall operating profit in the third quarter as the U.S. and European economies continue to work their way through a gradual and uneven recovery process,” Chairman and CEO John P. Surma said in a news release.
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