US Steel Posts Narrowed Quarterly Loss of $303 million but Demand Remains Weak (X)

10/27/2009-United States Steel (NYSE:X) reported a Q3 loss of $2.11 per share, besting estimates for a loss of $2.87 per share. Revenues in the quarter plunged 61.5% year-over-year to $2.82 billion, but came in ahead of consensus estimates of $2.72 billion. US Steel reported Q3 shipments of 4.2 million tons, an increase of 41% from the sequential quarter. Remains cautious in its outlook for end-user demand, as customer order rates have decreased from Q3.

Commenting on results, U. S. Steel Chairman and CEO John P. Surma said, "For Flat-rolled, fourth quarter results are expected to improve somewhat from the third quarter due primarily to higher average realized prices and increased shipments; however, we expect to report an operating loss for the fourth quarter primarily due to low operating rates and continued carrying costs for idled facilities."

Write to Chip Brian at cbrian@tradethetrend.com

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