U.S. Steel Earnings Higher Than Estimates

 

U.S. Steel Tower in downtown Pittsburgh, Penns...

U.S. Steel Tower in downtown Pittsburgh, Pennsylvania. (Photo credit: Wikipedia)

U.S. Steel Corp., the country’s largest producer of the metal, reported second-quarter earnings that beat analysts’ estimates after demand rose for tubular products.

Net income fell to $101 million, or 62 cents a share, from $222 million, or $1.33, a year earlier, Pittsburgh-based U.S. Steel said today in a statement. Profit excluding one-time items was 69 cents a share, exceeding the 49-cent average of 19 estimates compiled by Bloomberg. Sales declined to $5.02 billion from $5.12 billion, compared with the $5 billion average estimate.

Demand from U.S. Steel’s customers in the oil and natural- gas drilling helped offset lower prices for hot-rolled steel coil, a benchmark product used in cars, trucks and appliances.

Read more: http://www.mcall.com/business/mc-us-steel-earnings-20120731,0,264490.story

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