U.S. Steel Tower in downtown Pittsburgh, Pennsylvania. (Photo credit: Wikipedia)
Losses from U.S. Steel Corp.’s restructuring continued despite revenue and operating results that beat analyst’s expectations.
The loss was an improvement from a year ago and was helped by the company’s flat-rolled steel operation and other segments, which did their best since 2008. Operating profit from flat-rolled, tubular, U.S. Steel Europe and other units totaled $479 million, or $94 per ton of steel produced, the company said. That compared to $113 million, or $24 per ton a year ago.
“Steel market conditions in the United States have remained stable, and our operations have performed well, particularly our flat-rolled segment, where we returned to more normal operating levels and income from operations increased by over $300 million from the second quarter,” CEO Mario Longhi said. “Our results reflect the significant improvement in our earnings power from our Carnegie Way transformation efforts.”
UNITED STATES STEEL CORPORATION COKE PLANT IN A VALLEY SURROUNDED BY HOMES AT CLAIRTON, PENNSYLVANIA. LOCATED 20… – NARA – 557213 (Photo credit: Wikipedia)
U.S. Steel today formally commissioned a new battery of ovens at its Clairton coke plant, a $500 million project the company said will preserve steelmaking jobs in the Mon Valley and improve the region’s air quality.
The project is a scaled back version of the $1 billion proposal the Pittsburgh steelmaker announced in late 2007, before the global recession decimated steel demand and caused the industry to retrench.
President and CEO John P. Surma said even after the scope was reduced, the project was the largest in the history of the Clairton plant and one of the largest in U.S. Steel’s 112-year history. He said it secures the jobs of 1,300 Clairton employees as well as the 1,400 who work at the company’s Edgar Thomson plant in Braddock and the Irvin plant in West Mifflin.