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US Steel Swings To 2Q Profit On Flat-Rolled Segment Strength

DOW JONES NEWSWIRES U.S. Steel Corp. (X) swung to a second-quarter profit, ending a streak of nine consecutive quarters in the red, on higher revenue and improved earnings in the flat-rolled product segment. The biggest North American steelmaker by output has struggled, along with its peers, with soaring raw-material costs in recent quarters as a depressed construction industry continues to weigh on steel demand. "Our operating results improved significantly from the first quarter, driven primarily by higher average realized prices and stable raw materials costs in our flat-rolled segment," Chief Executive John P. Surma said. U.S. Steel reported a profit of $222 million, or $1.33 a share, compared with a prior-year loss of $25 million, or 17 cents a share. The most-recent quarter included a foreign-currency gain of 21 cents a share, while the year-ago period included a loss of 62 cents that resulted from the effects of a weakening euro. Revenue rose 9.4% to $5.12 billion. Analysts polled by Thomson Reuters had most recently forecast a profit of $1.21 a share on revenue of $5.49 billion. Shipments for flat-rolled products--the company's biggest source of revenue--fell 3.1% from a year earlier. Operating profit more than tripled. Tubular-steel segment operating profit fell 68%, while the company's European division swung to a loss. Shares were down 10 cents to $44.19 in after-hours trading. The stock is down 9.4% over the past 12 months. -By Nathalie Tadena and Lauren Pollock, Dow Jones Newswires; 212-416-2356; lauren.pollock@dowjones.com

Stock News for United States Steel (X)
DateTimeHeadline
06/24/201611:50:00U. S. Steel President And CEO Comments On Affirmative Decision...
06/20/201617:26:36Annual Report of Employee Stock Plans (11-k)
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06/14/201616:38:07Statement of Changes in Beneficial Ownership (4)
06/10/201607:10:53Current Report Filing (8-k)
06/09/201613:10:00Cliffs Natural Resources to Reopen Minnesota Mine Early
06/06/201614:02:11Amended Statement of Ownership (sc 13g/a)
06/02/201616:05:48Statement of Changes in Beneficial Ownership (4)
06/02/201616:02:13Statement of Changes in Beneficial Ownership (4)
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06/01/201619:24:18Statement of Changes in Beneficial Ownership (4)
06/01/201619:23:02Statement of Changes in Beneficial Ownership (4)
06/01/201619:21:10Statement of Changes in Beneficial Ownership (4)
06/01/201619:18:47Statement of Changes in Beneficial Ownership (4)
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06/01/201619:14:20Statement of Changes in Beneficial Ownership (4)
06/01/201619:12:46Statement of Changes in Beneficial Ownership (4)
06/01/201619:11:09Statement of Changes in Beneficial Ownership (4)
05/27/201615:52:33Specialized Disclosure Report (sd)
05/26/201617:16:00U. S. Steel President and CEO Applauds International Trade Commission...

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