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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; [email protected]

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