US Steel announces a net loss of $86 million for the first quarter of 2011, an improvement from net losses of $157 million for the first quarter of 2010. Despite these losses, US Steel posted a 6% increase in quarterly shipments from the previous quarter, totaling 5.8 million tons. Similarly, net sales increased by 13% for the quarter, totaling $4.9 billion. Net sales for the first quarter of the previous year were $3.9 billion. Sales losses were driven by segment losses, especially in the flat-rolled and U.S. Steel Europe segments. Flat-rolled income posted losses of $57 million, a slight improvement of losses of $80 million from the first quarter of 2010. U.S. Steel Europe posted $5 million in losses as compared to gains of $12 million from the first quarter of 2010.
US Steel announced net losses of $51 million for the third quarter of 2010. These losses were driven by losses from operations, decreased shipments, and a decrease in net sales for the third quarter. Despite losses across the board when compared to second quarter results in 2010, these earnings represent improvements from the third quarter of 2009. Losses from operations were $138 million for the quarter when compared to second quarter results, but improved from losses of $412 million in year ago results. Shipments also decreased by 5% when compared to the previous quarter and culminated at 5.6 million tons for Q3 FY2010. Net sales decreased by 4% to $4.5 billion for the quarter, reflecting another loss from the previous quarter. Net sales, however, improved from $2.8 billion in Q3 FY2009.Despite losses when compared to second quarter results in 2010, these earnings represent improvements from the third quarter of 2009. 10/22/2010 Price: $42.23
US Steel announced net losses of $51 million for the third quarter of 2010. These losses were driven by losses from operations, decreased shipments, and a decrease in net sales for the third quarter. Despite losses across the board when compared to second quarter results in 2010, these earnings represent improvements from the third quarter of 2009. Losses from operations were $138 million for the quarter when compared to second quarter results, but improved from losses of $412 million in year ago results. Shipments also decreased by 5% when compared to the previous quarter and culminated at 5.6 million tons for Q3 FY2010. Net sales decreased by 4% to $4.5 billion for the quarter, reflecting another loss from the previous quarter. Net sales, however, improved from $2.8 billion in Q3 FY2009.Despite losses when compared to second quarter results in 2010, these earnings represent improvements from the third quarter of 2009.
US Steel announced a net loss of $25 million for the second quarter of 2010, a drop from sales of $3.62 billion in the first quarter of 2010 but an improvement from a net loss of $157 million from the second quarter of 2009. Net sales similarly improved from the second quarter of 2009, increased by 20% to $4.7 billion. Shipments increased by 9% as well as compared to year-ago results, totaling 5.9 million tons. The turnaround from the second quarter of 2009 is attributable to profitability in all three operating segments. Net sales from U.S. Steel's flat-rolled operating segment totaled $98 million, an increase from a loss of $362 million in the same quarter the previous year. U.S. Steel Europe generated $19 million, an improvement from a loss of $53 million. Tubular sales also increased, totaling $96 million as compared to the loss of $88 million seen in Q2 of 2009.
US Steel posted net sales of $3.62 billion for the first quarter of 2010, as compared to $2.61 billion for the same quarter in 2009. Offsetting these earnings were increased costs of sales; selling, general, and administrative expenses; and depreciation, depletion and amortization; and losses.Operating expenses totaled $3.95 billion, bringing net losses attribute to US Steel to $157 million - a 36% improvement from Q1 FY2009.
For 2008, US Steel reported revenues of $23.8 billion and operating income of $3.1 billion. Revenues increased by 50% from 2007 and operating income nearly tripled from a year earlier. For the fourth quarter, U.S. flat-rolled operations lost $2 million (operating with a 45% utilization rate for the quarter) and European operations lost $134 million (with a 51% utilization rate for the quarter). The tubular segment recorded record profits for the 2008, with profit per ton increasing by about 35%. The company said it expects to lose money Q1 of 2009, as flat-rolled demand is expected to remain weak, and the tubular segment will be unable to sustain its 2008 performance.
US Steel announced that it would be laying off 675 workers in its North American operations (600 in the US and 175 in Canada). The company specifically cited a lack of demand for flat-rolled steel, which is used in auto manufacturing, appliances, and construction.
Despite facing higher costs, US Steel earned $919 million in the 3Q of 2008, compared to $269 million a year ago. Revenues totaled $7.3 billion, a 68% increase over 2007 3Q revenues of $4.3 billion.Despite the increase in profits/revenues, the company warned that it's 4Q earnings will drop because of weakened demand.
US Steel reported record Q2 earnings of $5.65/share, considerably exceeding analysts expectations. This earnings growth was driven by strong demand for a wide range of US Steel's products and cost efficiencies realized by operating at high capacity - 93% in North America and 104% in Europe. As a result, the company increased its quarterly dividend by 20%.http://seekingalpha.com/article/87791-united-states-steel-corp-q2-2008-earnings-call?source=feed
