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
