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US Steel posts narrower 4th-qtr loss on strong demand for pipes, revenue rises 12 pct
PITTSBURGH (AP) ' U.S. Steel says its fourth-quarter loss narrowed, as strong demand for its pipes from the oil industry boosted its sales.
The Pittsburgh-based steel company also says it expects first-quarter results to be improved from fourth-quarter levels.
U.S. Steel says it had a net loss of $226 million, or $1.57 per share, in the last three months of 2011, compared with a loss of $249 million, or $1.74 per share, in the same quarter in 2010.
Excluding charges including $51 million in losses tied to foreign currencies, the company says its adjusted loss is $164 million, or $1.14 per share. Analysts polled by FactSet expected a narrower loss of 85 cents per share.
Revenue is up 12 percent to $4.82 billion from $4.3 billion, while analysts expected $4.74 billion.