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Higher steel prices helps US Steel swing to 3Q profit of $22 million
NEW YORK (AP) ' U.S. Steel says it earned a profit of $22 million in the third-quarter as most of its steel sold for higher prices. The company lost $51 million in the year-ago quarter.
The nation's largest steelmaker says income amounted to 15 cents per share for the three-month period ended Sept. 30. That compares with a loss 35 cents per share for the same period in 2010. Revenue increased 13 percent to $5.08 billion.
Excluding net foreign currency losses and other charges, U.S. Steel Corp. says it earned $118 million, or 72 cents per share.
Analysts, who typically exclude special charges, had expected earnings of 55 cents per share on revenue of $5.08 billion, according to FactSet.