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U. S. Steel Records Another Loss, But Sees Better Results Ahead
07/27/2016 - United States Steel Corp. lost US$46 million in the second quarter due in part to losses in its tubular division, but the steelmaker said it expects conditions to continue to improve for its other businesses during the second half of the year.
On the quarter, which ended 30 June, the company posted net sales of US$2.58 billion, down 11 percent from the same quarter later year. However, it significantly narrowed its losses from the prior-year quarter, declining from US$261 million.
Even though the quarter was unprofitable on the whole, U. S. Steel's flat rolled division returned to profitability and its European business posted its best results since the third quarter of 2008, the company said.
In a statement, chief executive Mario Longhi said the company saw some benefit from late-quarter price increases. Even greater average realized prices in its flat rolled and European businesses are expected in the second half of the year, he said.
"The significant improvements we have made to our earnings power through our Carnegie Way transformation will become more apparent as market prices recover from the very low levels at the end of 2015,” Longhi said.
Even though the quarter was unprofitable on the whole, U. S. Steel's flat rolled division returned to profitability and its European business posted its best results since the third quarter of 2008, the company said.
In a statement, chief executive Mario Longhi said the company saw some benefit from late-quarter price increases. Even greater average realized prices in its flat rolled and European businesses are expected in the second half of the year, he said.
"The significant improvements we have made to our earnings power through our Carnegie Way transformation will become more apparent as market prices recover from the very low levels at the end of 2015,” Longhi said.
