United States Steel Corporation (X) Reports Q2 Results

United States Steel Corporation (NYSE: X) has reported its second-quarter financial results. The company reported a second-quarter net loss of $25 million, or $0.17 per diluted share, compared with a net loss of $157 million, or $1.10 per diluted reported for the first quarter of 2010 and $392 million, or $2.92 per diluted share reported for the same period last year.

United States Steel reported second-quarter income from operations of $198 million, compared to loss from operations of $57 million reported for the first quarter of 2010 and a loss from operations of $465 million reported for the second quarter of 2009. The company reported a year-over-year increase of 120% in net sales to $4.7 billion. Shipments increased 100% to 5.9 million tons in the second quarter of 2010.

The company’s reportable segments and Other Businesses reported segment income from operations of $241 million, or $41 per ton, for the second quarter of 2010, compared with a loss of $13 million, or $2 per ton reported for the first quarter of 2010 and a loss of $510 million, or $173 per ton reported for the second quarter of 2009.

The company saw a significant improvement in Flat-rolled results in the second quarter, compared with the first quarter of 2010. The company reported an increase of 9 percentage points to 82% in its raw steel capability utilization rate, for the Flat-rolled segment. Compared with first quarter of 2010, the company’s results for U.S. Steel Europe saw a slight improvement in the second quarter of 2010.

Commenting on the second-quarter financial results, John P. Surma, Chairman and CEO of United States Steel, said that the company’s operating results improved significantly from the first quarter of 2010. Surma said that the most notable improvement on a sequential basis came in the Flat-rolled segment, which benefited from increased average realized prices and healthy order rates in most of its markets.

For the third quarter of 2010, Surma said that the company expects to report an overall operating profit as the U.S. and European economies continue to improve. Surma said that the company expects third-quarter operating results to be below the second-quarter operating results primarily due to a decrease in shipping and production volumes for the Flat-rolled segment.

Shares of United States Steel have reacted negatively to the second-quarter financial results and the company’s outlook for the third quarter. The stock was down 6.55% to $45.69, at last check, with volume at 11.98 million. The stock touched a low of $45.37 in early trading today.

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