U.S. Steel posts third straight quarterly loss!
PITTSBURGH, Pennsylvania - October 27, 2009 - United States Steel Corp. said Tuesday it lost money for a third straight quarter as the global economic downturn continued to dampen demand for the metal.
But the company said its production and shipments rose significantly from the previous quarter, and that it expects a narrower loss in the October-December period as North American automakers order more steel for vehicles.
U.S. Steel's products include sheet steel used in a wide range of consumer goods, from cars to office furniture. Its tin is used in items such as food cans, while its tubular steel, or pipe, is used in oil and gas drilling.
Its shares rose 29 cents to $40.87 in premarket trading.
The loss highlights an industrywide slump in demand that began when the world economy faltered late last year. That undermined key customers in the construction, auto and industrial equipment industries. Steel makers like U.S. Steel, based in Pittsburgh, responded by winding down production and laying off thousands of workers.
But the company said its production and shipments rose significantly from the previous quarter, and that it expects a narrower loss in the October-December period as North American automakers order more steel for vehicles.
U.S. Steel's products include sheet steel used in a wide range of consumer goods, from cars to office furniture. Its tin is used in items such as food cans, while its tubular steel, or pipe, is used in oil and gas drilling.
Its shares rose 29 cents to $40.87 in premarket trading.
The loss highlights an industrywide slump in demand that began when the world economy faltered late last year. That undermined key customers in the construction, auto and industrial equipment industries. Steel makers like U.S. Steel, based in Pittsburgh, responded by winding down production and laying off thousands of workers.
