United States Steel Reports Improved Second Quarter

United States Steel X reported a second quarter 2010 net loss of $25 million, or $0.17 per diluted share. These results reflect a considerable improvement over the net losses of $157 million, or $1.10 per diluted share, in the first quarter of 2010 and $392 million, or $2.92 per diluted share, in the second quarter of 2009. Commenting on results, U. S. Steel Chairman and CEO John P. Surma said, "Operating results improved significantly from the first quarter of 2010. Sequentially, the most notable improvement was in our Flat-rolled segment, which benefitted from increased average realized prices and healthy order rates in most of our markets. In Europe, we had our second consecutive profitable quarter, and our Tubular segment income from operations more than doubled as compared to the first quarter of 2010." The company reported second quarter income from operations of $198 million, compared to a loss from operations of $57 million in the first quarter of 2010 and a loss from operations of $465 million in the second quarter of 2009. Operating results were substantially higher than the second quarter of 2009 as income from operations improved by $663 million, net sales increased by 120 percent to $4.7 billion and shipments increased 100 percent to 5.9 million tons.