U.S. Steel Loses $25M In 2Q

NEW YORK (AP) -- United States Steel Corp. on Tuesday posted a second-quarter loss, although it was smaller than a year ago as sales more than doubled.

US Steel expects to post a third-quarter profit, but the company, based in Pittsburgh, says operating results will fall from the second quarter because of declines in orders from spot market customers.

Shares fell about 4 percent in premarket trading.

The company makes steel products for use in everything from appliances to cars. Its second-quarter loss was $25 million, or 17 cents per share. That compares with a loss of $392 million, or $2.92 per share, a year earlier. Excluding one-time items, it reported operating income of $198 million.

Excluding financial costs and a foreign-currency loss, US Steel made 45 cents a share.

Sales more than doubled to $4.68 billion. Operating expenses nearly doubled as well.

Analysts polled by Thomson Reuters forecast adjusted earnings of 63 cents per share on revenue of $4.63 billion.

For the current quarter the company said lower shipping and production volumes for its flat-rolled segment, where it makes products ranging from stainless steel refrigerator doors to retail shelving systems, hurt results. Shipping and production is being dragged down by slower order rates, due to seasonal weakness and changes in inventory.

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