U.S. Steel (X 38.62, -1.96) reported a narrower-than-expected third quarter loss and topped the consensus revenue estimate as shipments improved from low levels in the second quarter.
U.S. Steel reported a third quarter loss of $2.11 per share, $0.76 better than the First Call consensus that expected a loss of $2.87 per share.
Revenues fell 61.5% year-over-year to $2.82 billion, but managed to top the $2.72 billion consensus.
Shipments of 4.2 million tons increased 41% from the second quarter.
"Shipment volumes and operating rates for all of our reportable segments increased significantly from the very low levels of the second quarter as we brought several idled facilities online to satisfy increased customer order rates," said CEO John P. Surma. "Our European and Tubular segments had improved financial performance and our Flat-rolled segment's results were in line with the prior quarter despite the effects of continued low operating rates and facility restart costs."
The company said it expects improvements in overall fourth quarter results, mainly driven by increased demand for Flat-rolled products in North America.
"However, we expect to report an overall operating loss in the fourth quarter due primarily to continued low operating rates and idled facility carrying costs for our Flat-rolled and Tubular segments," said John P. Surma. He added that, despite concerns and uncertainties, "we believe that the U.S. and global economies are in the early stages of gradual recovery."
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