Pickup in autos, factories narrows Q4 loss of US Steel to US$50 mil.
APNEW YORK--U.S. Steel reported a smaller fourth-quarter loss as carmakers and other manufacturers used more steel, and it said shipments should rise in the current quarter.
January 31, 2013, 12:06 am TWN
The steel industry has been buffeted by an inconsistent global economy. On Monday, the U.S. Commerce Department reported that overall orders for durable goods rose 4.6 percent in December. But a key gauge of business investment plans rose just 0.2 percent.
“We continue to be challenged by uncertain global economic and steel market conditions,” Chairman and CEO John P. Surma said.
The Pittsburgh-based steelmaker lost US$50 million, or 35 cents per share for the most recent quarter. A year ago it lost US$211 million, or US$1.46 per share.