U.S. Steel (X) Posts Fourth Consecutive Quarterly Loss
January 26, 2010 9:31 AM
United States Steel (NYSE: X) posted its fourth consecutive quarterly loss this morning. The company said it expects an operating loss for the first quarter of 2010.
United States Steel posted a fourth quarter net loss of $267 million, or $1.86 per share, compared with a year earlier profit of $290 million, or $2.50 per share. Analysts on average were expecting a loss of $1.43 per share according to Thomson Reuters.
The company said it continues to experience improved order rates from several of its end markets. Automotive, service center, converter and appliance customer order rates in North America and Europe are at or near their highest levels in the last 12 months. In other markets, such as construction in North America, demand remains soft, but due to low inventory levels and seasonal increases its construction order book remains stable.
Share of U.S. Steel are lower by 4.05% to $53.95 in pre-market trading.
