U.S. Steel Q3 Net Loss Narrows; Sees Weaker Q4

United States Steel Corporation X posted a sharply narrower third-quarter net loss and beat second-quarter expectations, although it forecast weaker fourth-quarter results from its key Flat-rolled segment.

The company gained more than 5 percent in the extended session recently to $40.10 a share.

Chief Executive Mario Longhi said third-quarter income from operations hit the highest level since the market peak in 2008.

"Steel market conditions in the U.S. have remained stable and our operations have performed well, particularly our Flat-rolled segment," Longhi said.

Longhi added, however, that the company expects fourth-quarter segment income from operations to decrease compared to the third quarter, "primarily due to significantly lower results for our Flat-rolled segment."

The Flat-rolled segment accounted for $347 million of the company's $479 million in second-quarter income from operations.

U.S. Steel's third-quarter net loss narrowed to $207 million, or $1.42 a share, from a year-earlier net loss of $1.79 billion, or $12.38 a share.

Revenue grew 11 percent to $4.59 billion, from $4.13 billion a year earlier.

Analysts expected adjusted earnings of $1.17 a share on revenue of $4.56 billion.