U.S. Steel Reports 4Q Loss

The Associated Press reported that U.S. Steel’s fourth-quarter loss was $267 million, compared with earnings of $290 million, during the same period last year, the Pittsburgh-based company said. Revenue declined 26% to $3.35 billion from $4.5 billion. Analysts surveyed by Thomson Reuters had predicted revenue for the quarter would be a loss of $3.1 billion.

The company said order rates from automakers, service centers and appliance customers in North America and Europe are near 12-month highs, while construction demand in North America remained soft. The company cautioned that these signs of improvement won’t be fully reflected in first-quarter operating results, which should show a loss “in line” with the fourth quarter.

U.S. Steel shipped 3.2 million tons of flat-rolled steel in the fourth quarter, an increase of 18% from the third quarter. Average realized prices rose 5% to $633 per net ton. Shipments of pipe totaled 207,000 tons, an increase of 37% from the third quarter. Average realized prices dipped less than 1% to $1,462 per ton.

For the year, U.S. Steel had a net loss of $1.4 billion, compared with a net income of $2.1 billion in 2008. Revenue fell 54% to $11.05 billion from $23.8 billion.