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U.S. Steel Reports Wider Than Expected Loss Per Share

Financial News Network
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April 26, 2011 AT 4:03 PM
United States Steel Corp (NYSE:X) reported a Q1 loss of $0.60 per share, a wider loss than the consensus estimate for a $0.37 per share loss. Revenues for the quarter were up 24.8% year-over-year to $4.86 billion, in-line with the consensus estimate.Commenting on results, U. S. Steel Chairman and CEO John P. Surma said, "We reported better first quarter operating results in comparison to the fourth quarter as improving economic conditions and firm customer demand led to increased average realized prices, shipments and raw steel capability utilization for our North American and European flat-rolled operations. The improvements were partially offset by increased raw materials costs."