Tax benefit boosts U.S. Steel quarterly profit $44 million
Posted: Tue Oct 30, 2012 2:34 pmTax benefit boosts U.S. Steel quarterly profit $44 million
from MarketWatch.com - MarketPulse
SAN FRANCISCO (MarketWatch) - United States Steel reported a third-quarter profit of $44 million, or 28 cents a share, up from $22 million, or 15 cents a share, in the same 2011 period. Profit in the recent quarter was aided by a $27 million tax benefit. Sales fell to $4.7 billion from $5.1 billion. Scrap metal prices in the U.S. have been declining on the spot market due to a flood of imports. In a statement, US Steel CEO John Surma said the company's business would continue to be affected by weak demand for its products in Europe and emerging market economies. US Steel shares are down 20% so far this year.
from MarketWatch.com - MarketPulse
SAN FRANCISCO (MarketWatch) - United States Steel reported a third-quarter profit of $44 million, or 28 cents a share, up from $22 million, or 15 cents a share, in the same 2011 period. Profit in the recent quarter was aided by a $27 million tax benefit. Sales fell to $4.7 billion from $5.1 billion. Scrap metal prices in the U.S. have been declining on the spot market due to a flood of imports. In a statement, US Steel CEO John Surma said the company's business would continue to be affected by weak demand for its products in Europe and emerging market economies. US Steel shares are down 20% so far this year.