Pittsburgh, Pennsylvania-based United States Steel Corporation (US Steel) announced net income of $22 million in Q3, and although the company was profitable in quarter compared to a series of losses the past couple years, earnings were still down about 91 percent from $222 million in Q2 2011.
Of US Steel's three segments, flat rolled, tubular and US Steel Europe, only the company's European operations incurred a loss in Q3; the loss totaled $50 million in the quarter compared to an $18 million loss in Q2 and a $25 million loss in Q3 2010. US Steel indicated that it was it is in no way pleased with the performance of its European sector and is evaluating all options regarding the operations. The loss in Q3 was primarily due to difficult economic conditions, particularly in southern Europe, which resulted in lower average realized prices.