United States Steel posts Q2 financial results
United States Steel Corp (
US Steel) has recently posted financial results regarding second quarter ended on June 30, 2004. The results are better than that of last year's figures due to strong demand, rising steel prices and cost-reducing efforts of the company.
The company reported its net income as $211 million compared to net income of $58 million recorded in the first quarter of 2004 and a net loss of $49 million recorded in the second quarter of 2003 fiscal year.
Revenue of the company increased to $3.46 billion in the subject quarter, up by 47% when compared with revenue of $2.36 billion recorded in the corresponding period of previous year.
Although the company reported improved results in the second quarter, the company officials stated that they expect flat
production to decline in the third quarter by approximately 200'000 tons due to the planned blast furnace outages, which is expected to increase third quarter cost by $20 million.