US Steel reports second quarter earnings
US Steel Corp., one of North Americas largest steelmakers, reported its net sales increased 4 percent due to strong performances from its tubular, European, and flat rolled segments. Net sales rose to $3.6 billion for the second quarter 2005, a year-on-year increase of $134 million. Year-to-date net sales were reported as $7.4 billion, a 13.5 percent increase from same period in 2004. Net income was reported as $245 million, or $1.88 per diluted share, compared to $211 million, or $1.62 per diluted share, for the second quarter 2004. Year-to-date 2005 net income was $700 million while year-to-date 2004 net income was $269 million. US Steel President and CEO John P. Surma said, "Considering global steel market conditions, we had a good quarter with strong operating results from our European and Tubular segments and a solid performance by our Flat rolled segment. Commenting on US Steel's second half outlook, Mr. Surma said, Operating results for the third quarter of 2005 are likely to be lower than in the second quarter, reflecting recent spot price trends in domestic and European markets for sheet products. We have been encouraged by recent reports of lower service center sheet inventory levels and improved Flat-rolled order entry rates; however, market conditions will determine if these trends will be sustained throughout the third quarter and the remainder of the year. United States Steel Corporation, headquartered in Pittsburgh, Pa., manufactures a wide variety of steel sheet, tubular and tin products; coke, and taconite pellets; and has a worldwide annual raw steel capability of 26.8 million net tons.