US Steel 3Q net off on economic worries |
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Tue, 30 Oct 2007 13:04
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PITTSBURGH (AP) - United States Steel Corp. said Tuesday its third-quarter profit fell nearly 36 percent as general economic concerns eroded results across its businesses.The Pittsburgh-based steel maker said net income for the three months ended Sept. 30 fell to $269 million, or $2.27 per share, from $417 million, or $3.42 per share, a year earlier.The results fell short of Wall Street expectations.The recent quarter included a $27 million pretax charge related to inventory acquired in the acquisition of tubular steel maker Lone Star Technologies Inc. That reduced quarterly earnings by $28 million, or 23 cents per share.During the quarter, U.S. Steel said it will pay about $1.1 billion for the Canadian steel maker Stelco Inc., a move that will make it the world's fifth largest steel producer and a larger supplier to the North American automotive industry.Sales grew to $4.35 billion from $4.11 billion during the same period last year.The results missed analyst expectations for profit of $2.63 per share on $4.38 billion in revenue, according to Thomson Financial. Those estimates typically exclude one-time items.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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