US Steel posts loss in third quarter
By Daniel Lovering |
October 28, 2009, Wednesday
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Print Edition
Print Edition
UNITED States Steel Corp said yesterday it lost money for a third straight quarter as the global economic downturn continued to dampen demand for the metal.
But the company said its steel production and shipments rose significantly, and that it expects improved results in the fourth quarter. Still, it forecast a loss for the October-December period.
The loss highlights an industrywide slump in demand that began when the world economy faltered late last year. That undermined key customers in the construction, auto and industrial equipment industries. Steel makers like US Steel, based in Pittsburgh, responded by winding down production and laying off thousands of workers.
Although prices and production rose in the quarter as steel distributors scrambled to fill orders after depleting stockpiles, the market for the metal remained weak.
But the company said its steel production and shipments rose significantly, and that it expects improved results in the fourth quarter. Still, it forecast a loss for the October-December period.
The loss highlights an industrywide slump in demand that began when the world economy faltered late last year. That undermined key customers in the construction, auto and industrial equipment industries. Steel makers like US Steel, based in Pittsburgh, responded by winding down production and laying off thousands of workers.
Although prices and production rose in the quarter as steel distributors scrambled to fill orders after depleting stockpiles, the market for the metal remained weak.
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