United States Steel Corporation says it had a net loss of $249 million, or $1.74 per diluted share in the fourth quarter of 2011. That is worse than the third quarter 2010 net loss of $51 million but better than the fourth quarter of 2009 when the Pittsburgh based company reported a net loss of $267 million, or $1.86 per diluted share.
For full-year 2010, U. S. Steel reported a net loss of $482 million, or $3.36 per diluted share, compared with a full-year 2009 net loss of $1,401 million, or $10.42 per diluted share. The loss comes as sales rose 28 percent over last year’s fourth quarter to $4.3 billion while shipments rose 18 percent to 5.5 million tons. The company says market conditions were "soft" during most of the quarter, and the price it received for its steel products dropped from the third quarter. The results missed Wall Street expectations of a loss of $1.11 per share on revenue of $4.2 billion.
U. S. Steel Chairman and CEO John P. Surma says he is looking forward to a better 2011 first quarter, “Order rates for most customer groups and publicly reported spot market prices began to increase later in the fourth quarter and we remain cautiously optimistic that global economic conditions will continue to improve in the first quarter."