Posted on 01/24/2005 9:25:57 PM PST by BurbankKarl
PITTSBURGH -- U.S. Steel Corp., the first major domestic steelmaker to report earnings, swung to a fourth-quarter profit of $462 million from a year-earlier loss, helped by strong demand, particularly in its tubular business.
The company posted net income of $3.55 a share, its fourth straight quarterly profit after four quarters of losses in 2003, before a pricing boom lifted the steel industry's profits and share prices.
U.S. Steel, the country's largest steelmaker, had a loss of $22 million, or 26 cents a share, a year earlier. Fourth-quarter revenue surged 47% to $3.93 billion.
World-wide, the company shipped 5.4 million tons of steel in the fourth quarter, roughly even with its fourth-quarter shipments in 2003. Steel prices, however, were double.
U.S. Steel far exceeded analyst expectations and saw large revenue gains across nearly all of its business segments.
(Excerpt) Read more at online.wsj.com ...
what's this, good economic news? nahhhhh, Hillary wouldn't like it.....
Economic quagmire. It's a quagmire, I tellya.
We're on the edge of financial collapse!
Paging Willie Green
Roger that!!!
We are finally starting to see the effects. There was a delay of course, but now the effect is starting to appear. If this continues to happen gradually, US manufacturing and jobs will increase, exports will increase, inports will decrease, but inflation will remain in check.
Watch out man, some folks on another thread would attack you for saying something like that! I agree with you 100% myself. No sky is falling here.
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