On a reported basis, net income fell to 39 cents per share
from $1.20 per share in the same period last year.
US Steel shares gained 3.3% during after-market trading. The stock has lost 60% of their value in the trailing 12 months and 23% since the beginning of this year.
READ: Nucor reports a drop in Q2 earnings and sales
CEO David B. Burritt said, “Execution of our technology investments, including the Mon Valley endless casting and rolling line, Tubular electric arc furnace, and USSK Dynamo Line, are on track to deliver almost $400 million of incremental run-rate EBITDA benefits when completed.”
Rival AK Steel (NASDAQ: AKS) earlier this week reported 17% growth in second-quarter earnings to 21 cents per share, compared to 5 cents per share projected by the street. The better-than-expected earnings sent AKS stock up 2.3%. Revenues were up 4% at $1.68 billion.