United States Steel Corporation (NYSE: X) reported second-quarter revenues of $3.54 billion, down 1.7% from the same quarter last year. The topline was stronger than analysts’ prediction of $3.44 billion.
Second-quarter net income fell to 45 cents per share, compared to $1.46 per share year ago, but was above the street view of 39 cents per share.
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.
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.
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