Steel Mills
April 29, 2014
US Steel Reports Second Consecutive Quarter of Profits
Written by Sandy Williams
US Steel reported a net income of $52 million for the first quarter of 2014 on net sales of $4.4 billion, compared to net income of $270 million (adjusted net income of $38 million) in fourth quarter 2013. Shipments for the quarter totaled 4.1 million tons.
Flat rolled steel sales operating income in first quarter dropped to $85 million from $87 million in Q4 2013; US Steel Europe income was $32 million, up from $12 million quarter over quarter; tubular income fell to $24 million from 32 million the previous quarter. Higher contract and spot prices increased the average realized price of flat rolled to $761/net ton.
