U.S. Steel Forecasts a Profitable 2002
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United States Steel Corp., the nation’s largest integrated steel maker, reported a first-quarter net loss on weak prices but forecast a profitable 2002 based on a better outlook for prices and shipments.
The loss was $89 million, or 93cents a share, compared with year-earlier net income of $9 million, or 10 cents. Sales fell 8.3% to $1.43 billion, the Pittsburgh-based company said.
U.S. Steel said its loss from operations before special items totaled $81 million, down from a loss of $97 million a year earlier.
However, Chief Executive Thomas Usher said he expects steel price increases, combined with strong orders, will help swing the company into profitability for the balance of the year.
U.S. Steel shares rose 10 cents to $17.86 on the NYSE.
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