NEW YORK (AP) — Even though there are government support for US steel industry. And US government practise many kind of anti dumping policy to steel products from other countries. The US steel industry is still not so optimistic for the time being. But the good news is US Steel says it turned a quarterly profit for the first time in more than a year as its costs down and its flat-rolled steel business performed better.
US Steel last reported a profit in the 3rd quarter of 2012, and it has lost money for five consecutive years. The company has been restructuring its business and reducing capacity to lower its spending.
The Pittsburgh company said Tuesday it earned $52 million, or 34 cents per share, in the first quarter, compared with a loss of $73 million, or 51 cents per share, a year earlier. Its revenue fell 3 percent to $4.45 billion from $4.6 billion.
Analysts expected income of 33% per share and $4.51 billion in revenue, according to FactSet.
US Steel said shipments fell to 5.1 million tons from 5.5 million tons, but unlike last year, the flat-rolled steel business was profitable.
Steelmakers have struggled as the weak global economy failed to produce enough demand for their products, and U.S. producers face price competition from imports, especially from China. In the 4th quarter US Steel permanently shut down its Hamilton Works operations in Ontario, and it also took a large goodwill impairment charge connected to its North American flat-rolled and Texas Operations units. In total it lost $2 billion for the year.
The company said that it expects weather-related logistical issues to temporarily slow shipments in the second quarter, reducing its income from operations, although it did not give specific guidance.
Shares of US Steel Corp. rose 2.4 percent to $26.34 during the day and lost 64 cents, or 2.4 percent, to $25.70 in late trading.
HYSP predicts that as government support for US steel and the recovery of global economy and US economy reasons, the US steel industry will be better than now.
US Steel posts 1Q profit as costs come down
没有评论:
发表评论