U.S. Steel (NYSE: X) announced second-quarter earnings that beat Wall St. expectations after demand rose for its Flat-Rolled and Tubular segments.
The firm earned $101 million, or $0.62 a share, in the second quarter, down from $222 million, or $1.33 a share, in the year-ago period. Analysts were expecting $0.47 a share, according to average estimates compiled by Thomson Reuters.
The company reported revenue of $5.02 billion, down from $5.12 billion in the year-ago period but better than analyst estimates of $4.99 billion.
The results for U.S. Steel were far stronger than other steelmakers. Bloomberg reported earlier Tuesday that Chinese steelmakers, including Baoshan Iron & Steel Co. and Angang Steel Co., posted a 96% drop in first-half profits due to lower demand and price cuts.
Samuel Weigley
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