United States Steel reports 2010 3Q results

United States Steel Corporation reported a third quarter 2010 net loss of $51 million, or $0.35 per diluted share, compared to a net loss of $25 million, or $0.17 per diluted share, in the second quarter of 2010 and a net loss of $303 million, or $2.11 per diluted share, in the third quarter of 2009.

Commenting on results, United States Steel chairman and CEO John P. Surma said, “Results for the quarter were lower than the second quarter as all three of our segments had lower shipments and production as activity in most of our markets slowed. Results were also affected by higher facility repair and maintenance costs, most notably for inspection and repairs of critical structures at our flat-rolled facilities, lower flat-rolled average realized prices, and higher raw materials costs in our flat-rolled and European operations. Our tubular operations benefitted from increased average realized prices and had improved income from operations for the fifth consecutive quarter.”

The company reported a third quarter 2010 loss from operations of $138 million, compared with income of $198 million in the second quarter of 2010 and a loss from operations of $412 million in the third quarter of 2009.

Other items not allocated to segments in the third quarter 2010 consisted of a loss from the sale of the majority of the assets of Fintube Technologies, which decreased net income by $15 million, or 11 cents per diluted share. There were no other items not allocated to segments during the second quarter of 2010 or the third quarter of 2009.

As of September 30, 2010, United States Steel had $643 million of cash and $2.2 billion of total liquidity as compared to $947 million of cash and $2.5 billion of total liquidity at June 30, 2010.