United States Steel Corp. reported third quarter 2011 net income of $22 million compared to a 2Q 2011 net income of $222 million and a 3Q 2010 net loss of $51 million. Adjusted net income in the 3Q was $118 million
The company reported shipments of 5.5 million tons and net sales of $5.1 billion, which were in line with 2Q 2011. Operating results and net sales reflected a significant improvement from the third quarter of 2010
"Our Flat-rolled segment made more than $200 million despite the challenges of a less than robust economy in North America," said U. S. Steel Chairman and CEO John P. Surma. "U. S. Steel Europe results continue to reflect the difficult economic situation in Europe, particularly in Southern Europe."
The company reported third quarter income from operations of $199 million, compared to income from operations of $300 million in 2Q 2011 and a loss from operations of $138 million in the 3Q 2010.
"We expect to report lower operating results in the fourth quarter for our North American Flat-rolled and European operations as a result of the slow and uneven economic recovery in those regions," Surma said.
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