U.S. Steel Posts Second Quarterly Loss in a Row

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For the second quarter in a row, and the fifth over its last seven frames, metallurgy giant U.S. Steel has posted a net loss. The company's Q2 saw it record net sales of $4.4 billion, down from $5.0 billion in the same period the previous year. Net loss was $78 million ($0.54 per diluted share), compared to Q2 2012's profit of $101 million ($0.62).

Analysts had been expecting a top line of just under $4.6 billion and a per-share loss of $0.80.

In discussing the Q2 results, Chairman and CEO John Surma said they were negatively affected by sluggish global economic growth, in addition to an ongoing labor action at the firm's Lake Erie Works plant in Canada. He said that U.S. Steel's flat-rolled and tubular products should perform better in Q3.

The article U.S. Steel Posts Second Quarterly Loss in a Row originally appeared on Fool.com.

Fool contributor Eric Volkman has no position in U.S. Steel, and neither does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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