US Steel Posts Dramatically Higher 3Q Profit

PITTSBURGH – United States Steel Corp. says its third-quarter profit more than tripled as higher prices led to record gains in its tubular and flat-rolled steel businesses, but the company expects softening demand to lower fourth quarter results.

The Pittsburgh-based steel producer says it earned $919 million, or $7.79 per share, in the latest quarter, compared with $269 million, or $2.27 per share, during the same period a year earlier. Profit was lowered by 67 cents per share because of charges for employee signing bonuses under a union labor agreement and environmental remediation.

Quarterly sales soared 68 percent to $7.31 billion.