US Steel expected to report improved 1Q results

AP News
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Posted: Apr 24, 2012 3:01 AM
US Steel expected to report improved 1Q results

U.S. Steel should report improved first-quarter results this morning as the steel industry recovers from a slowdown at the end of 2011.

Steel prices and shipments picked up in March, industry data show. Customer orders declined late last year because of slowing economies in Europe and China. Too much steel on the market depressed prices.

The Pittsburgh company entered the quarter expecting to sell more steel to the auto, energy and heavy equipment sectors. Rival Nucor Corp. last week said sales to those customers improved. Automakers are reporting robust sales and there's a revival in drilling for oil onshore in the U.S.

But the lagging construction industry is still hurting steel makers.

Analysts expect U.S. Steel to report adjusted earnings of 44 cents per share compared with a year-earlier loss.