US Steel 3Q profit doubles despite revenue drop

AP News
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Posted: Oct 30, 2012 9:00 AM

U.S Steel's third-quarter net income doubled as a tax benefit helped balance pressure from price increases and a challenging global economy.

The Pittsburgh manufacturer said Tuesday that it earned $44 million, or 28 cents per share, in the quarter that ended Sept. 30. That compares with $22 million, or 15 cents per share, a year ago.

Revenue fell more than 8 percent to $4.65 billion.

U.S. Steel Corp. makes steel for a number of end uses from cars to building construction. Steel manufacturers have coped with anemic demand for much of the year because key customers such as the construction industry have cut purchases.

All trading in company shares has been suspended on the New York Stock Exchange because of Hurricane Sandy.