US Steel posts 1Q profit as costs come down

AP News
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Posted: Apr 29, 2014 4:37 PM

NEW YORK (AP) — U.S. Steel says it turned a quarterly profit as its costs decreased and its flat-rolled steel business performed better.

U.S. Steel has lost money for five consecutive years. It has been restructuring its business to lower its spending.

The Pittsburgh company says it earned $52 million, or 34 cents per share. Its revenue fell 3 percent to $4.45 billion. A year ago the company lost $73 million, or 51 cents per share, on revenue of $4.6 billion.

Analysts expected income of 33 cents per share and $4.51 billion in revenue, according to FactSet.

Shares of U.S. Steel Corp. lost 59 cents to $25.75 in late trading.