US Steel reports another quarterly loss as steel demand remains muted despite recent uptick

US Steel reports another quarterly loss as steel demand remains muted despite recent uptick Chicago Tribune July 28
US Steel posted its 2nd straight quarterly loss as the global slowdown stifled orders & prices for the metal, & it forecast that its 3rd-Q would also be the red. The largest U.S.-based steelmaker & other producers was hurt by sharply lower orders from steel-intensive industries like construction & autos. As demand & prices picked up recently, they remain well below record levels reached last summer. "Our order book & operating rates remain at low levels, spot market prices declined & we continue to incur carrying costs for our idled facilities," U.S. Steel CEO John Surma said. U.S. Steel lost $392M, or $2.92 a share, in the 3 mos ended June 30. That compares with a $668M, or $5.65 a share profit, in the year-earlier period. A gain from foreign currency exchange narrowed latest loss by $41M, or 31