U.S. Steel (NYSE:X) said it swung to a profit for its third quarter today.
Earnings totaled $22 million, or $0.15 per share, compared to a loss of $51 million, or $0.35 per share, in last year's third quarter.
Revenue rose 13%, to about $5.1 billion.
Adjusted earnings of $0.72 per share beat analyst expectations, and revenue was in-line with estimates.
The company said it expects its tubular steel to have a strong performance in the fourth quarter, although its North American flat-rolled operations and European operations are seeing slow and uneven economic recovery, resulting in lower operating results expected for the fourth quarter.
Also today, AK Steel (NYSE:AKS) reported a narrower third quarter loss of $3.5 million, or $0.03 per share, from a loss of $59.2 million, or $0.54 per share, last year.
Adjusted earnings of $0.02 per share beat analyst estimates.
But revenue, just about flat at $1.6 billion, was shy of expectations.
AK Steel said that due to uncertainty and volatility with respect to economic conditions in the U.S. and other markets, it is not providing an outlook for the fourth quarter until later in the quarter.
Arcelor Mittal (NYSE:MT) shares are trading lower Tuesday after it said it was pulling it cooperation in a joint venture with Peabody Energy (BTU) to acquire Australia's Macarthur Coal.
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