updated 4/26/2005 9:34:51 AM ET 2005-04-26T13:34:51

United States Steel Corp., the nation’s second-largest steel producer, posted a steep rise in profit for the first quarter Tuesday as sharply higher sales outpaced an increase in operating costs.

Quarterly income jumped to $451 million, or $3.48 per share, from $54 million, or 47 cents, in the year-ago period. Before distributing preferred dividends, net income amounted to $455 million.

The latest results also included a gain from settling a property tax dispute that boosted net income by $58 million, or 45 cents per share, U.S. Steel said.

Net sales totaled $3.76 billion, up 29 percent from $2.92 billion a year earlier on greater average selling prices for all of its products. Meanwhile, operating expenses rose just 13 percent to $3.12 billion.

U.S. Steel’s earnings eclipsed the average estimate for earnings of $2.37 per share and $3.71 billion in sales from analysts surveyed by Thomson Financial.

© 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


Discussion comments


Most active discussions

  1. votes comments
  2. votes comments
  3. votes comments
  4. votes comments

Data: Latest rates in the US

Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 3.79%
$30K home equity loan FICO 4.99%
$75K home equity loan FICO 4.69%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 13.83%
Cash Back Cards 17.80%
Rewards Cards 17.18%
Source: Bankrate.com