United States Steel Posts 76% Decline in Earnings
United States Steel Corp. posted a sharp decline in fourth-quarter profit on lower steel prices and volume as well as an accounting change related to its Slovak operation that resulted in a one-time charge of $35 million.
Including the accounting change, net income slid 76% to $109 million, or 85 cents a share, from $451 million, or $3.46, a year earlier. The latest quarter includes other one-time charges totaling $39 million, or 30 cents a share, including special termination benefits for an early retirement program at the Pittsburgh-based company’s operation in Slovakia, U.S. Steel Kosice.
Analysts expected earnings of $1.06.
Sales fell to $3.47 billion from $3.89 billion a year earlier.
The results were announced after regular trading, during which the steel company’s shares dropped 9 cents to $58.64; they were off 5 cents more to $58.59 in after-hours trading.
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