EARNINGS ROUNDUP / U.S. STEEL
United States Steel Corp.’s fourth-quarter earnings soared as strong pipe sales and an acquisition-related gain boosted results, but the steel maker forecast an operating loss in the current quarter because of the global economic slowdown.
The Pittsburgh-based company -- the largest U.S.-based steel producer -- said its net income jumped to $308 million, or $2.65 a share, from $35 million, or 29 cents, a year ago. The earlier quarter included charges totaling $117 million, or 98 cents a share.
Quarterly sales rose to $4.57 billion from $4.54 billion last year, helped by strong sales from U.S. Steel’s tubular steel business.
Analysts surveyed by Thomson Reuters forecast earnings of 71 cents a share on revenue of $4.27 billion.
Shares of U.S. Steel rose $2.03, or 6.9%, to end at $31.49.
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