US Steel 3Q Profit Doubles Despite Revenue Drop
U.S Steel (X) doubled its third-quarter net income as a tax benefit helped balance pressure from price decreases and a challenging global economy.
It earned $44 million, or 28 cents per share, in the quarter that ended Sept. 30. That compares with $22 million, or 15 cents per share, a year ago. Revenue fell more than 8 percent to $4.65 billion.
The steel maker recorded a $27 million tax benefit in this year’s quarter, compared to a $33 million charge last year. A drop in the company’s cost of sales and some other expenses also helped its performance this year.