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PITTSBURGH (AP) - 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.
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