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PITTSBURGH (AP) - United States Steel Corp. said Tuesday higher tubular steel sales softened the impact of falling prices for the commodity overall on profit in the latest quarter.
Fourth-quarter earnings, reported Monday, were also hurt by costs related to maintenance and production delays at one of the steel maker's major blast furnaces in Gary, Ind.
A shift in accounting techniques at the Pittsburgh-based company's Slovak operation also weighed on profit, resulting in a one-time $35 million charge. Net income, including the charge, dropped to $109 million, or 85 cents per share, from $451 million, or $3.46 per share, a year earlier.
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