Getting your player ready...
The giant steel producer said Tuesday that its second-quarter profit more than doubled and it expects continued robust growth in the third quarter because of surging demand and higher prices.
Substantial price increases across U.S. Steel’s three business segments outpaced increases in the cost of raw materials, the company said.
U.S. Steel’s net income more than doubled to $668 million, $5.65 per share, for the three months ended June 30, compared with $302 million, $2.54 per share, during the same period last year, easily beating Wall Street estimates. Revenue climbed 60 percent to $6.74 billion.
