Import Tariffs Help U.S. Steel Post Profit
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U.S. Steel Corp., North America’s biggest producer of raw steel, had a fourth-quarter profit because tariffs on imports and demand from automakers boosted prices and shipments.
Net income was $12 million, or 12 cents a share, contrasted with a net loss of $174 million, or $1.95, in the year-earlier quarter. Sales jumped 34% to $1.9 billion, U.S. Steel said.
U.S. tariffs imposed in March to protect U.S. steelmakers from cheaper imports helped support price hikes, the company said.
U.S. Steel shares rose 1 cent to $15.15 on the NYSE.
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