U.S. Steel Reports Profit for 4th Quarter
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United States Steel Corp., the largest U.S. integrated steelmaker, reported a fourth-quarter profit after a loss a year earlier, citing robust worldwide steel prices and tight supplies.
The Pittsburgh-based company posted earnings of $462 million, or $3.55 a share, compared with a net loss of $22 million, or 26 cents, in the same quarter of 2003, when it was hurt by expenses for retiree pension and healthcare costs.
Fourth-quarter revenue soared to $3.93 billion from $2.68 billion a year earlier, the company said.
The results were higher than Wall Street had been expecting. U.S. Steel shares jumped $1.13 to $51.50 in after-hours trading after closing at $50.37 on the New York Stock Exchange.
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