ROUNDUP : USX Profit for 1990 Declines on Lower Prices, Higher Costs
From Times Staff and Wire Reports
The Pittsburgh-based steel and energy company said its net profit for the year fell 15% from a year earlier to $818 million on revenue of $20.7 billion, up 11%. The earnings decline was due to lower steel prices and higher environmental and litigation expenses, the nation’s largest steelmaker said. Fourth-quarter earnings rose 9.4% to $267 million on revenue of $6.2 billion, up 27%. The company attributed the quarterly gain to increased profits at its Marathon Oil subsidiary.
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