U.S. Steel Rebounds to Profit in Quarter
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United States Steel Corp. swung to a profit in the first quarter, its financial performance rising along with steel prices. It was its first profit in five quarters.
The Pittsburgh-based steelmaker also said Chairman and Chief Executive Thomas Usher would be stepping down as CEO at the end of September. Chief Operating Officer John Surma, 49, was elected to succeed him. Usher, 61, will remain chairman until April 2007.
The company said it earned $58 million, or 47 cents a share, contrasted with a loss of $38 million, or 40 cents, a year earlier. Sales rose 56% to $2.97 billion.
Some analysts had expected even higher earnings. Shares fell $2.12 to $33.38 on the NYSE.
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