U.S. Steel Reports $22-Million Loss
From Bloomberg News
U.S. Steel Corp., the biggest U.S. steelmaker, said it had a fourth-quarter loss because of costs to pay retirees, fire workers and payments related to stock options.
The loss was $22 million, or 26 cents a share, contrasted with net profit of $11 million, or 10 cents, a year earlier. Sales rose 41% to $2.68 billion, helped by the acquisition of National Steel Corp., the company said.
The loss includes costs of $23 million, or 23 cents a share, to pay stock-appreciation rights after its share price almost doubled in the quarter, close its electronic steel-trading business and cut jobs.
Shares of U.S. Steel rose $1.34 to $34.05 on the NYSE.
