Earnings leap at U.S. Steel

U.S. Steel Corp. said fourth-quarter profit more than doubled on higher U.S. prices and increased demand in Europe.

Net income rose to $297 million, or $2.50 a share, from $109 million, or 85 cents, a year earlier, Pittsburgh-based U.S. Steel said. Sales jumped 8.8% to $3.77 billion.

Prices in Europe surged 21% and shipments jumped 14%, even as sales slowed to U.S. metals distributors and automakers. While U.S. prices were higher than a year earlier, shipments fell as imports rose to a record and inventories increased.

Chief Executive John P. Surma Jr. said profit in the current quarter will be less than in the fourth quarter.

Shares of U.S. Steel lost $1.10 to close at $76.88 before the earnings news. In after-hours trading, shares rose 67 cents to $77.55.