By Sabela Ojea
U.S. Steel saw its profitability plunge in the third quarter as lower commodity prices offset a rise in total steel shipments.
The steel manufacturing company on Thursday posted a net profit of $299 million, or $1.20 a share, compared with $490 million, or $1.85 a share, for the same period a year earlier.
Stripping out one-time items, the company’s earnings per share came in at $1.40.
Revenue dropped 15% to $4.4 billion. Analysts polled by FactSet had forecast revenue of $4.39 billion.
Write to Sabela Ojea at [email protected]; @sabelaojeaguix
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