U.S. Steel Corp. reported a second quarter loss of $46 million in July, a significant improvement over its year-ago loss of $261 million. Net sales of $2.6 billion declined from $2.9 billion during the same 2015 period.
“Our improving cost structure continues to drive increases in our margins and the recent increases in steel prices started to be reflected in our results,” said President and CEO Mario Longhi. “While market conditions have improved recently, we remain focused on lowering our break-even point and working closely with our customers to improve our market position and create value for all of our stakeholders.” He said The steel industry continues to face challenging conditions as a result of global overcapacity and unfair trade practices.
“We remain focused on improving our trade laws and their enforcement, and we are encouraged that final affirmative determinations in recent trade cases have been a catalyst for increasing steel prices,” he said.
Source : hometownfocus.us