News Summary: US Steel 2Q net income cut in half

Associated Press

BY THE NUMBERS: U.S. Steel earned $101 million, or 62 cents per share, in the April-through-June quarter. Revenue totaled $5.02 billion. The results beat analysts' expectations and shares jumped 9.1 percent.

BEHIND THE RESULTS: Overall shipments fell slightly from the first quarter because of weak demand in the sluggish economy. That was partially offset by higher prices for flat-rolled steel and products manufactured at its European operation.

WHAT'S NEXT: U.S. Steel expects third-quarter results to fall below the second quarter because of ongoing weak demand but said each business unit should have a positive operating result.

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