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U.S. Steel's Profit Tops Expectations

October 22, 2002

United States Steel Corp. posted a better-than-expected quarterly profit, reversing a year-earlier loss, helped by federal tariffs on imports and strong demand from the auto industry.

Domestic steel prices soared this year, in part because President Bush imposed tariffs on a range of imports in an effort to prop up the ailing industry.

Prices also got a lift from a falloff in U.S. capacity after a string of industry bankruptcies, partly due to the burdens of retiree health-care and pension costs.

The company, based in Pittsburgh, reported earnings of $106 million, or $1.04 a share, including special items, contrasted with a loss of $23 million, or 26 cents, a year earlier. Revenue rose 16% to $1.91 billion.

U.S. Steel shares rose 1 cent to close at $12.84 on the New York Stock Exchange after Monday's earnings release, which showed the benefit of a nearly 60% increase in steel prices from a year before.

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