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U.S. Steel Has Net Loss on Costs to Cut Jobs

October 29, 2003|From Bloomberg News

U.S. Steel Corp. posted a third-quarter loss, its biggest in more than a decade, because of $432 million in expenses to pay retirees, fire workers and write down assets.

The net loss was $349 million, or $3.42 a share, compared with net income of $106 million, or $1.04, a year earlier, the Pittsburgh-based company said. Sales rose 32% to $2.5 billion.

Shares of U.S. Steel rose $1.19, or 5.7%, to $22.03 on the NYSE.

From Bloomberg News

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