United States Steel posts improved profits

United States Steel posts improved profits

United States Steel has come out with their latest quarterly revenue reports and they have reported a 62-percent leap in second-quarter profit.

This was much better than what the market had expected from the company as they benefited from higher steel prices and shipments.

Market analyst Michael Locker spoke about their impressive performance: “U.S. Steel did extremely well, and they’re sitting on $1.5 billion in cash.”U.S. Steel did extremely well, and they’re sitting on $1.5 billion in cash.”

United States Steel reported net earnings of $404 million or $3.22 per share. The sales were up 15 percent to $4.1 billion from $3.6 billion.