US Steel 2Q Profit More than Doubles

July 30, 2008 6:58:13 AM PDT
United States Steel says its profit more than doubled in the second quarter, surpassing Wall Street's expectations, on increased demand and pricing. The Pittsburgh-based steel company says it earned $668 million, or $5.65 per share, compared with $302 million, or $2.54 per share, in the year-ago period.

Thomson Financial says analysts, on average, were expecting earnings of $3.91 per share.

The company says revenue increased 60 percent to $6.74 billion from $4.23 billion in the second quarter of last year.

U.S. Steel says substantial price increases across all three of its business segments outpaced increases in raw material costs.