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U.S. Steel Posts Third Consecutive Quarterly Loss

Published: Tuesday, 27 Oct 2009 | 10:34 AM ET

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By: Reuters

U.S. Steel, which has been operating at less than half capacity since the economic downturn last year, posted its third consecutive quarterly loss Tuesday on weak demand.

All three of the company's business sectors operated in the red in the third quarter.

The net loss was $303 million, or $2.11 per share, compared with a year-earlier profit of $919 million, or $7.79 per share, Pittsburgh-based U.S. Steel said.

Revenue dropped 61 percent to $2.82 billion.

The company [X Loading... () ] posted even bigger losses in the first and second quarters, and analysts expect another loss, though narrower, in the fourth quarter.