Lone Star Parent Company Calls 2008 "Outstanding"

United States Steel Corporation reports 2008 fourth quarter and full-year results.

PITTSBURG, PA, Jan. 27, 2009 -- Citing record sales and income, U.S. Steel Chairman and CEO John Surma called 2008 an outstanding year for the steel giant.

In a press release today, the company reported fourth quarter 2008 profits of $308 million, or $2.65 per diluted share, compared to third quarter 2008 net income of $919 million, or $7.79 per diluted share, and fourth quarter 2007 net income of $35 million, or $0.29 per diluted share. Fourth quarter 2008 net income was increased by $76 million, or 65 cents per diluted share.

For the full-year 2008, U. S. Steel reported a net income of $2,130 million, or $18.11 per diluted share, compared with full-year 2007 net income of $879 million, or $7.40 per diluted share.

U. S. Steel Chairman and CEO John P. Surma said, "Although the global economic situation negatively affected fourth quarter results, we had an outstanding year in 2008, with record net sales, income from operations and net income. Our strategic acquisitions positioned us to realize substantial benefits from strong global market conditions during most of 2008."

The company reported fourth quarter 2008 income from operations of $549 million, compared with income from operations of $1,327 million in the third quarter of 2008 and $116 million in the fourth quarter of 2007. For the year 2008, income from operations was $3,096 million versus income from operations of $1,213 million for the year 2007.

Read the full release at http://uss.mediaroom.com/index.php?s=43&item=551.