Commodities - The Coming Bull Market Message Board

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Strategies & Market Trends : Commodities - The Coming Bull Market

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To: craig crawford who wrote (880)	10/22/2001 11:50:46 AM
From: craig crawford	Read Replies (2) of 1643

Weak Demand and Prices Hurt U.S. Steel siliconinvestor.com Oct 22 9:28am ET PITTSBURGH (Reuters) - USX Corp.'s U.S. Steel Group , the nation's No. 1 integrated steel company, posted on Monday a third-quarter net loss compared with a profit a year before, hurt by continuing weak demand and prices for steel. ............................................................................................................................. Domestic steel shipments for the quarter totaled 2.6 million net tons, flat with last year's level. The average realized domestic steel price was $420 per ton in the third quarter, down from $454 per ton in the year-earlier quarter. "Domestic Steel's commercial environment remains extremely difficult due to the weakening economy and the devastating impact that global oversupply continues to have on the U.S. steel industry," said Thomas Usher, chairman of parent company USX Corp. in a statement. "The domestic order rate for the fourth quarter is currently running lower than the third-quarter rate." Total shipments for 2001 are expected to range from 13.5 million to 13.8 million net tons, he said. Shares of U.S. Steel, which have outperformed the Standard & Poor's 500 Index by about 25 percent in the past year, ended at $13.44, up 0.6 percent, or 8 cents, on the New York Stock Exchange on Friday.

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