Imports hurt USX profits; net falls 62%
Article Abstract:
USX Corp. reported a 62% decline in its 1998 third quarter profits which was blamed on the abundance of inexpensive imported steel as well as depressed oil prices. Net income of $116 million on revenues of $7.16 billion was posted by USX's steel and energy operations compared to profits of $307 million on revenues of $5.66 billion for the same period in 1997. Net income of U.S. Steel fell 44% while its mills operated at only 85% of capacity because of steel imports, a strike at General Motors as well as soft demand for tubing utilized in energy markets. Likewise, USX's Marathon Group also posted a 73% decline in net income.
Comment:
Reports a 62% decline in its 1998 3rd quarter profits
Publication Name: Pittsburgh Post-Gazette (PA)
Subject: Business, regional
ISSN:
Year: 1998
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Steel chief urges U.S. to put end to imports
Article Abstract:
US Steel Group President Paul J. Wilhelm urged the US government to stop importing steel from other countries. Speaking before over 1,100 industry engineers and suppliers at the DoubleTree Hotel on Sep. 22, 1998, Wilhelm said that if this trend continues, it could bring tragic long-term effects to the US steel industry. For instance, US Steel had to reduce its production by 10% because of the continued dumping of low-priced steel from Japan, South Korea, Russia and other countries. According to Wilhelm, if this continues it could eventually put a lot of people out of work and destroy the US steel industry as a whole.
Comment:
Paul J Wilhelm urges the US government to stop importing steel from other countries
Publication Name: Pittsburgh Post-Gazette (PA)
Subject: Business, regional
ISSN:
Year: 1998
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Alcoa posts strong quarters
Article Abstract:
Alcoa, the largest global producer of aluminum, reported a net income of $207.1 million, or $1.24 per diluted share, in the second quarter of 1998 against $207.6 million, or $1.18 per share, in the same period in 1997. Alcoa's performance went beyond the $1.15-per-share expectation of Wall Street analysts. The company also posted a 47% increase in its sales in 1998 worth $3.6 billion on record shipments of 866,000 metric tons of aluminum brought about by its recent purchases in Europe, including the acquisition of a state-owned aluminum firm in Spain during the first quarter of 1998.
Comment:
Reports a net income of $207.1 million, or $1.24 per diluted share, in the second quarter of 1998
Publication Name: Pittsburgh Post-Gazette (PA)
Subject: Business, regional
ISSN:
Year: 1998
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