United States Steel Corp. on Tuesday reported a third-quarter net income of $269 million, down from a third-quarter 2006 net income of $417 million.
Net income in the second quarter of 2007 was $302 million.
"We had a good quarter as each of our segments effectively responded to diverse challenges, including general economic concerns that affected our major markets,'' John Surma, U.S. Steel chairman and chief executive officer said in a news release.
In Northeastern Minnesota, U.S. Steel owns and operates Minntac Mine in Mountain Iron, Keewatin Taconite, and is partial owner of Hibbing Taconite.
Iron ore production during the third quarter was 5.3 million net tons, down from5.9 million net tons in the third quarter of 2006. Iron ore production in the second quarter of 2007 was 4.9 million net tons.
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Overall results for the fourth quarter are expected to decline due to normal seasonal effects and several scheduled blast furnace outages, Surma said.
A deal to acquire Canadian steelmaker Stelco is expected to be finalized this week, Surma said.
