United States Steel Corporation today 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, USS 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 from 5.9 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 to normal seasonal effects and several scheduled blast furnace outages, said Surma.
A deal to acquire Canadian steelmaker Stelco is expected to this week be finalized, Surma said.
