United States Steel Corp. on Tuesday reported third-quarter net income of$417 million, a significant increase compared with the third quarter of 2005.
Bolstered by favorable market conditions and strong operating performances, the Pittsburgh-based company's net income was up from a 2005 third-quarter net income of $93 million.
Net income during the second quarter of this year was $404 million.
In Northeastern Minnesota, U.S. Steel owns and operates two taconite plants, Minntac Mine in Mountain Iron and Keewatin Taconite.
U.S. Steel's iron ore production during the third quarter was 5.9 million net tons. That compares with 5.4 million net tons produced during the second quarter and 5.8 million net tons during the third quarter of 2005.
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John Surma, U.S. Steel chairman and chief executive officer, said a weakening of the U.S. economy, high steel imports, customer inventory levels and softer flat-rolled steel markets in the near term probably would result in lower fourth-quarter earnings.
