OREANDA-NEWS. August 02, 2012. United States Steel Corporation (NYSE: X) reported second quarter 2012 net income of USD 101 million, or USD 0.62 per diluted share, compared to a first quarter 2012 net loss of USD 219 million, or USD 1.52 per diluted share, and second quarter 2011 net income of USD 222 million, or USD 1.33 per diluted share, reported the press-centre of United States Steel Corporation.

Adjusted second quarter 2012 net income was USD 112 million, or USD 0.69 per diluted share, excluding an USD 11 million after-tax early redemption premium on our USD 300 million 5.65% Senior Notes due 2013.  Adjusted first quarter 2012 net income was USD 110 million, or USD 0.67 per diluted share, excluding a USD 399 million after-tax loss on the sale of U. S. Steel Serbia; a USD 58 million after-tax gain on the sale of transportation assets; and a USD 12 million after-tax gain on property tax settlements. 

Adjusted second quarter 2011 net income was USD 185 million, or USD 1.12 per diluted share, excluding USD 37 million of net foreign currency gains, primarily related to the accounting remeasurement of a U.S. dollar denominated intercompany loan to a European entity.

Commenting on results, U. S. Steel Chairman and CEO John P. Surma said, "We reported good operating results for the second quarter reflecting positive results from all three of our operating segments.  Our Flat-rolled and Tubular segments had solid results considering the very fragile nature of the U.S. economic recovery.  U. S. Steel Europe returned to profitability with significantly improved results but continues to be challenged by the economic situation in the region."

The company reported second quarter 2012 reportable segment and Other Businesses income from operations of USD 330 million, compared with income of USD 295 million in the first quarter of 2012 and income of USD 396 million in the second quarter of 2011. 

For the second quarter 2012, we recorded a tax provision of USD 70 million on our pre-tax income of USD 171 million.  The tax provision does not reflect any tax benefit for pre-tax losses in Canada, which is a jurisdiction where we have recorded a full valuation allowance on deferred tax assets.