June 2007 -- United States Steel manufactures a wide variety of steel sheet, tubular and tin products; coke, and taconite pellets; and has a worldwide annual raw steel capability of 26.8 million net tons.
The Pittsburgh-based company reported first quarter 2007 net income of $273 million, or $2.30 per diluted share, compared with first quarter 2006 net income of $256 million, or $2.04 per diluted share.
Commenting on results, U. S. Steel Chairman and CEO John P. Surma said, "Considering market conditions, we had a good quarter with solid results from Flat-rolled and Tubular and a particularly strong performance by our European segment. We continued to generate substantial cash, redeemed $49 million of debt and made a voluntary contribution of $35 million to our main defined benefit pension plan."
In addition to strong financials, U.S. Steel is using its buying strength to acquire Lone Star Technologies Inc. The company recently announced that it has entered into a definitive agreement under which U. S. Steel will acquire Lone Star, a leading manufacturer of welded oilfield tubular goods, for $67.50 per share in cash.
U.S. Steel expects that the acquisition of Lone Star will strengthen its position as a premier producer of tubular products for the energy sector and will create North America's largest tubular producer.
