U.S. Steel says 3Q loss was $349M

U.S. Steel says 3Q loss was $349M

U.S. Steel Corp. said Tuesday that it has trimmed about 4,200 from its work force since May and anticipates additional reductions going forward, as the company reported a third-quarter net loss of $349 million, or $3.42 a diluted share.

The Pittsburgh-based company said at the time of its acquisition of National Steel Corp. this spring, that domestic employees at U.S. Steel and National totaled 28,000. However, following the implementation of a new labor agreement, the elimination of redundant personnel, efforts to reduce domestic administrative costs and the sale of its coal business, U.S. Steel reduced domestic employment to 23,800, as of Sept. 30.

The company said that number will decline further over the next several months as it completes other reductions, continues to lower administrative costs and completes a previously announced asset exchange with Cleveland-based International Steel Group Inc. Those moves might result in additional work force reduction charges, U.S. Steel said on Tuesday.

The company's third quarter 2003 results were down significantly from the same quarter last year, when U.S. Steel reported net income of $106 million, or $1.04 a diluted share.

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