U.S. Steel Corporation (USS) is reporting a net income in the second quarter of 2012 of $101 million or 62 cents per diluted share, compared to a net loss $219 million or $1.52 in the first quarter and a net income of $222 million or $1.33 in the year-ago.

“We reported good operating results for the second quarter reflecting positive results from all three of our operating segments,” USS Chair and CEO John Surma said in a statement released today. “Our flat-rolled and tubular segments had solid results considering the very fragile nature of the U.S. economic recovery. U.S. Steel Europe (USSE) returned to profitability with significantly improved results but continues to be challenged by the economic situation in the region.”

Adjusted second-quarter net income was $110 million or 69 cents per diluted share, excluding an $11 million after-tax early redemption premium on the company’s $300 million 5.65-percent Senior Notes due 2013.

Adjusted first-quarter net income was $110 or 67 cents per diluted share, excluding a $399 million after-tax loss on the sale of U.S. Steel Serbia; also excluding a $58 million after-tax gain on the sale of transportation assets; and excluding a $12 million after-tax gain on property-tax settlements.

“We expect total reportable segment and Other Businesses operating results to be positive in the third quarter but below our second quarter results, reflecting the continued weakness in the North American, European, and emerging market economies,” Surma said. “Average realized prices are expected to be lower for all three operating segments with total reportable segment shipments slightly lower than the second quarter. Our tubular segment is expected to continue its trend of solid operating profits.”

“We expect near break-even results for our flat-rolled segment in the third quarter due to lower average realized prices,” the company said. “Proceeds are expected to be lower compared to the second quarter as spot and index-based prices decrease. While average realized spot prices are expected to be lower for the third quarter, spot transaction prices are expected to increase as the quarter progresses. Shipments for our flat-rolled segment are expected to be comparable to the second quarter, as end user demand appears stable and supply-chain inventories remain balanced. Operating costs are expected to be comparable to the second quarter.”

•Flat-rolled reported an income from operations of $177 million, compared to $183 million in the first quarter and $374 million in the year-ago. “The benefits of an $8 per ton increase in average realized prices more than offset the effects of lower shipments, which reflected the adverse affect of a large increase in flat-rolled imports,” the company said. “Maintenance costs increased by $40 million over the first quarter, primarily related to scheduled blast furnace and other maintenance projects. Reduced energy costs in the second quarter partially offset the increased maintenance costs.”

•USSE reported an income from operations of $34 million, compared to a loss from operations of $34 million in the first quarter and a loss of $18 million in the year-ago.

•Tubular reported an income from operations of $103 million, compared to $129 million in the first quarter and $31 million in the year-ago.

•Other businesses reported an income from operations of $16 million, compared to $17 million in the first quarter and $9 million in the year-ago.

•Total income from operations was $253 million, compared to a loss from operations of $73 million in the first quarter and an income of $300 million in the year-ago.

•The average realized price per net ton of flat-rolled was $772 in the second quarter, compared to $764 in the first quarter and $803 in the year-ago.

•USS and USSE shipped a total of 5.434 million tons in the second quarter, compared to 5.666 million in the first quarter and 5.498 million in the year-ago.

•Flat-rolled raw-steel capability utilization was 77 percent in the second quarter, compared to 83 percent in the first quarter and 81 percent in the year-ago.

•USS reported net sales of $5.017 billion in the second quarter, compared to $5.172 billion in the first quarter and $5.12 billion in the year-ago.

•Flat-rolled capital expenditures were $151 million in the second quarter, compared to $181 million in the first quarter and $142 million in the year-ago.

•On June 30, USS had $565 million in cash and $2.4 billion of total liquidity, compared to $652 million in cash and $2.5 billion of total liquidity on March 31.