U.S. Steel backs oil growth via Lone Star buy

United States Steel Corp. placed a bet on oil Thursday, inking a $2.1 billion cash deal to buy drill-pipe specialist Lone Star Technologies Inc.

"With continued high energy-price forecasts and anticipated growth in North American drilling, most industry observers believe tubular-product demand should remain robust," said John Surma, chief executive of Pittsburgh-based U.S. Steel, during a conference call with analysts. He shrugged off a warning by oilfield operator Nabors Industries Ltd. , which earlier Thursday said lower-than-expected U.S. rig activity would weigh on first-quarter earnings.

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- Posted: 2007-03-29 13:29:44

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