U.S. Steel reported its highest segment operating results since 2008, before the Great Recession dragged down both the demand for steel and the financial performance of steelmakers around the world.

The Pittsburgh-based company still lost money. But U.S. Steel, which has local operations in Gary, East Chicago and Portage, lost far less last quarter than it did over the same period last year as a result of new Chief Executive Officer Mario Longhi''s Carnegie Way initiative to cut costs.

U.S. Steel reported a third-quarter loss of $207 million compared to a loss of $1.7 billion over the same period last year. After $495 million in cuts that included layoffs of local non-union employees, the company''s net loss per diluted share has shrunk to $1.42, down from $12.38 in the third quarter of 2013.

"We experienced a significant improvement in total reportable segments and other businesses income from operations in the third quarter, the highest level since the market peak in 2008," Longhi said.

"Steel market conditions in the U.S. have remained stable and our operations have performed well, particularly our flat-rolled segment, where we returned to more normal operating levels and income from operations increased by over $300 million from the second quarter. Our results reflect the significant improvement in our earnings power from our Carnegie Way transformation efforts."

As part the initiative, the steelmaker plans to implement a new management structure with more accountability and to be more proactive about maintenance to reduce long-term costs, Longhi said during Wednesday''s conference call.

U.S. Steel also is weighing replacing blast furnaces with electric arc furnaces.

In addition to the ongoing cost-cutting efforts, income from flat-rolled operations, which includes Gary Works and the Midwest Plant in Portage, rose more than tenfold over the past three months. The segment''s revenue soared to $347 million in the third quarter, up from $82 million during the same period in 2013 and $30 million in the weather-dampened second quarter. Shipments increased as local mills returned to normal operations after historic levels of ice choked shipping lanes on the Great Lakes early in the year.

Operating activities generated $1.2 billion in cash during the first nine months of the year. U.S. Steel spent $150 million less on repairs and maintenance, and also saw energy costs decline.

"Our Carnegie Way progress so far has exceeded our expectations in this multiyear journey," Longhi said. "We expect to continue to see increasing benefits from our Carnegie Way transformation which focuses on building stockholder value. We expect fourth quarter segment income from operations to decrease compared to the third quarter primarily due to significantly lower results for our flat-rolled segment. Results for our European and tubular segments are expected to improve slightly compared to the third quarter."

The company''s U.S. plants shipped 3.2 million net tons of steel during the third quarter, but that should decrease by as much as 10 percent during the winter months.

For the third quarter, U.S. Steel declared a dividend of five cents per common share, payable on Dec. 10.

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