Signs that higher prices helped offset raw material costs, and any indication of improved customer demand.

U.S. Steel has posted consecutive quarterly losses since December 2008, when demand fell from automakers, construction companies and other customers as the recession ran its course.

Since then, steel companies have started to rebound as the manufacturing sector became a key driver of the economic recovery, recording 23 straight months of growth.

Factory production slowed in the second quarter because of supply shortages created by the devastating March earthquake and tsunami in Japan.

Overall factory production was flat and U.S. auto factories produced fewer goods in June than May, according to the Federal Reserve.

Steel prices started the quarter close to $900 per short ton before falling to around $740 per ton by June 30, said Joe Innace, Platts editorial director for the steel industry.

WHY IT MATTERS: U.S. Steel turns out a variety of products for a diverse group of industries, from appliances and automobiles to industrial equipment and construction. The pace of economic growth can be gauged in part from the sales U.S. Steel makes to its broad customer base.

WHAT'S EXPECTED: U.S. Steel has predicted an improved performance because of higher prices, while raw material costs remained relatively stable. The company is shielded from some higher raw materials prices because it has its own source of iron ore for North American operations.

Analysts surveyed by FactSet expect earnings of $1.22 per share on revenue of $5.56 billion. They will look for updates on markets in Europe, cost management, a price outlook and perspective on increasing global competition.

LAST YEAR'S QUARTER: U.S. Steel posted a second-quarter loss of $25 million, or 17 cents per share, on sales of $4.68 billion. The company's stock closed at $46.04 on June 30, down from $53.94 on March 31.