U.S. Steel Corp's second-quarter dropped more than 50 percent, hit by slumping prices, rising raw material and energy costs and Europe's debt crisis.

Net earnings were $101 million, or 62 cents per share, compared with $222 million, or $1.33 per share, in the same quarter of 2011. Excluding some items, the adjusted profit was 69 cents per share.

Revenue was slightly down at $5.0 billion from $5.1 billion, the Pittsburgh-based steelmaker said.

In April, U.S. Steel warned that its flat-rolled business could decline in the second quarter, exacerbated by the European debt crisis, which affects its Slovakia-based operations.