The company spent $518 million to purchase 8.8 million shares of its common stock and used approximately $375 million to redeem high-coupon debt during the first quarter.

Valero Energy Corporation based in San Antonio, with approximately 22,000 employees and 2007 annual revenues of $95 billion. The company owns and operates 17 refineries throughout the United States, Canada and the Caribbean with a combined throughput capacity of approximately 3.1 million barrels per day, making it the largest refiner in North America.

Valero stock (VLO: chart) fell $1.45 to $51.48.

United States Steel Corporation., an integrated steel producer with operations in North America and Central Europe today reported net sales rose 38% to a quarterly record of $5.2 billion from $3.7 billion a year ago.

Net income in the quarter was $235 million, or $1.98 per diluted share, compared to net income of $35 million, or $0.29 per share in the fourth quarter of 2007 and net income of $273 million, or $2.30 per share in the first quarter of 2007.

During the first quarter the company repurchased 305,000 shares of common stock for $33 million.

U.S. Steel stock (X: chart) fell $4.40 to $148.60.