US Steel posts 1Q loss as costs rise
PITTSBURGH – US Steel said it lost $73 million in the first quarter because of tough competition and rising prices.
A year ago, it made money in its flat-rolled steel segment, but that was a money-loser in the most recent quarter. Production costs rose, but selling prices didn’t.
The loss for United States Steel Corp. was 51 cents per share. Its adjusted loss of 35 cents per share was more than twice as big as the loss of 19 cents per share expected by analysts surveyed by FactSet. A year ago, it lost $219 million, or $1.52 per share, because of costs for selling a unit in Serbia.
Revenue fell 11 percent to $4.6 billion, slightly less than analysts expected.
US Steel shares fell more than 4 percent in premarket trading.