US Steel reports loss during the first quarter

UNITED STATES April 26 2017 12:51 PM

NEW YORK (Scrap Register): During the first quarter, US Steel reported a loss of $180 million in the flat rolled steel and tubular segment. When compared to the net loss of $340 million in the first quarter in 2016 it is comparatively less.

The flat-rolled segment loss for the quarter was seen at $90 million, which is also less when compared to $188 million recoded in first quarter of 2016.However, the negative result for the segment came after a $65 million profit in the fourth quarter.

With the higher selling prices US steel Europe has managed to make $87 million in the quarter, which was up from $14 million loss in the first quarter of the last year.

It is expected that if the market conditions like spot prices, raw material costs, customer demand, import volumes, supply chain inventories, rig counts and energy prices, remain at their current levels, the net earnings are expcted to reach $260 million.