PITTSBURGH (AP) _ United States Steel Corp. (X) on Thursday reported a first-quarter loss of $391 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the Pittsburgh-based company said it had a loss of $2.30. Losses, adjusted for asset impairment costs and non-recurring costs, were 73 cents per share.
The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for a loss of 80 cents per share.
The steel maker posted revenue of $2.75 billion in the period, which missed Street forecasts. Three analysts surveyed by Zacks expected $2.78 billion.
U.S. Steel shares have fallen 33% since the beginning of the year, while the Standard & Poor's 500 index has dropped nearly 10%. In the final minutes of trading on Thursday, shares hit $7.63, a drop of 52% in the last 12 months.