U.S. Steel blasts rising imports as prices fall, loss hits $74M

摘要

U.S. Steel Corp. sank $74 million into the red in the first quarter as an import surge and costs related to coke plant shutdowns hammered the steelmaker. The market should improve in the second half of 2015 as swelling inventories in both the flat-rolled and tubular arenas are wrestled under control, U.S. Steel said in commentary released with earnings results April 28. A possible better end of the year is cold comfort for now, especially with spot prices for flat-rolled steel falling further than expected as imports climbed to record highs, U.S. Steel president and chief executive officer Mario Longhi said.