U.S. Steel CEO Surma Says Company Studying Ways To Cut Costs

U.S. Steel Tower in downtown Pittsburgh, Penns...

U.S. Steel Tower in downtown Pittsburgh, Pennsylvania. (Photo credit: Wikipedia)

The same day his company reported a worse-then-expected quarterly loss, U.S. Steel chairman and CEO John P. Surma told shareholders the Pittsburgh steel producer is undertaking a thorough study of how to reduce costs and is considering an iron-related joint venture with Republic Steel‘s plant in Lorain, Ohio.

Lower sales and shipments brought about the loss, Mr. Surma said.

U.S. Steel reported it lost $73 million, or 51 cents per share, versus a loss of $219 million, or $1.52 per share, in the year-ago quarter.

Sales fell 11 percent to $4.6 billion while shipments declined 3 percent to 5.5 million tons.  Pricing was flat compared to fourth quarter levels but below prices in last year’s first quarter.

Read more: http://www.post-gazette.com/stories/business/news/us-steel-reports-larger-than-expected-quarterly-loss-685642/#ixzz2Rz4SE7hE