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.