U.S. Steel posts Q1 loss of $439M US

U.S. Steel has posted a $439 million US first quarter loss as it continues to battle a severe downturn in demand.

The loss, the first in five years for the Pittsburgh steelmaker, compares to a profit of $235 million during the same period last year.

Though analysts had expected grim news from the firm, the plunge was even worse than their predictions. 

“We continue to face an extremely difficult global economic environment,” U.S. Steel CEO John Surma said in a release. 

Sales plunged to $2.75 billion in the quarter, down 47 per cent from the same period last year.