On April 27, United States Steel Corporation (US Steel), the largest steelmaker in the US, reported a loss for Q1 2009, declared a dividend reduction and announced additional actions to enhance liquidity.
Accordingly, US Steel reported a net loss of $439 million in the first quarter of 2009 compared to net income of $290 million in the fourth quarter of 2008 and net income of $235 million in the first quarter of 2008.
In the first quarter of 2009, US Steel reported a loss from operations of $478 million, compared to the income from operations of $522 million in the fourth quarter of 2008 and $266 million in the first quarter of 2008.
Commenting on the results, US Steel chairman and CEO John P. Surma said, "Weak customer demand for flat rolled products, coupled with customers' efforts to reduce inventories, has resulted in very low order rates and further downward pressure on prices for our flat rolled and US Steel Europe segments. Our tubular operations have also experienced a severe downturn primarily as a result of reduced drilling activity due to lower oil and gas prices, high inventory levels and unprecedented levels of unfairly traded and subsidized tubular imports from China."