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U.S. Steel losses down from last year

U.S. Steel Corp. on Tuesday announced it lost $180 million in the first quarter of 2017 -- better than the previous quarter and the first quarter in 2016 but still not making a profit. The loss amounts to $1.03 per diluted share, which included a...

U.S. Steel Corp. on Tuesday announced it lost $180 million in the first quarter of 2017 - better than the previous quarter and the first quarter in 2016 but still not making a profit.

The loss amounts to $1.03 per diluted share, which included an unfavorable adjustment of $35 million, or 20 cents per diluted share, taken from the shutdown of certain tubular steel production as the decline in oil pipeline sales continues.

The loss compares to a first quarter 2016 net loss of $340 million and fourth quarter 2016 loss of $105 million.

Despite the loss U.S. Steel declared a dividend of 5 cents per share Tuesday.

U.S. Steel owns and operates the Minntac taconite mine and processing plant in Mountain Iron, the Keetac operations in Keewatin and is part owner of Hibbing Taconite.

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The company said it had total liquidity of $2.8 billion and $1.3 billion of cash on hand and expects to have revenues of $260 million in 2017.

"Market conditions have continued to improve, and we will realize greater benefits as these improved conditions are recognized more fully in our future results. We are focused on long-term and sustainable improvements in our business model that will position us to continue to be a strong business partner that creates value for our customers," said Mario Longhi, U.S. Steel CEO, in a statement. "This remains a cyclical industry and we will not let favorable near-term business conditions distract us from taking the outages we need to revitalize our assets in order to achieve more reliable and consistent operations, improve quality and cost performance, and generate more consistent financial results."

Related Topics: U.S. STEEL
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