U.S. STEEL CORP. REPORTS LOSS OF US$ 340 MILLION

United States Steel Corp. (X) on Tuesday reported a loss of $340 million in its first quarter.

The Pittsburgh -based company said it had a loss of $2.32 per share. Losses, adjusted for severance costs, were $2.15 per share.

The results fell short of Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for a loss of $1.29 per share.

The steel maker posted revenue of $2.34 billion in the period, also falling short of Street forecasts. Three analysts surveyed by Zacks expected $2.53 billion