PITTSBURGH (AP) — United States Steel lost money for the fourth consecutive quarter as sales fell sharply.
On Tuesday, the Pittsburgh manufacturing giant reported a fourth-quarter loss of $267 million, compared with earnings of $290 million, during the same period last year.
Revenue declined 26 percent.
Steel manufacturers were battered during the recession as demand dried up for the metal used in automobiles, construction and consumer products. Though the company saw improvement in those markets at the end of 2009, it still predicts a first quarter operating loss “in line” with the fourth quarter.