U.S. Steel -17% after shocking Q1 loss; other steel stocks lower

|By:, SA News Editor

U.S. Steel (NYSE:X) -17.2% AH after posting an adjusted $0.83/share Q1 loss instead of an expected solid gain.

The company says Q1 results for its flat-rolled segment declined "significantly" Q/Q, "as we expected, primarily due to higher raw material costs, increased planned outage costs, seasonally lower results from our mining operations, and restart costs associated with the Granite City hot strip mill and our Keetac iron ore mine."

X says market conditions have continued to improve, and that it "will realize greater benefits as these improved conditions are recognized more fully in our future results."

Other steel stocks are down in sympathy: NUE -2.3%, STLD -2.8%, MT -4.2%, AKS -4.4%, CLF -5.2% AH.