Steel Companies: Three major steelmakers reported sizable...

Steel Companies: Three major steelmakers reported sizable losses in the first quarter, primarily because of restructurings, the recession and the related decline in consumer spending for automobiles and major appliances. LTV Corp. posted a loss of $46.3 million on revenue of $1.43 billion, contrasted with net income of $44.2 million on revenue of $1.49 billion a year ago. The Dallas-based firm’s sales dropped 19% to $797.2 million. The decline was partially offset by a 27% increase in sales at LTV’s aerospace and defense division to $549.5 million. The 1991 loss included a $10-million restructuring charge for personnel-reduction costs. National Steel Corp. reported a net loss of $64.4 million, compared to a net loss of $4.2 million in the 1990 quarter. First-quarter sales at the Pittsburgh-based firm dropped 14% to $525 million. Steel shipments fell 9% to 1.1 million tons. USX Corp. reported a net loss of $237 million, contrasted with $176 million in net profit in the 1990 period. Sales fell to $4.5 billion from $4.7 billion. The Pittsburgh-based firm said the loss included a $346-million restructuring charge largely because of the costs of closing two huge steelmaking plants near Philadelphia.

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