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U.S. Steel Earnings Miss Estimates After Prices Drop

U.S. Steel Corp. the largest U.S. producer of the metal, reported a first-quarter loss and revenue that missed analysts’ estimates after a drop in steel prices and shipments.

Excluding a charge for paying down debt, the loss was 35 cents a share, the Pittsburgh-based company said in a statement today, wider than the 22-cent average of 10 estimates compiled by Bloomberg. Sales fell 11 percent to $4.6 billion, compared with the $4.66 billion average of 11 estimates.