April 26, 2011 / 12:37 PM / 7 years ago

UPDATE 2-U.S. Steel Q1 loss narrows; forecasts Q2 profit

* Q1 loss 60 cents/share vs year-ago loss $1.10

* Revenue up 25 pct to $4.86 bln

* Sees profits in second quarter

* Shares up slightly in premarket trading

NEW YORK, April 26 (Reuters) - U.S. Steel Corp (X.N) posted a third consecutive quarterly loss but said higher steel prices and shipments would lead to a significant profit in the second quarter.

Demand for steel began rising in the 2010 fourth quarter and was strong through the first three months of this year but has moderated since then, it said.

Chief Executive John Surma said the company was “cautiously optimistic” that the global economy would continue to improve, stimulating demand for steel.

The Pittsburgh-based company said its first-quarter net loss narrowed to $86 million, or 60 cents per share, from $157 million, or $1.10 per share, a year earlier.

Revenue jumped 25 percent to $4.86 billion.

U.S. Steel shares were up 25 cents to $52.08 in premarket trading. (Reporting by Matt Daily; editing by Gerald E. McCormick and John Wallace)

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