United States Steel Corp. (NYSE: X) reported Q1 EPS of $0.34, $0.02 better than the analyst estimate of $0.32. Revenue for the quarter came in at $4.45 billion versus the consensus estimate of $4.51 billion.

Commenting on U. S. Steel's outlook for the second quarter, CEO Mario Longhi said, "We expect reduced income from operations in the second quarter. We expect our production to be limited which will temporarily slow shipments primarily due to continued weather-related logistical issues affecting both raw materials and finished products."

We expect to report a loss for our Flat-rolled segment in the second quarter. The operational difficulties described above are projected to temporarily limit our production capabilities, resulting in a reduction in our shipments and higher operating costs as compared to first quarter. Market conditions in North America are improving; however, average realized prices are projected to be comparable to the first quarter. Given our production disruptions, second quarter shipments will be geared to fulfilling contract commitments where prices are not moving at the same rate as the spot market, as well as negatively influenced by lower automotive coated production and shipments this quarter. We expect to have the operational difficulties largely behind us as we exit the second quarter.

We expect results for our European segment to decrease in the second quarter due to the absence of the sale and swap of carbon emission allowances in the first quarter. Shipments and average realized prices are expected to be comparable to the first quarter.

Tubular results are projected to increase compared to the first quarter. Shipments are projected to be higher due to increased drilling activity. We expect average realized prices to be in line with the first quarter.

We expect a minimal tax provision/benefit in the second quarter.

We remain focused on cash flow and expect to retire the Senior Convertible Notes due in May 2014 without refinancing.

For earnings history and earnings-related data on United States Steel Corp. (X) click here.