USX, National in Red; Bethlehem in Black

USX Corp. and National Steel, the nation’s largest and sixth-largest steel producers, respectively, reported first-quarter losses on Tuesday. Third-ranked Bethlehem Steel showed a $25.6-million profit.

USX said it lost $97 million in the first three months of 1987 because of the restarting of its steel mills after a six-month labor dispute that ended in February.

A year earlier, the Pittsburgh-based steel and energy giant posted a $249-million loss. Revenue declined 40% to $2.8 billion.

National Steel said it narrowed its loss to $5.6 million in the first quarter from the $39.4-million loss it posted a year ago. Revenue for the Pittsburgh-based company rose 13.7% to $537.4 million.

Bethlehem said its first-quarter profit of $25.6 million compared to a $91.8-million loss a year ago. Revenue totaled $1.13 billion, down 3%.

USX Chairman David M. Roderick said he believed that “the worst is now behind us” and that the company would post profits in the three remaining quarters and for the full year.

USX said its energy businesses, primarily Marathon Oil and Texas Oil & Gas, had operating income of $121 million on quarterly sales of $2.3 billion, compared to an operating loss of $127 million on sales of $2.6 billion a year ago.

Natural gas prices remained depressed, but oil prices were expected to rebound this year, Roderick said. Steel operations lost $192 million on sales of $190 million, compared to an operating loss of $24 million on sales of $1.4 billion a year ago.

Bethlehem Steel attributed its first-quarter performance to improved operating results at its big plants at Burns Harbor, Ind., and Sparrows Point, Md.

The Bethlehem, Pa., company said its results were affected adversely by a $17-million charge for possible future losses in its marine construction group and $10 million in pension accounting changes.

National blamed its loss on furnace maintenance costs and equipment breakdowns, which it said offset gains in demand and pricing.