U.S. Steel swings to a loss

U.S. Steel Corp. reports a first-quarter net loss of $439 million, and a 47% drop in sales to $2.75 billion. The company plans to offer 18 million shares of common stock and cut quarterly dividends to raise cash and reduce its debt. Capital expenditures in 2009 will be cut by $330 million. U.S. Steel expects a loss in its second quarter.