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The worldwide decline in the demand for steel sent U.S. Steel's (NYSE: X) fortunes tumbling in the first quarter of 2009. The company reported today a decline in net sales of $1.75 billion over the previous quarter and $2.4 billion over the same quarter in 2008. This resulted in a net loss of $439 million, or $3.78 per share.

The company blames weak demand for its flat-rolled steel, a drop in tube steel usage in the drilling industry as a result of declining oil prices, and "unfairly traded and subsidized tubular imports from China." The industry has benefited from trade protections in the past after claiming that foreign competitors were being subsidized.

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