Steel firm may have set record for quarterly loss
Bethlehem Steel, the nation's second-largest steelmaker, reported that it lost more than $1.1 billion in the last three months of 1982. This is believed to be the highest quarterly loss in US corporate history.Skip to next paragraph
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The reaction to the loss was mixed on Wall Street. Some observers of the company said they had expected even worse results for 1982. Bethlehem reported that its ledgers showed a loss for 1982 of $1.469 billion on revenues of $5.26 billion. In 1981, the company showed a profit of $210.9 million on revenues of $ 7.3 billion. The company credited the losses to exceptionally poor consumer demand in every market it serves.