LTV Reports $472-Million Deficit for 2nd Period

LTV Corp., plagued by a depressed steel industry, reported a second-quarter loss of $472.3 million, including a previously announced $400-million charge related to the idling of primary operations at its Aliquippa, Pa., steel plant. The losses compared to a loss of $22.7 million in the second quarter of 1984, the company reported. Revenue for the quarter rose to $2.1 billion, compared to $1.6 billion for the similar period a year ago.

Company officials attributed the rise to the acquisition of Republic Steel on June 29, 1984. The second quarter of 1984 does not include sales or results of Republic.

LTV Chairman and Chief Executive Raymond A. Hay blamed a depressed steel industry caused by a surge in imports and price discounting for most of the company’s losses.

“The second-quarter operating loss was primarily caused by unfavorable market conditions in steel,” Hay said. “Foreign imports and eroding price realizations continue to be the major deterrents to profitability in our steel business.”

Of the $72.3-million loss not attributed to the Aliquippa plant, $39.7 million was in the company’s steel operations, compared to an operating loss of $2.6 million a year earlier and $111.7 million in the first quarter of this year.