United States Steel Corporation (NYSE:X) has announced that it has cut 2,800 jobs.

United States Steel has issued layoff warnings to roughly 9,000 of its employees. The latest layoff warnings were announced this month and included 1,700 employees. The layoffs are occurring as the company heads into “a stormy period” with no idea  how long its going to last, reports Pittsburgh Post-Gazette.

United States Steel also released its earnings report for the first quarter of 2015. It’s includes a net loss of $75 million, or 52 cents per diluted share. In Q1 2014, it reported earnings of $52 million, which comes to 34 cents per diluted share.

United States Steel’s outlook for 2015 has lowered estimates for earnings before interest and taxes to between $115 million and $315 million. Without taking into account for interest, income taxes, depreciation and amortization, the company expects 2015 earnings to be between $700 million and $900 million.

X shares were down 10% as of Wednesday afternoon.

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