Bethlehem Steel projected a first-quarter loss.

The Bethlehem, Pa.-based steelmaker said it expects to post a first-quarter loss of between $60 million and $80 million. It said it plans to offer 5 million shares of common stock to raise money for “working capital, capital expenditures and other general corporate purposes.” The nation’s third-largest steelmaker said it filed a stock registration statement with the SEC. The loss was because the Reagan Administration’s Comprehensive Fair Trade Program has not been fully implemented, steel prices continue to be very depressed and there are “substantial inventories because of the high level of imports,” the company said.