Armco Inc. said first-quarter net income fell...

Armco Inc. said first-quarter net income fell to $44 million from $52.5 million a year ago. The latest quarter included $25.6 million from a tax benefit and a $28.3-million gain from an accounting change. Armco reported an operating loss of $9.9 million in the latest quarter, contrasted with a $49.6-million profit a year before. In the year-ago quarter the Middletown, Ohio, steel company had a $4.9-million gain from a tax benefit. Revenue rose to $748 million from $727.8 million a year ago.