U.S. Steel Corp. (X) said an additional after-tax benefit of
$392 million helped to slightly improve last year's bottom line
from the company's initial report of preliminary results last
month.
The benefit helped the company's full-year bottom line improve
to a loss of $1.67 billion, or $11.56 a share, compared to a
year-earlier net loss of $2.06 billion, or $14.27 a share.
The tax benefits resulted from liquidating for tax purposes a
non-U.S. entity that is a holding company for most of U.S. Steel's
non-U.S. operations, the company said, adding that the additional
tax benefits will generate more than $300 million of incremental
after-tax cash flow in 2014.
The company plans to use the increased cash position to
accelerate its turnaround, by investing in core business processes,
including commercial, manufacturing, supply chain, procurement and
innovation, the company said.
"While we still face many challenges, we are moving forward with
purpose and beginning to see the results of our actions," Chief
Executive Mario Longhi said Tuesday.
Beset by high labor costs and pension obligations, U.S. Steel
has lost money in seven of the past nine quarters. In a statement
last month, Mr. Longhi said results would improve "moderately" in
the first quarter. "We are on a multiyear journey to grow by
improving our balance sheet and achieving sustainable
profitability," he said.
Shares rose 14 cents to $23.84 in recent after-hours trading.
Through Tuesday's close, the stock has risen 16% in the last 12
months.
Write to Anna Prior at anna.prior@wsj.com
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