PITTSBURGH, April 28, 2015
/PRNewswire/ -- United States Steel Corporation (NYSE: X)
reported a first quarter 2015 net loss of $75 million, or $0.52 per diluted share, which included a net
loss of $65 million, or $0.45 per diluted share, on the shutdown of coke
production facilities. This compared to first quarter 2014
net earnings of $52 million, or
$0.34 per diluted share, and fourth
quarter 2014 net earnings of $275 million, or $1.83 per diluted share.
For a description of the non-generally accepted accounting
principles (non-GAAP) measures and a reconciliation to net earnings
(loss) attributable to U. S. Steel and earnings (loss) before
interest and income taxes (EBIT) see the Non-GAAP Financial
Measures section.
Earnings
Highlights
|
|
(Dollars in
millions, except per share amounts)
|
1Q
2015
|
4Q
2014
|
1Q
2014
|
Net
Sales
|
$
|
3,272
|
|
$
|
4,072
|
|
$
|
4,448
|
|
Segment (loss)
earnings before interest and income taxes (EBIT)
|
|
|
|
Flat-Rolled
|
$
|
(67)
|
|
$
|
247
|
|
$
|
85
|
|
U. S. Steel
Europe
|
37
|
|
34
|
|
32
|
|
Tubular
|
1
|
|
121
|
|
24
|
|
Other Businesses
|
8
|
|
18
|
|
13
|
|
Total Segment
EBIT
|
$
|
(21)
|
|
$
|
420
|
|
$
|
154
|
|
Postretirement
benefit expense
|
(13)
|
|
(24)
|
|
(32)
|
|
Other items not
allocated to segments
|
(153)
|
|
1
|
|
—
|
|
EBIT
|
$
|
(187)
|
|
$
|
397
|
|
$
|
122
|
|
Net interest and
other financial costs
|
62
|
|
50
|
|
69
|
|
Income tax
(benefit) provision
|
(174)
|
|
72
|
|
1
|
|
Less: Net earnings
attributable to the noncontrolling interests
|
—
|
|
—
|
|
—
|
|
Net (loss)
earnings attributable to United States Steel
Corporation
|
$
|
(75)
|
|
$
|
275
|
|
$
|
52
|
|
-(Loss) earnings
per basic share
|
$
|
(0.52)
|
|
$
|
1.89
|
|
$
|
0.36
|
|
-(Loss) earnings
per diluted share
|
$
|
(0.52)
|
|
$
|
1.83
|
|
$
|
0.34
|
|
Commenting on results, U. S. Steel President and Chief
Executive Officer Mario Longhi said,
"Our results reflect extremely challenging market conditions,
including the negative impact of the tremendously high levels of
imports, which have contributed to reduced volumes and average
realized prices. We have taken aggressive action to balance
our operational footprint in the most cost effective way; however,
we are maintaining our customer focus and our flexibility to
respond quickly when market conditions improve. We have
accelerated our Carnegie Way transformation efforts and we expect
we will continue to increase our earnings power and create
stockholder value, while working to minimize the negative impact on
our business arising from current market conditions."
Segment loss before interest and income taxes was $21 million, or $5
per ton, for the first quarter of 2015 compared to segment earnings
before interest and income taxes (EBIT) of $420 million, or $92 per ton, in the fourth quarter of 2014 and
segment EBIT of $154 million, or
$30 per ton, in the first quarter of
2014.
For the first quarter 2015, we recorded a tax benefit of
$174 million on our pre-tax loss of
$249 million. The tax provision
reflects a benefit for percentage depletion in excess of cost
depletion for iron ore that we produce and consume or sell.
Despite the challenging market conditions, we maintained
positive operating cash flow of $136
million for the quarter ended March
31, 2015. As of March
31, U. S. Steel had $1.3
billion of cash and $2.8
billion of total liquidity compared to cash and total
liquidity of $1.4 billion and
$3.1 billion, respectively, at
December 31, 2014.
Segment Analysis
First quarter results for our Flat-Rolled segment decreased
significantly compared to the fourth quarter due to both lower
shipments, including intersegment shipments to our Tubular segment,
and average realized prices. Our Flat-Rolled segment results
continue to be adversely impacted by the massive volume of steel
imports that accelerated during the first quarter, many of which we
believe are unfairly traded. Average realized prices
decreased due to the adverse effect of these imports, which have
served to dramatically reduce spot market prices and indices and
have negatively impacted revenue streams in both spot and certain
contract volumes. As a result, we have aggressively adjusted
our operating footprint. The decline in results also reflects
operating inefficiencies due to reduced production levels.
These decreases have been partially offset by benefits provided by
our Carnegie Way efforts.
European segment results were comparable to the fourth
quarter. The positive effects of an increase in shipments, a
reduction in raw materials costs, and benefits provided by our
Carnegie Way efforts were offset by negative foreign currency
effects and a slight decrease in average realized euro-based
prices.
First quarter results for our Tubular segment decreased
significantly compared to the fourth quarter primarily due to lower
shipments. Shipments were adversely impacted by reduced
drilling activity caused by low crude oil prices and the
significant amount of steel and tubular imports, many of which we
believe are unfairly traded. The decrease in results is also
attributable to operating inefficiencies as a result of reduced
production levels. These decreases have been partially
offset by benefits provided by our Carnegie Way efforts.
2015 Outlook
Commenting on U. S. Steel's outlook for 2015, Longhi said, "We
are currently operating in the face of extremely difficult
conditions, particularly in North America. We have made
significant progress during our Carnegie Way transformation on
improving our business model, including cost structure
improvements, which will enable us to increase our earnings power
across all market conditions."
The headwinds we faced entering 2015 have intensified. Spot
prices for flat-rolled products have decreased at an accelerated
pace reaching levels well below market expectations at the
beginning of the year and imports have remained at historically
high levels, both negatively impacting our flat-rolled order rates.
The pace and magnitude of the drop in both oil prices and drilling
rig counts have resulted in decreased steel demand for both
finished tubular products and substrate supplied by our Flat-Rolled
segment for the production of tubular products. Lower order rates
for both flat-rolled and tubular products have resulted in lower
utilization rates and increased operational inefficiencies at all
of our U.S. facilities.
We expect lower overall steel consumption levels to unfavorably
impact the timing of a rebalance of supply chain inventory levels
in both the flat-rolled and tubular markets we serve; however, we
expect market conditions to improve during the second half of 2015,
which will have a positive impact on our Flat-Rolled segment as
inventory destocking nears completion. We have taken
aggressive actions to reduce costs and adjust our operating levels
in the near term but cannot fully offset these increased
headwinds. We remain focused on meeting both the current and
future needs of our customers by providing innovative and value
enhancing solutions, as well as on the Carnegie Way
transformation.
Based on all of the factors described above, we expect full-year
2015 adjusted EBIT to be between $115
million and $315 million, or full-year 2015 adjusted
earnings before interest, income taxes, depreciation and
amortization (EBITDA) of between $700
million and $900 million.
*****
We present adjusted net earnings (loss), adjusted net earnings
(loss) per diluted share, EBITDA and Adjusted EBITDA, which are
non-GAAP measures, as additional measurements to enhance the
understanding of our operating performance and facilitate a
comparison with that of our competitors.
A consolidated statement of operations (unaudited), consolidated
cash flow statement (unaudited), condensed consolidated balance
sheet (unaudited) and preliminary supplemental statistics
(unaudited) for U. S. Steel are attached.
The company will conduct a conference call on first quarter
earnings on Wednesday, April 29, at
8:30 a.m. Eastern Daylight. To
listen to the webcast of the conference call, visit the
U. S. Steel website, www.ussteel.com, and click on
"Current Information" under the "Investors" section.
For more information on U. S. Steel, visit our website
at www.ussteel.com.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains information that may constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Generally, we have
identified such forward-looking statements by using the words
"believe," "expect," "intend," "estimate," "anticipate," "project,"
"target", "forecast", "aim," "will" and similar expressions or by
using future dates in connection with any discussion of, among
other things, operating performance, trends, events or developments
that we expect or anticipate will occur in the future, statements
relating to volume growth, share of sales and earnings per share
growth, and statements expressing general views about future
operating results. However, the absence of these words or similar
expressions does not mean that a statement is not forward-looking.
Forward-looking statements are not historical facts, but instead
represent only the Company's beliefs regarding future events, many
of which, by their nature, are inherently uncertain and outside of
the Company's control. It is possible that the Company's actual
results and financial condition may differ, possibly materially,
from the anticipated results and financial condition indicated in
these forward-looking statements. Management believes that these
forward-looking statements are reasonable as of the time made.
However, caution should be taken not to place undue reliance on any
such forward-looking statements because such statements speak only
as of the date when made. Our Company undertakes no obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise, except
as required by law. In addition, forward-looking statements are
subject to certain risks and uncertainties that could cause actual
results to differ materially from our Company's historical
experience and our present expectations or projections. These risks
and uncertainties include, but are not limited to the risks and
uncertainties described in "Item 1A. Risk Factors" and
"Supplementary Data - Disclosures About Forward-Looking Statements"
in our Annual Report on Form 10-K for the year ended
December 31, 2014, and those described from time to time in
our future reports filed with the Securities and Exchange
Commission.
UNITED STATES
STEEL CORPORATION
|
STATEMENT OF
OPERATIONS (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
|
March 31
|
|
Dec. 31
|
|
March 31
|
(Dollars in millions,
except per share amounts)
|
2015
|
|
2014
|
|
2014
|
NET SALES
|
|
$
|
3,272
|
|
|
$
|
4,072
|
|
|
$
|
4,448
|
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES
(INCOME):
|
|
|
|
|
|
|
Cost of sales
(excludes items shown below)
|
3,066
|
|
|
3,466
|
|
|
4,038
|
|
|
Selling, general and
administrative expenses
|
102
|
|
|
117
|
|
|
138
|
|
|
Depreciation,
depletion and amortization
|
144
|
|
|
138
|
|
|
166
|
|
|
(Earnings) loss from
investees
|
(6)
|
|
|
(39)
|
|
|
4
|
|
|
Restructuring and
other charges
|
153
|
|
|
2
|
|
|
—
|
|
|
Loss on
deconsolidation of U. S. Steel Canada and other charges
|
—
|
|
|
3
|
|
|
—
|
|
|
Net gain on disposal
of assets
|
—
|
|
|
—
|
|
|
(20)
|
|
|
Other income,
net
|
—
|
|
|
(12)
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
3,459
|
|
|
3,675
|
|
|
4,326
|
|
|
|
|
|
|
|
|
|
(LOSS) EARNINGS
BEFORE INTEREST AND INCOME TAXES (EBIT)
|
(187)
|
|
|
397
|
|
|
122
|
|
Net interest and
other financial costs
|
62
|
|
|
50
|
|
|
69
|
|
|
|
|
|
|
|
|
|
|
(LOSS) EARNINGS
BEFORE INCOME TAXES
|
(249)
|
|
|
347
|
|
|
53
|
|
Income tax (benefit)
provision
|
(174)
|
|
|
72
|
|
|
1
|
|
|
|
|
|
|
|
|
|
Net (loss)
earnings
|
(75)
|
|
|
275
|
|
|
52
|
|
|
Less: Net earnings
attributable to the
|
|
|
|
|
|
|
noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
NET (LOSS) EARNINGS
ATTRIBUTABLE TO
|
|
|
|
|
|
|
UNITED STATES STEEL
CORPORATION
|
$
|
(75)
|
|
|
$
|
275
|
|
|
$
|
52
|
|
|
|
|
|
|
|
|
|
COMMON STOCK
DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) earnings
per share attributable to
|
|
|
|
|
|
United
States Steel Corporation stockholders:
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.52)
|
|
|
$
|
1.89
|
|
|
$
|
0.36
|
|
|
Diluted
|
|
$
|
(0.52)
|
|
|
$
|
1.83
|
|
|
$
|
0.34
|
|
|
|
|
|
|
|
|
|
Weighted average
shares, in thousands
|
|
|
|
|
|
|
Basic
|
|
145,733
|
|
|
145,654
|
|
|
144,757
|
|
|
Diluted
|
|
145,733
|
|
|
150,481
|
|
|
156,114
|
|
|
|
|
|
|
|
|
|
Dividends paid per
common share
|
$
|
0.05
|
|
|
$
|
0.05
|
|
|
$
|
0.05
|
|
UNITED STATES
STEEL CORPORATION
|
CASH FLOW STATEMENT
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
March 31,
|
(Dollars in
millions)
|
|
2015
|
|
2014
|
Cash provided by
(used in) operating activities:
|
|
|
|
|
Net (loss)
earnings
|
|
$
|
(75)
|
|
|
$
|
52
|
|
|
Depreciation,
depletion and amortization
|
144
|
|
|
166
|
|
|
Restructuring and
other charges
|
153
|
|
|
—
|
|
|
Pensions and other
postretirement benefits
|
(17)
|
|
|
(16)
|
|
|
Deferred income
taxes
|
(166)
|
|
|
4
|
|
|
Net gain on disposal
of assets
|
—
|
|
|
(20)
|
|
|
Working capital
changes
|
78
|
|
|
363
|
|
|
Income taxes
receivable/payable
|
16
|
|
|
2
|
|
|
Other operating
activities
|
3
|
|
|
19
|
|
|
|
Total
|
|
136
|
|
|
570
|
|
|
|
|
|
|
|
|
Cash (used in)
provided by investing activities:
|
|
|
|
|
Capital
expenditures
|
|
(172)
|
|
|
(90)
|
|
|
Disposal of
assets
|
|
—
|
|
|
19
|
|
|
Other investing
activities
|
|
1
|
|
|
5
|
|
|
|
Total
|
|
(171)
|
|
|
(66)
|
|
|
|
|
|
|
|
|
Cash used in
financing activities:
|
|
|
|
|
Dividends
paid
|
|
(7)
|
|
|
(7)
|
|
|
|
Total
|
|
(7)
|
|
|
(7)
|
|
|
|
|
|
|
|
|
Effect of exchange
rate changes on cash
|
(46)
|
|
|
(2)
|
|
|
|
|
|
|
|
|
Net (decrease)
increase in cash and cash equivalents
|
(88)
|
|
|
495
|
|
Cash and cash
equivalents at beginning of the year
|
1,354
|
|
|
604
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at end of the period
|
$
|
1,266
|
|
|
$
|
1,099
|
|
UNITED STATES
STEEL CORPORATION
|
CONDENSED BALANCE
SHEET (Unaudited)
|
|
|
|
|
|
|
|
|
|
March 31
|
|
Dec. 31
|
(Dollars in
millions)
|
|
2015
|
|
2014
|
Cash and cash
equivalents
|
$
|
1,266
|
|
|
$
|
1,354
|
|
Receivables,
net
|
1,648
|
|
|
1,942
|
|
Inventories
|
2,418
|
|
|
2,496
|
|
Other current
assets
|
410
|
|
|
639
|
|
|
Total current
assets
|
5,742
|
|
|
6,431
|
|
Property, plant and
equipment, net
|
4,354
|
|
|
4,574
|
|
Investments and
long-term receivables, net
|
914
|
|
|
939
|
|
Intangible assets,
net
|
202
|
|
|
204
|
|
Other
assets
|
332
|
|
|
166
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
|
11,544
|
|
|
$
|
12,314
|
|
|
|
|
|
|
|
Accounts
payable
|
$
|
1,837
|
|
|
$
|
2,001
|
|
Payroll and benefits
payable
|
856
|
|
|
1,003
|
|
Short-term debt and
current maturities of long-term debt
|
378
|
|
|
378
|
|
Other current
liabilities
|
238
|
|
|
187
|
|
|
Total current
liabilities
|
3,309
|
|
|
3,569
|
|
Long-term debt, less
unamortized discount
|
3,124
|
|
|
3,120
|
|
Employee
benefits
|
1,033
|
|
|
1,117
|
|
Other long-term
liabilities
|
410
|
|
|
708
|
|
United States Steel
Corporation stockholders' equity
|
3,667
|
|
|
3,799
|
|
Noncontrolling
interests
|
1
|
|
|
1
|
|
|
|
|
|
|
|
|
Total liabilities and
stockholders' equity
|
$
|
11,544
|
|
|
$
|
12,314
|
|
UNITED STATES
STEEL CORPORATION
NON-GAAP FINANCIAL MEASURES
(Unaudited)
We present EBITDA, adjusted EBITDA, adjusted net earnings and
adjusted net earnings per diluted share, which are non-GAAP
measures, as an additional measurement to enhance the understanding
of our operating performance and facilitate a comparison with that
of our competitors. EBITDA is defined as earnings (loss)
before interest, income taxes, depreciation and amortization.
Adjusted EBITDA and adjusted net earnings (loss) are not, however,
intended as alternative measures of operating results or cash flow
from operations as determined in accordance with GAAP and are not
necessarily comparable to similarly titled measures used by other
companies.
RECONCILIATION OF
ADJUSTED EBITDA
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
March 31
|
|
Dec. 31
|
|
March 31
|
(Dollars in
millions)
|
2015
|
|
2014
|
|
2014
|
Reconciliation to
(loss) earnings before interest and income taxes
(EBIT)
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$
|
110
|
|
|
$
|
534
|
|
|
$
|
288
|
|
|
Loss on shutdown of
coke production facilities
|
(153)
|
|
|
—
|
|
|
—
|
|
|
Loss on
deconsolidation of U. S. Steel Canada and other charges
|
—
|
|
|
(3)
|
|
|
—
|
|
|
Impairment of carbon
alloy facilities
|
—
|
|
|
4
|
|
|
—
|
|
|
EBITDA
|
(43)
|
|
|
535
|
|
|
288
|
|
|
Depreciation,
depletion and amortization expense
|
(144)
|
|
|
(138)
|
|
|
(166)
|
|
|
EBIT, as
reported
|
$
|
(187)
|
|
|
$
|
397
|
|
|
$
|
122
|
|
UNITED STATES
STEEL CORPORATION
NON-GAAP FINANCIAL MEASURES
(Unaudited)
RECONCILIATION OF
ADJUSTED NET EARNINGS (LOSS)
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
March 31
|
|
Dec. 31
|
|
March 31
|
(Dollars in millions,
except per share amounts)
|
2015
|
|
2014
|
|
2014
|
Reconciliation to
net (loss) earnings attributable to
United States Steel Corporation
|
|
|
|
|
|
|
Adjusted net (loss)
earnings attributable to United States Steel Corporation
|
$
|
(10)
|
|
|
$
|
274
|
|
|
$
|
52
|
|
|
Loss on shutdown of
coke production facilities
|
(65)
|
|
|
—
|
|
|
—
|
|
|
Loss on
deconsolidation of U. S. Steel Canada and other charges
|
—
|
|
|
(1)
|
|
|
—
|
|
|
Impairment of carbon
alloy facilities
|
—
|
|
|
2
|
|
|
—
|
|
|
Total Adjustments
|
(65)
|
|
|
1
|
|
|
—
|
|
|
Net (loss) earnings
attributable to United States Steel Corporation, as
reported
|
$
|
(75)
|
|
|
$
|
275
|
|
|
$
|
52
|
|
|
|
|
|
|
|
|
Reconciliation to
diluted net (loss) earnings per share
|
|
|
|
|
|
|
Adjusted diluted net
(loss) earnings per share
|
$
|
(0.07)
|
|
|
$
|
1.82
|
|
|
$
|
0.34
|
|
|
Loss on shutdown of
coke production facilities
|
(0.45)
|
|
|
—
|
|
|
—
|
|
|
Loss on
deconsolidation of U. S. Steel Canada and other charges
|
—
|
|
|
(0.01)
|
|
|
—
|
|
|
Impairment of carbon
alloy facilities
|
—
|
|
|
0.02
|
|
|
—
|
|
|
Total adjustments
|
(0.45)
|
|
|
0.01
|
|
|
—
|
|
|
Diluted net (loss)
earnings per share, as reported
|
$
|
(0.52)
|
|
|
$
|
1.83
|
|
|
$
|
0.34
|
|
UNITED STATES
STEEL CORPORATION
|
PRELIMINARY
SUPPLEMENTAL STATISTICS (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
|
March 31
|
|
Dec. 31
|
|
March 31
|
|
(Dollars in
millions)
|
2015
|
|
2014
|
|
2014
|
|
SEGMENT EARNINGS
(LOSS) BEFORE INTEREST AND INCOME TAXES (EBIT)
|
|
|
|
|
|
|
|
Flat-Rolled
|
$
|
(67)
|
|
|
$
|
247
|
|
|
$
|
85
|
|
|
|
U. S. Steel
Europe
|
37
|
|
|
34
|
|
|
32
|
|
|
|
Tubular
|
1
|
|
|
121
|
|
|
24
|
|
|
|
Other
Businesses
|
8
|
|
|
18
|
|
|
13
|
|
|
|
|
|
|
|
|
|
|
Total Segment
EBIT
|
(21)
|
|
|
420
|
|
|
154
|
|
|
|
Postretirement
benefit expense
|
(13)
|
|
|
(24)
|
|
|
(32)
|
|
|
|
Other items not
allocated to segments:
|
|
|
|
|
|
|
|
Loss on shutdown of coke
production facilities
|
(153)
|
|
|
—
|
|
|
—
|
|
|
|
Loss on deconsolidation of
U. S. Steel Canada and other
charges
|
—
|
|
|
(3)
|
|
|
—
|
|
|
|
Impairment of carbon alloy
facilities
|
—
|
|
|
4
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
EBIT
|
$
|
(187)
|
|
|
$
|
397
|
|
|
$
|
122
|
|
|
|
|
|
|
|
|
|
|
CAPITAL
EXPENDITURES
|
|
|
|
|
|
|
|
Flat-Rolled
|
$
|
132
|
|
|
$
|
103
|
|
|
$
|
55
|
|
|
|
U. S. Steel
Europe
|
21
|
|
|
16
|
|
|
18
|
|
|
|
Tubular
|
16
|
|
|
16
|
|
|
16
|
|
|
|
Other
Businesses
|
3
|
|
|
2
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
$
|
172
|
(a)
|
|
$
|
137
|
|
|
$
|
90
|
(a)
|
|
(a) Excludes the (decrease) increase in accrued
capital expenditures of $(58) million
and $18 million for the quarters
ended March 31, 2015, and 2014,
respectively.
UNITED STATES
STEEL CORPORATION
|
PRELIMINARY
SUPPLEMENTAL STATISTICS (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
|
|
March 31
|
|
|
Dec. 31
|
|
|
March 31
|
|
|
|
|
|
2015
|
|
|
2014
|
|
|
2014
|
|
OPERATING
STATISTICS
|
|
|
|
|
|
|
|
|
|
Average realized
price: (a)
|
|
|
|
|
|
|
|
|
|
|
Flat-Rolled ($/net
ton)
|
768
|
|
|
775
|
|
|
761
|
|
|
|
Flat-Rolled U.S. Facilities ($/net ton) (b)
|
768
|
|
|
775
|
|
|
774
|
|
|
|
U. S. Steel Europe
($/net ton)
|
530
|
|
|
600
|
|
|
710
|
|
|
|
U.
S. Steel Europe (euro/net ton)
|
471
|
|
|
480
|
|
|
518
|
|
|
|
Tubular ($/net
ton)
|
1,637
|
|
|
1,625
|
|
|
1,479
|
|
|
Steel Shipments:
(a) (c)
|
|
|
|
|
|
|
|
|
|
|
Flat-Rolled
|
2,617
|
|
|
3,015
|
|
|
3,674
|
|
|
|
Flat-Rolled U.S. Facilities (b)
|
2,617
|
|
|
3,015
|
|
|
3,115
|
|
|
|
U. S. Steel
Europe
|
1,264
|
|
|
1,108
|
|
|
1,031
|
|
|
|
Tubular
|
220
|
|
|
448
|
|
|
419
|
|
|
|
|
Total Steel
Shipments
|
4,101
|
|
|
4,571
|
|
|
5,124
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intersegment
Shipments: (c)
|
|
|
|
|
|
|
|
|
|
|
Flat-Rolled to
Tubular
|
149
|
|
|
381
|
|
|
435
|
|
|
Raw Steel Production:
(c)
|
|
|
|
|
|
|
|
|
|
|
Flat-Rolled
|
2,868
|
|
|
3,664
|
|
|
4,491
|
|
|
|
Flat-Rolled U.S. Facilities (b)
|
2,868
|
|
|
3,664
|
|
|
3,893
|
|
|
|
U. S. Steel
Europe
|
1,283
|
|
|
1,313
|
|
|
1,141
|
|
|
Raw Steel Capability
Utilization: (d)
|
|
|
|
|
|
|
|
|
|
|
Flat-Rolled
|
60%
|
|
|
75%
|
|
|
83%
|
|
|
|
Flat-Rolled U.S. Facilities (e)
|
60%
|
|
|
75%
|
|
|
81%
|
|
|
|
U. S. Steel
Europe
|
104%
|
|
|
104%
|
|
|
93%
|
|
(a) Excludes intersegment shipments.
(b) Excludes U. S. Steel Canada for all periods presented.
(c) Thousands of net tons.
(d) Based on annual raw steel production capability of
19.4 million net tons for Flat-Rolled and 5.0 million net tons for
U. S. Steel Europe. Prior to the CCAA filing and
deconsolidation of U. S. Steel Canada, on September 16, 2014 annual
raw steel production capability for Flat-Rolled was 22.0 million
net tons.
(e) AISI capability utilization rates include our
U.S. facilities (Gary Works, Great Lakes Works, Mon Valley Works,
Granite City Works and Fairfield Works).
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/united-states-steel-corporation-reports-2015-first-quarter-results-300073736.html
SOURCE United States Steel Corporation