PITTSBURGH, April 26, 2016
/PRNewswire/ -- United States Steel Corporation (NYSE: X)
reported a first quarter 2016 net loss of $340 million, or $2.32 per diluted share, which included
supplemental unemployment and severance costs of $25 million, or $0.17 per diluted share. This compared to a first
quarter 2015 net loss of $75 million,
or $0.52 per diluted share, and a
fourth quarter 2015 net loss of $1,133
million, or $7.74 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
2016
|
4Q
2015
|
1Q
2015
|
Net
Sales
|
$
|
2,341
|
|
$
|
2,572
|
|
$
|
3,272
|
|
Segment (loss)
earnings before interest and income taxes (EBIT)
|
|
|
|
Flat-Rolled
|
$
|
(188)
|
|
$
|
(88)
|
|
$
|
(67)
|
|
U. S. Steel
Europe
|
(14)
|
|
6
|
|
37
|
|
Tubular
|
(64)
|
|
(64)
|
|
1
|
|
Other Businesses
|
14
|
|
9
|
|
8
|
|
Total Segment
EBIT
|
$
|
(252)
|
|
$
|
(137)
|
|
$
|
(21)
|
|
Postretirement
benefit income (expense)
|
16
|
|
(5)
|
|
(13)
|
|
Other items not
allocated to segments
|
(25)
|
|
(311)
|
|
(153)
|
|
EBIT
|
$
|
(261)
|
|
$
|
(453)
|
|
$
|
(187)
|
|
Net interest and
other financial costs
|
65
|
|
87
|
|
62
|
|
Income tax
provision (benefit)
|
14
|
|
593
|
|
(174)
|
|
Less: Net loss
attributable to the noncontrolling interests
|
—
|
|
—
|
|
—
|
|
Net (loss)
earnings attributable to United States Steel
Corporation
|
$
|
(340)
|
|
$
|
(1,133)
|
|
$
|
(75)
|
|
-(Loss) earnings
per basic share
|
$
|
(2.32)
|
|
$
|
(7.74)
|
|
$
|
(0.52)
|
|
-(Loss) earnings
per diluted share
|
$
|
(2.32)
|
|
$
|
(7.74)
|
|
$
|
(0.52)
|
|
|
|
|
|
Adjusted (loss)
earnings before interest, income taxes, depreciation and
amortization (EBITDA)
|
$
|
(107)
|
|
$
|
(13)
|
|
$
|
110
|
|
Commenting on results, U. S. Steel President and Chief
Executive Officer Mario Longhi said,
"Our first quarter results reflect the challenging conditions as we
started 2016, but were in line with our expectations. Contract
pricing resets had an immediate impact on our results, while our
cost reduction efforts progressed as planned and will continue to
grow throughout the year. We took significant actions to align our
overhead costs with our operations, contributing $100 million to our Carnegie Way benefits for
this year. We remain focused on reducing our costs, improving the
quality and reliability of our operations, and working with our
customers to deliver differentiated solutions that will improve our
market position and create value for all of our stakeholders.
We are well-positioned to benefit from currently improving market
conditions for our Flat-Rolled and European segments."
Segment EBIT was a loss of $252
million, or $70 per ton, for
the first quarter of 2016 compared to a segment EBIT loss of
$137 million, or $37 per ton, in the fourth quarter of 2015 and a
segment EBIT loss of $21 million, or
$5 per ton, in the first quarter of
2015.
For the first quarter 2016, we recorded a tax provision of
$14 million on our pre-tax loss of
$326 million. Due to the full
valuation allowance on our domestic deferred tax assets, the tax
provision does not reflect any tax benefit for domestic pretax
losses.
Despite challenging conditions, we generated positive operating
cash flow of $113 million for the
quarter ended March 31,
2016. As of March 31,
2016, U. S. Steel had $705
million of cash and $2.3
billion of total liquidity.
Segment Analysis
First quarter results for our Flat-Rolled segment declined as
compared to the fourth quarter primarily due to decreases in
average realized prices for our contract business and slightly
lower average spot prices compared to the fourth quarter.
Seasonally lower results from our mining operations and a
$50 million unfavorable effect from
planned liquidations of inventory costed using the
last-in-first-out (LIFO) method related to our targeted working
capital reductions in 2016 contributed to the decline in results in
the first quarter. The favorable impacts of lower raw materials and
energy prices, lower spending and overhead costs, and increased
operating efficiencies from our current operating configuration
only partially offset the unfavorable items.
European segment results declined compared to the fourth
quarter. A decrease in average realized euro-based prices and
higher repair and maintenance costs, as some outage work was
completed, were offset by lower raw materials, energy and operating
costs.
First quarter results for our Tubular segment were comparable to
the fourth quarter as lower average realized prices and shipments,
reflecting the continuing decline in drilling activity and
increasing import levels, were offset by lower substrate, spending
and operating costs.
2016 Outlook
Commenting on U. S. Steel's outlook for 2016, Longhi said, "We
are encouraged that our efforts to improve U.S. trade laws and
their enforcement have started to be reflected in preliminary trade
rulings. This is a positive step toward establishing a fair market
environment in the U.S., but we remain a long way from truly
resolving the trade practices that are harming the domestic steel
industry. These rulings have been one of the catalysts for
improving conditions domestically, and the recent increases in
prices for flat-rolled products will begin to be reflected in our
results in the second quarter. While we will benefit from the
improving market conditions, the global steel industry continues to
face many challenges. We continue to move forward aggressively with
our Carnegie Way transformation efforts and will continue to use
every trade remedy available to us to confront unfair trade
practices in our market."
If market conditions, which include spot prices, customer
demand, import volumes, supply chain inventories, rig counts and
energy prices, remain at their current levels, we would expect 2016
adjusted EBITDA to be near $400
million.
If market conditions remain at their current levels, we would
expect EBITDA for our Flat-Rolled segment to be higher than our
2015 results, we would expect EBITDA for our European segment to be
comparable to 2015 results, and we would expect our Tubular segment
EBITDA to be lower than our 2015 results.
We expect market conditions to change, and as changes occur
during the balance of 2016, we would expect our adjusted EBITDA to
change consistent with the pace and magnitude of changes in market
conditions.
We expect improved results for Other Businesses, primarily from
real estate, and we expect post retirement benefit income of
approximately $60 million.
In the first quarter we generated cash benefits of nearly
$300 million from working capital
improvements. Based on current market conditions, we expect
approximately $500 million of cash
benefits from working capital improvements in 2016, primarily
related to better inventory management, and would expect to be cash
positive for the year.
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 27, 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 Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. We intend the
forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements in these sections.
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" in our Annual Report on Form 10-K for
the year ended December 31, 2015, 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)
|
2016
|
|
2015
|
|
2015
|
NET SALES
|
|
$
|
2,341
|
|
|
$
|
2,572
|
|
|
$
|
3,272
|
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES
(INCOME):
|
|
|
|
|
|
|
Cost of sales
(excludes items shown below)
|
2,436
|
|
|
2,629
|
|
|
3,066
|
|
|
Selling, general and
administrative expenses
|
69
|
|
|
107
|
|
|
102
|
|
|
Depreciation,
depletion and amortization
|
129
|
|
|
129
|
|
|
144
|
|
|
Earnings from
investees
|
(45)
|
|
|
(9)
|
|
|
(6)
|
|
|
Losses associated
with U. S. Steel Canada Inc.
|
—
|
|
|
121
|
|
|
—
|
|
|
Restructuring and
other charges
|
10
|
|
|
47
|
|
|
153
|
|
|
Net loss on disposal
of assets
|
3
|
|
|
—
|
|
|
—
|
|
|
Other income,
net
|
—
|
|
|
1
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses
|
2,602
|
|
|
3,025
|
|
|
3,459
|
|
|
|
|
|
|
|
|
|
(LOSS) EARNINGS
BEFORE INTEREST AND INCOME TAXES (EBIT)
|
(261)
|
|
|
(453)
|
|
|
(187)
|
|
Net interest and
other financial costs
|
65
|
|
|
87
|
|
|
62
|
|
|
|
|
|
|
|
|
|
|
LOSS BEFORE INCOME
TAXES
|
(326)
|
|
|
(540)
|
|
|
(249)
|
|
Income tax provision
(benefit)
|
14
|
|
|
593
|
|
|
(174)
|
|
|
|
|
|
|
|
|
|
Net loss
|
(340)
|
|
|
(1,133)
|
|
|
(75)
|
|
|
Less: Net loss
attributable to the
|
|
|
|
|
|
|
noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
NET LOSS ATTRIBUTABLE
TO
|
|
|
|
|
|
|
UNITED STATES STEEL
CORPORATION
|
$
|
(340)
|
|
|
$
|
(1,133)
|
|
|
$
|
(75)
|
|
|
|
|
|
|
|
|
|
COMMON STOCK
DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share
attributable to
|
|
|
|
|
|
United
States Steel Corporation stockholders:
|
|
|
|
|
|
|
Basic
|
|
$
|
(2.32)
|
|
|
$
|
(7.74)
|
|
|
$
|
(0.52)
|
|
|
Diluted
|
|
$
|
(2.32)
|
|
|
$
|
(7.74)
|
|
|
$
|
(0.52)
|
|
|
|
|
|
|
|
|
|
Weighted average
shares, in thousands
|
|
|
|
|
|
|
Basic
|
|
146,402
|
|
|
146,347
|
|
|
145,733
|
|
|
Diluted
|
|
146,402
|
|
|
146,347
|
|
|
145,733
|
|
|
|
|
|
|
|
|
|
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)
|
|
2016
|
|
2015
|
Cash provided by
(used in) operating activities:
|
|
|
|
|
Net loss
|
|
$
|
(340)
|
|
|
$
|
(75)
|
|
|
Depreciation,
depletion and amortization
|
129
|
|
|
144
|
|
|
Restructuring and
other charges
|
10
|
|
|
153
|
|
|
Pensions and other
postretirement benefits
|
(9)
|
|
|
(17)
|
|
|
Deferred income
taxes
|
9
|
|
|
(166)
|
|
|
Net gain on disposal
of assets
|
3
|
|
|
—
|
|
|
Working capital
changes(a)
|
294
|
|
|
15
|
|
|
Income taxes
receivable/payable
|
5
|
|
|
16
|
|
|
Other operating
activities
|
12
|
|
|
3
|
|
|
|
Total
|
|
113
|
|
|
73
|
|
|
|
|
|
|
|
|
Cash (used in)
provided by investing activities:
|
|
|
|
|
Capital
expenditures(a)
|
|
(148)
|
|
|
(109)
|
|
|
Other investing
activities
|
|
(4)
|
|
|
1
|
|
|
|
Total
|
|
(152)
|
|
|
(108)
|
|
|
|
|
|
|
|
|
Cash (used in)
provided by financing activities:
|
|
|
|
|
Repayment of
long-term debt
|
|
(17)
|
|
|
—
|
|
|
Dividends
paid
|
|
(7)
|
|
|
(7)
|
|
|
|
Total
|
|
(24)
|
|
|
(7)
|
|
|
|
|
|
|
|
|
Effect of exchange
rate changes on cash
|
13
|
|
|
(46)
|
|
|
|
|
|
|
|
|
Net decrease in cash
and cash equivalents
|
(50)
|
|
|
(88)
|
|
Cash and cash
equivalents at beginning of the year
|
755
|
|
|
1,354
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at end of the period
|
$
|
705
|
|
|
$
|
1,266
|
|
|
(a) 2015
amounts have been revised to correct a prior period error that
resulted in decreased capital expenditures of $63 million with the
offsetting change to accounts payable.
|
UNITED STATES
STEEL CORPORATION
|
CONDENSED BALANCE
SHEET (Unaudited)
|
|
|
|
|
|
|
|
|
|
March 31
|
|
Dec. 31
|
(Dollars in
millions)
|
|
2016
|
|
2015
|
Cash and cash
equivalents
|
$
|
705
|
|
|
$
|
755
|
|
Receivables,
net
|
1,139
|
|
|
1,063
|
|
Inventories
|
1,801
|
|
|
2,074
|
|
Other current
assets
|
38
|
|
|
25
|
|
|
Total current
assets
|
3,683
|
|
|
3,917
|
|
Property, plant and
equipment, net
|
4,395
|
|
|
4,411
|
|
Investments and
long-term receivables, net
|
540
|
|
|
540
|
|
Intangible assets,
net
|
195
|
|
|
196
|
|
Other
assets(a)
|
123
|
|
|
103
|
|
|
|
|
|
|
|
|
Total
assets
|
$
|
8,936
|
|
|
$
|
9,167
|
|
|
|
|
|
|
|
Accounts
payable
|
$
|
1,463
|
|
|
$
|
1,493
|
|
Payroll and benefits
payable
|
488
|
|
|
462
|
|
Short-term debt and
current maturities of long-term debt
|
45
|
|
|
45
|
|
Other current
liabilities
|
197
|
|
|
148
|
|
|
Total current
liabilities
|
2,193
|
|
|
2,148
|
|
Long-term debt, less
unamortized discount(a)
|
3,076
|
|
|
3,093
|
|
Employee
benefits
|
1,317
|
|
|
1,101
|
|
Other long-term
liabilities
|
407
|
|
|
388
|
|
United States Steel
Corporation stockholders' equity
|
1,942
|
|
|
2,436
|
|
Noncontrolling
interests
|
1
|
|
|
1
|
|
|
|
|
|
|
|
|
Total liabilities and
stockholders' equity
|
$
|
8,936
|
|
|
$
|
9,167
|
|
|
(a) U. S.
Steel retroactively adopted Accounting Standards Update No.
2015-03, Simplifying the Presentation of Debt. As a
result, debt issuance costs which were a component of other assets
were reclassified and are now reflected as a reduction of long-term
debt. As of March 31, 2016 and December 31, 2015, other non
current assets and long-term debt decreased by $22 million and $23
million, respectively.
|
UNITED STATES
STEEL CORPORATION
NON-GAAP FINANCIAL MEASURES
(Unaudited)
We present EBITDA, adjusted EBITDA, adjusted net earnings (loss)
and adjusted net earnings (loss) 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)
|
2016
|
|
2015
|
|
2015
|
Reconciliation to
(loss) earnings before interest and income taxes
(EBIT)
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$
|
(107)
|
|
|
$
|
(13)
|
|
|
$
|
110
|
|
|
Supplemental
unemployment and severance costs
|
(25)
|
|
|
—
|
|
|
—
|
|
|
Losses associated
with U. S. Steel Canada Inc.
|
—
|
|
|
(121)
|
|
|
—
|
|
|
Restructuring and
other charges (a)
|
—
|
|
|
(47)
|
|
|
—
|
|
|
Loss on shutdown of
coke production facilities
|
—
|
|
|
—
|
|
|
(153)
|
|
|
Granite City Works
temporary idling charges
|
—
|
|
|
(99)
|
|
|
—
|
|
|
Postemployment
benefit actuarial adjustment
|
—
|
|
|
(26)
|
|
|
—
|
|
|
Impairment of equity
investment
|
—
|
|
|
(18)
|
|
|
—
|
|
|
EBITDA
|
(132)
|
|
|
(324)
|
|
|
(43)
|
|
|
Depreciation,
depletion and amortization expense
|
(129)
|
|
|
(129)
|
|
|
(144)
|
|
|
EBIT, as
reported
|
$
|
(261)
|
|
|
$
|
(453)
|
|
|
$
|
(187)
|
|
|
(a)
Consists primarily of employee related costs, including costs for
severance, supplemental unemployment benefits and continuation of
health care benefits.
|
UNITED STATES
STEEL CORPORATION
|
NON-GAAP FINANCIAL
MEASURES (Unaudited)
|
|
RECONCILIATION OF
ADJUSTED NET LOSS
|
|
|
Quarter Ended
(a)
|
|
|
March 31
|
|
Dec. 31
|
|
March 31
|
(Dollars in millions,
except per share amounts)
|
2016
|
|
2015
|
|
2015
|
Reconciliation to
net loss attributable to United States Steel
Corporation
|
|
|
|
|
|
|
Adjusted net loss
attributable to United States Steel Corporation
|
$
|
(315)
|
|
|
$
|
(33)
|
|
|
$
|
(10)
|
|
|
Supplemental
unemployment and severance costs
|
(25)
|
|
|
—
|
|
|
—
|
|
|
Losses associated
with U. S. Steel Canada Inc.
|
—
|
|
|
(121)
|
|
|
—
|
|
|
Restructuring and
other charges (b)
|
—
|
|
|
(47)
|
|
|
—
|
|
|
Loss on shutdown of
coke production facilities
|
—
|
|
|
—
|
|
|
(65)
|
|
|
Granite City Works
temporary idling charges
|
—
|
|
|
(99)
|
|
|
—
|
|
|
Impairment of equity
investment
|
—
|
|
|
(18)
|
|
|
—
|
|
|
Loss on retirement of
senior convertible notes
|
—
|
|
|
(36)
|
|
|
—
|
|
|
Postemployment
benefit actuarial adjustment
|
|
|
(26)
|
|
|
|
|
Deferred tax asset
valuation allowance
|
—
|
|
|
(753)
|
|
|
—
|
|
|
Total Adjustments
|
—
|
|
|
(1,100)
|
|
|
(65)
|
|
|
Net loss attributable
to United States Steel Corporation, as reported
|
$
|
(340)
|
|
|
$
|
(1,133)
|
|
|
$
|
(75)
|
|
|
|
|
|
|
|
|
Reconciliation to
diluted net loss per share
|
|
|
|
|
|
|
Adjusted diluted net
loss per share
|
$
|
(2.15)
|
|
|
$
|
(0.23)
|
|
|
$
|
(0.07)
|
|
|
Supplemental
unemployment and severance costs
|
(0.17)
|
|
|
—
|
|
|
—
|
|
|
Losses associated
with U. S. Steel Canada Inc.
|
—
|
|
|
(0.82)
|
|
|
—
|
|
|
Restructuring and
other charges (b)
|
—
|
|
|
(0.32)
|
|
|
—
|
|
|
Loss on shutdown of
coke production facilities
|
—
|
|
|
—
|
|
|
(0.45)
|
|
|
Granite City Works
temporary idling charges
|
—
|
|
|
(0.68)
|
|
|
—
|
|
|
Impairment of equity
investment
|
—
|
|
|
(0.12)
|
|
|
—
|
|
|
Loss on retirement of
senior convertible notes
|
—
|
|
|
(0.25)
|
|
|
—
|
|
|
Postemployment
benefit actuarial adjustment
|
—
|
|
|
(0.18)
|
|
|
—
|
|
|
Deferred tax asset
valuation allowance
|
—
|
|
|
(5.14)
|
|
|
—
|
|
|
Total adjustments
|
—
|
|
|
(7.51)
|
|
|
(0.45)
|
|
|
Diluted net loss per
share, as reported
|
$
|
(2.32)
|
|
|
$
|
(7.74)
|
|
|
$
|
(0.52)
|
|
|
(a) The
adjustments included in this table for the first quarter of 2015
have been tax affected at the quarterly effective tax rate while
the adjustments for the fourth quarter of 2015 and first quarter of
2016 have been tax affected at a 0% tax rate due to the recognition
of a full valuation allowance in the fourth quarter of
2015.
|
(b)
Consists primarily of employee related costs, including costs for
severance, supplemental unemployment benefits and continuation of
health care benefits.
|
UNITED STATES
STEEL CORPORATION
|
PRELIMINARY
SUPPLEMENTAL STATISTICS (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
|
March 31
|
|
Dec. 31
|
|
March 31
|
|
(Dollars in
millions)
|
2016
|
|
2015
|
|
2015
|
|
SEGMENT EARNINGS
(LOSS) BEFORE INTEREST AND INCOME TAXES (EBIT)
|
|
|
|
|
|
|
|
Flat-Rolled
|
$
|
(188)
|
|
|
$
|
(88)
|
|
|
$
|
(67)
|
|
|
|
U. S. Steel
Europe
|
(14)
|
|
|
6
|
|
|
37
|
|
|
|
Tubular
|
(64)
|
|
|
(64)
|
|
|
1
|
|
|
|
Other
Businesses
|
14
|
|
|
9
|
|
|
8
|
|
|
|
|
|
|
|
|
|
|
Total Segment
EBIT
|
(252)
|
|
|
(137)
|
|
|
(21)
|
|
|
|
Postretirement
benefit income (expense)
|
16
|
|
|
(5)
|
|
|
(13)
|
|
|
|
Other items not
allocated to segments:
|
|
|
|
|
|
|
|
Supplemental unemployment
and severance costs
|
(25)
|
|
|
—
|
|
|
—
|
|
|
|
Losses associated with U. S.
Steel Canada Inc.
|
—
|
|
|
(121)
|
|
|
—
|
|
|
|
Restructuring and other
charges
|
—
|
|
|
(47)
|
|
|
—
|
|
|
|
Loss on shutdown of coke
production facilities
|
—
|
|
|
—
|
|
|
(153)
|
|
|
|
Granite City Works temporary
idling charges
|
—
|
|
|
(99)
|
|
|
—
|
|
|
|
Impairment of equity
investment
|
—
|
|
|
(18)
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
EBIT
|
$
|
(261)
|
|
|
$
|
(453)
|
|
|
$
|
(187)
|
|
|
|
|
|
|
|
|
|
|
CAPITAL
EXPENDITURES
|
|
|
|
|
|
|
|
Flat-Rolled(a)
|
$
|
46
|
|
|
$
|
84
|
|
|
$
|
69
|
|
|
|
U. S. Steel
Europe
|
29
|
|
|
32
|
|
|
21
|
|
|
|
Tubular
|
52
|
|
|
27
|
|
|
16
|
|
|
|
Other
Businesses
|
21
|
|
|
3
|
|
|
3
|
|
|
|
|
|
|
|
|
|
|
|
Total(a)
|
$
|
148
|
|
(b)
|
$
|
146
|
|
|
$
|
109
|
|
(b)
|
|
(a) The
amount for the quarter ended March 31, 2015 has been revised to
correct a prior period error that resulted in decreased capital
expenditures of $63 million.
|
(b)
Excludes the non-cash (decrease) increase in accrued capital
expenditures of ($87) million and $5 million for the quarters ended
March 31, 2016 and 2015, respectively.
|
UNITED STATES
STEEL CORPORATION
|
PRELIMINARY
SUPPLEMENTAL STATISTICS (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
|
|
March 31
|
|
Dec. 31
|
|
March 31
|
|
|
|
|
2016
|
|
2015
|
|
2015
|
OPERATING
STATISTICS
|
|
|
|
|
|
|
Average realized
price: (a)
|
|
|
|
|
|
|
|
Flat-Rolled ($/net
ton)
|
611
|
|
642
|
|
768
|
|
|
U. S. Steel Europe
($/net ton)
|
458
|
|
477
|
|
530
|
|
|
U.
S. Steel Europe (euro/net ton)
|
415
|
|
435
|
|
471
|
|
|
Tubular ($/net
ton)
|
1,180
|
|
1,273
|
|
1,637
|
|
Steel Shipments
(thousands of net tons): (a)
|
|
|
|
|
|
|
|
Flat-Rolled
|
2,498
|
|
2,591
|
|
2,617
|
|
|
U. S. Steel
Europe
|
1,004
|
|
982
|
|
1,264
|
|
|
Tubular
|
89
|
|
127
|
|
220
|
|
|
|
Total Steel
Shipments
|
3,591
|
|
3,700
|
|
4,101
|
|
|
|
|
|
|
|
|
|
|
Intersegment
Shipments (thousands of net tons):
|
|
|
|
|
|
|
|
Flat-Rolled to
Tubular
|
42
|
|
35
|
|
149
|
|
Raw Steel Production
(thousands of net tons):
|
|
|
|
|
|
|
|
Flat-Rolled
|
2,779
|
|
2,421
|
|
2,868
|
|
|
U. S. Steel
Europe
|
1,152
|
|
1,054
|
|
1,283
|
|
Raw Steel Capability
Utilization: (b)
|
|
|
|
|
|
|
|
Flat-Rolled
|
66
|
%
|
|
57
|
%
|
|
60
|
%
|
|
|
U. S. Steel
Europe
|
92
|
%
|
|
84
|
%
|
|
104
|
%
|
|
(a)
Excludes intersegment shipments.
|
(b) Based
on annual raw steel production capability of 17.0 million net tons
for Flat-Rolled and 5.0 million net tons for U. S. Steel
Europe. Prior to the permanent shutdown of the blast furnace
and associated steelmaking operations, along with most of the
flat-rolled finishing operations at Fairfield Works late in the
third quarter of 2015, annual raw steel production capability for
Flat-Rolled was 19.4 million net tons.
|
.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/united-states-steel-corporation-reports-2016-first-quarter-results-with-strong-liquidity-and-positive-operating-cash-flow-under-challenging-market-conditions-300257829.html
SOURCE United States Steel Corporation