PITTSBURGH, July 29, 2014 /PRNewswire/ -- United States Steel
Corporation (NYSE: X) reported second quarter 2014 net loss of
$18 million, or $0.12 per diluted share, compared to a second
quarter 2013 net loss of $78 million,
or $0.54 per diluted share, and first
quarter 2014 net income of $52 million, or $0.34 per diluted share. Adjusted net
income for the second quarter of 2014 was $25 million, or $0.17 per diluted share, excluding a charge of
$46 million, or $0.31 per diluted share, for litigation reserves;
a loss on assets held for sale of $9
million, or $0.06 per diluted
share; and a curtailment gain of $12
million, or $0.08 per diluted
share. See the Non-GAAP Financial Measures section for a
description of the non-GAAP measures and a reconciliation to net
income (loss) attributable to U. S. Steel.
Earnings
Highlights
|
|
(Dollars in
millions, except per share amounts)
|
2Q
2014
|
1Q
2014
|
2Q
2013
|
Net
Sales
|
$
|
4,400
|
|
$
|
4,448
|
|
$
|
4,429
|
|
Segment income
(loss) from operations
|
|
|
|
|
|
|
Flat-rolled
|
$
|
30
|
|
$
|
85
|
|
$
|
(51)
|
|
U. S. Steel
Europe
|
38
|
|
32
|
|
10
|
|
Tubular
|
47
|
|
24
|
|
45
|
|
Other Businesses
|
17
|
|
13
|
|
43
|
|
Total reportable
segment and Other Businesses income from
operations
|
$
|
132
|
|
$
|
154
|
|
$
|
47
|
|
Postretirement
benefit expense
|
(32)
|
|
(32)
|
|
(54)
|
|
Other items not
allocated to segments
|
(65)
|
|
—
|
|
—
|
|
Income (loss) from
operations
|
$
|
35
|
|
$
|
122
|
|
$
|
(7)
|
|
Net interest and
other financial costs
|
64
|
|
69
|
|
68
|
|
Income tax
(benefit) provision
|
(11)
|
|
1
|
|
3
|
|
Less: Net loss
attributable to the noncontrolling interests
|
—
|
|
—
|
|
—
|
|
Net (loss) income
attributable to United States Steel Corporation
|
$
|
(18)
|
|
$
|
52
|
|
$
|
(78)
|
|
-Per basic
share
|
$
|
(0.12)
|
|
$
|
0.36
|
|
$
|
(0.54)
|
|
-Per diluted
share
|
$
|
(0.12)
|
|
$
|
0.34
|
|
$
|
(0.54)
|
|
Commenting on results, U. S. Steel President and CEO
Mario Longhi said, "The Carnegie Way
journey continues to drive improvements as we reported operating
income for each of our reportable segments and Other Businesses
despite significant operating inefficiencies and logistical issues
in our Flat-rolled segment."
The $132 million, or $26 per ton, of reportable segment and Other
Businesses income from operations for the second quarter of 2014
compares to income from operations of $154
million, or $30 per ton, in
the first quarter of 2014 and income from operations of
$47 million, or $9 per ton, in the second quarter of 2013.
Other items not allocated to segments in the second quarter of
2014 consisted of a pre-tax charge of $70
million for litigation reserves, a pre-tax loss of
$14 million on assets held for sale
and a pre-tax curtailment gain of $19
million.
As of June 30, 2014, U. S. Steel
had $1.5 billion of cash and
$3.2 billion of total
liquidity. Cash provided by operating activities was
$1.4 billion in the first half of
2014 primarily due to improved working capital management.
During the second quarter, we repaid the remaining $322 million of our 2014 Senior Convertible
Notes.
Reportable Segments and Other Businesses
Results for our Flat-rolled segment remained positive but
decreased significantly from the first quarter. The impacts
of the extraordinary weather conditions and operational issues that
began in the first quarter resulted in continuing operating
inefficiencies; higher repairs and maintenance costs; and
logistical issues that temporarily limited our production
capabilities during the second quarter. These events resulted
in both higher operating costs and lower shipments as compared to
the first quarter. Market conditions in North America did improve versus the first
quarter, resulting in higher average realized proceeds in the
second quarter. The benefits generated by our Carnegie Way
efforts partially offset the impact of these events and allowed us
to report positive results. As we exited the second quarter,
we returned to normal operations.
We reported comparable results for our European segment in the
second quarter despite the absence of the sale and swap of carbon
emission allowances recognized in the first quarter. Iron ore
costs declined while shipments and average realized prices were
comparable to the first quarter.
Tubular results increased compared to the first quarter.
Shipments were higher due to increased drilling activity while
average realized prices were in line with the first quarter.
Raw materials costs improved as compared to the first quarter.
Outlook
Commenting on U. S. Steel's outlook for the third quarter,
Longhi said, "We expect operating income for our reportable
segments and Other Businesses to increase significantly over the
second quarter, as we return to normal operating levels. We
continue to earn the right to grow as the Carnegie Way
transformation allows us to better meet our customers' needs and
improves our earnings power. "
Results for our Flat-rolled segment are expected to improve
significantly from the second quarter. Shipments are
projected to increase as we return to normal operations while
average realized prices are expected to remain consistent with the
second quarter. The absence of weather related and operational
challenges experienced during the second quarter is expected to
generate a favorable impact of approximately $150 million from reduced repairs and maintenance
costs and increased operating efficiencies along with the increased
shipments described above. Inventory levels are expected to
increase during the balance of the year as we work to replenish our
supply chain.
We expect results for our European segment to decrease as
compared to the second quarter. Scheduled caster and blast
furnace maintenance along with the normal impact of the European
holiday season is expected to result in lower shipments and higher
repairs and maintenance costs related to the planned
outages. These negative impacts are expected to be
partially offset by a decrease in raw materials costs, primarily
for iron ore. Average realized prices are projected to be in
line with the second quarter.
Tubular results are expected to improve slightly as compared to
the second quarter. Shipments are expected to decrease, due
to the indefinite idling of the McKeesport and Bellville facilities, while
average realized prices are projected to increase due to improved
pricing and mix. Because the International Trade
Commission (ITC) ruling on the OCTG trade case is expected in
mid-August, we do not anticipate any benefit for the third
quarter.
This release contains forward-looking statements with respect to
market conditions, operating costs, shipments and prices.
Factors that could affect market conditions, costs, shipments and
prices for both North American and European operations include: (a)
foreign currency fluctuations and related activities; (b) global
product demand, prices and mix; (c) global and company steel
production levels; (d) plant operating performance; (e) natural
gas, electricity, raw materials and transportation prices, usage
and availability; (f) international trade developments, including
court decisions, legislation and agency decisions on petitions and
sunset reviews; (g) the impact of fixed prices in energy and raw
materials contracts (many of which have terms of one year or
longer) as compared to short-term contract and spot prices of steel
products; (h) changes in environmental, tax, pension and other
laws; (i) the terms of collective bargaining agreements; (j)
employee strikes or other labor issues; and (k) U.S. and global
economic performance and political developments. Domestic
steel shipments and prices could be affected by import levels and
actions taken by the U.S. Government and its agencies, including
those related to CO2 emissions, climate change and shale
gas development. Economic conditions and political factors in
Europe and Canada that may affect U. S. Steel Europe's and U. S.
Steel Canada's results include, but are not limited to: (l)
taxation; (m) nationalization; (n) inflation; (o) fiscal
instability; (p) political issues; (q) regulatory actions; and (r)
quotas, tariffs, and other protectionist measures. We present
adjusted net income (loss) and adjusted net income (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. In accordance with "safe harbor" provisions of
the Private Securities Litigation Reform Act of 1995, cautionary
statements identifying important factors, but not necessarily all
factors, that could cause actual results to differ materially from
those set forth in the forward-looking statements have been
included in U. S. Steel's Annual Report on Form 10-K for the year
ended December 31, 2013, and in subsequent filings for
U. S. Steel.
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 second quarter
earnings on Wednesday, July 30, at
8:30 a.m. Eastern Daylight
Time. 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.
UNITED STATES
STEEL CORPORATION
|
STATEMENT OF
OPERATIONS (Unaudited)
|
|
|
|
|
Quarter
Ended
|
|
Six Months
Ended
|
|
|
|
June 30
|
|
March 31
|
|
June 30
|
|
June 30,
|
(Dollars in millions,
except per share amounts)
|
2014
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
NET SALES
|
|
$
|
4,400
|
|
|
$
|
4,448
|
|
|
$
|
4,429
|
|
|
$
|
8,848
|
|
|
$
|
9,024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES
(INCOME):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales
(excludes items shown below)
|
4,097
|
|
|
4,038
|
|
|
4,114
|
|
|
8,135
|
|
|
8,356
|
|
Selling, general and
administrative expenses
|
143
|
|
|
138
|
|
|
151
|
|
|
281
|
|
|
296
|
|
Depreciation,
depletion and amortization
|
165
|
|
|
166
|
|
|
170
|
|
|
331
|
|
|
341
|
|
(Income) loss from
investees
|
(57)
|
|
|
4
|
|
|
3
|
|
|
(53)
|
|
|
(5)
|
|
Restructuring and
other charges
|
18
|
|
|
—
|
|
|
—
|
|
|
18
|
|
|
—
|
|
Net gain on disposal
of assets
|
(1)
|
|
|
(20)
|
|
|
(1)
|
|
|
(21)
|
|
|
—
|
|
Other (income)
expense, net
|
—
|
|
|
—
|
|
|
(1)
|
|
|
—
|
|
|
5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
4,365
|
|
|
4,326
|
|
|
4,436
|
|
|
8,691
|
|
|
8,993
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) FROM
OPERATIONS
|
35
|
|
|
122
|
|
|
(7)
|
|
|
157
|
|
|
31
|
Net interest and
other financial costs
|
64
|
|
|
69
|
|
|
68
|
|
|
133
|
|
|
172
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(LOSS) INCOME BEFORE
INCOME TAXES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AND NONCONTROLLING
INTERESTS
|
(29)
|
|
|
53
|
|
|
(75)
|
|
|
24
|
|
|
(141)
|
Income tax (benefit)
provision
|
(11)
|
|
|
1
|
|
|
3
|
|
|
(10)
|
|
|
10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)
income
|
(18)
|
|
|
52
|
|
|
(78)
|
|
|
34
|
|
|
(151)
|
|
Less: Net loss
attributable to the
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
NET (LOSS) INCOME
ATTRIBUTABLE TO
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNITED STATES STEEL
CORPORATION
|
$
|
(18)
|
|
|
$
|
52
|
|
|
$
|
(78)
|
|
|
$
|
34
|
|
|
$
|
(151)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMON STOCK
DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income per
share attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United
States Steel Corporation shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-Basic
|
|
$
|
(0.12)
|
|
|
$
|
0.36
|
|
|
$
|
(0.54)
|
|
|
$
|
0.23
|
|
|
$
|
(1.05)
|
|
-Diluted
|
|
$
|
(0.12)
|
|
|
$
|
0.34
|
|
|
$
|
(0.54)
|
|
|
$
|
0.23
|
|
|
$
|
(1.05)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares, in thousands
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-Basic
|
|
144,884
|
|
|
144,757
|
|
|
144,485
|
|
|
144,821
|
|
|
144,419
|
|
-Diluted
|
|
144,884
|
|
|
156,114
|
|
|
144,485
|
|
|
146,144
|
|
|
144,419
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends paid per
common share
|
$
|
0.05
|
|
|
$
|
0.05
|
|
|
$
|
0.05
|
|
|
$
|
0.10
|
|
|
$
|
0.10
|
UNITED STATES
STEEL CORPORATION
|
CASH FLOW STATEMENT
(Unaudited)
|
|
|
|
|
|
Six Months
Ended
|
|
|
|
|
June 30,
|
(Dollars in
millions)
|
|
2014
|
|
|
2013
|
Cash provided by
(used in) operating activities:
|
|
|
|
|
|
Net income
(loss)
|
|
$
|
34
|
|
|
$
|
(151)
|
|
Depreciation,
depletion and amortization
|
331
|
|
|
341
|
|
Non-cash
restructuring and other charges
|
18
|
|
|
—
|
|
Pensions and other
postretirement benefits
|
(59)
|
|
|
10
|
|
Deferred income
taxes
|
16
|
|
|
(2)
|
|
Net gain on disposal
of assets
|
(21)
|
|
|
—
|
|
Working capital
changes
|
833
|
|
|
162
|
|
Income taxes
receivable/payable
|
153
|
|
|
(3)
|
|
Currency
remeasurement loss
|
3
|
|
|
21
|
|
Other operating
activities
|
45
|
|
|
6
|
|
|
Total
|
|
1,353
|
|
|
384
|
|
|
|
|
|
|
|
|
Cash (used in)
provided by investing activities:
|
|
|
|
|
|
Capital
expenditures
|
|
(186)
|
|
|
(221)
|
|
Acquisition of
intangible assets
|
|
—
|
|
|
(12)
|
|
Disposal of
assets
|
|
26
|
|
|
1
|
|
Other investing
activities
|
|
13
|
|
|
28
|
|
|
Total
|
|
(147)
|
|
|
(204)
|
|
|
|
|
|
|
|
|
Cash (used in)
provided by financing activities:
|
|
|
|
|
|
Issuance of long-term
debt, net of financing costs
|
—
|
|
|
576
|
|
Repayment of
long-term debt
|
|
(322)
|
|
|
(542)
|
|
Receipts from
exercise of stock options
|
1
|
|
|
—
|
|
Dividends
paid
|
|
(15)
|
|
|
(14)
|
|
|
Total
|
|
(336)
|
|
|
20
|
|
|
|
|
|
|
|
|
Effect of exchange
rate changes on cash
|
(3)
|
|
|
(3)
|
|
|
|
|
|
|
|
|
Net increase in cash
and cash equivalents
|
867
|
|
|
197
|
Cash and cash
equivalents at beginning of the year
|
604
|
|
|
570
|
|
|
Cash and cash
equivalents at end of the period
|
$
|
1,471
|
|
|
$
|
767
|
UNITED STATES
STEEL CORPORATION
|
CONDENSED BALANCE
SHEET (Unaudited)
|
|
|
|
|
June 30
|
|
Dec. 31
|
(Dollars in
millions)
|
|
2014
|
|
2013
|
Cash and cash
equivalents
|
$
|
1,471
|
|
|
$
|
604
|
Receivables,
net
|
2,086
|
|
|
2,160
|
Inventories
|
2,337
|
|
|
2,688
|
Other current
assets
|
633
|
|
|
626
|
|
Total current
assets
|
6,527
|
|
|
6,078
|
Property, plant and
equipment, net
|
5,736
|
|
|
5,922
|
Investments and
long-term receivables, net
|
622
|
|
|
621
|
Intangible assets,
net
|
266
|
|
|
271
|
Other
assets
|
255
|
|
|
251
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
|
13,406
|
|
|
$
|
13,143
|
|
|
|
|
|
|
|
Accounts
payable
|
$
|
2,294
|
|
|
$
|
1,754
|
Payroll and benefits
payable
|
998
|
|
|
974
|
Short-term debt and
current maturities of long-term debt
|
20
|
|
|
323
|
Other current
liabilities
|
209
|
|
|
194
|
|
Total current
liabilities
|
3,521
|
|
|
3,245
|
Long-term debt, less
unamortized discount
|
3,605
|
|
|
3,616
|
Employee
benefits
|
1,841
|
|
|
2,064
|
Other long-term
liabilities (a)
|
925
|
|
|
842
|
United States Steel
Corporation stockholders' equity (a)
|
3,513
|
|
|
3,375
|
Noncontrolling
interests
|
1
|
|
|
1
|
|
|
Total liabilities and
stockholders' equity
|
$
|
13,406
|
|
|
$
|
13,143
|
(a) 2013
amounts for other long-term liabilities and stockholders' equity
(retained earnings)
have been revised to correct an error that resulted in additional
tax benefit of $27 million.
|
UNITED STATES
STEEL CORPORATION
NON-GAAP FINANCIAL MEASURES
(Unaudited)
We present adjusted net income and adjusted net income 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.
The following schedule reflects the reconciliation of adjusted
net income:
UNITED STATES
STEEL CORPORATION
|
RECONCILIATION OF
ADJUSTED NET INCOME (LOSS)
|
|
|
|
Quarter
Ended
|
|
|
June 30
|
March 31
|
June 30
|
(Dollars in millions,
except per share amounts)
|
2014
|
2014
|
2013
|
Reconciliation to
net income (loss) attributable to United States Steel
Corporation
|
|
|
|
|
|
|
Adjusted net income
(loss) attributable to United States Steel Corporation
|
$
|
25
|
|
$
|
52
|
|
$
|
(78)
|
|
Litigation
reserves
|
(46)
|
|
—
|
|
—
|
|
Loss on assets held
for sale
|
(9)
|
|
—
|
|
—
|
|
Curtailment
gain
|
12
|
|
—
|
|
—
|
|
Net (loss) income
attributable to United States Steel Corporation, as
reported
|
$
|
(18)
|
|
$
|
52
|
|
(78)
|
|
|
|
|
|
|
|
Reconciliation to
diluted net income (loss) per share
|
|
|
|
|
|
|
Adjusted diluted net
income (loss) per share
|
$
|
0.17
|
|
$
|
0.34
|
|
$
|
(0.54)
|
|
Litigation
reserves
|
(0.31)
|
|
—
|
|
—
|
|
Loss on assets held
for sale
|
(0.06)
|
|
—
|
|
—
|
|
Curtailment
gain
|
0.08
|
|
—
|
|
—
|
|
Diluted net (loss)
income per share, as reported
|
$
|
(0.12)
|
|
$
|
0.34
|
|
$
|
(0.54)
|
UNITED STATES
STEEL CORPORATION
|
PRELIMINARY SUPPLEMENTAL STATISTICS
(Unaudited)
|
|
|
|
Quarter
Ended
|
|
Six Months
Ended
|
|
|
June 30
|
|
March 31
|
|
June 30
|
|
June 30,
|
(Dollars in
millions)
|
2014
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
INCOME (LOSS) FROM
OPERATIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Flat-rolled
|
$
|
30
|
|
|
$
|
85
|
|
|
$
|
(51)
|
|
|
$
|
115
|
|
|
$
|
(64)
|
|
|
U. S. Steel
Europe
|
38
|
|
|
32
|
|
|
10
|
|
|
70
|
|
|
48
|
|
|
Tubular
|
47
|
|
|
24
|
|
|
45
|
|
|
71
|
|
|
109
|
|
|
Other
Businesses
|
17
|
|
|
13
|
|
|
43
|
|
|
30
|
|
|
48
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reportable Segment
and Other Businesses Income
from Operations
|
132
|
|
|
154
|
|
|
47
|
|
|
286
|
|
|
141
|
|
|
Postretirement
benefit expense
|
(32)
|
|
|
(32)
|
|
|
(54)
|
|
|
(64)
|
|
|
(110)
|
|
|
Other items not
allocated to segments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Litigation
reserves
|
(70)
|
|
|
—
|
|
|
—
|
|
|
(70)
|
|
|
—
|
|
|
Loss on assets held for
sale
|
(14)
|
|
|
—
|
|
|
—
|
|
|
(14)
|
|
|
—
|
|
|
Curtailment gain
|
19
|
|
|
—
|
|
|
—
|
|
|
19
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Income (Loss) from Operations
|
$
|
35
|
|
|
$
|
122
|
|
|
$
|
(7)
|
|
|
$
|
157
|
|
|
$
|
31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL
EXPENDITURES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Flat-rolled
|
$
|
47
|
|
|
$
|
55
|
|
|
$
|
80
|
|
|
$
|
102
|
|
|
$
|
176
|
|
|
U. S. Steel
Europe
|
17
|
|
|
18
|
|
|
8
|
|
|
35
|
|
|
18
|
|
|
Tubular
|
31
|
|
|
16
|
|
|
15
|
|
|
47
|
|
|
23
|
|
|
Other
Businesses
|
1
|
|
|
1
|
|
|
2
|
|
|
2
|
|
|
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
$
|
96
|
|
|
$
|
90
|
|
|
$
|
105
|
|
|
$
|
186
|
|
|
$
|
221
|
|
UNITED STATES
STEEL CORPORATION
|
PRELIMINARY
SUPPLEMENTAL STATISTICS (Unaudited)
|
|
|
Quarter
Ended
|
|
Six Months
Ended
|
|
June 30
|
|
March 31
|
|
June 30
|
|
June 30,
|
|
2014
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
OPERATING
STATISTICS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average realized
price: ($/net ton) (a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Flat-rolled
|
774
|
|
761
|
|
725
|
|
767
|
|
722
|
|
|
U. S. Steel
Europe
|
691
|
|
710
|
|
702
|
|
700
|
|
710
|
|
|
Tubular
|
1,479
|
|
1,479
|
|
1,510
|
|
1,479
|
|
1,532
|
|
Steel Shipments:
(a) (b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Flat-rolled
|
3,527
|
|
3,674
|
|
3,728
|
|
7,201
|
|
7,746
|
|
|
U. S. Steel
Europe
|
1,053
|
|
1,031
|
|
1,062
|
|
2,084
|
|
2,110
|
|
|
Tubular
|
449
|
|
419
|
|
456
|
|
868
|
|
884
|
|
|
|
Total Steel
Shipments
|
5,029
|
|
5,124
|
|
5,246
|
|
10,153
|
|
10,740
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intersegment
Shipments: (b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Flat-rolled to
Tubular
|
457
|
|
435
|
|
445
|
|
892
|
|
886
|
|
|
U. S. Steel Europe to
Flat-rolled
|
75
|
|
—
|
|
—
|
|
75
|
|
—
|
|
Raw Steel Production:
(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Flat-rolled
|
4,132
|
|
4,491
|
|
4,212
|
|
8,623
|
|
9,132
|
|
|
U. S. Steel
Europe
|
1,223
|
|
1,141
|
|
1,158
|
|
2,364
|
|
2,361
|
|
Raw Steel Capability
Utilization: (c)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Flat-rolled
|
75%
|
|
83%
|
|
70%
|
|
79%
|
|
76%
|
|
|
Flat-rolled U.S. Facilities (d)
|
73%
|
|
81%
|
|
87%
|
|
77%
|
|
89%
|
|
|
U. S. Steel
Europe
|
98%
|
|
93%
|
|
93%
|
|
95%
|
|
95%
|
(a)
Excludes intersegment shipments.
|
(b)
Thousands of net tons.
|
(c) Based
on annual raw steel production capability of 22.0 million net tons
for Flat-rolled and 5.0 million net tons for
U. S. Steel Europe. Prior to the permanent shut down of the iron
and steelmaking facilities at Hamilton Works on
December 31, 2013, annual raw steel production capability for
Flat-rolled was 24.3 million net tons.
|
(d) AISI
capability utilization rates include our U.S. facilities (Gary
Works, Great Lakes Works, Mon Valley Works,
Granite City Works and Fairfield Works).
|
SOURCE United States Steel Corporation