PITTSBURGH, July 28, 2015
/PRNewswire/ -- United States Steel Corporation (NYSE: X)
reported a second quarter 2015 net loss of $261 million, or $1.79 per diluted share, which included a
$136 million, or $0.93 per diluted share, non-cash write-down of
our retained interest in U. S. Steel Canada (USSC) and a net loss of $10 million, or $0.07 per diluted share, related to non-cash
restructuring and other charges. This compared to a second
quarter 2014 net loss of $18 million,
or $0.12 per diluted share, and a
first quarter 2015 net loss of $75 million, or $0.52 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)
|
2Q
2015
|
1Q
2015
|
2Q
2014
|
Net
Sales
|
$
|
2,900
|
|
$
|
3,272
|
|
$
|
4,400
|
|
Segment (loss)
earnings before interest and income taxes (EBIT)
|
|
|
|
Flat-Rolled
|
$
|
(64)
|
|
$
|
(67)
|
|
$
|
30
|
|
U. S. Steel
Europe
|
20
|
|
37
|
|
38
|
|
Tubular
|
(66)
|
|
1
|
|
47
|
|
Other Businesses
|
6
|
|
8
|
|
17
|
|
Total Segment
EBIT
|
$
|
(104)
|
|
$
|
(21)
|
|
$
|
132
|
|
Postretirement
benefit expense
|
(14)
|
|
(13)
|
|
(32)
|
|
Other items not
allocated to segments
|
(274)
|
|
(153)
|
|
(65)
|
|
EBIT
|
$
|
(392)
|
|
$
|
(187)
|
|
$
|
35
|
|
Net interest and
other financial costs
|
55
|
|
62
|
|
64
|
|
Income tax
benefit
|
(186)
|
|
(174)
|
|
(11)
|
|
Less: Net earnings
attributable to the noncontrolling interests
|
—
|
|
—
|
|
—
|
|
Net loss
attributable to United States Steel Corporation
|
$
|
(261)
|
|
$
|
(75)
|
|
$
|
(18)
|
|
-Loss per basic
share
|
$
|
(1.79)
|
|
$
|
(0.52)
|
|
$
|
(0.12)
|
|
-Loss per diluted
share
|
$
|
(1.79)
|
|
$
|
(0.52)
|
|
$
|
(0.12)
|
|
Commenting on results, U. S. Steel President and Chief
Executive Officer Mario Longhi said,
"We've taken aggressive and decisive actions to address the
extremely challenging conditions we continue to face in North
America. Our Carnegie Way efforts, combined with short-term
cost improvements, have helped to partially offset the continued
depressed volumes and low prices in both the tubular and
flat-rolled markets as well as the negative impact of tremendously
high levels of imports. U.S. trade laws have been strengthened by
the signing of the Trade Adjustment Assistance bill, which will
improve the means by which domestic companies may seek relief from
unfairly traded imports. We are also maintaining our customer
focus and our flexibility to respond as market conditions
change."
Segment loss before interest and income taxes was $104 million, or $27 per ton, for the second quarter of 2015
compared to segment loss before interest and income taxes of
$21 million, or $5 per ton, in the first quarter of 2015 and
segment earnings before interest and income taxes of $132 million, or $26 per ton, in the second quarter of 2014.
During the second quarter of 2015, management continued to
assess the recoverability of our retained interest in USSC and as a
result of this assessment, we recorded a $255 million non-cash, pre-tax charge to
write-down our retained interest in USSC. Further information
will be provided in our Form 10-Q.
For the second quarter 2015, we recorded a tax benefit of
$186 million on our pre-tax loss of
$447 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 significantly challenging market conditions, we
maintained positive operating cash flow of $215 million for the six months ended
June 30, 2015. As of June 30, U. S. Steel had $1.2 billion of cash and $2.7 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
Second quarter results for our Flat-Rolled segment were
comparable to the first quarter despite the adverse impact of
significant and increasing volumes of unfairly traded sheet imports
in addition to elevated import activity caused by the continued
strength of the U.S. dollar, which have served to drastically
depress both spot and contract prices in the second quarter.
The earnings power of our Carnegie Way efforts, combined with our
aggressive actions to reduce operating costs in alignment with our
low utilization levels enabled us to offset the effect of lower
average realized prices, which declined by more than $70 per ton in the second quarter.
European segment results remained positive but decreased
compared to the first quarter. Planned maintenance outages in
the second quarter resulted in reduced shipments and higher repairs
and maintenance costs. These negative effects were partially
offset by a slight increase in averaged realized euro-based prices
and a reduction in raw materials costs.
Second quarter results for our Tubular segment decreased
significantly as compared to the first quarter primarily due to
considerably lower shipments. Shipments continue to be
adversely impacted by reduced drilling activity caused by low crude
oil prices and the near record levels of tubular imports, much of
which we believe are unfairly traded. The decrease in results
is also attributable to operating inefficiencies as a result of
reduced production levels.
2015 Outlook
We currently expect commercial conditions to improve in the
second half of 2015 from the conditions we experienced in the first
half, as supply chain inventories continue to rebalance, primarily
in our flat-rolled markets. Based on increasing benefits from
our Carnegie Way transformation and our aggressive efforts to
reduce operating costs to align them with our utilization levels,
we currently expect to be within our full-year adjusted EBIT of
$115 million to $315 million, or
full-year adjusted earnings before interest, income taxes,
depreciation and amortization (EBITDA) of $700 million to $900 million, guidance range for
2015. While we continue to find additional short term cost
reductions and generate additional Carnegie Way benefits, if the
current pace of commercial improvement in our markets does not
increase, we would expect to be near the low end of the range.
Consistent with our Carnegie Way transformation process, we are
focused on converting as much of the short term cost reductions as
possible into permanent improvements in our cost structure.
*****
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 second quarter
earnings on Wednesday, July 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
|
|
Six Months
Ended
|
|
|
|
June 30
|
|
March 31
|
|
June 30
|
|
June 30,
|
(Dollars in millions,
except per share amounts)
|
2015
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
NET SALES
|
|
$
|
2,900
|
|
|
$
|
3,272
|
|
|
$
|
4,400
|
|
|
$
|
6,172
|
|
|
$
|
8,848
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES
(INCOME):
|
|
|
|
|
|
|
|
|
|
|
Cost of sales
(excludes items shown below)
|
2,792
|
|
|
3,066
|
|
|
4,097
|
|
|
5,858
|
|
|
8,135
|
|
|
Selling, general and
administrative expenses
|
107
|
|
|
102
|
|
|
143
|
|
|
209
|
|
|
281
|
|
|
Depreciation,
depletion and amortization
|
138
|
|
|
144
|
|
|
165
|
|
|
282
|
|
|
331
|
|
|
Earnings from
investees
|
(17)
|
|
|
(6)
|
|
|
(57)
|
|
|
(23)
|
|
|
(53)
|
|
|
Loss on write-down of
retained interest in USSC
|
255
|
|
|
—
|
|
|
—
|
|
|
255
|
|
|
—
|
|
|
Restructuring and
other charges
|
19
|
|
|
153
|
|
|
18
|
|
|
172
|
|
|
18
|
|
|
Net gain on disposal
of assets
|
(1)
|
|
|
—
|
|
|
(1)
|
|
|
(1)
|
|
|
(21)
|
|
|
Other income,
net
|
(1)
|
|
|
—
|
|
|
—
|
|
|
(1)
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses
|
3,292
|
|
|
3,459
|
|
|
4,365
|
|
|
6,751
|
|
|
8,691
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(LOSS) EARNINGS
BEFORE INTEREST AND INCOME TAXES (EBIT)
|
(392)
|
|
|
(187)
|
|
|
35
|
|
|
(579)
|
|
|
157
|
|
Net interest and
other financial costs
|
55
|
|
|
62
|
|
|
64
|
|
|
117
|
|
|
133
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(LOSS) EARNINGS
BEFORE INCOME TAXES
|
(447)
|
|
|
(249)
|
|
|
(29)
|
|
|
(696)
|
|
|
24
|
|
Income tax
benefit
|
(186)
|
|
|
(174)
|
|
|
(11)
|
|
|
(360)
|
|
|
(10)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)
earnings
|
(261)
|
|
|
(75)
|
|
|
(18)
|
|
|
(336)
|
|
|
34
|
|
|
Less: Net earnings
attributable to the
|
|
|
|
|
|
|
|
|
|
|
noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
NET (LOSS) EARNINGS
ATTRIBUTABLE TO
|
|
|
|
|
|
|
|
|
|
|
UNITED STATES STEEL
CORPORATION
|
$
|
(261)
|
|
|
$
|
(75)
|
|
|
$
|
(18)
|
|
|
$
|
(336)
|
|
|
$
|
34
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMON STOCK
DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) earnings
per share attributable to
|
|
|
|
|
|
|
|
|
|
United
States Steel Corporation stockholders:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(1.79)
|
|
|
$
|
(0.52)
|
|
|
$
|
(0.12)
|
|
|
$
|
(2.31)
|
|
|
$
|
0.23
|
|
|
Diluted
|
|
$
|
(1.79)
|
|
|
$
|
(0.52)
|
|
|
$
|
(0.12)
|
|
|
$
|
(2.31)
|
|
|
$
|
0.23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares, in thousands
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
145,962
|
|
|
145,733
|
|
|
144,884
|
|
|
145,848
|
|
|
144,821
|
|
|
Diluted
|
|
145,962
|
|
|
145,733
|
|
|
144,884
|
|
|
145,848
|
|
|
146,144
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
|
2015
|
|
2014
|
Cash provided by
(used in) operating activities:
|
|
|
|
|
Net (loss)
earnings
|
|
$
|
(336)
|
|
|
$
|
34
|
|
|
Depreciation,
depletion and amortization
|
282
|
|
|
331
|
|
|
Loss on write-down of
retained interest in USSC
|
255
|
|
|
—
|
|
|
Restructuring and
other charges
|
172
|
|
|
18
|
|
|
Pensions and other
postretirement benefits
|
(24)
|
|
|
(59)
|
|
|
Deferred income
taxes
|
(345)
|
|
|
16
|
|
|
Net gain on disposal
of assets
|
(1)
|
|
|
(21)
|
|
|
Working capital
changes
|
226
|
|
|
833
|
|
|
Income taxes
receivable/payable
|
18
|
|
|
153
|
|
|
Other operating
activities
|
(32)
|
|
|
48
|
|
|
|
Total
|
|
215
|
|
|
1,353
|
|
|
|
|
|
|
|
|
Cash (used in)
provided by investing activities:
|
|
|
|
|
Capital
expenditures
|
|
(276)
|
|
|
(186)
|
|
|
Acquisitions
|
|
(25)
|
|
|
—
|
|
|
Disposal of
assets
|
|
1
|
|
|
26
|
|
|
Other investing
activities
|
|
5
|
|
|
13
|
|
|
|
Total
|
|
(295)
|
|
|
(147)
|
|
|
|
|
|
|
|
|
Cash (used in)
provided by financing activities:
|
|
|
|
|
Repayment of
long-term debt
|
|
(18)
|
|
|
(322)
|
|
|
Receipts from
exercise of stock options
|
1
|
|
|
1
|
|
|
Dividends
paid
|
|
(15)
|
|
|
(15)
|
|
|
|
Total
|
|
(32)
|
|
|
(336)
|
|
|
|
|
|
|
|
|
Effect of exchange
rate changes on cash
|
(32)
|
|
|
(3)
|
|
|
|
|
|
|
|
|
Net (decrease)
increase in cash and cash equivalents
|
(144)
|
|
|
867
|
|
Cash and cash
equivalents at beginning of the year
|
1,354
|
|
|
604
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at end of the period
|
$
|
1,210
|
|
|
$
|
1,471
|
|
UNITED STATES
STEEL CORPORATION
|
CONDENSED BALANCE
SHEET (Unaudited)
|
|
|
|
|
|
|
|
|
|
June 30
|
|
Dec. 31
|
(Dollars in
millions)
|
|
2015
|
|
2014
|
Cash and cash
equivalents
|
$
|
1,210
|
|
|
$
|
1,354
|
|
Receivables,
net
|
1,497
|
|
|
1,942
|
|
Inventories
|
2,330
|
|
|
2,496
|
|
Other current
assets
|
399
|
|
|
639
|
|
|
Total current
assets
|
5,436
|
|
|
6,431
|
|
Property, plant and
equipment, net
|
4,431
|
|
|
4,574
|
|
Investments and
long-term receivables, net
|
672
|
|
|
939
|
|
Intangible assets,
net
|
200
|
|
|
204
|
|
Other
assets
|
474
|
|
|
166
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
|
11,213
|
|
|
$
|
12,314
|
|
|
|
|
|
|
|
Accounts
payable
|
$
|
1,811
|
|
|
$
|
2,001
|
|
Payroll and benefits
payable
|
879
|
|
|
1,003
|
|
Short-term debt and
current maturities of long-term debt
|
362
|
|
|
378
|
|
Other current
liabilities
|
190
|
|
|
187
|
|
|
Total current
liabilities
|
3,242
|
|
|
3,569
|
|
Long-term debt, less
unamortized discount
|
3,124
|
|
|
3,120
|
|
Employee
benefits
|
952
|
|
|
1,117
|
|
Other long-term
liabilities
|
414
|
|
|
708
|
|
United States Steel
Corporation stockholders' equity
|
3,480
|
|
|
3,799
|
|
Noncontrolling
interests
|
1
|
|
|
1
|
|
|
|
|
|
|
|
|
Total liabilities and
stockholders' equity
|
$
|
11,213
|
|
|
$
|
12,314
|
|
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
|
|
|
June 30
|
|
March 31
|
|
June 30
|
(Dollars in
millions)
|
2015
|
|
2015
|
|
2014
|
Reconciliation to
(loss) earnings before interest and income taxes
(EBIT)
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$
|
20
|
|
|
$
|
110
|
|
|
$
|
265
|
|
|
Loss on write-down of
retained interest in USSC
|
(255)
|
|
|
—
|
|
|
—
|
|
|
Loss on shutdown of
coke production facilities
|
—
|
|
|
(153)
|
|
|
—
|
|
|
Restructuring and
other charges (a)
|
(19)
|
|
|
—
|
|
|
—
|
|
|
Impairment of carbon
alloy facilities
|
—
|
|
|
—
|
|
|
—
|
|
|
Write-off of
pre-engineering costs
|
—
|
|
|
—
|
|
|
—
|
|
|
Gain on sale of real
estate assets
|
—
|
|
|
—
|
|
|
—
|
|
|
Litigation
reserves
|
—
|
|
|
—
|
|
|
(70)
|
|
|
Loss on assets held
for sale
|
—
|
|
|
—
|
|
|
(14)
|
|
|
Curtailment
gain
|
—
|
|
|
—
|
|
|
19
|
|
|
EBITDA
|
(254)
|
|
|
(43)
|
|
|
200
|
|
|
Depreciation,
depletion and amortization expense
|
(138)
|
|
|
(144)
|
|
|
(165)
|
|
|
EBIT, as
reported
|
$
|
(392)
|
|
|
$
|
(187)
|
|
|
$
|
35
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
|
June 30
|
|
March 31
|
|
June 30
|
(Dollars in millions,
except per share amounts)
|
2015
|
|
2015
|
|
2014
|
Reconciliation to
net loss attributable to United States Steel
Corporation
|
|
|
|
|
|
|
Adjusted net (loss)
earnings attributable to United States Steel Corporation
|
$
|
(115)
|
|
|
$
|
(10)
|
|
|
$
|
25
|
|
|
Loss on write-down of
retained interest in USSC
|
(136)
|
|
|
—
|
|
|
—
|
|
|
Loss on shutdown of
coke production facilities
|
—
|
|
|
(65)
|
|
|
—
|
|
|
Restructuring and
other charges (a)
|
(10)
|
|
|
—
|
|
|
—
|
|
|
Litigation
reserves
|
—
|
|
|
—
|
|
|
(46)
|
|
|
Loss on assets held
for sale
|
—
|
|
|
—
|
|
|
(9)
|
|
|
Curtailment
gain
|
—
|
|
|
—
|
|
|
12
|
|
|
Total Adjustments
|
(146)
|
|
|
(65)
|
|
|
(43)
|
|
|
Net loss attributable
to United States Steel Corporation, as reported
|
$
|
(261)
|
|
|
$
|
(75)
|
|
|
$
|
(18)
|
|
|
|
|
|
|
|
|
Reconciliation to
diluted net loss per share
|
|
|
|
|
|
|
Adjusted diluted net
(loss) earnings per share
|
$
|
(0.79)
|
|
|
$
|
(0.07)
|
|
|
$
|
0.17
|
|
|
Loss on write-down of
retained interest in USSC
|
(0.93)
|
|
|
—
|
|
|
—
|
|
|
Loss on shutdown of
coke production facilities
|
—
|
|
|
(0.45)
|
|
|
—
|
|
|
Restructuring and
other charges (a)
|
(0.07)
|
|
|
—
|
|
|
—
|
|
|
Litigation
reserves
|
—
|
|
|
—
|
|
|
(0.31)
|
|
|
Loss on assets held
for sale
|
—
|
|
|
—
|
|
|
(0.06)
|
|
|
Curtailment
gain
|
—
|
|
|
—
|
|
|
0.08
|
|
|
Total adjustments
|
(1.00)
|
|
|
(0.45)
|
|
|
(0.29)
|
|
|
Diluted net loss per
share, as reported
|
$
|
(1.79)
|
|
|
$
|
(0.52)
|
|
|
$
|
(0.12)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
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
|
|
Six Months
Ended
|
|
|
|
June 30
|
|
March 31
|
|
June 30
|
|
June 30,
|
|
(Dollars in
millions)
|
2015
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
SEGMENT EARNINGS
(LOSS) BEFORE INTEREST AND INCOME TAXES (EBIT)
|
|
|
|
|
|
|
|
|
|
|
|
Flat-Rolled
|
$
|
(64)
|
|
|
$
|
(67)
|
|
|
$
|
30
|
|
|
$
|
(131)
|
|
|
$
|
115
|
|
|
|
U. S. Steel
Europe
|
20
|
|
|
37
|
|
|
38
|
|
|
57
|
|
|
70
|
|
|
|
Tubular
|
(66)
|
|
|
1
|
|
|
47
|
|
|
(65)
|
|
|
71
|
|
|
|
Other
Businesses
|
6
|
|
|
8
|
|
|
17
|
|
|
14
|
|
|
30
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Segment
EBIT
|
(104)
|
|
|
(21)
|
|
|
132
|
|
|
(125)
|
|
|
286
|
|
|
|
Postretirement
benefit expense
|
(14)
|
|
|
(13)
|
|
|
(32)
|
|
|
(27)
|
|
|
(64)
|
|
|
|
Other items not
allocated to segments:
|
|
|
|
|
|
|
|
|
|
|
|
Loss on write-down of
retained interest in USSC
|
(255)
|
|
|
—
|
|
|
—
|
|
|
(255)
|
|
|
—
|
|
|
|
Loss on shutdown of coke
production facilities
|
—
|
|
|
(153)
|
|
|
—
|
|
|
(153)
|
|
|
—
|
|
|
|
Restructuring and other
charges
|
(19)
|
|
|
—
|
|
|
—
|
|
|
(19)
|
|
|
—
|
|
|
|
Litigation
reserves
|
—
|
|
|
—
|
|
|
(70)
|
|
|
—
|
|
|
(70)
|
|
|
|
Loss on assets held for
sale
|
—
|
|
|
—
|
|
|
(14)
|
|
|
—
|
|
|
(14)
|
|
|
|
Curtailment gain
|
—
|
|
|
—
|
|
|
19
|
|
|
—
|
|
|
19
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBIT
|
$
|
(392)
|
|
|
$
|
(187)
|
|
|
$
|
35
|
|
|
$
|
(579)
|
|
|
$
|
157
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL
EXPENDITURES
|
|
|
|
|
|
|
|
|
|
|
|
Flat-Rolled
|
$
|
56
|
|
|
$
|
132
|
|
|
$
|
47
|
|
|
$
|
188
|
|
|
$
|
102
|
|
|
|
U. S. Steel
Europe
|
24
|
|
|
21
|
|
|
17
|
|
|
45
|
|
|
35
|
|
|
|
Tubular
|
24
|
|
|
16
|
|
|
31
|
|
|
40
|
|
|
47
|
|
|
|
Other
Businesses
|
—
|
|
|
3
|
|
|
1
|
|
|
3
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
$
|
104
|
|
|
$
|
172
|
|
|
$
|
96
|
|
|
$
|
276
|
|
(a)
|
$
|
186
|
|
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
Excludes the (decrease) increase in accrued capital expenditures of
$(18) million and $4 million for the six months ended June 30,
2015, and 2014, respectively.
|
UNITED STATES
STEEL CORPORATION
|
PRELIMINARY
SUPPLEMENTAL STATISTICS (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Six Months
Ended
|
|
|
|
|
June 30
|
|
March 31
|
|
June 30
|
|
June 30,
|
|
|
|
|
2015
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
OPERATING
STATISTICS
|
|
|
|
|
|
|
|
|
|
|
Average realized
price: (a)
|
|
|
|
|
|
|
|
|
|
|
|
Flat-Rolled ($/net
ton)
|
695
|
|
768
|
|
774
|
|
731
|
|
767
|
|
|
Flat-Rolled U.S. Facilities ($/net ton) (b)
|
695
|
|
768
|
|
788
|
|
731
|
|
781
|
|
|
U. S. Steel Europe
($/net ton)
|
533
|
|
530
|
|
691
|
|
532
|
|
700
|
|
|
U.
S. Steel Europe (euro/net ton)
|
483
|
|
471
|
|
504
|
|
476
|
|
511
|
|
|
Tubular ($/net
ton)
|
1,651
|
|
1,637
|
|
1,479
|
|
1,641
|
|
1,479
|
|
Steel Shipments:
(a) (c)
|
|
|
|
|
|
|
|
|
|
|
|
Flat-Rolled
|
2,712
|
|
2,617
|
|
3,527
|
|
5,329
|
|
7,201
|
|
|
Flat-Rolled U.S. Facilities (b)
|
2,712
|
|
2,617
|
|
3,006
|
|
5,329
|
|
6,121
|
|
|
U. S. Steel
Europe
|
1,091
|
|
1,264
|
|
1,053
|
|
2,355
|
|
2,084
|
|
|
Tubular
|
92
|
|
220
|
|
449
|
|
312
|
|
868
|
|
|
|
Total Steel
Shipments
|
3,895
|
|
4,101
|
|
5,029
|
|
7,996
|
|
10,153
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intersegment
Shipments: (c)
|
|
|
|
|
|
|
|
|
|
|
|
Flat-Rolled to
Tubular
|
96
|
|
149
|
|
457
|
|
245
|
|
892
|
|
|
U. S. Steel Europe to
Flat-Rolled
|
—
|
|
—
|
|
75
|
|
—
|
|
75
|
|
Raw Steel Production:
(c)
|
|
|
|
|
|
|
|
|
|
|
|
Flat-Rolled
|
2,808
|
|
2,868
|
|
4,132
|
|
5,676
|
|
8,623
|
|
|
Flat-Rolled U.S. Facilities (b)
|
2,808
|
|
2,868
|
|
3,528
|
|
5,676
|
|
7,421
|
|
|
U. S. Steel
Europe
|
1,200
|
|
1,283
|
|
1,223
|
|
2,483
|
|
2,364
|
|
Raw Steel Capability
Utilization: (d)
|
|
|
|
|
|
|
|
|
|
|
|
Flat-Rolled
|
58%
|
|
60%
|
|
75%
|
|
59%
|
|
79%
|
|
|
Flat-Rolled U.S. Facilities (e)
|
58%
|
|
60%
|
|
73%
|
|
59%
|
|
77%
|
|
|
U. S. Steel
Europe
|
96%
|
|
104%
|
|
98%
|
|
100%
|
|
95%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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-second-quarter-results-300120204.html
SOURCE United States Steel Corporation