News Column

US Steel Loss Narrows to $50 Million

Jan 29, 2013

Kim Leonard

US Steel

U.S. Steel Corp. reported a fourth-quarter loss of $50 million, or 35 cents a share, on Tuesday.

The Downtown-based steelmaker's latest loss is down from $211 million, or $1.46, for the same quarter a year ago. Revenue for the quarter fell to $4.49 million, from $4.82 million.

The latest quarter's results include a $9 million or 6-cents-a-share favorable settlement related to a supplier contract dispute.

For all of 2012, the company lost $124 million, or 86 cents, although that includes a net loss of $353 million that primarily relates to the sale of U.S. Steel Serbia.

Still, "For the third consecutive quarter all three of our reportable segments had positive operating results despite the uncertain global economic environment," CEO John P. Surma said.

"Lower drilling and project line pipe activity, as well as continued high import levels, significantly reduced our tubular segment's results." Results for the flat-rolled segment were hurt by uncertain fiscal conditions in the U.S., in addition to imports, he said.

Surma said U.S. Steel expects a "slight improvement" in its European and tubular segments' results in the first quarter, while flat-rolled business should be near break-even.

Source: (c)2013 The Pittsburgh Tribune-Review (Greensburg, Pa.). Distributed by MCT Information Services.

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