United States Steel Results Improve
February 2, 2017
United States Steel reported a
full-year 2016 net loss of $440 million, or $2.81 per diluted share,
which included unfavorable adjustments totaling $190 million, or $1.21
per diluted share. This compared to a full-year 2015 net loss of $1.6
billion, or $11.24 per diluted share, which included unfavorable
adjustments totaling $1.4 billion, or $9.45 per diluted share.
Commenting on results, U. S. Steel President and Chief Executive Officer Mario Longhi said, "We entered 2016 facing very challenging market conditions, but remained focused on our Carnegie Way transformation efforts. Despite lower average realized prices and shipments in 2016, our results are better as we continued to improve our product mix and cost structure. Our focus on cash, including better working capital management and opportunistic capital markets transactions, resulted in an improved debt maturity profile and stronger cash and liquidity. We are well positioned to accelerate the revitalization of our assets to improve our operating reliability and efficiency, and deliver value-enhancing solutions to our customers."
Commenting on U. S. Steel's outlook for 2017, Longhi said, "We are starting 2017 with much better market conditions than we faced at the beginning of 2016. Our Carnegie Way transformation efforts over the last three years have improved our cost structure, streamlined our operating footprint and increased our customer focus. These substantive changes and improvements have increased our earnings power. While we will benefit from improved market conditions, they continue to be volatile and we must remain focused on improving the things that we can control. Pursuing our safety objective of zero injuries, improving our assets and operating performance, and driving innovation that creates differentiated solutions for our customers remain our top priorities."