Jan 27 United States Steel Corp reported a
wider fourth quarter loss as total steel shipments declined
compared to last year.
The Pittsburgh-based steelmaker had a net loss of $122
million, or 84 cents per share, compared to a loss of $50
million, or 35 cents per share, a year earlier.
Net sales fell to $4.27 billion from $4.49 billion last
The company took a $302 million non-cash charge linked to
the previously announced permanent closure of iron and
steelmaking operations at its Hamilton, Ontario mill.
The move, part of a cost-cutting initiative dubbed "Project
Carnegie" after steel magnate Andrew Carnegie, should cut costs
in a market weighed down by excess steelmaking capacity.
Steel output fell 2 percent in the United States in 2013, as
steelmakers responded to weak prices. Even so, there were
noticeable price increases in the second half of the year as
Excluding after-tax non-cash restructuring and other
charges, U.S. Steel's adjusted loss fell to 27 cents a share,
from 41 cents a share.
Analysts, on average, had been expecting a loss of 25 cents
a share on revenue of $4.36 billion, according to Thomson
Income from the flat-rolled segment, its biggest unit by
shipments, rose to $87 million from $11 million last year.
The company expects total reportable segment and other
business income from operations to increase moderately in the
current quarter from the fourth quarter.
Shares of the company fell as much as 4.3 percent in after