Feb. 15, 2017
 
U.S Steel’s Results Improve, Despite Loss
 
United States Steel Corp., Pittsburgh, reported 2016 net sales of nearly $10.3 billion, down from $11.6 billion in 2015. The steelmaker’s 2016 net loss of $440 million after unfavorable adjustments was an improvement on the $1.6 billion loss in 2015. Management points to a positive adjusted EBITDA of $510 million as evidence that its efforts to streamline its operations are paying off.

“Despite lower averaged realized prices and shipments in 2016, our results are better as we continued to improve our product mix and cost structure,” said U.S. Steel President and CEO Mario Longhi. “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.”

U.S. Steel saw improved returns in its Flat-Rolled segment, largely due to lower raw materials costs, partially offset by lower average realized prices and shipments. Flat-Rolled sales saw a $3 million loss in 2016, an improvement from the $237 million lost in 2015. Its Tubular segment continued to struggle along with the depressed energy sector, reporting a $304 million loss for the year, on top of a $179 million loss in 2015..

Longhi says the company is starting 2017 with much better market conditions than it faced at the beginning of 2016. The company forecasts positive net earnings this year, depending on changes in demand, spot prices, raw material costs, import volumes and energy prices.

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Monday, October 23, 2017