Corporation (USS) is reporting a net loss in the third quarter of $84
million or 49 cents per diluted share, compared to a net income in the
second quarter of $68 million or 39 cents; and a net income in the year-ago
period of $291 million or $1.62.
The 3Q net loss is
at the low end of the company’s preliminary unaudited quarterly projection
released early in November: $84 to $94 million or 49 to 55 cents per diluted
“The team delivered
better than expected results from solid cost performance and higher than
forecasted shipments in flat-rolled,” USS President and CEO David Burritt
said in a statement released today. “While market headwinds persist, we
continue to focus on what we can control, including re-scoping our asset
revitalization investments and reducing fixed costs. We also completed three
financing activities since the quarter ended, which delivered approximately
$1.1 billion of incremental capital to further support our strategy.”
“We are using
today’s market environment as a catalyst to improve our business model with
our ‘best of both’ strategy,” Burritt added. “Our investment in Big River
Steel is strategic priority No. 1 and we are already purposefully
re-prioritizing our uses of cash towards investments most closely aligned
with the business we are becoming. We will be flexible managing the pace of
our strategic investments to ensure we demonstrate the resiliency required
to achieve the cost and capability differentiation of our world competitive
price per net ton of flat-rolled: $732 ($779 2Q; $859 year-ago).
--Total USS and
U.S. Steel Europe shipments: 3.59 million net tons (4 million 2Q; 3.94
capability at U.S. facilities: 65 percent (70 percent 2Q; 68 percent
steel production: 2.78 million net tons (2.98 million 2Q; 2.93 million
capital expenditures: $263 million ($254 million 2Q; $213 year-ago).
shipments of flat-rolled to tubular: 79,000 net tons (52,000 net tons 2Q;
26,000 net tons year-ago).
--Net sales: $3.06
billion ($3.54 billion 2Q; $3.72 billion year-ago).
segment earnings: $46 million ($134 million 2Q; $305 million year-ago).
segment loss: $46 million ($10 million loss 2Q; $115 million earnings
loss: $25 million ($6 million loss 2Q; $7 million earnings year-ago).
segment earnings: $8 million ($10 million 2Q; $16 million year-ago).
loss before interest and income taxes: $17 million ($128 million total
segment earnings 2Q; $400 million total segment earnings year-ago).