US Steel's 4Q loss widens on charges, shipments

| Zoom

PITTSBURGH (AP) - US Steel reported a wider fourth-quarter loss on lower shipments and charges mostly related to closing a plant.

United States Steel Corp. said Monday that it lost $122 million, or 84 cents per share. That compared with a loss of $50 million, or 35 cents per share, a year ago. Revenue dropped 5 percent, to $4.27 billion.

The company said that excluding items such as restructuring and tax benefit it would have earned adjusted profit of 27 cents per share.

Analysts, who usually exclude items, expected a loss of 25 cents per share on revenue of $4.36 billion, according to FactSet.

Overall, steel shipments fell 6 percent. A 12 percent decline in flat-rolled steel wiped out gains in the company's European segment and in tubular products, both of which are smaller businesses than rolled steel.

Average prices for rolled steel increased 4 percent from a year earlier, but they fell for other products.

The Pittsburgh-based company said it expects first-quarter results in the flat-rolled segment to improve on higher average prices and shipments and reduced maintenance costs. It said the European segment would report similar results to the fourth quarter, while the tubular segment was expected to decline on lower prices because of high imports and growing U.S. supply.

The company took after-tax restructuring and other charges of $302 million, which it said were mostly related to the shutdown of iron- and steel-making facilities at the Hamilton Works plant in Canada. Those items were partly offset by a tax-related benefit of $142 million.

The results were released long after the market closed. In extended trading, the company's shares slipped 30 cents, or 1 percent, to $25.15.

Company officials planned to hold a conference call with analysts on Tuesday.

(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Top Stories

  • Does This Make Sense?
    Jason Rantz questions Inslee's plan to fund transportation with carbon pollution tax

  • Big Release
    Michael Medved takes a look at whether the latest Hobbit film is worth your interest

  • Holiday Map
    Find holiday events, Santa photo opportunities, and light displays
ATTENTION COMMENTERS: We've changed our comments, but want to keep you in the conversation.
Please login below with your Facebook, Twitter, Google+ or Disqus account. Existing MyNorthwest account holders will need to create a new Disqus account or use one of the social logins provided below. Thank you.
comments powered by Disqus
Sign up for breaking news e-mail alerts from
In the community
Do you know an exceptional citizen who has impacted and inspired others?
KIRO Radio and WSECU would like to recognize six oustanding citizens this year. Nominate them to be recognized and to receive a $2,000 charitable grant.