Total : 26 View more »
U. S. Steel Gary Works Holds Informational Open House on 2009 Draft NPDES Permit.
PITTSBURGH, Nov. 2 /PRNewswire-FirstCall/ -- United States Steel Corporation (NYSE: X - News) Chairman and Chief Executive Officer John P. Surma today announced several executive-level leadership
http://finance.yahoo.com/news/U-S-Steel-Announces-Executive-prnews-1993567977.html?x=0
NEW YORK (MarketWatch) -- United States Steel Corp. on Tuesday said its third-quarter loss narrowed to $303 million, or $2.11 a share, from $392 million, or $2.92 a share in the year-ago period. The Pittsburgh steel maker said sales dropped to $2.8 billion from $7.3 billion in the year-ago quarter.
U. S. Steel Tubular Products Honors Harold Korell With Chief Roughneck Award.
Total : 16 View more »
NEW ORLEANS, Nov 05, 2009 /PRNewswire-FirstCall via COMTEX/ --
U. S. Steel Tubular Products, Inc., a subsidiary of United States Steel Corporation (NYSE: X), announced that Harold Korell, executive chairman of the board of directors of Southwestern Energy Company, is the recipient of its Chief Roughneck Award for 2009. The announcement was made today at the 80th annual meeting of the Independent Petroleum Association of America.
Douglas R. Matthews, president of U. S. Steel Tubular Products and vice president of tubular operations for U. S. Steel, presented Korell with the traditional Chief Roughneck bronze bust and hard hat. "Harold Korell personifies this award with his exemplary career and leadership in the energy industry," said Matthews. "Throughout his career, Harold's formula for success has had a lasting, positive impact on the companies he has worked for as well as the energy industry as a whole."
Korell joined Southwestern Energy Company in 1997 as executive vice president and chief operating officer. He served as the company's president from 1998 to 2008 and as chief executive officer from 1999 to May 2009. He was elected chairman of the board of directors in 2002 and became executive chairman of the board of directors in May 2009.
With Korell at the helm, Southwestern Energy has accumulated 575,000 acres in the Fayetteville Shale natural gas play in Arkansas and Oklahoma and has since achieved a record level of natural gas production in the Fayetteville Shale of one billion cubic feet per day.
A graduate of the Colorado School of Mines with a professional degree in chemical and petroleum refining engineering, Korell began his career with Mobil Oil Corporation and has held positions with Tenneco Oil Company, McCormick Resources and American Exploration Company.
Korell serves as the vice chairman of the American Exploration and Production Council and is a board member of the National Petroleum Council, the Independent Petroleum Association of America and the American Natural Gas Alliance. He is also a member of the Society of Petroleum Engineers. In addition, he serves on the executive advisory board for the Sam M. Walton School of Business at the University of Arkansas, where he received the Outstanding Service Award in April 2006. He also serves on the board of governors and is a member of the visiting committee for the Department of Petroleum Engineering at the Colorado School of Mines, where he received the Distinguished Achievement Medal in May 2004.
The prestigious Chief Roughneck Award was created in 1955 to honor the lifetime achievements of petroleum industry leaders. Today, U. S. Steel Tubular Products proudly continues to present this important award, which is widely recognized as one of the industry's highest honors.
U. S. Steel Tubular Products, Inc., a subsidiary of United States Steel Corporation, is the largest tubular products manufacturer in North America, with total annual production capability of 2.8 million net tons. Energy industry customers utilize U. S. Steel Tubular Products' casing, tubing, line pipe and couplings to help them locate, retrieve, transport and refine the oil and natural gas products that fuel the world.
For more information about U. S. Steel and U. S. Steel Tubular Products, visit www.ussteel.com.
For more information about the Independent Petroleum Association of America, visit www.ipaa.org.
SOURCE United States Steel Corporation
http://www.ussteel.com
Tags: arkansas business career ceo energy engineering executive exploration manufacturer mining natural gas north america nyse oil oklahoma petroleum president products steel united states
Companies: Southwestern Energy Co. (SWN), United States Steel Corp. (X)
PITTSBURGH, Nov 02, 2009 /PRNewswire-FirstCall via COMTEX/ --
United States Steel Corporation (NYSE: X) Chairman and Chief Executive Officer John P. Surma today announced several executive-level leadership changes. Vice President-Supply Chain & Customer Service John C. Price has elected to retire effective Nov. 30, 2009, after 40 years of service with the company. Anton Lukac, who currently serves as vice president-engineering & technology, will assume Price's position, and Anthony R. Bridge, who is currently vice president-operations, will succeed Lukac.
"The extensive and varied operations experiences John had throughout his distinguished career served our company well during times of important change and ultimately enabled him to be an exceptional leader for our supply chain functions since his appointment to that position in 2008," said Surma. "As a third generation U. S. Steel employee, John exhibited a strong sense of commitment to our company throughout his 40-year career, and we wish him and his family all the best in his retirement."
Price, 62, and a native of Pittsburgh, started his career with the company in 1969 as an operations trainee at Fairless Works near Philadelphia. From 1969 to 1991, he advanced through increasingly responsible positions in tin mill operations, metallurgical engineering and quality assurance at Fairless Works, corporate headquarters, Mon Valley Works' Irvin Plant and Gary Works.
In 1991, Price was named division manager of sheet products at Mon Valley Works, and two years later transferred to headquarters as district manager-customer technical services, East. He returned to Gary Works in 1994 to serve as manager of quality assurance and manager of business services, respectively, before advancing to plant manager of finishing operations in 1996. He returned to Pittsburgh headquarters as general manager-tin products in 1997.
Following the acquisition of National Steel in May 2003, Price was named general manager of the Midwest Plant and led the successful integration of that facility. In 2005, he was named general manager-business planning. He was appointed vice president-supply chain in March 2008 and added responsibility for customer service in April 2009.
Price graduated from Lafayette College in Easton, Pa., in 1969 with a bachelor's degree in metallurgical engineering.
In his new position, Lukac, 49, will be responsible for the company's business planning, logistics services, processed products and customer service organizations. Lukac will report to Senior Vice President-North American Flat Roll Operations Michael S. Williams.
"Anton's detailed knowledge of our operations - gained during a career that includes plant management and executive oversight of research and engineering activities - make him a solid choice to fill this important role," Surma explained.
Lukac began his steelmaking career at Slovak steelmaker VSZ a.s. in 1982 as a technologist in the cold rolling mill. Over the next 16 years, he progressed through increasingly responsible positions in a variety of departments, eventually serving as vice president of technology for VSZ.
When U. S. Steel Kosice (USSK) was created in November 2000, Lukac was named vice president of strategic implementation and reported directly to USSK's president. In that position, he was responsible for USSK's pipe and radiator operations while managing 18 USSK domestic and foreign subsidiaries and supporting regional development through USSK's Economic Development Center.
In July 2003, Lukac was appointed plant manager of U. S. Steel's Clairton Plant, a coke making facility in Clairton, Pa. In December 2006, he advanced to plant manager of Mon Valley Works' Edgar Thomson Plant, a primary steelmaking facility in Braddock, Pa. He was named general manager-Mon Valley Works in January 2007 with responsibility for operations at all four Mon Valley Works facilities: the Clairton Plant; the Edgar Thomson Plant; the Irvin Plant (finishing) in West Mifflin, Pa.; and the Fairless Plant (galvanizing) near Philadelphia. Lukac was appointed to his most recent position in March 2008.
Lukac, who is a native of Martin in the Slovak Republic, graduated from Technical University in Kosice, Faculty of Mechanical Engineering in 1982.
Bridge, 55, will assume executive responsibility for research and development activities at the company's Research and Technology Center in Munhall, Pa., Automotive Center in Troy, Mich., and USSE Research in Kosice, Slovakia. He will also oversee engineering; coke battery assessment, reliability and rehabilitation; and blast furnace engineering and technology activities across the company. He will report to Executive Vice President & Chief Operating Officer John H. Goodish.
"We are confident that Tony's operations experience coupled with his previous leadership of our research and engineering disciplines will aid our efforts to remain a leader in steel process and product development," Surma noted.
Before joining U. S. Steel in 1998 as area manager of the former No. 13 blast furnace at Gary Works in Gary, Ind., Bridge spent 19 years at Inland Steel in East Chicago, Ind., and three years at Rouge Steel in Dearborn, Mich. He advanced to division manager of iron producing at Gary Works in 1999 and to plant manager of primary operations in 2001.
In 2003, Bridge transferred to Pittsburgh headquarters when he was named managing director-blast furnace engineering & technology. He was appointed vice president-engineering & technology in 2005; vice president-operations, East in March 2008; and vice president-operations in April 2009.
Bridge, from Gary, Ind., earned a bachelor's degree in industrial management from Purdue University's Krannert Business School in Lafayette, Ind., in 1976; a bachelor's degree in electrical engineering from Purdue University at its Calumet Campus in Hammond, Ind., in 1991; and a master's degree in business from Indiana Wesleyan University in Marion, Ind., in 2004.
Bridge currently serves as president of the Association for Iron and Steel Technology.
For more information about U. S. Steel, visit www.ussteel.com.
SOURCE United States Steel Corporation
http://www.ussteel.com
Tags: appointment automotive business business services career ceo college corporate electrical engineering executive family indiana industrial mechanical engineering michigan nyse pennsylvania plant president product development products research research and development retirement slovakia steel technology united states university
Companies: United States Steel Corp. (X)
United States Steel Corporation (NYSE: X) Chairman and Chief Executive Officer John P. Surma today announced that Senior Vice President-Public Policy Governmental Affairs Terrence D. Straub, 63, has elected to retire effective Nov. 30, 2009, after 28 years of service with the company....
PITTSBURGH, Oct 27, 2009 /PRNewswire-FirstCall via COMTEX/ --
-- Net loss of $303 million, or $2.11 per share
-- Shipments of 4.2 million tons, an increase of 41 percent from second
quarter 2009
-- Net sales of $2.8 billion, an increase of 32 percent from second quarter
2009
-- Year to date cash flow from operations of $118 million
-- Maintained strong liquidity position with $1.5 billion of cash and $2.7
billion of total liquidity
United States Steel Corporation (NYSE: X) reported a third quarter 2009 net loss of $303 million, or $2.11 per diluted share, compared to a net loss of $392 million, or $2.92 per diluted share, in the second quarter of 2009 and net income of $919 million, or $7.79 per diluted share, in the third quarter of 2008.
Earnings Highlights
-------------------------------------------------------------------------
(Dollars in millions except per 3Q 2009 2Q 2009 3Q 2008
share data)
-------------------------------------------------------------------------
Net sales $2,817 $2,127 $7,312
=========================================================================
Segment (loss) income from operations
Flat-rolled $(370) $(362) $846
U. S. Steel Europe 7 (53) 173
Tubular (21) (88) 420
Other Businesses 5 (7) 22
-------------------------------------------------------------------------
Total segment (loss) income from
operations $(379) $(510) $1,461
Retiree benefit expenses (33) (34) (6)
Other items not allocated to segments - 79 (128)
-------------------------------------------------------------------------
(Loss) income from operations $(412) $(465) $1,327
=========================================================================
Net interest and other financial costs 25 9 46
-------------------------------------------------------------------------
Income tax (benefit) provision (130) (82) 339
=========================================================================
Net (loss) income attributable to
United States Steel Corporation $(303) $(392) $919
-------------------------------------------------------------------------
- Per basic share $(2.11) $(2.92) $7.84
- Per diluted share $(2.11) $(2.92) $7.79
-------------------------------------------------------------------------
Commenting on results, U. S. Steel Chairman and CEO John P. Surma said, "Shipment volumes and operating rates for all of our reportable segments increased significantly from the very low levels of the second quarter as we brought several idled facilities online to satisfy increased customer order rates. Our European and Tubular segments had improved financial performance and our Flat-rolled segment's results were in line with the prior quarter despite the effects of continued low operating rates and facility restart costs."
The company reported a third quarter 2009 loss from operations of $412 million, compared with a loss of $465 million in the second quarter of 2009 and income from operations of $1,327 million in the third quarter of 2008.
The third quarter 2009 loss from operations did not include any other items not allocated to segments. Other items not allocated to segments in the second quarter of 2009 increased net income by $49 million, or 36 cents per diluted share. Other items not allocated to segments in the third quarter of 2008 reduced net income by $79 million, or 67 cents per diluted share.
Net interest and other financial costs in the third quarter of 2009 included a foreign currency gain that increased net income by $24 million, or 16 cents per diluted share. The net gain resulted from the remeasurement of an $828 million U.S. dollar-denominated intercompany loan to a European affiliate, partially offset by losses on euro-U.S. dollar derivatives activity. This compares to a foreign currency gain that increased net income by $41 million, or 31 cents per diluted share, in the second quarter of 2009 and a foreign currency loss that decreased net income by $39 million, or 33 cents per diluted share, in the third quarter of 2008.
The effective tax benefit rate of 22 percent for the first nine months of 2009 is lower than the statutory rate because losses in Canada and Serbia, which are jurisdictions where we have recorded a full valuation allowance on deferred tax assets, do not generate a tax benefit for accounting purposes. Third quarter 2009 results included a $23 million, or 16 cents per diluted share, catch-up benefit adjustment as a result of a slight increase in the estimated annual effective tax benefit rate.
During the third quarter of 2009, we made a voluntary contribution of $140 million to our main defined benefit pension plan in the United States. We ended the quarter with $1.5 billion of cash and total liquidity of $2.7 billion.
U. S. Steel's annual goodwill impairment test, which was completed during the third quarter, resulted in no impairment to the approximately $1.7 billion of goodwill on our balance sheet.
Reportable Segments and Other Businesses
Management believes segment income from operations is a key measure in evaluating company performance. U. S. Steel's reportable segments and Other Businesses reported a segment loss from operations of $379 million, or $91 per ton, in the third quarter of 2009, compared to a loss of $510 million, or $173 per ton, in the second quarter of 2009 and segment income from operations of $1,461 million, or $227 per ton, in the third quarter of 2008.
Income from operations for Flat-rolled was comparable to the second quarter, reflecting improved operating efficiencies, higher shipments and lower inventory write-downs, offset by lower average realized prices, higher raw material costs and approximately $65 million of facility restart costs. Raw steel capability utilization for the quarter increased to 58 percent versus 32 percent in the second quarter. Shipments improved by 50 percent to 2.7 million tons while average realized prices decreased by 11 percent to $605 per net ton. Third quarter results reflected continuing employee and other costs for idled facilities totaling approximately $165 million, compared to $285 million in the second quarter of 2009, reflecting steelmaking facility restarts at our Granite City Works, Great Lakes Works, Hamilton Works and our raw materials operations; however, given current order rates, we plan to adjust our operating configuration as discussed below in the Outlook section.
Our European segment recorded a small profit in the third quarter compared to the second quarter loss as lower raw material and energy costs and improved operating efficiencies were somewhat offset by the non-recurrence of a $34 million second quarter gain on sales of emissions allowances. Raw steel capability utilization for the quarter increased from 57 percent in the second quarter to 82 percent in the third quarter as we restarted our third blast furnace at U. S. Steel Kosice (USSK) in early September and operated both blast furnaces at U. S. Steel Serbia for most of the third quarter. Shipments increased by 24 percent to 1.3 million tons and average realized prices increased by two percent to $615 per net ton as a decrease in euro-based prices was more than offset by foreign currency translation effects.
Tubular reported a reduced operating loss in the third quarter of 2009 compared to the second quarter mainly due to higher shipments and lower inventory write-downs, partially offset by lower average realized prices. Shipments and average realized prices continued to be depressed by the inventory glut created by the surge of unfairly traded and subsidized product from China. Shipments increased by 64 percent to 151 thousand tons, which is still well below historical levels, and average realized prices decreased by three percent to $1,474 per net ton. Third quarter results reflected continuing employee and other costs for idled facilities totaling approximately $25 million, in line with the second quarter of 2009 as we operated our welded facilities at reduced levels.
Outlook
Commenting on U. S. Steel's outlook, Surma said, "We expect improvement in our overall fourth quarter results mainly as a result of increased demand for Flat-rolled products in North America, driven primarily by automotive markets and continued strength in tin mill markets. However, we expect to report an overall operating loss in the fourth quarter due primarily to continued low operating rates and idled facility carrying costs for our Flat-rolled and Tubular segments. We remain cautious in our outlook for end user demand as customer order rates in Flat-rolled and U. S. Steel Europe (USSE) have decreased from the third quarter, partly due to seasonal slowdowns, and we will continue to adjust production to meet our customers' demand. Despite these concerns and uncertainties, we believe that the U.S. and global economies are in the early stages of a gradual recovery, which has been aided by global stimulus policies and may be supported by continued improvement in credit markets and inventory restocking."
For Flat-rolled, fourth quarter results are expected to improve somewhat from the third quarter due primarily to higher average realized prices and increased shipments; however, we expect to report an operating loss for the fourth quarter primarily due to low operating rates and continued carrying costs for idled facilities. In order to adjust production to meet customer order rates, during the fourth quarter we expect to idle the #14 Blast Furnace at our Gary Works for necessary repairs, as well as one of two furnaces at Granite City Works. As a result, we currently expect fourth quarter raw steel capability utilization rates to be in line with third quarter levels. The labor agreement covering our Lake Erie Works operations has expired and we have not yet reached a successor agreement.
We expect fourth quarter results for USSE to be in line with the third quarter as higher average realized prices are offset by higher raw material costs and slightly lower shipments. Due to a planned maintenance outage for one of the three blast furnaces at USSK, we expect raw steel capability utilization rates to be lower than third quarter levels. The blast furnace operating configuration in Serbia will be adjusted as required in the fourth quarter to coincide with customer order rates.
Fourth quarter results for Tubular are expected to be comparable to the third quarter as operating levels, shipments and prices remain around prior quarter levels and we continue to incur carrying costs for idled facilities.
On October 9, 2009, U. S. Steel Canada (USSC) entered into an agreement with an unaffiliated third party providing for the sale of USSC's 44.6 percent interest in the Wabush Mines Joint Venture (Wabush) for approximately $53 million. Wabush owns and operates iron ore mining and pellet facilities in Newfoundland and Labrador and Quebec, Canada. On October 12, 2009, Cliffs Natural Resources Inc., one of the other owners of Wabush, exercised its right of first refusal and is now obligated to acquire USSC's interest in Wabush. Completion of the transaction is subject to customary closing conditions, including regulatory approvals and third party consents, and is scheduled to occur in the fourth quarter of 2009.
This release contains forward-looking statements with respect to market conditions, operating costs, shipments and prices. U. S. Steel has been, and we expect will continue to be, negatively impacted by the current global credit and economic problems. U. S. Steel cannot control or predict the extent and timing of economic recovery. As the recovery occurs, U. S. Steel is incurring and will continue to incur costs to restart idled facilities and to rebuild working capital, but we cannot accurately forecast the amount of such costs. Other more normal factors that could affect market conditions, costs, shipments and prices for both North American operations and USSE include global product demand, prices and mix; global and company steel production levels; plant operating performance; the timing and completion of facility projects; natural gas and electricity prices, usage and availability; raw materials and transportation prices and availability; international trade developments; the impact of fixed prices in energy and raw materials contracts (many of which have terms of one year or longer) as compared to short-term contract and spot prices of steel products; changes in environmental, tax, pension and other laws; the terms of collective bargaining agreements including any successor to the labor agreement covering our Lake Erie Works operations; employee strikes or other labor issues; power outages; and U.S. and global economic performance and political developments. Domestic steel shipments and prices could be affected by import levels and actions taken by the U.S. Government and its agencies, including those related to CO(2) emissions and climate change. Economic conditions and political factors in Europe and Canada that may affect USSE's and USSC's results include, but are not limited to, taxation, nationalization, inflation, currency fluctuations, government instability, political unrest, regulatory changes, export quotas, tariffs, and other protectionist measures. Consummation of the sale of our interest in Wabush is subject to regulatory approvals, third party consents and other customary closing conditions. In accordance with "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, cautionary statements identifying important factors, but not necessarily all factors, that could cause actual results to differ materially from those set forth in the forward-looking statements have been included in U. S. Steel's Annual Report on Form 10-K for the year ended December 31, 2008, and in subsequent filings for U. S. Steel.
A Consolidated Statement of Operations (Unaudited), Consolidated Cash Flow Statement (Unaudited), Condensed Consolidated Balance Sheet (Unaudited) and Preliminary Supplemental Statistics (Unaudited) for U. S. Steel are attached.
The company will conduct a conference call on third quarter earnings on Tuesday, October 27, at 2 p.m. EDT. To listen to the webcast of the conference call, visit the U. S. Steel web site, www.ussteel.com, and click on "Overview" then "Current Information" under the "Investors" section.
For more information on U. S. Steel, visit its web site at www.ussteel.com.
UNITED STATES STEEL CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited)
------------------------------------------------
Quarter Ended Nine Months Ended
-------------------------- ----------------
Sept. 30 June 30 Sept. 30 Sept. 30
(Dollars in millions) 2009 2009 2008 2009 2008
-------------------------------------------------------------------------
NET SALES $2,817 $2,127 $7,312 $7,694 $19,252
OPERATING EXPENSES (INCOME):
Cost of sales (excludes
items shown below) 2,902 2,340 5,752 8,249 15,892
Selling, general and
administrative expenses 163 154 151 460 464
Depreciation, depletion
and amortization 167 159 149 484 464
Loss (income) from
investees 1 10 (51) 32 (92)
Net gains on disposal of
assets (1) (36) (6) (134) (8)
Other income, net (3) (35) (10) (42) (15)
------ ------ ------ ------ ------
Total operating expenses 3,229 2,592 5,985 9,049 16,705
------ ------ ------ ------ ------
(LOSS) INCOME FROM
OPERATIONS (412) (465) 1,327 (1,355) 2,547
Net interest and other
financial costs 25 9 46 105 39
------ ------ ------ ------ ------
(LOSS) INCOME BEFORE
INCOME TAXES AND
MINORITY INTERESTS (437) (474) 1,281 (1,460) 2,508
Income tax (benefit)
provision (130) (82) 339 (322) 652
------ ------ ------ ------ ------
Net (loss) income (307) (392) 942 (1,138) 1,856
Less: Net (loss) income
attributable to the
noncontrolling interests (4) - 23 (4) 34
------ ------ ------ ------ ------
NET (LOSS) INCOME ATTRIBUTABLE
TO UNITED STATES STEEL
CORPORATION $(303) $(392) $919 $(1,134) $1,822
====== ====== ====== ====== ======
COMMON STOCK DATA:
-------------------------------------------------------------------------
Net (loss) income per
share:
- Basic $(2.11) $(2.92) $7.84 $(8.62) $15.51
- Diluted $(2.11) $(2.92) $7.79 $(8.62) $15.43
Weighted average shares, in
thousands
- Basic 143,363 134,634 117,169 131,466 117,423
- Diluted 143,363 134,634 117,826 131,466 118,051
Dividends paid per common
share $.05 $.05 $.30 $.40 $.80
UNITED STATES STEEL CORPORATION
CONSOLIDATED CASH FLOW STATEMENT (Unaudited)
--------------------------------------------
Nine Months Ended
September 30
-----------------
(Dollars in millions) 2009 2008
-------------------------------------------------------------------------
Cash provided from operating activities:
Net (loss) income $(1,138) $1,856
Depreciation, depletion and amortization 484 464
Pensions and other postretirement benefits (160) (388)
Deferred income taxes (258) 262
Net gains on disposal of assets (134) (8)
Changes in: Current receivables 671 (1,264)
Inventories 865 (478)
Current accounts payable and accrued
expenses (237) 931
Bank checks outstanding (10) (9)
Other operating activities 35 (35)
------ ------
Total 118 1,331
------ ------
Cash used in investing activities:
Capital expenditures (323) (539)
Capital expenditures - variable interest entities (126) (94)
Acquisition of pickle lines - (36)
Acquisition of Stelco Inc. - (1)
Disposal of assets 340 19
Other investing activities (101) (14)
------ ------
Total (210) (665)
------ ------
Cash provided from (used in) financing activities:
Issuance of long-term debt 839 -
Repayment of long-term debt (671) (359)
Revolving credit facilities - borrowings - 359
- repayments - (44)
Common stock issued 667 11
Common stock repurchased - (214)
Dividends paid (49) (94)
Other financing activities 127 68
------ ------
Total 913 (273)
------ ------
Effect of exchange rate changes on cash (2) (1)
------ ------
Net increase in cash and cash equivalents 819 392
Cash at beginning of the year 724 401
------ ------
Cash at end of the period $1,543 $793
====== ======
UNITED STATES STEEL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited)
------------------------------------------------
Sept. 30 Dec. 31
(Dollars in millions) 2009 2008
-------------------------------------------------------------------------
Cash and cash equivalents $1,543 $724
Receivables, net 1,638 2,288
Inventories 1,677 2,492
Other current assets 398 228
------- -------
Total current assets 5,256 5,732
Property, plant and equipment, net 6,860 6,676
Investments and long-term receivables, net 697 695
Goodwill and intangible assets, net 1,983 1,891
Other assets 1,053 1,093
------- -------
Total assets $15,849 $16,087
======= =======
Accounts payable $1,490 $1,483
Payroll and benefits payable 770 967
Short-term debt and current maturities
of long-term debt 19 81
Other current liabilities 187 247
------- -------
Total current liabilities 2,466 2,778
Long-term debt, less unamortized discount 3,346 3,064
Employee benefits 4,593 4,767
Other long-term liabilities 405 419
United States Steel Corporation stockholders'
equity 4,749 4,895
Noncontrolling interests 290 164
------- -------
Total liabilities and stockholders' equity $15,849 $16,087
======= =======
UNITED STATES STEEL CORPORATION
PRELIMINARY SUPPLEMENTAL STATISTICS (Unaudited)
-----------------------------------------------
Quarter Ended Nine Months Ended
-------------------------------- -----------------
(Dollars in Sept. 30 June 30 Sept. 30 September 30
millions) 2009 2009 2008 2009 2008
-------------------------------------------------------------------------
(LOSS) INCOME FROM
OPERATIONS
Flat-rolled(a) $(370) $(362) $846 $(1,154) $1,411
U. S. Steel
Europe 7 (53) 173 (205) 632
Tubular (21) (88) 420 18 648
Other Businesses(a) 5 (7) 22 (5) 56
----- ----- ----- ----- -----
Segment (Loss)
Income from
Operations (379) (510) 1,461 (1,346) 2,747
Retiree benefit
expenses (33) (34) (6) (99) (4)
Other items not
allocated to
segments:
Federal excise
tax refund - 34 - 34 -
Litigation
reserve - 45 - 45 (45)
Net gain on sale
of assets - - - 97 -
Workforce
reduction charges - - - (86) -
Labor agreement
signing payments - - (105) - (105)
Environmental
remediation - - (23) - (23)
Flat-rolled
inventory
transition
effects - - - - (23)
----- ----- ----- ----- -----
Total (Loss)
Income from
Operations $(412) $(465) $1,327 $(1,355) $2,547
CAPITAL EXPENDITURES(b)
Flat-rolled(a) $68 $65 $155 $231 $357
U. S. Steel
Europe 46 18 62 74 143
Tubular 3 3 9 9 18
Other
Businesses(a) - 2 13 9 21
----- ----- ----- ----- -----
Total $117 $88 $239 $323 $539
(a) Effective with the fourth quarter of 2008, the operating results of
our iron ore operations, which were previously included in Other
Businesses, are included in the Flat-rolled segment. Prior periods
have been restated to reflect this change.
(b) Excludes capital spending by variable interest entities, which is
not funded by U. S. Steel.
UNITED STATES STEEL CORPORATION
PRELIMINARY SUPPLEMENTAL STATISTICS (Unaudited)
-----------------------------------------------
Quarter Ended Nine Months Ended
------------------------------- -----------------
(Dollars in Sept. 30 June 30 Sept. 30 September 30
millions) 2009 2009 2008 2009 2008
-------------------------------------------------------------------------
OPERATING STATISTICS
Average realized
price:($/net ton)(a)
Flat-rolled 605 677 907 660 775
U. S. Steel
Europe 615 602 1,086 627 948
Tubular 1,474 1,526 2,390 1,889 1,823
Steel Shipments:(a)(b)
Flat-rolled 2,722 1,815 4,505 6,660 14,055
U. S. Steel
Europe 1,285 1,035 1,409 3,217 4,743
Tubular 151 92 519 450 1,452
----- ----- ----- ----- -----
Total Steel
Shipments 4,158 2,942 6,433 10,327 20,250
Intersegment
Shipments:(b)
Flat-rolled to
Tubular 123 34 540 245 1,457
Raw Steel-Production:(b)
Flat-rolled 3,548 1,964 5,282 7,791 16,454
U. S. Steel
Europe 1,528 1,059 1,623 3,586 5,456
Raw Steel-Capability
Utilization:( c )
Flat-rolled 57.9% 32.4% 86.2% 42.9% 90.2%
U. S. Steel
Europe 82.0% 57.4% 87.0% 64.8% 98.2%
(a) Excludes intersegment shipments.
(b) Thousands of net tons.
( c ) Based on annual raw steel production capability of 24.3 million net
tons for Flat-rolled and 7.4 million net tons for U. S. Steel
Europe.
SOURCE United States Steel Corporation
http://www.ussteel.com
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Companies: United States Steel Corp. (X)
Total : 265 View more »
We welcome the employees of Stelco to the U. S. Steel family. For more information about the acquisition, see the press release on the U. S. Steel media page.
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United States Steel Corporation (U. S. Steel) is dedicated to the automotive industry and is continuously researching and developing new grades and processes.
Description: sheet music for Sleepy Head from Operator 13 starring Gary Cooper and Marion Davies, a MGM movie Cosmopolitan Production, great cover photo, lyric by Gus Kahn music by Walter Donaldson, published by Robbins Music Corp NY, 9x12" 6 pages, chords, excellent condition.
http://www.goantiques.com/detail,gary-cooper-operator,755819.html
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U. S. Steel Tubular Products Honors Harold Korell With Chief Roug... www.prnewswire.com. U. S. Steel Tubular Products Honors Harold Korell With Chief Roughneck Award.
United States Steel LLC. (XSS) stock profile information from InvestorWords - The Most Comprehensive Investing Glossary on the Web! Over 6000 financial and investing definitions ...
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PITTSBURGH, July 3 /PRNewswire/ -- United States Steel LLC, part of the USX - U. S. Steel Group (NYSE: X), a unit of USX Corporation, announced today that it is offering $350 ...
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