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Share Name | Share Symbol | Market | Type |
---|---|---|---|
US Steel Corp | NYSE:X | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.44 | -1.19% | 36.61 | 37.06 | 36.25 | 36.60 | 2,191,518 | 00:59:39 |
UNITED STATES |
SECURITIES AND EXCHANGE COMMISSION |
Washington, D.C. 20549 |
----------------------- |
FORM 8-K |
CURRENT REPORT |
Pursuant to Section 13 or 15(d) of |
The Securities Exchange Act of 1934 |
----------------------- |
Date of Report (Date of earliest event reported): |
July 28, 2015 |
United States Steel Corporation |
----------------------------------------------------------------------------------- |
(Exact name of registrant as specified in its charter) |
Delaware | 1-16811 | 25-1897152 |
--------------- | ------------------------ | ------------------- |
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
600 Grant Street, Pittsburgh, PA | 15219-2800 |
--------------------------------------- | ---------- |
(Address of principal executive offices) | (Zip Code) |
(412) 433-1121 |
------------------------------ |
(Registrant's telephone number, |
including area code) |
(d) | Exhibits |
99.1 | Press Release dated July 28, 2015, titled “United States Steel Corporation Reports 2015 Second Quarter Results,” together with related unaudited financial information and statistics. |
By | /s/ Colleen M. Darragh |
-------------------------------------- | |
Colleen M. Darragh | |
Vice President & Controller |
• | Net loss of $261 million, or $1.79 per diluted share; |
• | Adjusted EBITDA of $20 million |
• | Second quarter operating cash flow of $79 million; first half operating cash flow of $215 million |
• | Total liquidity of $2.7 billion, including $1.2 billion of cash |
• | Full-year 2015 adjusted EBITDA guidance of $700 - $900 million |
Earnings Highlights | ||||||||||
(Dollars in millions, except per share amounts) | 2Q 2015 | 1Q 2015 | 2Q 2014 | |||||||
Net Sales | $ | 2,900 | $ | 3,272 | $ | 4,400 | ||||
Segment (loss) earnings before interest and income taxes (EBIT) | ||||||||||
Flat-Rolled | $ | (64 | ) | $ | (67 | ) | $ | 30 | ||
U. S. Steel Europe | 20 | 37 | 38 | |||||||
Tubular | (66 | ) | 1 | 47 | ||||||
Other Businesses | 6 | 8 | 17 | |||||||
Total Segment EBIT | $ | (104 | ) | $ | (21 | ) | $ | 132 | ||
Postretirement benefit expense | (14 | ) | (13 | ) | (32 | ) | ||||
Other items not allocated to segments | (274 | ) | (153 | ) | (65 | ) | ||||
EBIT | $ | (392 | ) | $ | (187 | ) | $ | 35 | ||
Net interest and other financial costs | 55 | 62 | 64 | |||||||
Income tax benefit | (186 | ) | (174 | ) | (11 | ) | ||||
Less: Net earnings attributable to the noncontrolling interests | — | — | — | |||||||
Net loss attributable to United States Steel Corporation | $ | (261 | ) | $ | (75 | ) | $ | (18 | ) | |
-Loss per basic share | $ | (1.79 | ) | $ | (0.52 | ) | $ | (0.12 | ) | |
-Loss per diluted share | $ | (1.79 | ) | $ | (0.52 | ) | $ | (0.12 | ) |
UNITED STATES STEEL CORPORATION | |||||||||||||||||||||
STATEMENT OF OPERATIONS (Unaudited) | |||||||||||||||||||||
Quarter Ended | Six Months Ended | ||||||||||||||||||||
June 30 | March 31 | June 30 | June 30, | ||||||||||||||||||
(Dollars in millions, except per share amounts) | 2015 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||
NET SALES | $ | 2,900 | $ | 3,272 | $ | 4,400 | $ | 6,172 | $ | 8,848 | |||||||||||
OPERATING EXPENSES (INCOME): | |||||||||||||||||||||
Cost of sales (excludes items shown below) | 2,792 | 3,066 | 4,097 | 5,858 | 8,135 | ||||||||||||||||
Selling, general and administrative expenses | 107 | 102 | 143 | 209 | 281 | ||||||||||||||||
Depreciation, depletion and amortization | 138 | 144 | 165 | 282 | 331 | ||||||||||||||||
Earnings from investees | (17 | ) | (6 | ) | (57 | ) | (23 | ) | (53 | ) | |||||||||||
Loss on write-down of retained interest in USSC | 255 | — | — | 255 | — | ||||||||||||||||
Restructuring and other charges | 19 | 153 | 18 | 172 | 18 | ||||||||||||||||
Net gain on disposal of assets | (1 | ) | — | (1 | ) | (1 | ) | (21 | ) | ||||||||||||
Other income, net | (1 | ) | — | — | (1 | ) | — | ||||||||||||||
Total operating expenses | 3,292 | 3,459 | 4,365 | 6,751 | 8,691 | ||||||||||||||||
(LOSS) EARNINGS BEFORE INTEREST AND INCOME TAXES (EBIT) | (392 | ) | (187 | ) | 35 | (579 | ) | 157 | |||||||||||||
Net interest and other financial costs | 55 | 62 | 64 | 117 | 133 | ||||||||||||||||
(LOSS) EARNINGS BEFORE INCOME TAXES | (447 | ) | (249 | ) | (29 | ) | (696 | ) | 24 | ||||||||||||
Income tax benefit | (186 | ) | (174 | ) | (11 | ) | (360 | ) | (10 | ) | |||||||||||
Net (loss) earnings | (261 | ) | (75 | ) | (18 | ) | (336 | ) | 34 | ||||||||||||
Less: Net earnings attributable to the | |||||||||||||||||||||
noncontrolling interests | — | — | — | — | — | ||||||||||||||||
NET (LOSS) EARNINGS ATTRIBUTABLE TO | |||||||||||||||||||||
UNITED STATES STEEL CORPORATION | $ | (261 | ) | $ | (75 | ) | $ | (18 | ) | $ | (336 | ) | $ | 34 | |||||||
COMMON STOCK DATA: | |||||||||||||||||||||
Net (loss) earnings per share attributable to | |||||||||||||||||||||
United States Steel Corporation stockholders: | |||||||||||||||||||||
Basic | $ | (1.79 | ) | $ | (0.52 | ) | $ | (0.12 | ) | $ | (2.31 | ) | $ | 0.23 | |||||||
Diluted | $ | (1.79 | ) | $ | (0.52 | ) | $ | (0.12 | ) | $ | (2.31 | ) | $ | 0.23 | |||||||
Weighted average shares, in thousands | |||||||||||||||||||||
Basic | 145,962 | 145,733 | 144,884 | 145,848 | 144,821 | ||||||||||||||||
Diluted | 145,962 | 145,733 | 144,884 | 145,848 | 146,144 | ||||||||||||||||
Dividends paid per common share | $ | 0.05 | $ | 0.05 | $ | 0.05 | $ | 0.10 | $ | 0.10 |
UNITED STATES STEEL CORPORATION | ||||||||||
CASH FLOW STATEMENT (Unaudited) | ||||||||||
Six Months Ended | ||||||||||
June 30, | ||||||||||
(Dollars in millions) | 2015 | 2014 | ||||||||
Cash provided by (used in) operating activities: | ||||||||||
Net (loss) earnings | $ | (336 | ) | $ | 34 | |||||
Depreciation, depletion and amortization | 282 | 331 | ||||||||
Loss on write-down of retained interest in USSC | 255 | — | ||||||||
Restructuring and other charges | 172 | 18 | ||||||||
Pensions and other postretirement benefits | (24 | ) | (59 | ) | ||||||
Deferred income taxes | (345 | ) | 16 | |||||||
Net gain on disposal of assets | (1 | ) | (21 | ) | ||||||
Working capital changes | 226 | 833 | ||||||||
Income taxes receivable/payable | 18 | 153 | ||||||||
Other operating activities | (32 | ) | 48 | |||||||
Total | 215 | 1,353 | ||||||||
Cash (used in) provided by investing activities: | ||||||||||
Capital expenditures | (276 | ) | (186 | ) | ||||||
Acquisitions | (25 | ) | — | |||||||
Disposal of assets | 1 | 26 | ||||||||
Other investing activities | 5 | 13 | ||||||||
Total | (295 | ) | (147 | ) | ||||||
Cash (used in) provided by financing activities: | ||||||||||
Repayment of long-term debt | (18 | ) | (322 | ) | ||||||
Receipts from exercise of stock options | 1 | 1 | ||||||||
Dividends paid | (15 | ) | (15 | ) | ||||||
Total | (32 | ) | (336 | ) | ||||||
Effect of exchange rate changes on cash | (32 | ) | (3 | ) | ||||||
Net (decrease) increase in cash and cash equivalents | (144 | ) | 867 | |||||||
Cash and cash equivalents at beginning of the year | 1,354 | 604 | ||||||||
Cash and cash equivalents at end of the period | $ | 1,210 | $ | 1,471 |
UNITED STATES STEEL CORPORATION | |||||||||
CONDENSED BALANCE SHEET (Unaudited) | |||||||||
June 30 | Dec. 31 | ||||||||
(Dollars in millions) | 2015 | 2014 | |||||||
Cash and cash equivalents | $ | 1,210 | $ | 1,354 | |||||
Receivables, net | 1,497 | 1,942 | |||||||
Inventories | 2,330 | 2,496 | |||||||
Other current assets | 399 | 639 | |||||||
Total current assets | 5,436 | 6,431 | |||||||
Property, plant and equipment, net | 4,431 | 4,574 | |||||||
Investments and long-term receivables, net | 672 | 939 | |||||||
Intangible assets, net | 200 | 204 | |||||||
Other assets | 474 | 166 | |||||||
Total assets | $ | 11,213 | $ | 12,314 | |||||
Accounts payable | $ | 1,811 | $ | 2,001 | |||||
Payroll and benefits payable | 879 | 1,003 | |||||||
Short-term debt and current maturities of long-term debt | 362 | 378 | |||||||
Other current liabilities | 190 | 187 | |||||||
Total current liabilities | 3,242 | 3,569 | |||||||
Long-term debt, less unamortized discount | 3,124 | 3,120 | |||||||
Employee benefits | 952 | 1,117 | |||||||
Other long-term liabilities | 414 | 708 | |||||||
United States Steel Corporation stockholders' equity | 3,480 | 3,799 | |||||||
Noncontrolling interests | 1 | 1 | |||||||
Total liabilities and stockholders' equity | $ | 11,213 | $ | 12,314 |
RECONCILIATION OF ADJUSTED EBITDA | ||||||||||||
Quarter Ended | ||||||||||||
June 30 | March 31 | June 30 | ||||||||||
(Dollars in millions) | 2015 | 2015 | 2014 | |||||||||
Reconciliation to (loss) earnings before interest and income taxes (EBIT) | ||||||||||||
Adjusted EBITDA | $ | 20 | $ | 110 | $ | 265 | ||||||
Loss on write-down of retained interest in USSC | (255 | ) | — | — | ||||||||
Loss on shutdown of coke production facilities | — | (153 | ) | — | ||||||||
Restructuring and other charges (a) | (19 | ) | — | — | ||||||||
Impairment of carbon alloy facilities | — | — | — | |||||||||
Write-off of pre-engineering costs | — | — | — | |||||||||
Gain on sale of real estate assets | — | — | — | |||||||||
Litigation reserves | — | — | (70 | ) | ||||||||
Loss on assets held for sale | — | — | (14 | ) | ||||||||
Curtailment gain | — | — | 19 | |||||||||
EBITDA | (254 | ) | (43 | ) | 200 | |||||||
Depreciation, depletion and amortization expense | (138 | ) | (144 | ) | (165 | ) | ||||||
EBIT, as reported | $ | (392 | ) | $ | (187 | ) | $ | 35 |
RECONCILIATION OF ADJUSTED NET LOSS | ||||||||||||
Quarter Ended | ||||||||||||
June 30 | March 31 | June 30 | ||||||||||
(Dollars in millions, except per share amounts) | 2015 | 2015 | 2014 | |||||||||
Reconciliation to net loss attributable to United States Steel Corporation | ||||||||||||
Adjusted net (loss) earnings attributable to United States Steel Corporation | $ | (115 | ) | $ | (10 | ) | $ | 25 | ||||
Loss on write-down of retained interest in USSC | (136 | ) | — | — | ||||||||
Loss on shutdown of coke production facilities | — | (65 | ) | — | ||||||||
Restructuring and other charges (a) | (10 | ) | — | — | ||||||||
Litigation reserves | — | — | (46 | ) | ||||||||
Loss on assets held for sale | — | — | (9 | ) | ||||||||
Curtailment gain | — | — | 12 | |||||||||
Total Adjustments | (146 | ) | (65 | ) | (43 | ) | ||||||
Net loss attributable to United States Steel Corporation, as reported | $ | (261 | ) | $ | (75 | ) | $ | (18 | ) | |||
Reconciliation to diluted net loss per share | ||||||||||||
Adjusted diluted net (loss) earnings per share | $ | (0.79 | ) | $ | (0.07 | ) | $ | 0.17 | ||||
Loss on write-down of retained interest in USSC | (0.93 | ) | — | — | ||||||||
Loss on shutdown of coke production facilities | — | (0.45 | ) | — | ||||||||
Restructuring and other charges (a) | (0.07 | ) | — | — | ||||||||
Litigation reserves | — | — | (0.31 | ) | ||||||||
Loss on assets held for sale | — | — | (0.06 | ) | ||||||||
Curtailment gain | — | — | 0.08 | |||||||||
Total adjustments | (1.00 | ) | (0.45 | ) | (0.29 | ) | ||||||
Diluted net loss per share, as reported | $ | (1.79 | ) | $ | (0.52 | ) | $ | (0.12 | ) |
UNITED STATES STEEL CORPORATION | |||||||||||||||||||||
PRELIMINARY SUPPLEMENTAL STATISTICS (Unaudited) | |||||||||||||||||||||
Quarter Ended | Six Months Ended | ||||||||||||||||||||
June 30 | March 31 | June 30 | June 30, | ||||||||||||||||||
(Dollars in millions) | 2015 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||
SEGMENT EARNINGS (LOSS) BEFORE INTEREST AND INCOME TAXES (EBIT) | |||||||||||||||||||||
Flat-Rolled | $ | (64 | ) | $ | (67 | ) | $ | 30 | $ | (131 | ) | $ | 115 | ||||||||
U. S. Steel Europe | 20 | 37 | 38 | 57 | 70 | ||||||||||||||||
Tubular | (66 | ) | 1 | 47 | (65 | ) | 71 | ||||||||||||||
Other Businesses | 6 | 8 | 17 | 14 | 30 | ||||||||||||||||
Total Segment EBIT | (104 | ) | (21 | ) | 132 | (125 | ) | 286 | |||||||||||||
Postretirement benefit expense | (14 | ) | (13 | ) | (32 | ) | (27 | ) | (64 | ) | |||||||||||
Other items not allocated to segments: | |||||||||||||||||||||
Loss on write-down of retained interest in USSC | (255 | ) | — | — | (255 | ) | — | ||||||||||||||
Loss on shutdown of coke production facilities | — | (153 | ) | — | (153 | ) | — | ||||||||||||||
Restructuring and other charges | (19 | ) | — | — | (19 | ) | — | ||||||||||||||
Litigation reserves | — | — | (70 | ) | — | (70 | ) | ||||||||||||||
Loss on assets held for sale | — | — | (14 | ) | — | (14 | ) | ||||||||||||||
Curtailment gain | — | — | 19 | — | 19 | ||||||||||||||||
EBIT | $ | (392 | ) | $ | (187 | ) | $ | 35 | $ | (579 | ) | $ | 157 | ||||||||
CAPITAL EXPENDITURES | |||||||||||||||||||||
Flat-Rolled | $ | 56 | $ | 132 | $ | 47 | $ | 188 | $ | 102 | |||||||||||
U. S. Steel Europe | 24 | 21 | 17 | 45 | 35 | ||||||||||||||||
Tubular | 24 | 16 | 31 | 40 | 47 | ||||||||||||||||
Other Businesses | — | 3 | 1 | 3 | 2 | ||||||||||||||||
Total | $ | 104 | $ | 172 | $ | 96 | $ | 276 | (a) | $ | 186 | (a) |
UNITED STATES STEEL CORPORATION | |||||||||||||||||
PRELIMINARY SUPPLEMENTAL STATISTICS (Unaudited) | |||||||||||||||||
Quarter Ended | Six Months Ended | ||||||||||||||||
June 30 | March 31 | June 30 | June 30, | ||||||||||||||
2015 | 2015 | 2014 | 2015 | 2014 | |||||||||||||
OPERATING STATISTICS | |||||||||||||||||
Average realized price: (a) | |||||||||||||||||
Flat-Rolled ($/net ton) | 695 | 768 | 774 | 731 | 767 | ||||||||||||
Flat-Rolled U.S. Facilities ($/net ton) (b) | 695 | 768 | 788 | 731 | 781 | ||||||||||||
U. S. Steel Europe ($/net ton) | 533 | 530 | 691 | 532 | 700 | ||||||||||||
U. S. Steel Europe (euro/net ton) | 483 | 471 | 504 | 476 | 511 | ||||||||||||
Tubular ($/net ton) | 1,651 | 1,637 | 1,479 | 1,641 | 1,479 | ||||||||||||
Steel Shipments: (a) (c) | |||||||||||||||||
Flat-Rolled | 2,712 | 2,617 | 3,527 | 5,329 | 7,201 | ||||||||||||
Flat-Rolled U.S. Facilities (b) | 2,712 | 2,617 | 3,006 | 5,329 | 6,121 | ||||||||||||
U. S. Steel Europe | 1,091 | 1,264 | 1,053 | 2,355 | 2,084 | ||||||||||||
Tubular | 92 | 220 | 449 | 312 | 868 | ||||||||||||
Total Steel Shipments | 3,895 | 4,101 | 5,029 | 7,996 | 10,153 | ||||||||||||
Intersegment Shipments: (c) | |||||||||||||||||
Flat-Rolled to Tubular | 96 | 149 | 457 | 245 | 892 | ||||||||||||
U. S. Steel Europe to Flat-Rolled | — | — | 75 | — | 75 | ||||||||||||
Raw Steel Production: (c) | |||||||||||||||||
Flat-Rolled | 2,808 | 2,868 | 4,132 | 5,676 | 8,623 | ||||||||||||
Flat-Rolled U.S. Facilities (b) | 2,808 | 2,868 | 3,528 | 5,676 | 7,421 | ||||||||||||
U. S. Steel Europe | 1,200 | 1,283 | 1,223 | 2,483 | 2,364 | ||||||||||||
Raw Steel Capability Utilization: (d) | |||||||||||||||||
Flat-Rolled | 58 | % | 60 | % | 75 | % | 59 | % | 79 | % | |||||||
Flat-Rolled U.S. Facilities (e) | 58 | % | 60 | % | 73 | % | 59 | % | 77 | % | |||||||
U. S. Steel Europe | 96 | % | 104 | % | 98 | % | 100 | % | 95 | % |
1 Year US Steel Chart |
1 Month US Steel Chart |
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