U.S. Steel Records Additional $392 Million Benefit

U.S. Steel Corp. (X) said an additional after-tax benefit of $392 million helped to slightly improve last year's bottom line from the company's initial report of preliminary results last month.

The benefit helped the company's full-year bottom line improve to a loss of $1.67 billion, or $11.56 a share, compared to a year-earlier net loss of $2.06 billion, or $14.27 a share.

The tax benefits resulted from liquidating for tax purposes a non-U.S. entity that is a holding company for most of U.S. Steel's non-U.S. operations, the company said, adding that the additional tax benefits will generate more than $300 million of incremental after-tax cash flow in 2014.

The company plans to use the increased cash position to accelerate its turnaround, by investing in core business processes, including commercial, manufacturing, supply chain, procurement and innovation, the company said.

"While we still face many challenges, we are moving forward with purpose and beginning to see the results of our actions," Chief Executive Mario Longhi said Tuesday.

Beset by high labor costs and pension obligations, U.S. Steel has lost money in seven of the past nine quarters. In a statement last month, Mr. Longhi said results would improve "moderately" in the first quarter. "We are on a multiyear journey to grow by improving our balance sheet and achieving sustainable profitability," he said.

Shares rose 14 cents to $23.84 in recent after-hours trading. Through Tuesday's close, the stock has risen 16% in the last 12 months.

Write to Anna Prior at [e-mail]

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