united states steel corp (X) Key Developments
Essar Steel Algoma Bids For U.S. Steel Canada, Reportedly
Aug 4 15
Essar Steel Algoma have put in a bid for U.S. Steel Canada Inc. in its entirety, according to industry sources. The parent of U.S. Steel Canada, United States Steel Corp. (NYSE:X) declined to comment. Essar Steel Algoma does not comment on "rumour or speculation," a company spokeswoman told Metal Bulletin sister publication AMM, although the company confirmed in June that it had signed a non-disclosure agreement related to the bidding process for US Steel Canada.
U.S. Steel’s Fairfield Works to Idle Furnace in August 2015
Jul 31 15
U.S. Steel’s Fairfield blast furnace will be idled in August for the second time in 2015. The company announced in January 2015, it had sent potential layoff notices to about 1,800 people, more than 75% of its Alabama workforce. If all had been eliminated, it would have left only about 300 workers. About 1,500 people work at Fairfield Works. In March, Jefferson County commissioners voted to approve about $14 million in tax abatements for the company to build an electric arc furnace, which would require about 300 workers. Fairfield temporarily restarted the blast furnace in June.
United States Steel Corp. Reports Un-Audited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Provides Earnings Guidance for the Year 2015
Jul 29 15
United States Steel Corp. reported un-audited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported net loss attributable to the company of $261 million, or $1.79 per diluted share, which included a $136 million, or $0.93 per diluted share, non-cash write-down of retained interest in U. S. Steel Canada and a net loss of $10 million, or $0.07 per diluted share, related to non-cash restructuring and other charges. This compared to a second quarter 2014 net loss attributable to the company of $18 million, or $0.12 per diluted share, and a first quarter 2015 net loss attributable to the company of $75 million, or $0.52 per diluted share. The company reported net sales of $2,900 million compared to $4,400 million, loss before interest and income taxes of $392 million compared to earnings before interest and income taxes of $35 million, loss before income taxes of $447 million compared to $29 million, adjusted EBITDA of $20 million compared to $265 million and adjusted net loss attributable to the company of $115 million or $0.79 per diluted share compared to adjusted net earnings attributable to the company of $25 million or $0.17 per diluted share for the last year.
For the six months, the company reported net loss attributable to the company of $336 million, or $2.31 per diluted share compared to $34 million, or $0.23 per diluted share, net sales of $6,172 million compared to $8,848 million, loss before interest and income taxes of $579 million compared to earnings before interest and income taxes of $157 million, loss before income taxes of $696 million compared to earnings before income taxes of $24 million, cash provided operating activities of $215 million compared to $1,353 million and capital expenditures of $276 million compared to $186 million for the last year.
The company currently expected full-year 2015 adjusted EBIT to be within $115 million to $315 million, or full-year adjusted earnings before interest, income taxes, depreciation and amortization (EBITDA) of $700 million to $900 million, guidance range.
United States Steel Corporation Declares Dividend, Payable on September 10, 2015
Jul 29 15
United States Steel Corporation announced that its Board of Directors declared a dividend of 5 cents per share on U. S. Steel common stock. The dividend is payable on September 10, 2015, to stockholders of record at the close of business August 12, 2015.
United States Steel Corp. and Steelworkers Negotiate Toward New Contract Amid Tough Metal Market
Jul 14 15
Contract negotiations are underway between United States Steel Corp. and the United Steelworkers, with union leaders recognizing it's going to be tougher to bargain these days with the way the steel industry is going. Both parties met in Pittsburgh last week, ahead of the USW's current contract expiring with U.S. Steel on Sept. 1, 2015. Bargaining committee members are working on proposals this week to address top-table issues, including wages, benefits, salary, health care and pensions.