united states steel corp (X) Key Developments
USW Offers to Remain Working at U.S. Steel Following Contract Expiration
Aug 31 15
The United Steelworkers union has offered to remain working at United States Steel Corp. after the expiration of its contract if a new deal is not reached by Sept. 1. The steelworkers unconditionally offer to continue working at all of its plants covered by the basic labor agreement under the terms and conditions of the contract while both parties continue negotiations. The union's contract with U.S. Steel is set to expire at 11:59 p.m. on Sept. 1. The contract covers 16,500 steelworkers across the U.S.
U. S. Steel Proposes Permanent Closure of Blast Furnace and Most Flat-Rolled Finishing Facilities in Alabama
Aug 17 15
United States Steel Corp. announced the proposed intent to permanently close its blast furnace and associated steelmaking operations, along with most of the flat-rolled finishing operations at Fairfield Works in Fairfield, Ala. Under this action, the blast furnace and associated steelmaking operations will be idled. They and the finishing operations would be permanently closed on or after Nov. 17, 2015. The facilities that would permanently close include the blast furnace and steelmaking operations, the hot strip mill, the pickle line, cold mill, annealing facility and stretch and temper line. The decision affects about 1,100 workers at the roughly century-old plant.
Essar Steel Algoma Bids For U.S. Steel Canada, Reportedly
Aug 4 15
Essar Steel Algoma Inc. 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.