united states steel corp (X) Key Developments
US Steel Cuts 67 Salaried Jobs at Gary Works
May 19 15
US Steel has laid off 67 salaried employees at its Gary Works in northwest Indiana, USA. The May 15 layoffs were part of the Pittsburgh-based steelmaker's staff cuts in response to tough steel market conditions.
United States Steel Corporation Names Nancy Sykes as Vice President of Human Resources
May 13 15
United States Steel Corporation announced that Nancy Sykes has been named vice president - human resources. In this position, she will be responsible for all facets of the company's human resources, as well as medical and health services. Sykes will be based at the company's Pittsburgh headquarters and will join the company's executive management team. Sykes was most recently at Goodyear Tire and Rubber Company, where she started as vice president, talent management before moving to China in her current role of vice president, human resources Asia-Pacific in October 2012.
U.S. Steel Reduces Layoffs at Minntac Taconite Plant
May 8 15
U.S. Steel announced it will lay off only about 400 instead of 700 workers when it reduces production June 1 at its Minntac taconite plant in Mountain Iron, Minn. United Steelworkers Local 1938 and the company finalized an agreement on May 6, 2015. To reduce layoff numbers, Minntac will adopt a 32-hour workweek for some employees. A series of maintenance projects done during the idling also will save some jobs. Right now, Minntac workers average 40 hours a week, though some work in 12-hour shifts, alternating between 36 hours one week and 48 hours the next, with select days off to even out the math each month. The union will meet again with Minntac officials to learn the company's layoff estimates by department.
United States Steel Corp. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015; Provides Earnings Guidance for the Full Year of 2015
Apr 28 15
United States Steel Corp. reported unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the quarter, the company reported a net loss attributable the company for the quarter of $75 million, or 52 cents per share. This compares to net income attributable the company of $52 million, or 34 cents per share, in the same period a year ago. Net sales for the quarter were $3.3 billion, down from the $4.45 billion in sales the company reported for the first quarter of 2014. Results were impacted by a net loss of $65 million, or 45 cents per share, related to the shutdown of coke production facilities. The company maintained positive operating cash flow of $136 million against $570 million for the same period of last year. LBIT was $187 million against income of $122 million for the same period of last year. Loss before income taxes was $249 million against income of $53 million for the same period of last year. LBITDA was $43 million against EBITDA of $288 million for the same period of last year. Adjusted LBITDA was $110 million against ADJUSTED EBITDA of $288 million for the same period of last year. Capital expenditures was $172 million against $90 million for the same period of last year.
The company expects full-year 2015 adjusted EBIT to be between $115 million and $315 million, or full-year 2015 adjusted earnings before interest, income taxes, depreciation and amortization (EBITDA) of between $700 million and $900 million.
United States Steel Corporation Declares Dividend on Common Stock, Payable June 10, 2015
Apr 28 15
United States Steel Corporation announced that its Board of Directors declared a dividend of five cents per share on U. S. Steel Common Stock. The dividend is payable June 10, 2015, to stockholders of record at the close of business May 13, 2015.