U. S. Steel Files 2002 Annual Report on Form 10-K Including Comments on Outlook
United States Steel Corporation (NYSE: X) today announced that it filed its Annual Report on Form 10-K for the year ended December 31, 2002 with the Securities and Exchange Commission.
In the outlook provided in Management's Discussion and Analysis, U. S. Steel noted that it expects a loss from operations and a net loss for the first quarter of 2003, due primarily to the previously reported increase in pension and other postretirement benefit costs from the fourth quarter of 2002 of approximately $50 million, substantially higher natural gas costs and the normal negative seasonal effects related to iron ore and transportation operations. The outlook further states that a price increase of at least $30 per net ton has been announced for new oil country tubular goods orders for shipment after March 1, 2003. For the second quarter of 2003, U. S. Steel has also announced a $30 per net ton price increase on all domestic sheet orders and a minimum 20 euro per metric ton price increase on all U. S. Steel Kosice (USSK) orders.
The Company also noted in the filing that reported net income for the fourth quarter of 2002 was $11 million or 10 cents per diluted share, and year 2002 net income was $61 million or 62 cents per diluted share. U. S. Steel said that these amounts are $1 million, or 2 cents per diluted share, lower than the preliminary results announced January 28, 2003, due primarily to additional legal accruals to reflect a settlement in late February 2003 of prior-year vehicular cases.
The first quarter outlook is a forward-looking statement. Some factors, among others, that could affect first quarter 2003 results are import levels, future product demand, prices and mix, global and company steel production, plant operating performance, domestic natural gas prices and usage, pension and retiree medical costs, the resumption of operation of steel facilities sold under the bankruptcy laws, foreign currency fluctuations, matters peculiar to international marketing, such as tariffs, quotas and other protectionists measures, and U.S. and European economic performance and political developments. In accordance with "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, cautionary statements identifying important factors, but not necessarily all factors, that could cause actual results to differ materially from those set forth in the forward- looking statements have been included in the Form 10-K of U. S. Steel for the year ended December 31, 2002, and in subsequent filings for U. S. Steel.
SOURCE: United States Steel Corporation
CONTACT: Mike Dixon or John Armstrong, +1-412-433-6870, both of United
Web site: http://www.ussteel.com/
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