U. S. Steel Finalizes 2013 Earnings To Reflect Additional Tax Benefits
Tax Benefits Will Generate More Than $300 Million Of Incremental 2014 Cash Flow That Will Be Used To Support Investment In Innovation And Operations
PITTSBURGH, Feb. 25, 2014 /PRNewswire/ -- United States Steel Corporation (NYSE: X) today announced that it has finalized its fourth quarter and full-year 2013 earnings, preliminarily reported on Jan. 28, 2014, to reflect additional after-tax benefits of $392 million. As a result, U. S. Steel results for full-year 2013 improved $392 million to a net loss of $1.672 billion, or $11.56 per share, as compared to a net loss of $2.064 billion, or $14.27 per share, as reported. The company expects the additional tax benefits will generate more than $300 million of incremental after-tax cash flow in 2014.
The tax benefits result 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. Additional information on these tax benefits is in the 2013 Form 10-K which was filed today.
U. S. Steel intends to use its increased cash position to accelerate The Carnegie Way transformation by investing in core business processes, including commercial, manufacturing, supply chain, procurement and innovation.
Mario Longhi, president and chief executive officer, said, "We are transforming our business with The Carnegie Way, which extends to every aspect of U. S. Steel including our operations, our balance sheet and our global structure. While we still face many challenges, we are moving forward with purpose and beginning to see the results of our actions, allowing us to accelerate investment in innovation and the company's future success."
Additional information, including forward-looking statements and risk factors, can be found in the Form 10-K on U. S. Steel's website at www.ussteel.com.
SOURCE United States Steel Corporation
For further information: Media, Courtney Boone, (412) 433-6791; Investors/Analysts, Dan Lesnak, (412) 433-1184