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4-Traders Homepage  >  Equities  >  Nyse  >  United States Steel Corporation    X

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United States Steel Corporation : U.S. Steel Loss Narrows on Flat-Rolled Unit Strength

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01/29/2013 | 03:06pm CEST

U.S. Steel Corp.'s (X) fourth-quarter loss narrowed as the steelmaker posted improvement in its flat-rolled and European segments, though revenue slipped.

For the current quarter, the company said it continues to be challenged by uncertain global economic and steel-market conditions, saying it expects slight improvement in the European and tubular segment operating results, with flat-rolled segment results expected to be near break-even.

U.S. Steel, the country's top steelmaker by production, returned to profitability in mid-2011 after nine quarters in the red thanks to a boom in North American oil and gas drilling, though bottom-line results since then have been inconsistent.

The company's European segment has recently rebounded, partially reflecting the sale of its loss-making Serbian unit last year to the Serbian government. The company's remaining European operations, located in Slovakia, have access to healthier Central European markets, the company has said, helping to shield it from the pressure on steelmakers in Southern and Western Europe.

U.S. Steel posted a loss of $50 million, or 35 cents a share, compared with a year-earlier loss of $211 million, or $1.46 a share. The latest quarter included a benefit of six cents a share from a favorable settlement related to a supplier contract dispute, while the year-ago quarter included 35 cents a share in net foreign-currency losses and eight cents a share in environmental-remediation charges.

Net sales fell 6.9% to $4.49 billion.

Analysts polled by Thomson Reuters most recently expected a loss of 75 cents a share on revenue of $4.35 billion.

Gross margin widened to 6% from 3.6%.

The tubular-steel segment's profit dropped 73% to $32 million.

The flat-rolled products segment swung to a profit of $11 million, compared with a year-earlier loss of $72 million.

The European division earned $7 million, compared with a loss of $89 million in the same period last year.

Shares rise 1.9% to $24.16 in premarket trading. The stock is up 12% in the past three months.

Write to Ben Fox Rubin at ben.rubin@dowjones.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

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Financials ($)
Sales 2017 11 941 M
EBIT 2017 827 M
Net income 2017 563 M
Debt 2017 1 053 M
Yield 2017 0,60%
P/E ratio 2017 11,26
P/E ratio 2018 10,32
EV / Sales 2017 0,57x
EV / Sales 2018 0,53x
Capitalization 5 781 M
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Mean consensus OUTPERFORM
Number of Analysts 15
Average target price 38,1 $
Spread / Average Target 15%
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Managers
NameTitle
Mario Longhi Filho Chief Executive Officer
David B. Burritt President, Chief Operating & Financial Officer
David S. Sutherland Chairman
Charles G. Balawajder Chief Information Officer & Vice President
John G. Drosdick Independent Director
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