Steel Mills
January 28, 2014
U.S. Steel Operations Made Money in 4Q
Written by Sandy Williams
US Steel reported a net loss of $122 million for the fourth quarter of 2013, compared to a Q3 net loss of $1,791 million and $50 million net loss in Q4 2012. The fourth quarter loss was due mostly to $302 million of charges related to the shutdown of the Hamilton steel making facility. Adjusted net income for fourth quarter after excluding restructuring charges and a favorable tax related item was $38 million.
Net sales for Q4 totaled $4.3 billion, up from 4.13 billion in Q3. Steel shipments fell 6 percent year-over-year to 4.9 million tons. Average realized price for flat roll was $750/ton, down from $752/ton in Q3 and up from $721/ton in Q4 2012. US Steel capacity utilization at domestic flat rolled facilities was 73 percent in fourth quarter.
