U. S. Steel Finalizes 2013 Earnings To Reflect Additional Tax Benefits
02/26/2014 - United States Steel Corporation announced that it has finalized its fourth quarter and full-year 2013 earnings, preliminarily reported on 28 January 2014, to reflect additional after-tax benefits of US$392 million.
As a result, U. S. Steel results for full-year 2013 improved US$392 million to a net loss of US$1.672 billion, or US$11.56 per share, as compared to a net loss of US$2.064 billion, or US$14.27 per share, as reported. The company expects the additional tax benefits will generate more than US$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."
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."
