United States Steel Corporation reports 2012 fourth quarter and full year results

United States Steel Corporation reported a fourth quarter 2012 net loss of $50 million, compared to third quarter 2012 net income of $44 million, and a fourth quarter 2011 net loss of $211 million. For full-year 2012, U. S. Steel reported a net loss of $124 million, which included a net loss of $353 million primarily due to the sale of U. S. Steel Serbia.
Commenting on results, U. S. Steel Chairman and CEO John P. Surma said, "For the third consecutive quarter all three of our reportable segments had positive operating results despite the uncertain global economic environment. Lower drilling and project line pipe activity, as well as continued high import levels, significantly reduced our Tubular segment's results. For our Flat-rolled segment, our profitability was negatively affected by the uncertain domestic fiscal situation as well as continued high levels of flatrolled steel imports."
Fourth quarter results for our European segment remained positive but lower than the third quarter. Average realized prices decreased reflecting lower spot market and quarterly contract pricing, while shipments remained comparable to the third quarter. Operating costs decreased compared to the third quarter primarily due to lower raw materials costs partially offset by higher energy costs.
Commenting on U. S. Steel's outlook for the first quarter, Surma said, "We continue to be challenged by uncertain global economic and steel market conditions. We expect a slight improvement in the European and Tubular segment operating results with Flat-rolled segment results expected to be near breakeven. Total reportable segment and Other Businesses operating results are expected to be comparable to the fourth quarter."
First quarter results for our European segment are projected to improve compared to the fourth quarter due to a significant increase in shipments. Despite continued economic challenges, shipments are anticipated to increase due to additional contract volume and improving spot market activity caused by service center and distributor restocking. Average realized prices are expected to decrease due to a higher mix of hot-rolled shipments as well as the effect of lower firm contract prices, which are partially offset by increasing spot market prices. Iron ore costs are projected to increase in the first quarter.

Progress in foreign language training

Last year a total of 1246 U. S. Steel Kosice employees attended various types of English language courses. In addition to classical lessons with a teacher, aimed primarily at c onversation and practising communication in different working situations, they also spent time with on-line learning using the Global English application. Language skills testing which took place towards the end of last year, also by means of the Global English software, indicated progress being made.
While at the beginning of last year there were 672 of our colleagues who had achieved level four or higher in English (four in this case means that the employee is able to join in conversations on everyday topics, speaking about them fluently and making us of more complex sentence structures, as well as being able to cope with the majority of common practical situations), by the end of the year in December that number had risen to 815. This increase of 21 per cent confirms the desired progress.

Kosice is European Capital of Culture 2013

The opening ceremony for Kosice - European Capital of Culture was part of a vibrant program of cultural and artistic events spread over the weekend of January 19 and 20, of the kind which not only Kosice but the whole East Slovakian region will be experiencing throughout this year 2013. Represented in them will be all kinds of art, from music, literature and visual arts through theater, dance and new media. There will of course also be space for minority and alternative genres. We can look forward to 25 key occasions, nearly 40 significant ones and hundreds of accompanying events.

Steelmakers on cross-country skis

There was plenty of snow, a superbly prepared track, a cloudy sky and a temperature of minus 12 degrees Celcius. Those were the conditions up at Kojsovska hola (Kojsov Fell) on Saturday, January 19, when the cross-country skiing races were held as part of this year's U. S. Steel Kosice employees' Winter Games. The course was demanding, and properly tested the stamina of the nearly 40-strong field of competitors. The men raced on the 9-kilometer course in the Under-45 and Under-55 age categories, and on the 6-km course in the Under-62 and Over-62 categories. A 4-km course was set out for the women in the Under-50 and Over-50 categories.