| U.S. Steel (X) States Ratification of Labor Agreements | |
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United States Steel Corporation X and its subsidiary, U. S. Steel Tubular Products, Inc., have declared the ratification of new collective bargaining agreements (spanning a period of three years) by its United Steelworkers (“USW”)-represented employees. The agreements cover about 18,000 employees at the company's domestic flat-rolled and iron ore mining facilities as well as tubular operations in Fairfield, AL, Lorain, OH and Lone Star, TX. The agreements, effective retroactive to Sep 1, include no-strike provisions and will expire on Sep 1, 2018. The agreements provide for certain benefit adjustments for current and future employees and retirees as well as modifications to the profit sharing plan commencing this year. Financial impacts of the new agreements will be reflected in the financial statements starting the second quarter of 2016.
U.S. Steel incurred a massive loss of $999 million or $6.83 per share in the fourth quarter of 2015, hurt by a tax provision of $606 million and lower selling prices and shipments. The steel giant recorded a profit of $275 million or $1.83 per share a year ago.
Barring one-time items, the loss came in at 23 cents per share, much narrower than the Zacks Consensus Estimate of a loss of 85 cents.
For 2015, adjusted loss was $1.79 per share, also narrower than the Zacks Consensus Estimate of a loss of $2.42.
Revenues tumbled roughly 37% year over year to $2,572 million in the fourth quarter, hit by lower selling prices. Revenues, however, beat the Zacks Consensus Estimate of $2,495 million. Shipments declined 19% year over year.
For the full year, revenues plummeted around 34% year over year to $11,574 million but beat the Zacks Consensus Estimate of $11,423 million.
U.S. Steel continued to face a difficult steel market environment in the fourth quarter. The company and other domestic steel makers including AK Steel AKS, Nucor NUE and Steel Dynamics STLD are struggling to cope with a flood of subsided imports that are hurting steel prices. Moreover, lower oil prices are affecting demand for steel in the energy market.
U.S. Steel is a Zacks Rank #5 (Strong Sell).
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United States Steel Corporation
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CODE : X |
ISIN : US9129091081 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
United States Steel is a iron and tin producing company based in United states of america. United States Steel is listed in United States of America. Its market capitalisation is US$ 6.9 billions as of today (€ 6.2 billions). Its stock quote reached its lowest recent point on March 28, 2003 at US$ 10.01, and its highest recent level on November 30, 2007 at US$ 98.85. United States Steel has 176 184 431 shares outstanding. |