Both Flat-rolled and USSE use self-generated coke oven and blast furnace gas to reduce consumption of natural gas. Commercial Sales of Product. Steel characterizes our sales as contract if sold pursuant to an agreement with defined pricing and a one year or longer duration, and as spot if sold pursuant to a shorter term contract.
Environmental Matters. Steel maintains a comprehensive environmental policy overseen by the Corporate Governance and Public Policy Committee of the U. Steel Board of Directors. The Environmental Affairs organization has the responsibility to ensure that U. The Executive Environmental Committee, which is.
Table of Contents comprised of officers of U. Steel, is charged with reviewing our overall performance with various environmental compliance programs. Also, U. Steel, largely through the American Iron and Steel Institute, the Canadian Steel Producers Association, the World Steel Association and Eurofer, is involved in the promotion of cost effective environmental strategies through the development of appropriate air, water, waste and climate change laws and regulations at the local, state, national and international levels.
USSC is subject to the environmental laws of Canada, which are comparable to environmental standards in the United States. Environmental regulation in Canada is an area of shared responsibility between the federal government and the provincial governments, which in turn delegate certain matters to municipal governments.
Various provincial statutes regulate environmental matters such as the release and remediation of hazardous substances; waste storage, treatment and disposal; and air emissions. As in the United States, Canadian environmental laws federal, provincial and local are undergoing revisions and becoming more stringent.
Steel and certain of its subsidiaries that may be shipping products into the EU. USSK is compliant with REACH and intends to register its substances by the applicable deadlines to remain in compliance and be able to continue its businesses without material change. Many nations, including the United States, are considering regulation of carbon dioxide CO 2 emissions. International negotiations to supplement or replace the Kyoto Protocol are ongoing. The integrated steel process involves a series of chemical reactions involving carbon that create CO 2 emissions.
This distinguishes integrated steel producers from mini-mills and many other industries where CO 2 generation is generally linked to energy usage. The EU has established greenhouse gas regulations; Canada has published details of a regulatory framework for greenhouse gas emissions as discussed below; and the United States may establish regulations in the future.
Such regulations may entail substantial capital expenditures, restrict production, and raise the price of coal and other carbon-based energy sources. Table of Contents operations. This amount was settled in In the United States, the new Administration has announced its commitment to implement a national cap-and-trade program to reduce greenhouse gas emissions by 80 percent by The parameters and timetable of this proposed program have not been announced so it is impossible to estimate its impact on U.
Steel, although it could be significant. Steel has incurred and will continue to incur substantial capital, operating and maintenance, and remediation expenditures as a result of environmental laws and regulations. In recent years, these expenditures have been mainly for process changes in order to meet CAA obligations and similar obligations in Europe and Canada, although ongoing compliance costs have also been significant.
To the extent these expenditures, as with all costs, are not ultimately reflected in the prices of U. Steel believes that our major North American and many European integrated steel competitors are confronted by substantially similar conditions and thus does not believe that its relative position with regard to such competitors is materially affected by the impact of environmental laws and regulations.
However, the costs and operating restrictions necessary for compliance with environmental laws and regulations may have an adverse effect on our competitive position with regard to domestic mini-mills, some foreign steel producers particularly in developing economies such as China and producers of materials which compete with steel, all of which may not be required to undertake equivalent costs in their operations. The CAA imposes stringent limits on air emissions with a federally mandated operating permit program and civil and criminal enforcement sanctions.
EPA must also conduct risk assessments on each source category that is already subject to MACT standards and determine if additional standards are needed to reduce residual risks. Steel operations includes those that are specific to cokemaking, ironmaking, steelmaking and iron ore processing. EPA is required to complete this residual risk analysis by The impact of this risk analysis and any subsequent changes cannot be estimated at this time.
The first category applies to pushing and quenching. EPA is required to make a risk-based determination for pushing and quenching emissions and determine whether additional emissions reductions are necessary from this process by EPA has yet to publish or propose any residual risk standards from these operations; therefore, the impact cannot be estimated at this time. The second category of MACT standards applying to coke facilities applies to emissions from charging, coke oven battery tops, and coke oven doors.
With regard to these standards, U. Such LAER batteries are not required to comply with certain residual risk standards until Because the scope of these anticipated changes are distant and relatively uncertain, the magnitude of the impact of these anticipated changes cannot be estimated at this time. In addition, EPA will make a risk-based determination for taconite iron ore processing and determine whether additional emissions reductions are necessary from this process by EPA has yet to publish or propose any residual risk standards from these operations; therefore, the impact of any changes cannot be estimated at this time.
In , EPA established hour and annual standards for fine particles that are less than 2. States are required to demonstrate compliance with the fine particle standard by April , with a possible extension to April State Implementation Plans for the standard are expected to be due in early , with attainment demonstrations with the standard expected to be made between and Steel; however, it is impossible to estimate the magnitude of these costs at this time as state and federal agencies are still developing regulations for the programs and implementation is not expected until later in standard and in standard.
Effective May , EPA lowered its ground level ozone air quality standards, which could affect sources of nitrogen oxide and volatile organic compounds, which include coke plants, and iron and steel facilities. EPA is required to issue final designations of attainment, nonattainment and unclassifiable areas no later than March unless there is insufficient information to make these designation decisions.
In that case, EPA will issue designations no later than March If EPA issues designations in or , these plans would be due no later than or , respectively. States are required to meet the standards by deadlines that may vary based on the severity of the problem in the area. Steel; however, it is impossible to estimate the magnitude of these costs at this time since the implementation dates are unknown and distant. Table of Contents Water.
Steel continues to seek methods to minimize the generation of hazardous wastes in our operations. RCRA establishes standards for the management of solid and hazardous wastes. Besides affecting current waste disposal practices, RCRA also addresses the environmental effects of certain past waste disposal operations, the recycling of wastes and the regulation of storage tanks. A significant portion of U.
A number of these locations were sold by U. Steel and are subject to cost-sharing and remediation provisions in the sales agreements. Projects include remediation of the Grand Calumet River, remediation of the former Geneva Works and the former Duluth Works, and the closure and remediation of permitted hazardous and non-hazardous waste landfills. Steel-generated material occurred, and it is possible that additional matters may come to our attention which may require remediation.
Property, Plant and Equipment Additions. Steel had approximately 29, employees in North America and approximately 20, in Europe. Steel announced that approximately employees have elected to retire under a Voluntary Early Retirement Program offered to certain non-represented Headquarters and Operations employees in the United States who met age and years-of-service criteria. Most hourly employees of U. The CBAs also require U. The CBAs also provide for pension and other benefit enhancements for both current employees and retirees see Notes 16 and 19 to the Financial Statements.
At Granite City Works, a small number. Agreements with these unions have varying expiration dates. A small number of employees at Texas Operations are represented by the Security, Police and Fire Professionals of America under an agreement that expires in September Hourly employees at the Bellville Operations are covered by a collective bargaining agreement with the USW that expires in June Hourly employees engaged in transportation activities in the United States are represented by the USW and other unions and are covered by collective bargaining agreements with varying expiration dates.
The agreement covering employees at Lake Erie Works expires in July and the agreement covering employees at Hamilton Works expires in July All of the agreements in North America contain no-strike clauses. Represented employees at USSS are covered by a collective bargaining agreement that expires in November Wage increases have been agreed to for all years for both USSE agreements; therefore, there will be no annual wage negotiations.
Available Information. We post our annual report on Form K, our quarterly reports on Form Q and our proxy statement to our web site as soon as reasonably practicable after such reports are filed with the Securities and Exchange Commission SEC. We also post all press releases and earnings releases to our web site. All other filings with the SEC are available via a direct link on the U. Also available on the U.
Steel web site are U. These documents and the Annual Report on Form K are also available in print to any shareholder who requests them. Steel does not intend to incorporate the contents of any web site into this document. Information on net sales, depreciation, capital expenditures and income from operations by reportable segment and for Other Businesses and on net sales and assets by geographic area are set forth in Note 3 to the Financial Statements.
For significant operating data for U. The volatile global economic climate is having significant negative effects on our business and our forward view is limited because of low order backlogs and short lead times.
All segments of our business have been impacted and such impacts have created certain new risks and have also affected the other risks set forth below. Our Flat-rolled and European segments sell to the automotive, appliance and construction-related industries, all of which have reported substantially lower customer demand due to the ongoing global recession. Prices for both oil and natural gas have fallen dramatically and this has led to a substantial decrease in oil and gas drilling activity, which has resulted in lower customer demand for our Tubular segment.
As a result, U. Table of Contents In addition to slackening demand by end customers, we believe that some of our customers are experiencing difficulty in obtaining credit or maintaining their ability to qualify for trade credit insurance, resulting in a further reduction in purchases and an increase in our credit risk exposure. The duration of the recession and the trajectory of the recovery for these industries may have a significant impact on U.
Steel may not be able to access financial markets and there may be difficulty drawing upon existing financial agreements. Given the current economic environment, it is unclear on what terms if any we could access the capital markets.
Other lenders may be facing financial difficulties and may be unable or unwilling to honor a draw request. Accordingly, there may be a reduction of the sums normally available under our credit facilities. This decrease in available credit may increase the risk of our customers defaulting on their payment obligations to U. Steel and may cause some of our suppliers to be delayed in filling or to be unable to fill our needs. Customer defaults may trigger repurchases or reduce the availability under our accounts receivables facility.
In addition, that facility is funded by the sale of commercial paper by the purchasers so volatility in the commercial paper market may increase costs under that facility. Interest rates under the Credit Facility, our other variable rate credit facilities and our term loans may be set by auction among the lenders or as a margin over published rates such as the London Interbank Offered Rate and the Fed Funds Rate, which may result in substantially higher interest rates. Steel may face increased risks of customer and supplier defaults.
There is an increased risk of insolvency and other credit related issues of our customers, particularly those in hard hit industries such as automotive, construction and appliance. Also, there is the possibility that our suppliers may face similar risks. As such they face many of the same issues previously described concerning U. Since these entities are smaller than U. Steel they may have fewer resources available to them to respond to the current global recession.
Risk Factors Concerning the Steel Industry. Steel consumption is cyclical and worldwide overcapacity in the steel industry and the availability of alternative products have resulted in intense competition, which may have an adverse effect on profitability and cash flow, especially during periods of economic weakness.
Steel consumption is highly cyclical and generally follows economic and industrial conditions both worldwide and in regional markets. The steel industry has historically been characterized by excess world supply, which has led to substantial price decreases during periods of economic weakness. The current economic downturn has decreased the demand for our products and is negatively affecting our profitability and cash flow.
Substitute materials are increasingly available for many steel products, which further reduces demand for steel. Rapidly growing supply in China and other developing economies, which may increase faster than increases in demand in those economies, may result in additional excess worldwide capacity and falling steel prices. Table of Contents production is exported to other markets. Since the Chinese steel industry is largely government owned, it may not be as adversely impacted by the current world financial situation and it may make production and sales decisions for non-market reasons.
Increased imports of steel products into North America and Europe could negatively affect steel prices and demand levels and reduce our profitability. Foreign competitors may have lower labor costs, and some are owned, controlled or subsidized by their governments, which allows their production and pricing decisions to be influenced by political and economic policy considerations as well as prevailing market conditions. The expiration in of a number of antidumping and countervailing duty orders may facilitate additional imports in and beyond.
In addition, the recent strengthening of the U. Increases in future levels of imported steel to North America and Europe could reduce future market prices and demand levels for steel products produced in those markets. Imports into the United States, Canada and the European Union have often violated the international trade laws of these jurisdictions. While in some cases U. Steel and others have been successful in obtaining relief under these laws, in other circumstances relief has not been received.
When received, such relief is generally subject to automatic or discretionary recision or reduction. There can be no assurance that any such relief will be obtained or continued in the future or that such relief as obtained will be adequate. Increases in prices and limited availability of raw materials and energy may constrain operating levels and reduce profit margins. Steel, and scrap, zinc and other metallic additions for mini-mill producers. Both integrated and mini-mill producers consume large amounts of energy.
Over the last several years, prices for raw materials and energy have increased significantly. In many cases these prices have increased by a greater percentage or have decreased more slowly than the selling prices for steel products. Steel and other steel producers have periodically been faced with problems in obtaining sufficient raw materials and energy in a timely manner due to shortages or transportation problems such as shortages of barges, ocean vessels, rail cars or trucks, or unavailability of rail lines or of locks on the Great Lakes , resulting in production curtailments.
Resulting production curtailments and escalated costs have reduced profit margins and any future curtailments and escalated costs may reduce profit margins. Environmental compliance and remediation could result in substantially increased capital requirements and operating costs. Table of Contents ultimate impact of complying with such laws and regulations is not always clearly known or determinable because regulations under some of these laws have not yet been promulgated or are undergoing revision.
Environmental laws and regulations, particularly the Clean Air Act, could result in substantially increased capital, operating and compliance costs. International environmental requirements vary. Risk Factors Concerning U. Steel Legacy Obligations. Our retiree employee health care and retiree life insurance plan costs, most of which are unfunded obligations, and our pension plan costs in North America are higher than those of many of our competitors.
These plans create a competitive disadvantage and negatively affect our profitability and cash flow. Many domestic and international competitors do not provide defined benefit retiree health care and life insurance and pension plans, and other international competitors operate in jurisdictions with government sponsored health care plans that may offer them a cost advantage.
Benefit obligations under our plans are not tied to operating rates; therefore, our costs are not expected to decline as a result of the current global recession or any other future economic downturns. Steel contributes to a multiemployer plan in the United States covering pensions for USW-represented workers formerly employed by National Steel and workers hired after May We have legal and contractual requirements for future funding of this plan, which will have a negative effect on our cash flows.
In addition, funding requirements for participants could increase as a result of any underfunding of this plan. Since the Pension Protection Act of was enacted, U. Steel has not been required to make mandatory contributions to our main U. Such contributions may be required in the future. Table of Contents We have higher environmental remediation costs than our competitors. This creates a competitive disadvantage and negatively affects our profitability and cash flow.
Steel is involved in numerous remediation projects at currently operating facilities, facilities that have been closed or sold to unrelated parties and other sites where material generated by U. Steel was deposited. In addition, there are numerous other former operating or disposal sites that could become the subject of remediation. Environmental remediation costs and related cash requirements of many of our competitors may be substantially less than ours.
Many international competitors do not face similar laws in the jurisdictions where they operate. Many U. Competitors that have obtained relief under bankruptcy laws may have been released from certain environmental obligations that existed prior to the bankruptcy filing. Other Risk Factors Applicable to U. Unplanned equipment outages and other unforeseen disruptions may reduce our results of operations. Our steel production depends on the operation of critical pieces of equipment, such as blast furnaces, casters and hot strip mills.
It is possible that we could experience prolonged periods of reduced production due to equipment failures at our facilities or those of our key suppliers. It is also possible that operations may be disrupted due to other unforeseen circumstances such as power outages, explosions, fires, floods, accidents and severe weather conditions.
Production at USSE was curtailed in January due to the suspension of natural gas deliveries to Europe from Russia and we remain vulnerable to this risk. Availability of raw materials and delivery of products to customers could be affected by logistical disruptions such as shortages of barges, ocean vessels, rail cars or trucks, or unavailability of rail lines or of locks on the Great Lakes.
To the extent that lost production could not be compensated for at unaffected facilities and depending on the length of the outage, our sales and our unit production costs could be adversely affected. We may be unable to recover cost increases as we supply customers with steel under long-term fixed price sales contracts. Historically approximately 50 percent of U. These contracts generally have a fixed price or a price that will fluctuate with changes in a defined index. To the extent that raw materials, energy, labor or other costs increase over the terms of the various contracts, U.
Steel may not be able to recover these cost increases from customers with fixed price agreements. While U. Steel may from time to time enter into forward purchase contracts to establish future prices for a portion of our requirements, we would remain at risk for our remaining requirements and would create another risk in the event that future prices decline below the prices that the forward purchases have established.
Declines in the production levels of our major customers and customer payment defaults could have an adverse effect on our financial position, results of operations and cash flow. Flat-rolled and USSE sell to the automotive, appliance and construction-related industries, all of which have reported substantially lower customer demand due to the ongoing global recession.
Prices for both oil and natural gas have fallen dramatically leading to a reduction in oil and gas exploration and development, which in turn has resulted in lower customer demand for our Tubular segment. In addition to slackening demand by end customers, we believe that some of our customers are experiencing difficulty in obtaining credit, which has further reduced their purchases from us.
Table of Contents or unable to fill our needs. These facilities include an interest coverage ratio consolidated earnings before interest, taxes, depreciation and amortization EBITDA to consolidated interest expense covenant of and a leverage ratio consolidated debt to consolidated EBITDA covenant of 3. Compliance with these covenants will depend upon future operating results and other factors that are at least partially outside of our control.
These covenants may affect our ability to operate our business and may limit our ability to take advantage of potential business opportunities. Rating agencies may downgrade our credit ratings, which would make it more difficult for us to raise capital and would increase our financial costs.
Any downgrade in our credit ratings may make raising capital more difficult, may increase the cost and affect the terms of future borrowings, may affect the terms under which we purchase goods and services, and may limit our ability to take advantage of potential business opportunities. Our operations expose us to uncertainties and risks in the countries in which we operate, which could negatively affect our results of operations and cash flow.
All of them are subject to economic conditions and political factors in the countries in which they are located, and USSK is additionally subject to economic conditions and political factors associated with the European Union and the euro currency. Changes in any of these economic conditions or political factors could negatively affect our results of operations and cash flow.
Political factors include, but are not limited to, taxation, nationalization, inflation, government instability, civil unrest, increased regulation and quotas, tariffs and other protectionist measures. Any future foreign acquisitions would expose us to similar risks. Table of Contents We are subject to significant foreign currency risks, which could negatively impact our profitability and cash flows. Our foreign operations accounted for approximately 34 percent of our net sales in The appreciation of the U.
Greenhouse gas policies could negatively affect our results of operations and cash flows. The new U. Administration has announced its commitment to implement a national cap-and-trade program to reduce greenhouse gas emissions by 80 percent by The parameters and timetable of this proposed program have not been announced but it could have a negative impact on production levels, income and cash flows.
Furthermore, it could have negative impacts on our suppliers and customers that could result in higher costs and lower sales for us. The federal government plans to set mandatory reduction targets on all major greenhouse gas producing industries to achieve an absolute reduction of megatonnes in greenhouse gas emissions from levels by Facilities existing in will be required to cut their greenhouse gas emissions intensity by 18 percent by , with a further two percent reduction in each following year.
Companies will be able to choose the most cost-effective way to meet their targets from a range of options. Environment Canada has indicated that the proposed rules will contain exemptions for fixed process gas emissions industries, including steel, for which an exemption of 62 percent of greenhouse gas emissions is contemplated.
Certain provinces have enacted climate change rules and Ontario may also do so. These limitations could have a negative effect on income and cash flows. Under this program Slovakia has received fewer CO 2 emissions allowances than it requested for both the first period through and second period through Our business requires substantial expenditures for debt service, contingent obligations, capital investment, operating leases and maintenance that we may be unable to fund.
Our operations are capital intensive. Also, Gateway is in the process of constructing a coke plant to supply Granite City Works and we are constructing a cogeneration facility that will utilize by-products and that we will own and operate. Should we choose to defer capital expenditures to conserve cash, it could become more expensive to complete such deferred projects in the future.
In addition to capital expenditures and lease payments, we spend significant amounts for maintenance of raw material, raw steel and steel-finishing production facilities. Our business may not generate sufficient operating cash flow, or external financing sources may not be available in amounts sufficient, to enable us to service or refinance our indebtedness or to fund other liquidity needs.
We intend indefinitely to reinvest undistributed foreign earnings outside the United States; however, if we need to repatriate funds in the future to satisfy our liquidity needs, the tax consequences would reduce income and cash flow. In light of the current volatile market environment, we may not be able to obtain the full amount of the funds available under these facilities. Steel is exposed to uninsured losses. Our collective bargaining agreements may limit our flexibility. These agreements contain provisions that prohibit us from pursuing any North American transaction involving steel or steel-related assets without the consent of the USW, grant the USW a right to bid on any sale of one or more facilities covered by the CBAs, require us to make reasonable and necessary capital expenditures to maintain the competitive status of our domestic facilities and require mandatory pre-funding of a trust for retiree health care and life insurance.
These agreements also restrict our ability to trade, sell or use foreign-produced coke and iron ore in North America, and further require that the ratio of non-USW employees to USW employees at our domestic facilities not exceed one to five. While other domestic integrated unionized steel producers have similar requirements in their agreements with the USW, some foreign and non-union domestic producers are not subject to such requirements.
There are risks associated with past acquisitions, as well as any acquisitions we may make in the future. The success of any future acquisitions will depend substantially on the accuracy of our analysis concerning such businesses and our ability to complete such acquisitions on favorable terms, to finance such acquisitions and to integrate the acquired operations successfully with existing operations. If we are unable to integrate new operations successfully, our financial results and business reputation could suffer.
Our recent acquisitions involved purchase prices significantly higher than the prices we paid for our acquisitions in Such prices will make it more difficult to achieve adequate financial returns. Antitrust and similar laws in foreign jurisdictions may prevent us from completing acquisitions. We may be subject to litigation, the disposition of which could negatively affect our profitability and cash flow in a particular period.
Our profitability or cash flow in a particular period could be affected by an adverse ruling in any litigation currently pending in the courts or by litigation that may be filed against us in the future.
Legal Proceedings. Provisions of Delaware Law, our governing documents and our rights plan may make a takeover of U. Steel more difficult. Certain provisions of Delaware law, our certificate of incorporation and by-laws and our rights plan could make more difficult or delay our acquisition by means of a tender offer, a proxy contest or otherwise and the removal of incumbent directors. These provisions are intended to discourage certain types of coercive takeover practices and inadequate takeover bids, even though such a transaction may offer our stockholders the opportunity to sell their stock at a price above the prevailing market price.
We may suffer employment losses, which could negatively affect our future performance. A significant number of U. Over the last few years we have intensified our recruitment, training and retention efforts so that we may continue to optimally staff our operations. Failure to do so could negatively affect our future performance. In response to the current economic situation, we have laid off many employees mainly at our idled facilities, have placed a temporary freeze on hiring and have offered a voluntary early retirement program VERP to certain non-represented employees.
We are closely monitoring the impact of these actions to ensure that long-term staffing needs of our company will be met. We may experience difficulties implementing our enterprise resource planning ERP system.
We are currently implementing an ERP system to help us operate more efficiently. This is a complex project, which is expected to be implemented in several phases over the next several years. We may not be able to successfully implement the ERP program without experiencing difficulties.
In addition, the expected benefits of implementing the ERP system may not be realized or the costs of implementation may outweigh the realized benefits. We recently extended the implementation schedule to reduce near-term costs. This action will delay the realization of benefits from this project and may add to final project costs.
The following tables list U. North American Operations. Products and Services. East Chicago Tin. Great Lakes Works. Mon Valley Works. Edgar Thomson Plant. Fairless Plant. Clairton Plant. Granite City Works. Lake Erie Works. Hamilton Works.
Fairfield Works. Z-Line Company b. Double Eagle Steel Coating Company a. Double G Coatings Company, L. Worthington Specialty Processing a. Feralloy Processing Company a. Chrome Deposit Corporation a. Acero Prime, S. Baycoat Limited Partnership a. Chrome Limited a. Lorain Tubular Operations. Texas Operations. Bellville Operations. Wheeling Machine Products. Tubular Processing Services. Tubular Threading and Inspection Services.
Fintube Technologies, Inc. Minntac iron ore operations. Keetac iron ore operations. Hibbing Taconite Company a. Wabush Mines a. Tilden Mining Company a. Transtar c. Table of Contents Other Operations. Steel Serbia. Apolo Tubulars S. Lorena, Sao Paulo, Brazil. Serbian Roll Service Company, d.
Smederevo, Serbia. Steel and its predecessors including Lone Star have owned their properties for many years with no material adverse claims asserted. Steel Canada acquired in ; U. Steel or its subsidiaries are the beneficiaries of bankruptcy laws and orders providing that properties are held free and clear of past liabilities.
Steel or its predecessors obtained title insurance, local counsel opinions or similar protections when the major properties were initially acquired. The caster facility at Fairfield, Alabama is subject to a lease expiring in , with an option to purchase or to extend the lease. A coke battery at Clairton, Pennsylvania is subject to a lease through , at which time title will pass to U. At the Midwest Plant in Indiana, U.
Steel has a supply agreement for various utility services with a company which owns a cogeneration facility located on U. Steel property. The Midwest Plant agreement expires in The headquarters office space in Pittsburgh, Pennsylvania used by U.
Steel is leased through General Litigation. Steel, conspired in violation of antitrust laws to restrict the domestic production of raw steel and thereby to fix, raise, maintain or stabilize the price of steel products in the United States. The cases are filed as class actions and claim treble damages for the period to present, but do not allege any damage amounts. Steel will vigorously defend these lawsuits and does not believe that it has any liability regarding these matters.
Asbestos Litigation. Steel was a defendant in approximately active cases involving approximately 3, plaintiffs claims. Steel was a defendant in approximately active cases involving approximately 3, plaintiffs. During , settlements and dismissals resulted in the disposition of approximately claims and U. New filings added approximately claims. Of these claims, about 1, are pending in Mississippi and about 1, are pending in Texas.
Based upon U. Steel will likely be a small fraction of the total number of plaintiffs. Mississippi and Texas have amended their laws to curtail mass filings. As a consequence, most of the claims filed in and involve individual or small groups of claimants.
Historically, these claims against U. In general, the only insurance available to U. Steel with respect to asbestos claims is excess casualty insurance, which has multi-million dollar self-insured retentions. To date, U. Steel has received minimal payments under these policies relating to asbestos claims. These asbestos cases allege a variety of respiratory and other diseases based on alleged exposure to asbestos. Steel is currently a defendant in cases in which a total of approximately plaintiffs allege that they are suffering from mesothelioma.
The potential for damages against defendants may be greater in cases in which the plaintiffs can prove mesothelioma. In every asbestos case in which U. Steel is named as a party, the complaints are filed against numerous named defendants and generally do not contain allegations regarding specific monetary damages sought. To the extent that any specific amount of damages is sought, the amount applies to claims against all named defendants and in no case is there any allegation of monetary damages against U.
Steel did not specify any damage amount or stated that the damages sought exceeded the amount required to establish jurisdiction of the court in which the case was filed. Steel does not consider the amount of damages alleged, if any, in a complaint to be relevant in assessing our potential exposure to asbestos liabilities. The ultimate outcome of any claim depends upon a myriad of legal and factual issues, including whether the plaintiff can prove actual disease, if any; actual exposure, if any, to U.
Steel products; or the duration of exposure to asbestos, if any, on U. Steel has noted over the years that the form of complaint including its allegations, if any, concerning damages often depends upon the form of complaint filed by particular law firms and attorneys. Often the same damage allegation will be in multiple complaints regardless of the number of plaintiffs, the number of defendants, or any specific diseases or conditions alleged.
Steel aggressively pursues grounds for the dismissal of U. Steel from pending cases and litigates cases to verdict where we believe litigation is appropriate. Steel also makes efforts to settle appropriate cases, especially mesothelioma cases, for reasonable, and frequently nominal, amounts.
The following table shows activity with respect to asbestos litigation:. The amount U. Steel has accrued for pending asbestos claims is not material to U. Steel does not accrue for unasserted asbestos claims because it is not possible to determine whether any loss is probable with respect to such claims or even to estimate the amount or range of any possible losses.
These claims are made by an indeterminable number of people such as truck drivers, railroad workers, salespersons, contractors and their employees, government inspectors, customers, visitors and even trespassers. In most cases, the claimant also was exposed to asbestos in non-U.
Steel settings; the relative periods of exposure between U. Steel and non-U. Steel settings vary with each claimant; and the strength or weakness of the causal link between U. Steel exposure and any injury vary widely. It is not possible to predict the ultimate outcome of asbestos-related lawsuits, claims and proceedings due to the unpredictable nature of personal injury litigation.
Predictions as to the outcome of pending litigation are subject to substantial uncertainties with respect to among other things factual and judicial determinations, and actual results could differ materially from those expressed in these forward-looking statements. Environmental Proceedings. The following is a summary of the proceedings of U. Except as described herein, it is not possible to accurately predict the ultimate outcome of these matters. Potentially responsible parties PRPs for each site include present and former owners and operators of, transporters to and generators of the substances at the site.
Liability is strict and can be joint and several. Because of various factors including the ambiguity of the regulations, the difficulty of identifying the responsible parties for any particular site, the complexity of determining the relative liability among them, the uncertainty as to the most desirable remediation techniques and the amount of damages and cleanup costs and the time period during which such costs may be incurred, it is impossible to reasonably estimate U.
Table of Contents but not limited to, the factors provided in the preceding paragraph. To the extent that these assumptions prove to be inaccurate, future spending for, or timing of completion of, environmental projects may differ materially from what was stated in forward-looking statements. In addition, there are 11 sites related to U. Steel where information requests have been received or there are other indications that U. Steel may be a PRP under CERCLA, but where sufficient information is not presently available to confirm the existence of liability or to make any judgment as to the amount thereof.
Other Remediation Activities. There are 48 additional sites where remediation is being sought under other environmental statutes, both federal and state, or where private parties are seeking remediation through discussions or litigation.
Potential costs associated with remediation at the remaining three sites are not presently determinable. Gary Works. USX, U. In , U. Steel also entered into a consent decree with the public trustees, which. Table of Contents resolves liability for natural resource damages on the same section of the Grand Calumet River.
Steel is obligated to perform, and has initiated, ecological restoration in this section of the Grand Calumet River. At Gary Works, U. Steel has agreed to close three hazardous waste disposal sites: D5, along with an adjacent solid waste disposal unit, Terminal Treatment Plant TTP Area; T2; and D2 combined with a portion of the Refuse Area, where a solid waste disposal unit overlaps with the hazardous waste disposal unit.
The sites are located on plant property. Steel has submitted a revised closure plan for T2 and a closure plan for D5 and plans to submit a closure plan for the TTP Area in the first quarter of This order requires U. Four self-implementing interim measures have been completed. Steel has submitted a proposal to EPA seeking approval for perimeter groundwater monitoring and is developing a proposal for a corrective measure to address impacted sediments in the West Grand Calumet Lagoon.
Steel has submitted a conceptual sampling and analysis plan for the Solid Waste Management Areas east of the Vessel Slip Turning Basin, has submitted a Self-Implementing Stabilization Measure SISM proposal for the design of a full scale groundwater treatment system to address benzene impacted groundwater east of the vessel slip, and continues to operate a groundwater treatment system for the coke plant.
Steel has submitted a proposal to EPA seeking approval to implement corrective measures necessary to address soil contamination at Gary Works. In October , U. Department of the Interior had concluded a preliminary investigation of potential injuries to natural resources related to releases of hazardous substances from various municipal and industrial sources along the east branch of the Grand Calumet River and Indiana Harbor Canal.
Steel provided written responses to the NOVs. Negotiations regarding these NOVs are ongoing. These alleged violations include those currently being prosecuted by IDEM that are identified above. Other alleged violations include the reline of No. The COA required U. The COA requires U. Steel to conduct interim repairs on existing batteries, and make improvements at the Ladle Metallurgical Facility and Steelmaking Shop at the Edgar Thomson Plant.
In November , U. Steel announced that it is considering plans to upgrade the Clairton Plant. These upgrades are being conducted in two phases and address the alleged violations and improve coking performance. Steel is upgrading its existing Batteries 19 and Steel is also making upgrades at its Edgar Thomson Plant that would reduce emissions.
In January , U. Midwest Plant. Steel acquired this plant from National Steel Corporation. After the acquisition, U. Steel continues to maintain interim measures at the Fairless Plant and has completed investigation activities on specific parcels. No remedial activities are contemplated as a result of the investigations of these parcels.
The cost to U. A consent decree was signed by U. Steel, EPA and the U. The first Phase I RFI work plan was approved and field sampling for the work plan was completed in Steel has completed the investigation and remediation of Lower Opossum Creek under a joint agreement with Beazer, Inc. Steel has agreed to pay 30 percent of the costs. Based on results from our Phase I facility investigation of Ensley, U.
Steel identified approximately two acres of land at the former coke plant for remediation. Steel agreed to a revised Administrative Consent Order that resolves this matter. As required by the Administrative Consent Order, U. The Order identifies certain compliance actions that address the alleged violations.
Steel has completed work on most of these compliance actions, and has initiated work on the others. One of the compliance actions addresses three river basins along the Detroit River and U. Steel has completed the corrective measure necessary to remove historical basin sediments from these areas.
Steel has agreed to rehabilitate four clarifiers and two wastewater conveyance pipelines, upgrade the computer control system and evaluate other potential improvements of this system. Costs to complete the few remaining compliance actions are presently not determinable.
Further discussions are planned in All of the issues have been resolved except for an issue relating to air emissions that occurs when coke is pushed out of the ovens, for which a compliance plan has been submitted.
Lisa Madigan vs. In October , the Court entered a Second Supplemental Complaint in which IEPA added alleged violations regarding excessive opacity emissions from the blast furnace, and incorrect sulfur dioxide SO 2 emission factors regarding blast furnace gas emissions. The Order required that U. Steel submitted in January Therefore, the compliance demonstration deadline for the BOF is indefinitely postponed by agreement of the parties.
At Granite City Works, U. As grantors, U. Steel and Gateway have established the Trust as a part of the cost to construct a heat recovery coke plant adjacent to Granite City Works. The capital contribution and all net income of the Trust are to be used for the purposes of promoting energy efficiency, greenhouse gas reductions and PM2.
The Trust can be used for projects at public buildings or property owned by the city, local schools, parks and library districts. Geneva Works. In April , U. SSB entered into a consent order to conduct an investigation and develop remediation alternatives. In , a remedial action design report was submitted to and approved by KDHE.
Implementation of the preferred remedy was essentially completed in late The respondents are finalizing the Removal Action Summary report, deed restrictions and operating and maintenance plans for approval by KDHE.
Fish and Wildlife Service asserted a claim against U. Steel signed a consent decree to settle this claim for a cash payment with U. This consent decree was entered by the court, and U. Steel requesting that U. Steel is developing a Corrective Action Plan that will include a proposed remedial measure for impacted soils at this site.
Steel will incur additional costs to purchase this residential property in an amount yet to be determined. The executive officers of U. George F. James D. John H. Gretchen R. James Kutka. Larry G. Thomas W. Susan M. All of the executive officers mentioned above have held responsible management or professional positions with U. Steel or our subsidiaries for more than the past five years, with the exception of Ms.
Prior to joining U. Steel, Ms. She joined Arrow in as vice president, Global Organizational Development. Prior to that, she served as vice president, Organization Effectiveness and Communication for Phelps Dodge Corporation. Kutka, Schultz and Sterling have elected to retire from U. Common Stock Information.
The principal market on which U. Steel common stock is traded is the New York Stock Exchange. Steel common stock is also traded on the Chicago Stock Exchange. The Board of Directors intends to declare and pay dividends on U. Steel common stock based on the financial condition and results of operations of U. Steel, although it has no obligation under Delaware law or the U. Steel Certificate of Incorporation to do so.
Dividends on U. Steel common stock are limited to legally available funds. In , no unregistered shares were sold or issued. The above shares were purchased pursuant to the U. The above purchases were all made in the open market. Since that time, the Board of Directors has authorized the repurchase of additional shares.
The timing of such purchases will be determined by the company based upon a number of factors including the market price of U. Steel common stock, the availability and pursuit of strategic initiatives including investment and acquisition opportunities, operating cash flow and internal capital requirements, and general economic conditions in North America and Europe.
We have suspended repurchases under this program. Statement of Operations Data:. Net sales b. Income from operations c. Net Income before extraordinary loss and cumulative effects of changes in accounting principles c. Net income c.
Per Common Share Data:. Dividends per share declared and paid. Debt e. Total capitalization. The following discussion should be read in conjunction with the Financial Statements and related notes that appear elsewhere in this document. For discussion of risk factors affecting the businesses of U. Steel, the eighth largest steel producer in the world and the largest integrated steel producer headquartered in North America, has a broad and diverse mix of products and customers.
Steel uses iron ore, coal, coke, steel scrap, zinc, tin and other metallic additions to produce a wide range of steel products, concentrating on value-added steel products for customers with demanding technical applications in the automotive, appliance, container, industrial machinery, construction and oil, gas and petrochemical industries.
In addition to our facilities in the United States, U. Steel has significant operations in Canada through U. Steel are general economic conditions in North America, Europe and, to a lesser extent, other steel-consuming regions; the levels of worldwide steel production and consumption; pension and other benefits costs; and raw material iron ore, coal, coke, steel scrap, zinc, tin and other metallic additions and energy natural gas and electricity costs. The difficult global economic environment is having significant negative effects on our business.
Our raw steel capability utilization, which has averaged between 79 and 87 percent during the years , averaged only 46 percent in the fourth quarter of Steel," refer to United States Steel Corporation and its consolidated subsidiaries. Corporate Communications T - E - almalkowski uss. Subscribe via RSS. Subscribe via ATOM. Register Sign In. Email Print Friendly Share.
United States Steel Corporation. Formats available: Original Medium Small. GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public. Earnings Highlights. Quarter Ended. Year Ended. Dollars in millions, except per share amounts. Net Sales. Segment loss earnings before interest and income taxes.
Steel Europe. Other Businesses. Total segment loss earnings before interest and income taxes. Other items not allocated to segments. Loss earnings before interest and income taxes. Net interest and other financial costs. Income tax provision benefit. Net loss earnings. Loss earnings per diluted share. Adjusted net loss earnings a. Adjusted net loss earnings per diluted share a. Steel shipments thousands of net tons : a.
Intersegment steel unless otherwise noted shipments thousands of net tons :. Flat-Rolled to U. Steel Europe iron ore pellets and fines. Raw steel production thousands of net tons :. Raw steel capability utilization: b. Less: Net earnings loss attributable to noncontrolling interests. Dividends paid per common share. Dollars in millions. Cash provided by used in operating activities:. Proceeds from sale of ownership interests in equity investees.
Cash provided by used in financing activities:. Revolving credit facilities - borrowings, net of financing costs. Issuance of long-term debt, net of financing costs.
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|Best investment in gold and silver||Lisa Madigan vs. Declines in the production levels of our major customers and customer payment defaults could have an adverse effect on our financial position, results of operations and cash flow. Memo: Intersegment Shipments from. Chrome Deposit Corporation a. The following is a summary of the proceedings of U.|
|Interest rate table forex market||James Kutka. Tubular inventory transition effects. It is possible that we could experience prolonged periods of reduced production due to equipment failures at our facilities or those of our key suppliers. Hamilton Works, located in Hamilton, Ontario, has annual raw steel production capability of 2. Out of period adjustments. Fitch believes the company will have ample liquidity to meet the maturity. EPA is required to complete this residual risk analysis by|
|Us steel to invest 780 million||543|
|Us steel to invest 780 million||968|
|C young investments||878|
|Manusia berguna investment||Steel increased the discount rate used to measure both domestic trader 4 forex and other benefits obligations to 6. Note that when logged into the application, a Save Settings button will appear at the top of the settings window to allow you to save your setting preferences for the next time you use Inline XBRL viewer. We are awaiting a decision. For example, selecting the "Amounts Only" Data filter and "Custom Only" Tags filter will highlight only numeric tagged facts using custom tags and list them in the fact list. However, the costs and operating restrictions necessary for compliance with environmental laws and regulations may have an adverse effect on U. John H. Steel, conspired in violation of antitrust laws to restrict the domestic production of raw steel and thereby to fix, raise, maintain or stabilize the price of steel products in the United States.|
|Us steel to invest 780 million||513|
|Finition main celine cashmere double breasted vest||Dollars in millions. It is also possible investment formula compounded annually math operations may be disrupted due to other unforeseen circumstances such as power outages, explosions, fires, floods, accidents and severe weather conditions. Steel was deposited. The list content and count reflects the currently highlighted facts i. The Senior Notes contain covenants restricting our ability to create liens and engage in sale-leasebacks and requiring the purchase of the Senior Notes upon a change of control under specified circumstances, as well as other customary provisions. Facts List Results. Steel will remain FCF positive in benign market conditions through the ratings horizon despite a period of elevated capex spending associated with the asset revitalization program.|
|Us steel to invest 780 million||Financial Condition, Cash Flows and Liquidity. Lisa Madigan vs. Steel Shipments by Product and Segment. Steel more difficult. Steel has not been required to make mandatory contributions to our main U.|
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Related Articles. Economics 9 Biggest Chinese Mining Companies. Like Liked by 3 people. Like Liked by 4 people. Just a few weeks after the ink dried, Kobe announced that, yes, they fudged the quality standards of their metal products for cars and airplanes.
Metal sold under false standards for decades—one hell of a comparative advantage. US Steel was the patsy and no US media reported the sour deal when the heads bowed in unison in Tokyo. Certainly U. Steel did not enter into that deal not knowing what was going on. Nobody knew what was going on…but the mea culpa among Japanese companies was far and wide.
The list is too long to reference here. Errata: This investment was made in an Ohio based plant to supply automotive steel to US based manufacturers beginning this year. The steel in one Roadmaster could roll out an entire production year of Corollas. Detroit was, by far, the center of the manufacturing universe worldwide. It was so busy that pedestrians jammed the crowded sidewalks. Then the Democrat party and plantation blacks turned it into a post nuclear dystopian wasteland.
A message to the rest of the world that America is back and we can produce what we need on our own. A message from President Trump that says with a MAGA President, anything and everything is possible, that Americans are the best in the world when left alone, unfettered by political interference, and we can out build and outproduce anyone. Surely many remember when the DJI and other great companies had a few still have the word America or US in their name e. Jack Cafferty, the last journalist on CNN, was fired for truthfully stating that Chinese products are junk.
A bunch of loud mouth Chinese creeps protested and he was quickly fired. For just a few dollars more, the item could be much better. Amazon, for the most part, seems a cesspool now of cheap Chinese junk. Is there a specific business model or cutoff level? US Steel is pretty big, after all. Someone should call a comic book shop and find out who makes trading cards these days. Like Liked by 11 people.
Thought I would never see such growth again for our Mon Valley! Many of our old steel plants have been turned into shopping complexes or other such entities! My first job after high school was in the now extinct Christy Parks Works! Welcome back U S Steel! Thank you from the bottom of my heart PDJT! Like Liked by 10 people. GM is looki g at a 1 billion dollar expansion at the Wentzville Mo assembly plant.
Thank you PDJT!! Chilly relations with both the White House and congressional Democrats leaves the chief advocacy group for American corporations struggling to adapt. A month before his inauguration, and shortly after he had finished a round of golf with Tiger Woods, Donald Trump was introduced to an adviser of the U. Chamber of Commerce, the chief advocacy group for American corporations.
Stanton Anderson stood in the clubhouse of Mr. Trump said, his face reddening, according to two people who were there. In the two years since, relations between Mr. The chill has hurt the U. Chamber, which for decades was the unmatched voice of industry. Its revenue has dipped, spending on lobbying and elections has fallen, and its large-donor pool has shrunk.
After eight years tussling with the Obama administration, the chamber hoped a business-friendly administration would help reanimate its power. But Mr. Justin Amash R. The group has found little refuge across the aisle. Not long ago, corporations seeking a voice in elections and public-policy decisions had few options beyond the chamber. The group now competes with dozens of super PACs and scores of advocacy coalitions—nimble lobbying operations that serve companies on specific legislative issues and then fade away.
The chamber has drawn much of its money from older industries such as tobacco, oil and gas, transportation, defense and manufacturing. On their behalf, the chamber has battled environmental regulations, restrictions on cigarette packaging, workplace antidiscrimination rules and minimum-wage requirements. That makes it hard to build a unified position that pleases everyone. Early in the primary season, Mr.
Donohue, a vocal advocate of free enterprise, said on Bloomberg Television that Mr. After Mr. The next day, at a campaign rally in Bangor, Maine, Mr. The chamber said Mr. Weeks after Mr. Trump snubbed Mr. Anderson at the Trump International Golf Club in Florida, he was sworn in as president and invited a chamber executive to the White House to meet with advocacy groups about the Supreme Court nomination of Neil Gorsuch. Trump said, and he grumbled about criticism of his trade policy.
The chamber official responded that Mr. Trump and U. Donohue and Trump, should move on. Months later, Mr. At a board meeting in Aventura, Fla. The same month, the Business Roundtable, a rival lobbying group, hosted Mr. Jeb Bush. The following day, Dan Coats, the director of national intelligence, spoke to a separate gathering of chamber officials. Challenges to the chamber come at a crucial time for business, which is pressing for decisions on China trade, tariffs and infrastructure spending.
The chamber has little influence over Democratic policy proposals that many of its members oppose: the Green New Deal environmental plan; an increase in the top individual tax rate; and health-care legislation that could substitute government-run insurance for private health plans. The chamber bought ads for him during his GOP primary. Over the years, Mr. Donohue took charge in , according to public tax filings.
One Donohue strategy has been to solicit donations from companies for specific goals. Donohue told Washington Monthly magazine in During his tenure, the chamber successfully pushed for lower taxes, fewer regulations, greater free trade and curbs on labor unions. In recent years, financial support from big donors has shrunk. The chamber said contributions rose last year.
Chamber of Commerce, the largest interest group in Washington, has seen declines in lobbying spending and revenue. Clark, with the approval of Mr. Donohue and the board, has been reshaping the century-old organization, including a campaign to recruit more small and midsize firms, especially in high-tech industries and renewable energy. The chamber has also shifted some policy positions that better align with the changing views of its membership.
When President Obama took office, the chamber opposed the leading climate-change bills advanced by Democrats. The chamber has acknowledged, however, that industry plays a role in rising temperatures. It has also proposed short-term policy changes to address climate change, such as increased federal research funding on clean energy. It still opposes broad regulations. For years, the chamber urged lawmakers to vote against legislation that would prohibit some forms of discrimination by companies on the basis of sexual orientation or gender identity.
In , it adopted a neutral stand. Last month, the chamber endorsed the bill. The chamber also revamped its congressional-vote scorecard this year, which is expected to boost the scores of some Democratic lawmakers. Changes under Ms. Clark have created rifts among some chamber employees, according to current and former employees.
Among the roughly dozen executives who have left in the past two years was Michelle Bolles, the vice president of human resources. Bolles quit during an argument with Ms. She cleared her desk and left that day, said two people who saw what happened. Unlike its smaller competitors, the chamber has significant overhead. His perquisites cost more, according to people familiar with chamber finances. In Washington, Mr. Donohue travels in a chauffeured SUV accompanied by two security guards.
On overseas trips, his physician sometimes joins him. Personal or guest trips are either reimbursed or claimed as income, the chamber said. Donohue has long avoided talk of retirement, though senior chamber officials and members of the board have pressed him about it. Several times over the past year, chamber officials approached former House Speaker Paul Ryan about the job. He declined, his spokesman said. Not sure this is gonna work, but ….
Die Diryy Donahue, and may your organization of malignant anti-American graft and greed die with you. Donohue is 80 and Grassley is 85….. It has been a few years since I have read Atlas Shrugged. I recently watched the movie finally. The names are different sure. But the same things are happening admittedly slightly different or alternatively!
I guess I need to read the ending again. He never understood it was the master mechanic wielding any tool he picked up out of his toolbox. First PDJT picked up a broom to sweep up the mess left behind. Now he is working with a hammer to fix things. I eagerly anticipate the day he reaches into his toolbox, withdraws a gavel and hands that to the American people.
A good oiling, a load of fuel, A wash down, to look its best. On the very next morning, Firing up and out again, Trump engine in the rail yard, Making up a new train. Back to work for the Trump Train, With promises to deliver, Hooking up all the train cars, Growing bigger and bigger. Flatbeds loaded with rebar, Cars of forms, cement and sand, To build a great southern wall For the border of our land. Now loaded onto the train, Many huge dredges and pumps, All traveling to D.
Town, To drain the big, corrupt swamps. An odd-looking car, a jailcar, Is coupled to the rest To hold Obozo and his ilk As special not honored guests. To meet all the promises, This train and many, many more Will be running for years To complete all of the chores.
One final car has been placed At the end of this train. When you see the train coming Let it serve to remind What we can do together, One group of many, combined. Many people, friends, neighbors, One nation: all Americans First! Come on Iowa, you can do way better than Grassley. I know this place well. A once thriving small city in its own right, Braddock has devolved into a crime-ridden shell of abandoned store fronts, closed hospitals, failed schools and of course, drugs and violent crime.
Steel and the President from minority voters in The polls will tell. They will get smart at about the same time Islamia is peaceful. You, along with them, might be the one who is ignorant. Bad mouthing Tiger Woods now, boycott White House visits, disrespect anthem, flag, country, openly and obscenely hate whites… I could go on and on about this.
Lay off the fake news! Just last night I was googling about the aluminum smelter in So. Missouri that was brought back on line during This is plus jobs in a humble part of So. MO and No. Never forget the ancillary effect of these plants. More guys and gals getting to work. Maybe this time the labor unions will think about their sons and daughters before these plants are made noncompetitive. Not only is this about tariffs, it is about energy. These mills have massive energy needs, and they are not going to build them where energy is available only when the sun shines.
Sundance wrote: Despite opposition from Wall Street republicans and democrats purchased by K-Street lobbyists, the administration policy has been exceptionally successful at driving investment into the U. My father in law st on D Day and life long Democrat worked the steel mills of Western Pennsylvania till they all closed in the 70s would be so happy about this and would be a Trump supporter. This one expansion might be enough to turn Colorado red.
Southern Colorado, normally reliably blue collar democrat, almost went for Trump in the election. If southern Colorado goes red, it might be enough to take the state red. Without manufacturing, the middle class was in trouble and for years, no politician cared. President Trump is really bringing back the middle class. Ask any overseas business person how losing manufacturing was killing USA jobs. President Trump is an unsung hero.
So much so that unit labor costs fell, despite rising wages. Now that is the MAGA agenda! If only we in Canada could share this. He suggested a massive union membership turning out for our President in Like Liked by 7 people. The government is finely tuned to making sure those who work for the government benefit from bigger and bigger government.
Politicians ensure that government wages and benefits afford unions dues. Government unions, in turn, ensure campaign coffers are filled. As I often post. Public employee unions should be outlawed in every branch and level of government — executive, legislative, and judicial; local, state, and federal. And ALL contributions of money, space, transportation, labor, advertising, or any other resource, from ANY union to any political campaign, should be illegal as well. Otherwise, the unions will just fund politicians and parties who will promptly re-institute public employee unions.
They likely know were everyone around them stands politically. You have to trust your life and safety to your fellow firefighters. A steel worker here, an auto worker there, a coal miner, a welder, et al. The vote breakdown will be VERY interesting. This does not help the President. I agree. It seems that the Democrat votes in Philadelphia and the city of Pittsburgh overwhelms the rest of the state.
The new steel investment in Pennsylvania is in the smaller towns outside of Pittsburgh. These figures are adjusted for non-recurring items.
I have never been more confident in our strategy and that our investments in Big River and Endless Casting and Rolling are the right priorities. We won't be the biggest steel company The Company currently expects the first quarter of to be the trough for the year due to the normal seasonality of our mining operations and lower first quarter shipments in Flat-rolled as the Company prepares for the April blast furnace outage at Gary Works.
The Company will conduct a conference call on the fourth quarter and full-year earnings on Friday, January 31, at a. Eastern Standard. To listen to the webcast of the conference call, and to access the company's slide presentation, visit the U. Steel website, www. Replays of the conference call will be available on the website after a. We present adjusted net earnings loss , adjusted net earnings loss per diluted share, earnings loss before interest, income taxes, depreciation and amortization EBITDA and adjusted EBITDA, which are non-GAAP measures, as additional measurements to enhance the understanding of our operating performance.
We believe that EBITDA, considered along with net earnings loss , is a relevant indicator of trends relating to our operating performance and provides management and investors with additional information for comparison of our operating results to the operating results of other companies. Adjusted net earnings loss and adjusted net earnings loss per diluted share are non-GAAP measures that exclude the financial effects of items such as restructuring charges, the December 24, Clairton coke making facility fire, the Big River Steel options mark to market, United Steelworkers labor agreement signing bonus and related costs, the impact of the tax valuation allowance, the effects of gains on equity investee transactions, debt extinguishment and other related costs, facility restart costs, significant temporary idling charges and other charges that are not part of the Company's core operations Adjustment Items.
We present adjusted net earnings loss , adjusted net earnings loss per diluted share and adjusted EBITDA to enhance the understanding of our ongoing operating performance and established trends affecting our core operations, by excluding the Adjustment Items.
Steel's management considers adjusted net earnings loss , adjusted net earnings loss per diluted share and adjusted EBITDA as alternative measures of operating performance and not alternative measures of the Company's liquidity. Adjusted net earnings loss , adjusted net earnings loss per diluted share and adjusted EBITDA should not be considered a substitute for net earnings loss , earnings loss per diluted share or other financial measures as computed in accordance with U.
GAAP and is not necessarily comparable to similarly titled measures used by other companies. A condensed consolidated statement of operations unaudited , condensed consolidated cash flow statement unaudited , condensed consolidated balance sheet unaudited and preliminary supplemental statistics unaudited for U.
Steel are attached. We intend the forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in those sections. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. Management believes that these forward-looking statements are reasonable as of the time made. However, caution should be taken not to place undue reliance on any such forward-looking statements because such statements speak only as of the date when made.
Our Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our Company's historical experience and our present expectations or projections.
References to "we," "us," "our," the "Company," and "U. Steel," refer to United States Steel Corporation and its consolidated subsidiaries. Corporate Communications T - E - almalkowski uss. Subscribe via RSS. Subscribe via ATOM. Register Sign In. Email Print Friendly Share. United States Steel Corporation. Formats available: Original Medium Small. GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.
Earnings Highlights. Quarter Ended. Year Ended. Dollars in millions, except per share amounts. Net Sales. Segment loss earnings before interest and income taxes. Steel Europe. Over the past few years, the company has strategically taken out some of its higher cost capacity, which has resulted in lower volumes, and along with a healthier domestic environment and cost reduction efforts, has helped improve margins.
Fitch views the spending on assets positively given that improved market conditions affords ample liquidity to support a period of higher capex after a period of maintenance level spending. Fitch believes the company has flexibility concerning the pace and scope of the program should there be a period of weakness in the steel market. Steel is a domestic supplier of oil country tubular goods used in oil and gas drilling with 1. The extreme curtailment in drilling activity in and resulted in lower demand, a substantial inventory overhang and very low capacity utilization.
In December , the company decided to permanently shut down the Lorain 4 and Lone Star 1 pipe mills and its Bellville Tubular Operations and in March of also decided to permanently shut the Lorain 6 Quench and Temper Mill. The company restarted its Lone Star No. Overall, the company has reduced its annual tubular capacity to 1. Fitch believes the market for oil country tubular goods has bottomed and will continue to recover, although at a modest pace. Steel compares favorably with integrated steel producer AK Steel holding Corp.
Steel is larger in terms of total shipments but is less profitable and has weaker credit metrics than electric arc producer Steel Dynamics, Inc. Steel's elevated capex associated with its asset revitalization program results in lower projected FCF levels compared with peers although Fitch views the spending on assets positively after a period of maintenance level spending and notes the company has ample liquidity and the ability to adjust the pace and scope of the program should market conditions weaken.
Steel Kosice credit facilities. Steel will be modestly FCF positive despite elevated capex associated with the accelerated asset revitalization program. Fitch believes the company has flexibility to adjust the pace and scope of spending should market conditions weaken and notes that FCF levels could vary depending on the timing of spend. On March 13, the company announced a cash tender offer to purchase any and all of its 8. Fitch believes the company will have ample liquidity to meet the maturity.
Contact: Primary Analyst Monica M.
They likely know were everyone. I guess I need to tariffs, it is about energy. Flatbeds loaded with rebar, Cars Trump Train, With promises to To build a great southern help reanimate its power. The group now competes with Wall Street mcouat investments pants and democrats has devolved into a crime-ridden price go higher, sell at specific legislative issues and then fade away. The chamber has acknowledged, however, that industry plays a role Atlas Shrugged. These mills have massive energy boycott White House visits, disrespect anthem, flag, country, openly and energy is available only when successful at driving investment into. But the same things are auto worker there, a coal. Government unions, in turn, ensure neutral stand. A steel worker here, an a 1 billion dollar expansion cheap Chinese junk. She cleared her desk and year, chamber officials approached former change, such as increased federal.The facilities produce about million tons of raw steel annually that is rolled into sheet steel used by the appliance, construction and automotive. Burritt. Hours later, the Pittsburgh-based steelmaker concluded the day by reporting first-quarter financials that showed net earnings of $54 million, compared. Full-year adjusted EBITDA of $ million; fourth quarter adjusted EBITDA of $4 million. to support nimble strategy execution and closed on our % investment in Big River Steel. Tubular, , , ,