United States Steel Corporation reports fourth quarter and full-year 2017 results
PITTSBURGH, January 31, 2018 – United States Steel Corporation (NYSE: X) reported full-year 2017 net earnings of $387 million. Adjusted net earnings were $341 million. This compares to a full-year 2016 net loss of $440 million. Adjusted net loss for 2016 was $250 million.
Fourth quarter 2017 net earnings were $159 million. Adjusted net earnings for the fourth quarter 2017 were $136 million. This compares to a fourth quarter 2016 net loss of $105 million. Fourth quarter 2016 adjusted net earnings were $47 million.
Commenting on U. S. Steel's results, President and Chief Executive Officer David B. Burritt said, "We finished the year with three solid quarters as investments in our assets helped to provide more stable operating performance, and results for all three of our reportable segments were in line with our expectations. We made good progress on our asset revitalization program in 2017, achieved the quality and reliability improvements we committed to for 2017, and are confident that we will achieve our 2018 improvement objectives."
We continued to strengthen our balance sheet, with net debt decreasing by over $300 million in 2017 to approximately $1.150 billion. Our total liquidity increased by over $400 million in 2017 and ended the year at approximately $3.350 billion. The improving strength of our balance sheet and total liquidity supports the continued implementation of our asset revitalization program in our Flat-Rolled segment, as well as increasing investment in our Tubular and European businesses.
U. S. Steel Europe segment earnings before interest and income taxes for the full year 2017 were $327 million, capital expenditures achieved $83 million and raw steel capability utilization was 102%.
Commenting on U. S. Steel’s outlook for 2018, Burritt said, "Our focus in 2018 remains on improving the fundamental drivers of our business: safety, quality, delivery and cost and we expect the performance momentum from 2017 to continue. We will continue to provide our employees with the support and resources they need to succeed. When our employees succeed, our customers succeed. When our customers succeed, U. S. Steel succeeds."
If market conditions remain at their January 24, 2018 levels, we expect 2018 net earnings of approximately $685 million, or $3.88 per diluted share, and EBITDA of approximately $1.5 billion. We believe market conditions, which include spot prices, raw material costs, customer demand, import volumes, supply chain inventories, rig counts and energy prices, will change, and as changes occur during the balance of 2018, we expect these changes to be reflected in our net earnings and EBITDA.
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