Newspaper article Pittsburgh Post-Gazette (Pittsburgh, PA)

U.S. Steel Posts Smaller Losses

Newspaper article Pittsburgh Post-Gazette (Pittsburgh, PA)

U.S. Steel Posts Smaller Losses

Article excerpt

U.S. Steel on Tuesday reported smaller losses for the fourth quarter and all of 2016, citing savings from the company's ongoing efficiency initiative and fewer one-time charges.

The Pittsburgh steel producer reported a net loss of $105 million, or 61 cents per share, vs. a loss of $1.13 billion, or $7.74 per share, in the final quarter of 2015. Sales rose 3 percent to $2.65 billion.

"Our results are better as we continued to improve our product mix and cost structure," president and CEO Mario Longhi said in a statement.

The results included $152 million in unfavorable items, including a $126 million loss on the shutdown of tubular pipe mills and $18 million for the temporary idling of its Granite City, Ill., mill.

Excluding those items, U.S. Steel reported adjusted earnings of 27 cents per share vs. …

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