US Steel reported Wednesday that 2014 was its first profitable year since 2008, attributed to $575 million in savings from its Carnegie Way strategies.
Full-year 2014 net income totaled $102 million, compared to a $1.65 billion loss in 2013. For the fourth quarter, the company reported profits of $275 million on sales revenue of $4.07 billion.
In a conference call,
US Steel CEO Mario Longhi said he expects the company to generate an additional $150 million in savings this year from Carnegie Way projects that were implemented last year. Part of the strategy includes shuttering several facilities and temporarily idling others, such as the tubular plants that closed earlier this month.