United States Steel Corporation reported Tuesday first quarter 2014 net income of $52 million, or $0.34 per diluted share, compared to a first quarter 2013 net loss of $73 million, or $0.51 per diluted share, and fourth quarter 2013 net income of $270 million, or $1.75 per diluted share. Adjusted net income for the fourth quarter of 2013 was $38 million, or $0.27 per diluted share, and adjusted net loss for the first quarter 2013 was $51 million, or $0.35 per diluted share.
The $154 million, or $30 per ton, of reportable segment and Other Businesses income from operations for the first quarter of 2014 compares to income from operations of $146 million, or $30 per ton, in the fourth quarter of 2013 and income from operations of $94 million, or $17 per ton, in the first quarter of 2013.
Commenting on US Steel's outlook for the second quarter, President and CEO Mario Longhi said, "We expect reduced income from operations in the second quarter. We expect our production to be limited which will temporarily slow shipments primarily due to continued weather-related logistical issues affecting both raw materials and finished products."
He added: “We expect to report a loss for our Flat-rolled segment in the second quarter. The operational difficulties described above are projected to temporarily limit our production capabilities, resulting in a reduction in our shipments and higher operating costs as compared to first quarter. Market conditions in North America are improving; however, average realized prices are projected to be comparable to the first quarter. Given our production disruptions, second quarter shipments will be geared to fulfilling contract commitments where prices are not moving at the same rate as the spot market, as well as negatively influenced by lower automotive coated production and shipments this quarter. We expect to have the operational difficulties largely behind us as we exit the second quarter.”