US Steel filed annual report for 2002
The
US steel maker United States Steel Corp. (
US Steel) has filed its annual report for the year ended December 31, 2002 with the Securities and Exchange Commission.
The company reported a net income of $11 million for Q4 2002 and year 2002 net income is recorded as $61 million. U. S. Steel said that these amounts are $1 million lower than the preliminary results announced January 28, 2003, due primarily to additional legal accruals to reflect a settlement in late February 2003 of prior-year vehicular cases.
In the outlook provided in Management's Discussion and Analysis, the company noted that it expects a loss from operations and a net loss for the first quarter of 2003. The anticipated losses are due primarily to the increase in pension and other postretirement benefit costs from the fourth quarter of 2002 (approximately $50 million), substantially higher natural gas costs and the normal negative seasonal effects related to
iron ore and transportation operations.
It is also mentioned in the outlook that a price increase of at least $30 per net ton has been announced for new oil country
tubular goods orders for shipment after March 1, 2003. Furthermore, an increase of $30 per net ton is announced on all domestic sheet orders and a minimum €20/mt price increase on all U. S. Steel Kosice (USSK) orders, for second quarter of 2003.