United States Steel Corporation reported Monday a third-quarter net loss of $1.8 billion, compared to a Q2 2013 net loss of $78 million and Q3 2012 net income of $44 million. Adjusted net loss for the third quarter of 2013 was $20 million after excluding an after-tax non-cash goodwill impairment charge of $1.8 billion.
Commenting on results, US Steel CEO Mario Longhi said, "Total reportable segment and Other Businesses operating results of $113 million reflect a meaningful improvement in our Flat-rolled segment operating results partially offset by an outage in our European segment."
The $113 million, or $24 per ton, of reportable segment and Other Businesses income from operations for the third quarter of 2013 compares to income from operations of $47 million, or $9 per ton, in the second quarter of 2013 and income from operations of $171 million, or $32 per ton, in the third quarter of 2012.
Commenting on US Steel's outlook for the fourth quarter, Longhi said, "We expect total reportable segment and Other Businesses income from operations to decrease compared to the third quarter due primarily to planned maintenance outages in our Flat-rolled segment. Results for our European segment are projected to improve compared to the third quarter and Tubular results are expected to be comparable to the third quarter."
Fourth quarter results for our Flat-rolled segment are expected to be near breakeven. Overall, repairs and maintenance costs are expected to increase by approximately $60 million as compared to the third quarter due primarily to a reline of a blast furnace at Gary Works and a planned blast furnace maintenance project at Fairfield Works. Despite higher average spot and market-based contract prices in the fourth quarter, we expect average realized prices to be comparable to the third quarter due to a higher percentage of hot rolled shipments in the fourth quarter. Shipments are expected to increase slightly quarter over quarter."