U.S. Steel Corp. swung to a net profit of US$159 million, or 90 cents per share, in the fourth quarter of 2017, from a year-ago net loss of US$105 million, or 61 cents per share, according to the company's Jan. 31 annual results.
Adjusted EBITDA came in at US$148 million compared to the negative US$64 million reported in the year-ago corresponding quarter, while net sales totaled US$3.13 billion, up from US$2.65 billion a year earlier. Consolidated segment EBIT reached US$208 million during the period, compared to US$62 million recorded in the fourth quarter of 2016.
For full-year 2017, the company posted a net profit of US$387 million, or US$2.19 per share, swinging from a year-ago net loss of US$440 million, or US$2.81 per share.
The company's annual net sales rose to US$12.25 billion from US$10.26 billion in 2016, while total segment EBIT reached US$652 million, compared to negative US$59 million.
The fourth-quarter and full-year results include favorable impacts of US$139 million and US$344 million, respectively, related to the company's previously disclosed change in accounting methods for property, plant and equipment. U.S. Steel also slashed its net debt by over US$300 million to approximately US$1.15 billion in 2017.
The company declared a dividend of 5 cents per share for the fourth quarter, the same as the dividend for the same quarter of 2016.
If market conditions remain at their current levels, U.S. Steel expects to book net earnings of US$685 million and EBITDA of approximately US$1.5 billion in 2018. "Our focus in 2018 remains on improving the fundamental drivers of our business: safety, quality, delivery and cost and we expect the performance momentum from 2017 to continue," CEO David Burritt said.
