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U.S. Steel narrows Q4, FY'16 net loss

U.S. Steel Corp. booked a net loss attributable to the company of US$105 million, or 61 cents per share, in the fourth quarter of 2016, narrowing from a year-ago net loss of US$1.13 billion, or US$7.74 per share.

Adjusted EBITDA came in at US$211 million compared to negative US$13 million reported in the year-ago corresponding quarter, according to a Jan. 31 release.

"Despite lower average realized prices and shipments in 2016, our results are better as we continued to improve our product mix and cost structure. Our focus on cash, including better working capital management and opportunistic capital markets transactions, resulted in an improved debt maturity profile and stronger cash and liquidity," President and CEO Mario Longhi said in the statement.

Net sales, meanwhile, totaled US$2.65 billion, up from US$2.57 billion a year earlier.

Segment EBIT totaled US$62 million during the period, compared to a segment loss of US$137 million recorded in the fourth quarter of 2015.

For the full-year 2016, the company posted a net loss of US$440 million, or US$2.81 per share, narrowing from a net loss of US$1.64 billion, or US$11.24 per share, in 2015.

U.S. Steel also booked a segment loss of US$59 million for 2016, shrinking from a loss of US$302 million a year ago.

Net sales for the year, however, were lower at US$10.26 billion from US$11.57 billion in 2015.

U.S. Steel generated positive operating cash flow of US$727 million for the year ended Dec. 31, 2016.

In addition, the company declared a dividend of 5 cents per share, payable March 10 to shareholders on record at the close of business Feb. 10.

If market conditions remain at their current levels, U.S. Steel expects to post net earnings of US$535 million and EBITDA of approximately US$1.3 billion in 2017.