United States Steel Corp. (X) announced fourth quarter earnings on Tuesday. The company’s Chairman and CEO, John P. Surma presented details of fourth quarter performance.
Adjusted net loss of the company was reported as $164 million which was less as compared to adjusted net loss of $227 million during the same period last year. The company’s Chairman and CEO informed that 2011 was the safest year in company’s history. The constant active involvement of the whole workforce led to better performance in key safety areas.
Due to many problems in Serbian operations, the management has made a decision in the interests of investors to sell U.S. Steel Serbia to the Government of Serbia. The sale has already been completed. But this will not affect company’s 2011 results. The sell will let the company to redirect capital to other operations, to avoid further losses and to exit the operations quickly. This will also benefit the U.S. Steel Serbia workers. Serbian workforce was highly appreciated due to dedication and hard work under extremely difficult circumstances.
For U.S. Steel Europe, operating loss rose to $89 million as compared to $50 million during third quarter.Previous Post » Exxon Mobil, Merck and Alcoa among Major Decliners at Dow Jones