Company announces successful program results, calls it a stepping stone to restructuring
PITTSBURGH, PA, Feb. 6, 2009 -- United States Steel Corporation announced today that approximately 500 employees have elected to retire under a Voluntary Early Retirement Program (VERP) offered to certain non-represented Headquarters and Operations employees in the United States who met age and years-of-service criteria.
The retirement date for most employees will be February 28, with a few exceptions to allow for a short transition period. In connection with the program, U. S. Steel will take a first quarter pre-tax charge of approximately $70 million.
Among those who elected to retire are a number of executives, whose names will be announced in a series of press releases as internal notifications take place. The executive retirements will be effective on or about April 1, subject to an appropriate transition period.
As a result of this program, U. S. Steel will restructure its workforce as well as its leadership ranks to meet current business needs using a comprehensive succession plan. We expect that this restructuring could save approximately $50 million annually once it has been fully implemented.
The VERP is one element of a wide-ranging plan the company implemented to conserve cash and lower costs in light of the difficult global economic environment.
For more information about U. S. Steel, visit www.ussteel.com.
SOURCE: United States Steel Corporation
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Lone Star plant facilities not affected
PITTSBURGH, PA., Jan. 28, 2009 -- United States Steel Corporation announced today that it plans to relocate the administrative offices of its U. S. Steel Tubular Products, Inc. subsidiary from Dallas, Texas, to the company's corporate headquarters in Pittsburgh, Pa. The relocation will take place gradually over the next several months.
"Moving our Tubular Products subsidiary's administrative functions to our corporate headquarters will allow us to realize additional synergies and reduce costs through the elimination of duplicate services," said Executive Vice President and Chief Operating Officer John H. Goodish. "Overall, this move will make us more efficient."
U. S. Steel Tubular Products, Inc. will continue to maintain a significant presence in Texas through a sales office in Houston and other operating locations.
"Our Houston office is an important location for sales and service," Goodish added. "Additional sales personnel will relocate to Houston to provide customer support."
In addition to the sales office, U. S. Steel Tubular Products, Inc. has tubular products operating facilities in Bellville (Bellville Operations Division), Houston (Tubular Processing Services Division, Tubular Threading and Inspection Services Division, and Wheeling Machine Products), Hughes Springs (Wheeling Machine Products), and Lone Star (Star Tubular Services Division and Texas Operations Division).
There are currently about 80 employees working at the Dallas administrative office, but the exact number of employees who will relocate to Pittsburgh and Houston has yet to be determined.
For more information about U. S. Steel and U. S. Steel Tubular Products, Inc., visit www.ussteel.com.
SOURCE: United States Steel Corporation
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United States Steel Corporation reports 2008 fourth quarter and full-year results.
PITTSBURG, PA, Jan. 27, 2009 -- Citing record sales and income, U.S. Steel Chairman and CEO John Surma called 2008 an outstanding year for the steel giant.
In a press release today, the company reported fourth quarter 2008 profits of $308 million, or $2.65 per diluted share, compared to third quarter 2008 net income of $919 million, or $7.79 per diluted share, and fourth quarter 2007 net income of $35 million, or $0.29 per diluted share. Fourth quarter 2008 net income was increased by $76 million, or 65 cents per diluted share.
For the full-year 2008, U. S. Steel reported a net income of $2,130 million, or $18.11 per diluted share, compared with full-year 2007 net income of $879 million, or $7.40 per diluted share.
U. S. Steel Chairman and CEO John P. Surma said, "Although the global economic situation negatively affected fourth quarter results, we had an outstanding year in 2008, with record net sales, income from operations and net income. Our strategic acquisitions positioned us to realize substantial benefits from strong global market conditions during most of 2008."
The company reported fourth quarter 2008 income from operations of $549 million, compared with income from operations of $1,327 million in the third quarter of 2008 and $116 million in the fourth quarter of 2007. For the year 2008, income from operations was $3,096 million versus income from operations of $1,213 million for the year 2007.
Read the full release at http://uss.mediaroom.com/index.php?s=43&item=551.
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U.S. Steel predicts 50 workers to be affected by production line closures.
NEWS RELEASE, Jan. 5, 2009 -- U. S. Steel Tubular Products, Inc., a subsidiary of United States Steel Corporation announced today that it will exit the drawn-over-mandrel (DOM) tubular products business and close the DOM lines at its Texas Operations Division in Lone Star, Texas. This will result in a pre-tax charge of approximately $25 million in the fourth quarter of 2008.
In 2008, U. S. Steel Tubular Products shipped approximately 50,000 tons of DOM products, which accounted for less than 3 percent of the company's tubular shipments for the year. All current booked orders will be produced and shipped consistent with original commitments. U. S. Steel Tubular Products is notifying its customers of its decision to exit the business. DOM products are used by automotive manufacturers, mining operations, fluid power component manufacturers and steel service centers.
Approximately 50 employees will be affected by the closure of the DOM lines.
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