U.S. Steel reported a loss of $440 million in 2016, down significantly from the $1.6 billion it lost the previous year.
The Pittsburgh-based company reported $727 million in operating cash flow, and $745 million in savings from cuts.
"We entered 2016 facing very challenging market conditions, but remained focused on our Carnegie Way transformation efforts," Chief Executive Officer Mario Longhi said. "Despite lower average realized prices and shipments in 2016, our results are better as we continued to improve our product mix and cost structure. We are well positioned to accelerate the revitalization of our assets to improve our operating reliability and efficiency."
The company expects to turn a profit of $535 million, or $3.08 per share, in 2017.
"We are starting 2017 with much better market conditions than we faced at the beginning of 2016," Longhi said. "Our Carnegie Way transformation efforts over the last three years have improved our cost structure, streamlined our operating footprint and increased our customer focus. These substantive changes and improvements increased our earnings power."