United States Steel Corporation’s (X - Analyst Report) Minnesota ore operations “Keetac” were conferred the Sentinels of Safety Award on Oct, 30, 2013, in Washington DC. The market reacted positively to the news and U.S. Steel’s shares rose as much as 2.4% following the announcement.

 

The Sentinels of Safety Award is granted to those mining operations which ensure the safety of their employees. U.S. Steel’s Minnesota Ore Operations demonstrated excellence in this field. The operations were recognized in the large open pit category for their 2012 safety record, which included an Occupational Safety and Health Administration (OSHA) recordable injury rate of 0.23.

 

OSHA is an initiative of the United States Department of Labor, and works to sustain safe and healthy working conditions for working men and women by setting and enforcing standards and through training, outreach, education and assistance services.

 

U.S. Steel’s Minnesota ore operations are located on the Mesabi Iron Range in northern Minnesota and are composed of two facilities – Minntac in Mt. Iron and Keetac in Keewatin. At these facilities, iron-bearing rock called taconite is mined and processed into iron ore pellets for use in U. S. Steel’s steelmaking facilities.

U.S. Steel released its third-quarter 2013 results recently. The company recorded adjusted net loss of $20 million or 14 cents per share in the quarter versus net income of $66 million or 41 cents a year ago. Adjusted loss excludes an after-tax non-cash goodwill impairment charge of $1.8 billion, or $12.24 per share. The results were narrower than the Zacks Consensus Estimate of a loss of 43 cents.

 

Including the after-tax non-cash goodwill impairment charge, net loss for the reported quarter was $1,791 million, or $12.38 per diluted share against net income of $44 million, or 28 cents per share recorded in the year-ago quarter.

 

Revenues for the third quarter fell roughly 11.2% year over year to $4,131 million and missed the Zacks Consensus Estimate of $4,315 million.