United States Steel Corporation announced that it has finalized its Q4 and full year 2013 earnings, preliminarily reported on January 28th 2014 to reflect additional after tax benefits of USD 392 million.

As a result, US Steel results for full year 2013 improved USD 392 million to a net loss of USD 1.672 billion, or USD 11.56 per share as compared to a net loss of USD 2.064 billion or USD 14.27 per share. The company expects the additional tax benefits will generate more than USD 300 million of incremental after tax cash flow in 2014.

The tax benefits result from liquidating, for tax purposes, a non US entity that is a holding company for most of US Steel's non US operations. Additional information on these tax benefits is in the 2013 Form 10-K which was filed.

US Steel intends to use its increased cash position to accelerate The Carnegie Way transformation by investing in core business processes including commercial, manufacturing, supply chain, procurement and innovation.

Mr Mario Longhi president and CEO of United States Steel Corporation said that "We are transforming our business with The Carnegie Way, which extends to every aspect of US Steel including our operations, our balance sheet and our global structure. While we still face many challenges, we are moving forward with purpose and beginning to see the results of our actions, allowing us to accelerate investment in innovation and the company's future success."