steel corporation s comparative statements of income and retained earnings and conso 626159

December31

(1)

(2)

Net sales

2010

2009

Costs and expenses:

$4,876.5

$4,819.4

Cost of sales

$4,202.8

$4,287.3

Depreciation

284

261.1

Estimated restructuring losses

111.8

137.4

Total costs

$4,598.6

$4,685.8

Income from operations

$268.9

$ 133.6

Financing income (expense):

7.7

7.1

Interest and other income

-60

-46.2

Interest and other financing costs

$ 216.6

$ 94.5

Loss before income taxes and cumulative

effect of changes in accounting

Benefit (provision) for income taxes

-37

14.0)

Net earning (loss)

$ 179.6

80.5

Retained earnings, January 1

-859.4

939.9)

$ (679.8)

-859.4

Dividends

0

0

Retained earnings, December 31

$ (679.8)

859.4)

Dec-31

-1

-2

Assets

2010

2009

Current Assets

Cash and cash equivalents

$ 180.0

$ 159.5

Receivables

374.6

519.5

Total

$ 554.6

$ 679.0

Inventories

Raw materials and supplies

$ 335.5

$ 331.9

Finished and semi-finished products

604.9

534.9

Contract work in process less billings of

18

16

$10.9 and $2.3

Total inventories

$ 958.2

$ 882.9

Other current assets

$ 13.0

$ 7.2

Total current assets

$ 1,525.8

$ 1,569.1

Property, plant and equipment less

$ 2,714.2

$ 2,759.3

accumulated depreciation of $4329.5 and

$4167.8

Investments and miscellaneous assets

112

124

Deferred income tax asset – net

885

903

Intangible asset – Pensions

463

427

Total assets

$ 5,700.3

$ 5,782.4

Liabilities and stockholders” equity

Current liabilities

Accounts payable

$ 381.4

$ 387.0

Accrued employment costs

208

166

Postretirement benefits other than pensions

150

138

Accrued taxes

72

68

Debt and capital lease obligations

92

88.9

Other current liabilities

146

163.9

Total current liabilities

$ 1,049.6

$ 1,011.2

Pension liability

$ 1,115.0

$ 1,117.1

Postretirement benefits other than pensions

1,415

1,441.40

Long-term debt and capital lease obligations

546.8

668.4

Other

335.6

388.5

Total noncurrent liabilities

$ 3,412.4

# 3,615.4

Total liabilities

$ 4,462.0

$ 4,626.6

Common stockholders” equity

Preferred stock – at $1 per share par value

$ 11.6

$ 11.6

(aggregate liquidation preference of $481.2);

Authorized 20,000,000 shares

Preference stock – at $1 per share par value

2.6

2.6

(aggregate liquidation preference of $88.2);

Authorized 20,000,000 shares

Common stock – at $1 per share par

112.7

111.9

value/Authorized 250,000,000 and

150,000,000 shares; Issued 112,699,869 and

111,882,276 shares

Held in treasury, 1,992,189 and 1,996,715

-59.4

-59.5

shares at cost

Additional paid-in capital

1,850.60

1,949

Accumulated deficit

679.8)

-859

Total common stockholders” equity

$ 1,238.3

$ 1,155.8

Total liabilities and stockholders” equity

$ 5,700.3

$ 5,782.4