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United States Steel's (X) CEO Mario Longhi on Q1 2016 Results - Earnings Call Transcript

Q1 2016 Earnings Conference Call

April 27, 2016 08:30 AM ET

Executives

Dan Lesnak - GM of IR

Mario Longhi - President and CEO

David Burritt - EVP and CFO

Analysts

Evan Kurtz - Morgan Stanley

David Gagliano - BMO Capital Markets

Matthew Korn - Barclays

Tony Rizzuto - Cowen and Company

Gordon Johnson - Axiom Capital

Michael Gambardella - JP Morgan

Timna Tanners - Bank of America

Justin Fisher - Goldman Sachs

Jorge Beristain - Deutsche Bank

Matthew Fields - Bank of America Merrill Lynch

Charles Bradford - Bradford Research

Phil Gibbs - KeyBanc Capital Markets

Garret Nelson - BB&T Capital Markets

Nick Germosic - Stifels

Lee McMillan - Clarksons

Operator

Ladies and gentlemen, thank you for standing by. Welcome to the United States Steel Corporation 2016 First Quarter Earnings Conference Call and Webcast. At this all participants are in a listen-only mode, later we’ll conduct a question-and-answer session instructions will be given at that time. [Operator Instructions]. As a reminder, this conference is being recorded.

I would now like to turn the conference over to your host Dan Lesnak. Please go ahead.

Dan Lesnak

Thank you, Greg. Good morning everyone and thank you for participating with us this morning. On the call with me today will be U.S. Steel President and CEO, Mario Longhi; and Executive Vice President and CFO, Dave Burritt.

As we noted in press release announcing this call, we provide the format of the call. We posted our slide presentation and our prepared remarks under the investor section of website when we released our earnings after the market closed yesterday to provide everyone with a better opportunity to prepare for the call. We'll not be repeating presentation and remarks for this morning's call.

We’ll begin with some brief introductory comments from Mario and then proceed directly to the question-and-answer session. Before we begin, I must caution you that today's conference call contains forward-looking statements and that future results may differ materially from statements or projections made on today's call.

For your convenience, the forward-looking statements and risk factors that could affect those statements are referenced at the end of our release in the slide deck posted on our website and included in our most recent Annual Report on Form 10-K and updated in our Quarterly Reports on Form 10-Q in accordance with the Safe Harbor provisions.

Now to start the call, I will turn it over to our CEO, Mario Longhi.

Mario Longhi

Good morning, everyone and thank you for joining us today. We continue to make progress in our transformation efforts. This is thanks in large part to our employees' commitment to change through the Carnegie way. While we have been facing difficult conditions for some time, our employees have remained focus on addressing the things they control and their accomplishment have been impressive and significantly improved our business model and increased our earnings power.

The same can be said about our employees, when it comes to safety. Long injury free streaks at the plant level are becoming the norm rather than the exception and we keep fighting that extra level of efforts and desire to get better every year and that remains the case this year.

Our focus has been and will remain on the long-term health and stability of this company, no matter what market conditions. The transformation of this scale often requires difficult, but necessary choices. And we understand the impact of some of these decisions have on all of our stakeholders, especially our employees and their families.

We are continued our fight against and fair trade around the world. And fairly traded steel imports remain at high levels and we believe that market distorting practices by foreign governments and the steel companies are driving the current import level, not market demand. These illegal foreign practices have been devastating our industry, our employees and some of our communities.