United States Steel Corporation

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for the 1957 Year Class, under provisions of the plan, became vested to the participants January 1, 1961. Employe suggestion plan - U. S. Steel continues to encourage and reward the creative abilities of its non-management employes through the employe suggestion plan. During 1960, a record number of ideas were accepted and installed for which employes were awarded approximately $490,000. PENSION TRUSTS The amounts shown in the table for the current service costs of pensions are based on actuarial rates determined by an independent actuary and represent full provision for such costs for 1960 and for 1959. During 1960, in the light of a review of U. S. Steel's actual experience, certain actuarial service and mortality tables and the interest rate were refined, and costs were more directly related to the level of operations. If these refinements had not been made, total pension costs in 1960 would have been increased to approximately $122 million because of increased pension benefits made effective following negotiations with labor unions during the year. Although full provision was made for current service pension costs for the year 1960, it was determined that because of the reduced level of steel operations no payments be made toward funding of past service cost. In 1959 it was also determined that no payments be made in that year toward the funding of past service pension cost. Past service cost applies against the actuarial cost of non-contributory pensions for service rendered prior to March 1, 1950, the effective date of the present plan. The cost which had not been funded at that date was then estimated at $496 million of which approximately $207 million remained unfunded as of December 31,1960. There is no unfunded past service cost in connection with contributory pensions, since no service prior to the date of employe participation is involved in determining benefits. 18 Cost of Employe Benefits Pension costs N on-contributory part of pension plan Funding of current service cost (including interest on past service cost). . . . . . . . . . . . . . Funding of portion of past service cost. . . . . . . . Total non-contributory pension costs. . . . . . Contributory part of pension plan - current service cost. Total pension costs. Social security taxes . . . . . . . . . . Insurance costs. . . . . . . . . . . . . Supplemental unemployment benefit costs. Savings fund costs . . . . . . . . . . . Payments to industry welfare and retirement funds and other employe benefit costs. Total cost .................. . 1960 1959 $ 81,426,355 $ 94,677,379 81,426,355 94,677,379 5,799,229 9,679,252 87,225,584 104,356,631 56,212,263 46,978,835 55,713,770 20,981,897 8,467,616 10,902,835 11,735,880 11,541,557 27,314,547 26,406,745 $246,669,660 $221,168,500
300 200 100 Registered Stockholders Thousands at Year End o 1940 '45 '50 '55 1960 The assets, less reserves, of the combined pension trusts were $1,338.4 million at December 31, 1960, and $1,228.8 million at December 31, 1959, as set forth in the statement appearing on page 38. These funds are held by the trustee, United States Steel and Carnegie Pension Fund (a non-profit Pennsylvania membership corporation), solely for the payment of benefits under the U. S. Steel pension plan, and were adequate at the respective dates to meet currently accruing pension costs incurred since the adoption of the present contributory and of the present non-contributory parts of the pension plan in 1940 and 1950, respectively, as well as to pay full pensions to all those then entitled to receive them. UNITED STATES STEEL FOUNDATION, INC. United States Steel Foundation, Inc" which was formed in 1953, continues to provide aid for charitable, educational and scientific organizations and activities, A contribution of $6,0 million was made by U, S, Steel to the Foundation in 1960. CAPITAL STOCK AND STOCKHOLDERS As of December 31, 1960, there were 54,033,307 shares of common stock outstanding, an increase of 72,300 shares which were purchased during 1960 upon exercise of options granted in prior years to key management employes under the Stock Option Incentive Plan. No change has occurred in the 3,602,811 shares of preferred stock outstanding, At the end of 1960, the outstanding shares were held by 321,834 registered holders, Of these, 61,114 held preferred stock, 274,918 held common stock, and 14,198 held both classes of shares, In the year, the number of registered holders increased by 6,030, bringing the total holders to a new peak. About 296,000 stockholder accounts are in the names of individuals, and Stockholders and Shares December 31 , 1960 Preferred Common Total Registered in names of: Holders Shares Holders Shares Holderst Shares Individuals-Women 31,516 909,246 116,375 14,597,952 140,721 15,507,198 Men. 14,689 473,908 89,129 13,113,344 100,115 13,587,252 Joint accounts . 6,427 155,143 49,952 3,925,467 54,982 4,080,610 Total, 52,632 1,538,297 255,456 31,636,763 295,818 33,175,060 Charitable and educationalt . 1,349 117,962 1,493 643,015 2,634 760,977 Insurance companies, 183 415,929 260 836,649 371 1,252,578 Industrial and other companies. 639 124,815 2,314 1,153,608 2,764 1.278,423 Trustees, guardians and estates. 5,083 243,430 13,247 2,513,349 17,741 2,756,779 Brokers, nominees and others* . 1,228 1.162,378 2,148 17,249,923 2,506 18,412,301 Total, 61,114 3,602,811 274,918 54,033,307 32 1,834 57,636,118 t 14,198 are holders of bOlh preferred and common shares. t Includes lIIedical ami religious orgallizatiolls. fOllndaliolls, hospitals. libraries. * MallY inslituliollai illl eSlors, illcluding those ill olher listed categories, hold stock in the name of nominees, 19
Page 1: Annual Report 1960 @ United States
Page 4 and 5: Molten steel being poured from an e
Page 6: confidence that the productive capa
Page 9 and 10: With this modeI'll electron microsc
Page 11 and 12: Below, fall scene in Wyoming's rugg
Page 13 and 14: Analog computor, right, in new Elec
Page 16 and 17: 3 2 Lost-T ime Accidents Steel Prod
Page 18 and 19: projected insurance costs in excess
Page 22 and 23: no one of them holds of record as m
Page 24 and 25: This modern continuous quenching an
Page 26 and 27: Statistics adequate to measure accu
Page 31 and 32: Plant & Equipment Expenditures VS.
Page 33 and 34: Consolidated Statement of Income 19
Page 35 and 36: Common stock Under the Stock Option
Page 37 and 38: Plant and equipment (at cost) Detai
Page 40 and 41: United States Steel and Carnegie Pe
Page 42 and 43: American Bridge Division, 525 Willi

United States Steel Corporation

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