United States Steel Corporation

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Independent Auditors' Report PRICE WATERHOUSE & Co. To the Stockholders of United States Steel Corporation: 56 PINE STREET NEW YORK 5 February 28, 1961 As independent auditors elected at the annual meeting of stockholders of United States Steel Corporation held on May 2, 1960, we have examined the Consolidated Statement of Financial Position of United States Steel Corporation and subsidiaries at December 31, 1960 and the Consolidated Statement of Income for the year 1960. Our examination was made in accordance with generally accepted aUditing standards and accordingly included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. In our opinion, the accompanying Consolidated Statement of Financial Position and related Statement of Income present fairly the position of United States Steel Corporation and subsidiaries at December 31, 1960 and the results of the year's operations, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year. 34
Plant and equipment (at cost) Details of Selected Items Balance Balance Dec. 31, 1959 Additions Deductions Dec. 31,1960 Land $ 82,493,162 $ 1,146,440 $ 119,954 $ 83,519,648 Plant, mineral and manufacturing 5,071,111,975 426,028,204 75,998,696 5,421,141,483 Transportation 738,421,578 65,227,248 5,330,756 798,318,070 Less Total . 5,892,026,715 492,401,892 81,449,406 6,302,979,201 Depreciation and depletion Plant, mineral and manufacturing 3,005,867,456 200,546,995 74,956,617 3,131,457,834 Transportation . 374,318,461 13,616,808 3,967,212 383,968,057 Total 3,380,185,917 214,163,803t 78,923,829 3,515,425,891 Net $2,511,840,798 $278,238,089 $ 2,525,577:\: $2,787,553,310 t Wear and exhaustion of $208,424,291 shown in the Consolidated Statement of Income comprises depreciation and depletion of $214,163,803 (including amortization of emergency facilities of $13,766,422), less profit of $5,739,512 resulting from sales. Reserves :j: Includes $8,265,089 proceeds from sales and salvage of plant and equipment, less profit of $5,739,512 resulting therefrom. Balance Additions Balance Dec. 31, 1959 charged income Deductions Dec. 31,1960 Estimated bad debts $ 12,500,325 $ 342,955 $ 235,216 $ 12,608,064 Estimated losses on investments 5,578,033 3,781 39,830 5,621,644 Total deducted from assets 18,078,358 346,736 195,386 18,229,708 Insurance 50,000,000 2,780,235 2,780,235 50,000,000 Contingencies 53,273,672 1,727,500 55,001,172 Accident and hospital expenses. 9,454,226 20,014,327 20,014,327 9,454,226 Total 112,727,898 22,794,562 21,067,062 114,455,398 Total reserves $130,806,256 $23,141,298 $21,262,448 $132,685,106 35
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 20 and 21: for the 1957 Year Class, under prov
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: Common stock Under the Stock Option
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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