| Consolidated Statements of Income | Year Ended December 31 | ||
| (Dollars in millions, except per share data) | 1995 | 1994 | 1993 |
| Net Sales | $ 4,867.5 | $ 4,819.4 | $ 4,323.4 |
| Costs and Expenses: | |||
| Cost of sales | 4,202.8 | 4,287.3 | 3,834.2 |
| Depreciation(Note A) | 284.0 | 261.1 | 277.5 |
| Selling, administration and general expense | 111.8 | 137.4 | 156.9 |
| Estimated restructuring losses (Note D) | - | - | 350.0 |
| Total Costs and Expenses | 4,598.6 | 4,685.8 | |
| Income (Loss) from Operations | 268.9 | 133.6 | (295.2) |
| Financing Income (Expense): | |||
| Interest and other financing costs (Note A) | (60.0) | (46.2) | |
| Interest income | 7.7 | 7.1 | |
| Income (Loss) Before Income Taxes | 216.6 | 94.5 | (351.3) |
| Benefit (Provision) fore Income Taxes (Note D) | (37.0) | (14.0) | 85.0 |
| Net Income (Loss) | 179.6 | 80.5 | (266.3) |
| Dividends on Preferred and Preference Stock | 42.4 | 43.1 | 39.8 |
| Net Income (Loss) Applicable to Common Stock- $1.24, $.35 and $(3.37) per share |
$ 137.2 | $ 37.4 | $ (306.1) |
| Consolidated Balance Sheets | Year Ended December 31 | |
| (Dollars in millions, except per share data) | 1995 | 1994 |
| Assets | ||
| Current Assets: | ||
| Cash and cash equivalents (Note A) | $ 180.0 | $ 159.5 |
| Receivables (Note E) | 374.6 | 519.5 |
| Inventories (Notes A and E) | ||
| Raw Materials and supplies | 335.5 | 331.9 |
| Finished and semifinished products | 604.9 | 534.9 |
| Contract work in progress less billings of $10.9 and $2.3 | 17.8 | 16.1 |
| Total Inventories | 958.2 | 882.9 |
| Other current assets | 13.0 | 7.2 |
| Total Current Assets | 1,525.8 | 1,569.1 |
| Investments and Miscellaneous Assets (Note A) | 112.3 | 124.2 |
| Property, Plant and Equipment less accumulated depreciation of $4,329.5 and $4,167.9 (Note A) |
2,714.2 | 2.759.3 |
| Deferred Income Tax Asset - net (Note D) | 885.0 | 903.2 |
| Intangible Asset - Pensions (Note G) | 463.0 | 426.6 |
| Total Assets | $ 5,700.3 | $ 5,782.4 |
| Liabilities and Stockholders' Equity Current Liabilities: |
||
| Accounts payable | $ 381.4 | $ 387.0 |
| Accrued employment costs | 208.0 | 165.8 |
| Postretirement benefits other than pensions (Note H) | 150.0 | 138.0 |
| Accrued taxes (Note D) | 72.4 | 67.6 |
| Debt and capital lease obligations (Note E) | 91.5 | 88.9 |
| Other current liabilities | 146.3 | 163.9 |
| Total Current Liabilities | 1,049.6 | 1,011.2 |
| Pension Liability (Notes C and G) | 1,115.0 | 1,117.1 |
| Postretirement Benefits Other Than Pensions (Notes C and H) | 1,415.0 | 1,441.4 |
| Long-term Debt and Capital Lease Obligations (Note E) | 546.8 | 668.4 |
| Other Long-term Liabilities | 335.6 | 388.5 |
| Stockholders' Equity (Notes I, J, and K): | ||
| Preferred Stock - at $1 per share par value (aggregate liquidation preference of $481.2); Authorized 20,000,000 shares |
11.6 | 11.6 |
| Preference Stock - at $1 per share par value (aggregate liquidation preference of $88.2); Authorized 20,000,000 shares |
2.6 | 2.6 |
| Common Stock - at $1 per share par value; Authorized 250,000,000 and 150,000,000 shares; Issued 112,699,869 and 111,882,276 shares |
112.7 | 111.9 |
| Held in Treasury, 1,992,189 and 1,996,715 shares at cost | (59.4) | (59.5) |
| Additional Paid-in Capital | 1,850.6 | 1,948.6 |
| Accumulated Deficit | (679.8) | (859.4) |
| Total Stockholders' Equity | 1,238.3 | 1,155.8 |
| Total Liabilities and Stockholders' Equity | $ 5,700.3 | $ 5,782.4 |
| Consolidated Statements of Cash Flows | Year Ended December 31 | ||
| (Dollars in millions) | 1995 | 1994 | 1993 |
| Operating Activities: | |||
| Net Income (Loss) | $ 179.6 | $ 80.5 | $ (266.3) |
| Adjustments for items not affecting cash from operating activites: |
|||
| Depreciation | 284.0 | 261.1 | 277.5 |
| Deferred income taxes | 35.0 | 13.0 | (87.0) |
| Other - net | 2.1 | 15.8 | 19.6 |
| Estimated restructuring loss (Note C) | - | - | 350.0 |
| Working capital (excluding investing and financing activities): |
|||
| Receivables (Note E) | 144.9 | (22.7) | (99.9) |
| Inventories | (79.0) | (28.1) | - |
| Accounts payable | (5.6) | 20.6 | - |
| Employment costs and other | 35.8 | 45.8 | (5.6) |
| Other - net | (10.5) | (2.3) | 14.9 |
| Cash Provided from Operating Activities | 586.3 | 383.7 | 203.2 |
| Investing Activities: | |||
| Capital expenditures | (266.8) | (444.6) | (327.1) |
| Cash proceeds from sales of businesses and assets | 15.1 | 32.4 | 15.2 |
| Other - net | 2.5 | (1.4) | 5.6 |
| Cash Used for Investing Activities | (249.2) | (413.6) | (306.3) |
| Financing Activities: | |||
| Pension financing (funding) (Note G): | |||
| Pension expense | 210.0 | 203.1 | 183.6 |
| Pension funding | (330.0) | (472.3) | (261.1) |
| Revolving and other credit borrowings (payments) - net | - | - | (80.0) |
| Long-term debt borrowings (Note E) | 3.6 | 31.1 | 171.2 |
| Long-term debt and capital lease payments (Note E) | (120.7) | (99.9) | (73.8) |
| Cash dividends paid (Note K) | (40.4) | (40.4) | (36.1) |
| Preferred Stock issued (Note K) | - | - | 248.4 |
| Common Stock issued (Note K) | - | 355.3 | - |
| Other payments | (39.1) | (16.4) | (28.4) |
| Cash Provided from (Used for) Financing Activities | (316.6) | (39.5) | 123.8 |
| Net Increase (Decrease) in Cash and Cash Equivalents | 20.5 | (69.4) | |
| Cash and Cash Equivalents - Beginning of Period | 159.5 | 228.9 | 208.2 |
| End of Period | $ 180.0 | $ 159.5 | $ 228.9 |
| Supplemental Cash Payment Information: | |||
| Interest, net of amount capitalized | $ 61.1 | $ 41.6 | $ 55.7 |
| Income taxes (Note D) | $ - | $ .2 | $ 3.7 |
Financial Highlights
Chairman's Letter
Business Units and Facilities
Financial Review and Operating Analysis
Financial Notes
Report of Auditors and Management Statement
Five-Year Financial and Operating Summaries
Directors and Officers
Stockholder Information
Main Menu
Investor Relations
Business Units
Commercial Information
Environment
History
Vision Statement
Public Affairs
Research