Inland Steel

Chicago-based Inland Steel Co., citing several unusual costs, reported net losses for the fourth quarter and full year ended last Dec. 31.

However, the company posted an operating profit because of reductions in its pension costs.

Though the nation’s fifth-largest producer of domestic steel had fourth-quarter sales from continuing operations of $776 million and $3.3 billion for the full year, Chairman Frank W. Luerssen said Inland sustained a fourth-quarter net loss of $28.3 million, or $1.23 per common share--allowing for unusual items--compared to $45.9 million, or $1.86 a share, during the comparable period in 1983.

The 1984 net loss was $41.4 million, down from 1983’s $116.9-million loss.

The $54.2 million in unusual items during the fourth quarter of 1984 included $28 million for a planned work-force reduction of about 700 employees this year, $24.3 million related to the anticipated closing of some older steel manufacturing facilities over a three-year period, changes in accounting methods for the costs of blast furnace relining and $1.9 million in losses due to the termination of the shelter business segment operations.

The 1984 operating results benefited from a $53.5-million reduction in pension cots. Although the reduction relates to all quarters, most of it was recorded in the fourth quarter.