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United States Steel Corporation Reports Second Quarter 2024 Results

  • Second quarter 2024 net earnings of $183 million, or $0.72 per diluted share.
  • Second quarter 2024 adjusted net earnings of $211 million, or $0.84 per diluted share.
  • Second quarter 2024 adjusted EBITDA of $443 million.

United States Steel Corporation (NYSE: X) reported second quarter 2024 net earnings of $183 million, or $0.72 per diluted share. Adjusted net earnings was $211 million, or $0.84 per diluted share. This compares to second quarter 2023 net earnings of $477 million, or $1.89 per diluted share. Adjusted net earnings for the second quarter 2023 was $483 million, or $1.92 per diluted share.

Commenting on the Company’s second quarter performance, U. S. Steel President and Chief Executive Officer, David B. Burritt said, “We were pleased with our performance during the second quarter, as adjusted EBITDA of $443 million improved sequentially in spite of pricing headwinds that grew in the quarter across our operating segments. Most notable was better than forecasted results in our North American Flat-Rolled segment, in large part from enhanced product mix and cost management that kept earnings resilient in a dynamic market. Our Mini Mill segment performed well, delivering 17% EBITDA margin when adjusting for $30 million in one-time start-up costs for strategic projects. Both Tubular and USSE performed as expected in the second quarter.”

Burritt continued, “We expect third quarter adjusted EBITDA in the range of $275 million and $325 million, as recent pricing dynamics continue to impact our business. Our North American Flat-Rolled segment results should soften slightly, as lower spot prices more than offset continuing strength in our contract order book and lower spending. Our Mini Mill segment results will likely reflect lower spot prices and $30 million of related start-up and one-time construction costs ahead of a planned fourth quarter start-up of Big River 2 (BR2). In Europe, results are expected to be consistent with the second quarter reflecting lower selling prices largely offset by lower raw material costs. Our Tubular segment results should be lower as selling prices decline in the third quarter.”

Commenting on the Company’s transaction with Nippon Steel Corporation, Burritt noted, “We continue to make progress on the U.S. regulatory processes ahead of the anticipated closing of our transaction with Nippon Steel Corporation later this year, which will bring advanced technologies to U. S. Steel to support a stronger domestic steel industry with enhanced competition and will strengthen national, economic, and job security.”

Commenting on the Company’s other strategic initiatives, Burritt concluded, “Separately, construction on BR2 is achieving key milestones as we target start-up in the fourth quarter. Also at Big River, the recently commissioned dual galvalume® / galvanized coating line is ramping as expected. Galvanized coils are being delivered to customers and the team is on-track to produce galvalume coils later this summer. You can find additional details and photos of these Big River Steel projects in the investor presentation posted today on our website.”

Earnings Highlights

 

Three Months Ended June 30,

Six Months Ended June 30,

(Dollars in millions, except per share amounts)

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Net Sales

$

4,118

 

$

5,008

 

$

8,278

 

$

9,478

 

Segment earnings (loss) before interest and income taxes

 

 

 

 

Flat-Rolled

$

183

 

$

231

 

$

217

 

$

224

 

Mini Mill

 

28

 

 

132

 

 

127

 

 

144

 

U. S. Steel Europe

 

(10

)

 

72

 

 

6

 

 

38

 

Tubular

 

29

 

 

157

 

 

86

 

 

389

 

Other

 

(4

)

 

(12

)

 

(6

)

 

(9

)

Total segment earnings before interest and income taxes

$

226

 

$

580

 

$

430

 

$

786

 

Other items not allocated to segments

 

(45

)

 

(16

)

 

(95

)

 

(33

)

Earnings before interest and income taxes

$

181

 

$

564

 

$

335

 

$

753

 

Net interest and other financial benefits

 

(58

)

 

(57

)

 

(113

)

 

(118

)

Income tax expense

 

56

 

 

144

 

 

94

 

 

195

 

Net earnings

$

183

 

$

477

 

$

354

 

$

676

 

Earnings per diluted share

$

0.72

 

$

1.89

 

$

1.40

 

$

2.67

 

 

 

 

 

 

Adjusted net earnings (a)

$

211

 

$

483

 

$

417

 

$

678

 

Adjusted net earnings per diluted share (a)

$

0.84

 

$

1.92

 

$

1.64

 

$

2.68

 

Adjusted earnings before interest, income taxes, depreciation and amortization (EBITDA) (a)

$

443

 

$

804

 

$

857

 

$

1,231

 

(a) Please refer to the non-GAAP Financial Measures section of this document for the reconciliation of these amounts.

UNITED STATES STEEL CORPORATION

PRELIMINARY SUPPLEMENTAL STATISTICS (Unaudited)

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

 

2024

 

 

2023

 

 

 

2024

 

 

2023

 

OPERATING STATISTICS

 

 

 

 

 

Average realized price: ($/net ton unless otherwise noted) (a)

 

 

 

 

 

 

Flat-Rolled

 

1,051

 

 

1,088

 

 

 

1,052

 

 

1,050

 

 

Mini Mill

 

869

 

 

1,011

 

 

 

923

 

 

897

 

 

U. S. Steel Europe

 

821

 

 

965

 

 

 

826

 

 

939

 

 

U. S. Steel Europe (€/net ton)

 

762

 

 

886

 

 

 

763

 

 

868

 

 

Tubular

 

2,108

 

 

3,493

 

 

 

2,190

 

 

3,636

 

 

 

 

 

 

 

 

Steel shipments (thousands of net tons): (a)

 

 

 

 

 

 

Flat-Rolled

 

2,045

 

 

2,235

 

 

 

4,094

 

 

4,513

 

 

Mini Mill

 

562

 

 

587

 

 

 

1,130

 

 

1,246

 

 

U. S. Steel Europe

 

875

 

 

1,034

 

 

 

1,947

 

 

1,917

 

 

Tubular

 

109

 

 

111

 

 

 

223

 

 

242

 

 

Total steel shipments

 

3,591

 

 

3,967

 

 

 

7,394

 

 

7,918

 

 

 

 

 

 

 

 

Intersegment steel (unless otherwise noted) shipments (thousands of net tons):

 

 

 

 

 

 

Mini Mill to Flat-Rolled

 

92

 

 

142

 

 

 

204

 

 

225

 

 

Flat-Rolled to Mini Mill

 

 

 

 

 

 

1

 

 

 

 

Flat-Rolled to Mini Mill (pig iron)

 

88

 

 

86

 

 

 

165

 

 

115

 

 

Flat-Rolled to USSE (coal)

 

139

 

 

159

 

 

 

258

 

 

458

 

 

 

 

 

 

 

 

Raw steel production (thousands of net tons):

 

 

 

 

 

 

Flat-Rolled

 

2,072

 

 

2,529

 

 

 

4,183

 

 

4,922

 

 

Mini Mill

 

725

 

 

749

 

 

 

1,442

 

 

1,508

 

 

U. S. Steel Europe

 

980

 

 

1,213

 

 

 

2,059

 

 

2,305

 

 

Tubular

 

117

 

 

129

 

 

 

263

 

 

300

 

 

 

 

 

 

 

 

Raw steel capability utilization: (b)

 

 

 

 

 

 

Flat-Rolled

 

63

%

 

77

%

 

 

64

%

 

75

%

 

Mini Mill

 

88

%

 

91

%

 

 

88

%

 

92

%

 

U. S. Steel Europe

 

79

%

 

97

%

 

 

83

%

 

93

%

 

Tubular

 

52

%

 

57

%

 

 

59

%

 

67

%

 

 

 

 

 

 

 

CAPITAL EXPENDITURES (dollars in millions)

 

 

 

 

 

 

Flat-Rolled

 

125

 

 

104

 

 

 

264

 

 

243

 

 

Mini Mill

 

475

 

 

488

 

 

 

938

 

 

1,051

 

 

U. S. Steel Europe

 

27

 

 

16

 

 

 

55

 

 

42

 

 

Tubular

 

4

 

 

5

 

 

 

14

 

 

17

 

 

Other Businesses

 

 

 

 

 

 

 

 

 

 

Total

$

631

 

$

613

 

 

$

1,271

 

$

1,353

 

(a) Excludes intersegment shipments.

(b) Based on annual raw steel production capability of 13.2 million net tons for Flat-Rolled, 3.3 million net tons for Mini Mill, 5.0 million net tons for U. S. Steel Europe and 0.9 million net tons for Tubular.

 

UNITED STATES STEEL CORPORATION

CONDENSED STATEMENT OF OPERATIONS (Unaudited)

 

Three Months Ended June 30,

 

Six Months Ended June 30,

(Dollars in millions, except per share amounts)

 

2024

 

 

2023

 

 

 

2024

 

 

2023

 

Net Sales

$

4,118

 

$

5,008

 

 

$

8,278

 

$

9,478

 

 

 

 

 

 

 

Operating expenses (income):

 

 

 

 

 

Cost of sales

 

3,629

 

 

4,161

 

 

 

7,294

 

 

8,114

 

Selling, general and administrative expenses

 

105

 

 

103

 

 

 

224

 

 

202

 

Depreciation, depletion and amortization

 

217

 

 

224

 

 

 

427

 

 

445

 

Earnings from investees

 

(45

)

 

(38

)

 

 

(59

)

 

(25

)

Asset impairment charges

 

12

 

 

 

 

 

19

 

 

4

 

Restructuring and other charges

 

 

 

2

 

 

 

6

 

 

3

 

Other losses (gains), net

 

19

 

 

(8

)

 

 

32

 

 

(18

)

Total operating expenses

 

3,937

 

 

4,444

 

 

 

7,943

 

 

8,725

 

 

 

 

 

 

 

Earnings before interest and income taxes

 

181

 

 

564

 

 

 

335

 

 

753

 

Net interest and other financial benefits

 

(58

)

 

(57

)

 

 

(113

)

 

(118

)

 

 

 

 

 

 

Earnings before income taxes

 

239

 

 

621

 

 

 

448

 

 

871

 

Income tax expense

 

56

 

 

144

 

 

 

94

 

 

195

 

 

 

 

 

 

 

Net earnings

 

183

 

 

477

 

 

 

354

 

 

676

 

Less: Net earnings attributable to noncontrolling interests

 

 

 

 

 

 

 

 

 

Net earnings attributable to United States Steel Corporation

$

183

 

$

477

 

 

$

354

 

$

676

 

 

 

 

 

 

 

COMMON STOCK DATA:

 

 

 

 

 

Net earnings per share attributable to United States Steel Corporation Stockholders

 

 

 

 

 

Basic

$

0.82

 

$

2.12

 

 

$

1.58

 

$

2.99

 

Diluted

$

0.72

 

$

1.89

 

 

$

1.40

 

$

2.67

 

Weighted average shares, in thousands

 

 

 

 

 

Basic

 

224,893

 

 

225,538

 

 

 

224,496

 

 

226,430

 

Diluted

 

254,248

 

 

254,155

 

 

 

254,428

 

 

255,757

 

Dividends paid per common share

$

0.05

 

$

0.05

 

 

$

0.10

 

$

0.10

 

UNITED STATES STEEL CORPORATION

CONDENSED CASH FLOW STATEMENT (Unaudited)

 

 

Six Months

Ended June 30,

Six Months

Ended June 30,

(Dollars in millions)

 

2024

 

 

2023

 

Increase (decrease) in cash, cash equivalents and restricted cash

Operating activities:

 

 

 

Net earnings

$

354

 

$

676

 

 

Depreciation, depletion and amortization

 

427

 

 

445

 

 

Asset impairment charges

 

19

 

 

4

 

 

Restructuring and other charges

 

6

 

 

3

 

 

Pensions and other postretirement benefits

 

(62

)

 

(84

)

 

Active employee benefit investments

 

41

 

 

7

 

 

Deferred income taxes

 

87

 

 

135

 

 

Working capital changes

 

(219

)

 

(111

)

 

Income taxes receivable/payable

 

(42

)

 

48

 

 

Other operating activities

 

(165

)

 

(229

)

Net cash provided by operating activities

 

446

 

 

894

 

 

 

 

 

Investing activities:

 

 

 

Capital expenditures

 

(1,271

)

 

(1,353

)

 

Proceeds from sale of assets

 

1

 

 

3

 

 

Other investing activities

 

(5

)

 

 

Net cash used in investing activities

 

(1,275

)

 

(1,350

)

 

 

 

 

Financing activities:

 

 

 

Issuance of long-term debt, net of financing costs

 

 

 

238

 

 

Repayment of long-term debt

 

(33

)

 

(20

)

 

Common stock repurchased

 

 

 

(150

)

 

Other financing activities

 

(43

)

 

(42

)

Net cash (used in) provided by financing activities

 

(76

)

 

26

 

 

 

 

 

Effect of exchange rate changes on cash

 

(10

)

 

8

 

 

 

 

 

Net decrease in cash, cash equivalents and restricted cash

 

(915

)

 

(422

)

Cash, cash equivalents and restricted cash at beginning of year

 

2,988

 

 

3,539

 

 

 

 

 

Cash, cash equivalents and restricted cash at end of period

$

2,073

 

$

3,117

 

UNITED STATES STEEL CORPORATION

CONDENSED BALANCE SHEET (Unaudited)

 

 

June 30,

December 31,

(Dollars in millions)

2024

2023

Cash and cash equivalents

$

2,031

$

2,948

Receivables, net

 

1,678

 

1,548

Inventories

 

2,020

 

2,128

Other current assets

 

221

 

319

 

Total current assets

 

5,950

 

6,943

 

 

 

 

Operating lease assets

 

90

 

109

Property, plant and equipment, net

 

11,222

 

10,393

Investments and long-term receivables, net

 

809

 

761

Intangibles, net

 

426

 

436

Goodwill

 

920

 

920

Other noncurrent assets

 

999

 

889

 

Total assets

$

20,416

$

20,451

 

 

 

 

Accounts payable and other accrued liabilities

 

2,680

 

3,028

Payroll and benefits payable

 

333

 

442

Short-term debt and current maturities of long-term debt

 

162

 

142

Other current liabilities

 

281

 

336

 

Total current liabilities

 

3,456

 

3,948

 

 

 

 

Noncurrent operating lease liabilities

 

58

 

73

Long-term debt, less unamortized discount and debt issuance costs

 

4,078

 

4,080

Employee benefits

 

117

 

126

Deferred income tax liabilities

 

679

 

587

Other long-term liabilities

 

542

 

497

United States Steel Corporation stockholders' equity

 

11,393

 

11,047

Noncontrolling interests

 

93

 

93

 

Total liabilities and stockholders' equity

$

20,416

$

20,451

UNITED STATES STEEL CORPORATION

NON-GAAP FINANCIAL MEASURES

RECONCILIATION OF ADJUSTED NET EARNINGS

 

 

Three Months Ended June 30,

Six Months Ended June 30,

(Dollars in millions)

2024

2023

2024

2023

Net earnings and diluted net earnings per share attributable to United States Steel Corporation, as reported

$

183

 

$

0.72

$

477

 

$

1.89

$

354

 

$

1.40

$

676

 

$

2.67

 

Restructuring and other charges

 

 

 

 

2

 

 

 

6

 

 

 

3

 

 

 

Stock-based compensation expense

 

16

 

 

 

12

 

 

 

27

 

 

 

23

 

 

 

Asset impairment charges

 

12

 

 

 

 

 

 

19

 

 

 

4

 

 

 

VEBA asset surplus adjustment

 

(8

)

 

 

(8

)

 

 

(12

)

 

 

(30

)

 

 

Environmental remediation charges

 

1

 

 

 

2

 

 

 

3

 

 

 

2

 

 

 

Strategic alternatives review process costs

 

18

 

 

 

 

 

 

41

 

 

 

 

 

 

Other charges, net

 

(2

)

 

 

 

 

 

(1

)

 

 

1

 

 

Adjusted pre-tax net earnings to United States Steel Corporation

 

220

 

 

 

485

 

 

 

437

 

 

 

679

 

 

 

Tax impact of adjusted items (a)

 

(9

)

 

 

(2

)

 

 

(20

)

 

 

(1

)

 

Adjusted net earnings and diluted net earnings per share attributable to United States Steel Corporation

$

211

 

$

0.84

$

483

 

$

1.92

$

417

 

$

1.64

$

678

 

$

2.68

Weighted average diluted ordinary shares outstanding, in millions

 

254.2

 

 

 

254.2

 

 

 

254.4

 

 

 

255.8

 

 

(a) The tax impact of adjusted items for both the three and six months ended June 30, 2024, and 2023 were calculated using a blended tax rate of 24%.

UNITED STATES STEEL CORPORATION

NON-GAAP FINANCIAL MEASURES

RECONCILIATION OF ADJUSTED EBITDA

 

 

Three Months Ended June 30,

Six Months Ended June 30,

(Dollars in millions)

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Reconciliation to Adjusted EBITDA

 

 

 

 

 

Net earnings attributable to United States Steel Corporation

$

183

 

$

477

 

$

354

 

 

676

 

 

Income tax expense

 

56

 

 

144

 

 

94

 

 

195

 

 

Net interest and other financial benefits

 

(58

)

 

(57

)

 

(113

)

 

(118

)

 

Depreciation, depletion and amortization expense

 

217

 

 

224

 

 

427

 

 

445

 

EBITDA

 

398

 

 

788

 

 

762

 

 

1,198

 

 

Restructuring and other charges

 

 

 

2

 

 

6

 

 

3

 

 

Stock-based compensation expense

 

16

 

 

12

 

 

27

 

 

23

 

 

Asset impairment charges

 

12

 

 

 

 

19

 

 

4

 

 

Environmental remediation charges

 

1

 

 

2

 

 

3

 

 

2

 

 

Strategic alternatives review process costs

 

18

 

 

 

 

41

 

 

 

 

Other charges, net

 

(2

)

 

 

 

(1

)

 

1

 

Adjusted EBITDA

$

443

 

$

804

 

$

857

 

$

1,231

 

 

Net earnings margin (a)

 

4.4

%

 

9.5

%

 

4.3

%

 

7.1

%

 

Adjusted EBITDA margin (a)

 

10.8

%

 

16.1

%

 

10.4

%

 

13.0

%

(a) The net earnings and adjusted EBITDA margins represent net earnings or adjusted EBITDA divided by net sales.

UNITED STATES STEEL CORPORATION

NON-GAAP FINANCIAL MEASURES

RECONCILIATION OF PAST TWELVE MONTHS OF FREE AND INVESTABLE CASH FLOW

 

3rd

4th

1st

2nd

 

 

Quarter

Quarter

Quarter

Quarter

Total of the

(Dollars in millions)

 

2023

 

 

2023

 

 

2024

 

 

2024

 

Four Quarters

Net cash provided (used) by operating activities

$

817

 

$

389

 

$

(28

)

$

474

 

$

1,652

 

Net cash used in investing activities

 

(585

)

 

(633

)

 

(645

)

 

(630

)

 

(2,493

)

Free cash flow

 

232

 

 

(244

)

 

(673

)

 

(156

)

 

(841

)

Strategic capital expenditures

 

423

 

 

425

 

 

468

 

 

468

 

 

1,784

 

Investable free cash flow

$

655

 

$

181

 

$

(205

)

$

312

 

$

943

 

We present adjusted net earnings, adjusted net earnings per diluted share, earnings before interest, income taxes, depreciation and amortization (EBITDA), adjusted EBITDA and adjusted EBITDA margin, which are non-GAAP measures, as additional measurements to enhance the understanding of our operating performance. We believe that EBITDA, considered along with net earnings, is a relevant indicator of trends relating to our operating performance and provides management and investors with additional information for comparison of our operating results to the operating results of other companies.

Adjusted net earnings and adjusted net earnings per diluted share are non-GAAP measures that exclude the effects of items that include: restructuring and other charges, stock-based compensation expense, asset impairment charges, VEBA asset surplus adjustment, environmental remediation charges, strategic alternatives review process costs, tax impact of adjusted items and other charges, net (Adjustment Items). Adjusted EBITDA and adjusted EBITDA margins are also non-GAAP measures that exclude the effects of certain Adjustment Items. We present adjusted net earnings, adjusted net earnings per diluted share, adjusted EBITDA and adjusted EBITDA margin to enhance the understanding of our ongoing operating performance and established trends affecting our core operations by excluding the effects of events that can obscure underlying trends. U. S. Steel's management considers adjusted net earnings, adjusted net earnings per diluted share, adjusted EBITDA, and adjusted EBITDA margin as alternative measures of operating performance and not alternative measures of the Company's liquidity. U. S. Steel’s management considers adjusted net earnings, adjusted net earnings per diluted share, adjusted EBITDA, and adjusted EBITDA margin useful to investors by facilitating a comparison of our operating performance to the operating performance of our competitors. Additionally, the presentation of adjusted net earnings, adjusted net earnings per diluted share, adjusted EBITDA, and adjusted EBITDA margin provides insight into management’s view and assessment of the Company’s ongoing operating performance because management does not consider the Adjustment Items when evaluating the Company’s financial performance. Adjusted net earnings, adjusted net earnings per diluted share, adjusted EBITDA, and adjusted EBITDA margin should not be considered a substitute for net earnings, earnings per diluted share or other financial measures as computed in accordance with U.S. GAAP and are not necessarily comparable to similarly titled measures used by other companies.

We also present free cash flow, a non-GAAP measure of cash generated from operations after any investing activity and investable free cash flow, a non-GAAP measure of cash generated from operations after any investing activity adjusted for strategic capital expenditures. We believe that free cash flow and investable free cash flow provide further insight into the Company's overall utilization of cash. A condensed consolidated statement of operations (unaudited), condensed consolidated cash flow statement (unaudited), condensed consolidated balance sheet (unaudited) and preliminary supplemental statistics (unaudited) for U. S. Steel are attached.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This release contains information regarding the Company and NSC that may constitute “forward-looking statements,” as that term is defined under the Private Securities Litigation Reform Act of 1995 and other securities laws, that are subject to risks and uncertainties. We intend the forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in those sections. Generally, we have identified such forward-looking statements by using the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “target,” “forecast,” “aim,” “should,” “plan,” “goal,” “future,” “will,” “may” and similar expressions or by using future dates in connection with any discussion of, among other things, statements expressing general views about future operating or financial results, operating or financial performance, trends, events or developments that we expect or anticipate will occur in the future, anticipated cost savings, potential capital and operational cash improvements and changes in the global economic environment, the construction or operation of new or existing facilities or capabilities, statements regarding our greenhouse gas emissions reduction goals, as well as statements regarding the proposed transaction, including the timing of the completion of the transaction. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. Forward-looking statements include all statements that are not historical facts, but instead represent only the Company’s beliefs regarding future goals, plans and expectations about our prospects for the future and other events, many of which, by their nature, are inherently uncertain and outside of the Company’s or NSC’s control. It is possible that the Company’s or NSC’s actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Management of the Company believes that these forward-looking statements are reasonable as of the time made. However, caution should be taken not to place undue reliance on any such forward-looking statements because such statements speak only as of the date when made. In addition, forward looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the Company’s or NSC's historical experience and our present expectations or projections. Risks and uncertainties include without limitation: the ability of the parties to consummate the proposed transaction on a timely basis or at all; the timing, receipt and terms and conditions of any required governmental and regulatory approvals of the proposed transaction; the occurrence of any event, change or other circumstances that could give rise to the termination of the definitive agreement and plan of merger relating to the proposed transaction (the “Merger Agreement”); the risk that the parties to the Merger Agreement may not be able to satisfy the conditions to the proposed transaction in a timely manner or at all; risks related to disruption of management time from ongoing business operations due to the proposed transaction; certain restrictions during the pendency of the proposed transaction that may impact the Company’s ability to pursue certain business opportunities or strategic transactions; the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of the Company’s common stock; the risk of any unexpected costs or expenses resulting from the proposed transaction; the risk of any litigation relating to the proposed transaction; the risk that the proposed transaction and its announcement could have an adverse effect on the ability of the Company or NSC to retain customers and retain and hire key personnel and maintain relationships with customers, suppliers, employees, stockholders and other business relationships and on its operating results and business generally; and the risk the pending proposed transaction could distract management of the Company. The Company directs readers to its Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 and Form 10-K for the year ended December 31, 2023, and the other documents it files with the SEC for other risks associated with the Company’s future performance. These documents contain and identify important factors that could cause actual results to differ materially from those contained in the forward-looking statements. All information in this report is as of the date above. The Company does not undertake any duty to update any forward-looking statement to conform the statement to actual results or changes in the Company’s expectations whether as a result of new information, future events or otherwise, except as required by law.

Founded in 1901, United States Steel Corporation is a leading steel producer. With an unwavering focus on safety, the Company’s customer-centric Best for All® strategy is advancing a more secure, sustainable future for U. S. Steel and its stakeholders. With a renewed emphasis on innovation, U. S. Steel serves the automotive, construction, appliance, energy, containers, and packaging industries with high value-added steel products such as U. S. Steel’s proprietary XG3® advanced high-strength steel. The Company also maintains competitively advantaged iron ore production and has an annual raw steelmaking capability of 22.4 million net tons. U. S. Steel is headquartered in Pittsburgh, Pennsylvania, with world-class operations across the United States and in Central Europe. For more information, please visit www.ussteel.com.

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