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U. S. Steel Delivers Another Strong Quarter; Best for All® Strategy On-Track

  • Second quarter 2023 net earnings of $477 million, or $1.89 per diluted share
  • Second quarter 2023 adjusted net earnings of $483 million, or $1.92 per diluted share
  • Second quarter 2023 adjusted EBITDA of $804 million

United States Steel Corporation (NYSE: X) reported second quarter 2023 net earnings of $477 million, or $1.89 per diluted share. Adjusted net earnings was $483 million, or $1.92 per diluted share. This compares to second quarter 2022 net earnings of $978 million, or $3.42 per diluted share. Adjusted net earnings for the second quarter 2022 was $1,116 million, or $3.89 per diluted share.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230727467846/en/

U. S. Steel Delivers Another Strong Quarter; Best for All® Strategy On-Track

U. S. Steel Delivers Another Strong Quarter; Best for All® Strategy On-Track

Commenting on the second quarter's performance, U. S. Steel President and Chief Executive Officer David B. Burritt said, “We are pleased to deliver strong results for the quarter, supported by healthy sequential growth in the Mini Mill segment in both adjusted EBITDA and EBITDA margin. We generated $713 million of cash from operations in the quarter and free cash flow of $101 million, further strengthening our balance sheet. Our in-flight strategic projects remain fully funded and we are prioritizing direct returns consistent with our capital allocation framework, with $86 million returned to stockholders through buybacks and dividends in the second quarter.”

Burritt continued, “We are executing exceptionally well against our strategic initiatives, with all in-flight projects progressing on-time and on-budget. Notably, our non-grain oriented, or NGO, electrical steel line at Big River Steel is currently being commissioned and on track to start-up later in the third quarter. Customer demand has been robust for our NGO steels and we are pleased to announce that we've already secured our first customer orders in both industrial and electric vehicle markets.”

Commenting on the Company's Best for All strategy, Burritt concluded, “We are an essential partner to the countries and communities where we operate. Notably, we are supplying customers with cutting edge steels that are mined, melted and made in the USA. Our strategy is expanding our competitive advantages and generating growth and returns for stockholders as we strengthen domestic supply chains and support advanced manufacturing returning to our shores. We remain bullish for U. S. Steel.”

Earnings Highlights

 

Three Months Ended

June 30,

Six Months Ended

June 30,

(Dollars in millions, except per share amounts)

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Net Sales

$

5,008

 

$

6,290

 

$

9,478

 

$

11,524

 

Segment earnings (loss) before interest and income taxes

 

 

 

 

Flat-Rolled

$

231

 

$

793

 

$

224

 

$

1,322

 

Mini Mill

 

132

 

 

270

 

 

144

 

 

548

 

U. S. Steel Europe

 

72

 

 

280

 

 

38

 

 

544

 

Tubular

 

157

 

 

107

 

 

389

 

 

184

 

Other

 

(12

)

 

(12

)

 

(9

)

 

(5

)

Total segment earnings before interest and income taxes

$

580

 

$

1,438

 

$

786

 

$

2,593

 

Other items not allocated to segments

 

(16

)

 

(184

)

 

(33

)

 

(221

)

Earnings before interest and income taxes

$

564

 

$

1,254

 

$

753

 

$

2,372

 

Net interest and other financial benefits

 

(57

)

 

(8

)

 

(118

)

 

(18

)

Income tax expense

 

144

 

 

284

 

 

195

 

 

530

 

Net earnings

$

477

 

$

978

 

$

676

 

$

1,860

 

Earnings per diluted share

$

1.89

 

$

3.42

 

$

2.67

 

$

6.45

 

 

 

 

 

 

Adjusted net earnings (a)

$

483

 

$

1,116

 

$

678

 

$

2,026

 

Adjusted net earnings per diluted share (a)

$

1.92

 

$

3.89

 

$

2.68

 

$

7.01

 

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

$

804

 

$

1,636

 

$

1,231

 

$

2,989

 

(a) Please refer to the non-GAAP Financial Measures section of this document for the reconciliation of these amounts. The prior year was retroactively adjusted to reflect the reclassification of stock-based compensation expense.

*****

The Company will conduct a conference call on the second quarter earnings on Friday, July 28, 2023, at 8:30 a.m. Eastern. To listen to the webcast of the conference call and to access the Company's slide presentation, visit the U. S. Steel website, www.ussteel.com, and click on the “Investors” section. Replay will be available on the website after 10:30 a.m. on July 28, 2023.

UNITED STATES STEEL CORPORATION

PRELIMINARY SUPPLEMENTAL STATISTICS (Unaudited)

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

 

2023

 

 

2022

 

 

 

2023

 

 

2022

 

OPERATING STATISTICS

 

 

 

 

 

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

 

 

 

 

 

 

Flat-Rolled

 

1,088

 

 

1,339

 

 

 

1,050

 

 

1,352

 

 

Mini Mill

 

1,011

 

 

1,331

 

 

 

897

 

 

1,349

 

 

U. S. Steel Europe

 

965

 

 

1,217

 

 

 

939

 

 

1,162

 

 

U. S. Steel Europe (€/net ton)

 

886

 

 

1,142

 

 

 

868

 

 

1,064

 

 

Tubular

 

3,493

 

 

2,727

 

 

 

3,636

 

 

2,543

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

Flat-Rolled

 

2,235

 

 

2,365

 

 

 

4,513

 

 

4,312

 

 

Mini Mill

 

587

 

 

615

 

 

 

1,246

 

 

1,122

 

 

U. S. Steel Europe

 

1,034

 

 

1,067

 

 

 

1,917

 

 

2,177

 

 

Tubular

 

111

 

 

136

 

 

 

242

 

 

264

 

 

Total steel shipments

 

3,967

 

 

4,183

 

 

 

7,918

 

 

7,875

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

Mini Mill to Flat-Rolled

 

142

 

 

110

 

 

 

225

 

 

199

 

 

Flat-Rolled to Mini Mill

 

 

 

23

 

 

 

 

 

23

 

 

Flat-Rolled to Mini Mill (pig iron)

 

86

 

 

 

 

 

115

 

 

 

 

Flat-Rolled to USSE (b)

 

159

 

 

82

 

 

 

458

 

 

82

 

 

 

 

 

 

 

 

Raw steel production (thousands of net tons):

 

 

 

 

 

 

Flat-Rolled

 

2,529

 

 

2,424

 

 

 

4,922

 

 

4,629

 

 

Mini Mill

 

749

 

 

750

 

 

 

1,508

 

 

1,351

 

 

U. S. Steel Europe

 

1,213

 

 

1,216

 

 

 

2,305

 

 

2,304

 

 

Tubular

 

129

 

 

168

 

 

 

300

 

 

324

 

 

 

 

 

 

 

 

Raw steel capability utilization: (c)

 

 

 

 

 

 

Flat-Rolled

 

77

%

 

74

%

 

 

75

%

 

71

%

 

Mini Mill

 

91

%

 

91

%

 

 

92

%

 

83

%

 

U. S. Steel Europe

 

97

%

 

98

%

 

 

93

%

 

93

%

 

Tubular

 

57

%

 

75

%

 

 

67

%

 

73

%

 

 

 

 

 

 

 

CAPITAL EXPENDITURES (dollars in millions)

 

 

 

 

 

 

Flat-Rolled

 

104

 

 

112

 

 

 

243

 

 

229

 

 

Mini Mill

 

488

 

 

179

 

 

 

1,051

 

 

390

 

 

U. S. Steel Europe

 

16

 

 

17

 

 

 

42

 

 

34

 

 

Tubular

 

5

 

 

3

 

 

 

17

 

 

7

 

 

Other Businesses

 

 

 

 

 

 

 

 

 

 

Total

$

613

 

$

311

 

 

$

1,353

 

$

660

 

(a) Excludes intersegment shipments.

(b) Consists of coal in 2023 and iron ore pellets and fines in 2022.

(c) 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)

 

2023

 

 

2022

 

 

 

2023

 

 

2022

 

Net Sales

$

5,008

 

$

6,290

 

 

$

9,478

 

$

11,524

 

 

 

 

 

 

 

Operating expenses (income):

 

 

 

 

 

Cost of sales

 

4,161

 

 

4,661

 

 

 

8,114

 

 

8,484

 

Selling, general and administrative expenses

 

103

 

 

112

 

 

 

202

 

 

229

 

Depreciation, depletion and amortization

 

224

 

 

198

 

 

 

445

 

 

396

 

Earnings from investees

 

(38

)

 

(95

)

 

 

(25

)

 

(131

)

Asset impairment charges

 

 

 

151

 

 

 

4

 

 

157

 

Restructuring and other charges

 

2

 

 

17

 

 

 

3

 

 

34

 

Other gains, net

 

(8

)

 

(8

)

 

 

(18

)

 

(17

)

Total operating expenses

 

4,444

 

 

5,036

 

 

 

8,725

 

 

9,152

 

 

 

 

 

 

 

Earnings before interest and income taxes

 

564

 

 

1,254

 

 

 

753

 

 

2,372

 

Net interest and other financial benefits

 

(57

)

 

(8

)

 

 

(118

)

 

(18

)

 

 

 

 

 

 

Earnings before income taxes

 

621

 

 

1,262

 

 

 

871

 

 

2,390

 

Income tax expense

 

144

 

 

284

 

 

 

195

 

 

530

 

 

 

 

 

 

 

Net earnings

 

477

 

 

978

 

 

 

676

 

 

1,860

 

Less: Net earnings attributable to noncontrolling interests

 

 

 

 

 

 

 

 

 

Net earnings attributable to United States Steel Corporation

$

477

 

$

978

 

 

$

676

 

$

1,860

 

 

 

 

 

 

 

COMMON STOCK DATA:

 

 

 

 

 

Net earnings per share attributable to United States Steel Corporation Stockholders

 

 

 

 

 

Basic

$

2.12

 

$

3.80

 

 

$

2.99

 

$

7.17

 

Diluted

$

1.89

 

$

3.42

 

 

$

2.67

 

$

6.45

 

Weighted average shares, in thousands

 

 

 

 

 

Basic

 

225,538

 

 

257,267

 

 

 

226,430

 

 

259,348

 

Diluted

 

254,155

 

 

286,680

 

 

 

255,757

 

 

289,246

 

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,

(Dollars in millions)

 

2023

 

 

2022

 

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

Operating activities:

 

 

 

Net earnings

$

676

 

$

1,860

 

 

Depreciation, depletion and amortization

 

445

 

 

396

 

 

Asset impairment charges

 

4

 

 

157

 

 

Restructuring and other charges

 

3

 

 

34

 

 

Pensions and other postretirement benefits

 

(84

)

 

(106

)

 

Deferred income taxes

 

135

 

 

247

 

 

Working capital changes

 

(111

)

 

(925

)

 

Income taxes receivable/payable

 

48

 

 

229

 

 

Other operating activities

 

(222

)

 

(216

)

Net cash provided by operating activities

 

894

 

 

1,676

 

 

 

 

 

Investing activities:

 

 

 

Capital expenditures

 

(1,353

)

 

(660

)

 

Proceeds from cost reimbursement government grants

 

 

 

53

 

 

Proceeds from sale of assets

 

3

 

 

12

 

 

Other investing activities

 

 

 

(7

)

Net cash used in investing activities

 

(1,350

)

 

(602

)

 

 

 

 

Financing activities:

 

 

 

Issuance of long-term debt, net of financing costs

 

238

 

 

4

 

 

Repayment of long-term debt

 

(20

)

 

(73

)

 

Common stock repurchased

 

(150

)

 

(522

)

 

Proceeds from government incentives

 

 

 

82

 

 

Other financing activities

 

(42

)

 

(39

)

Net cash provided by (used in) financing activities

 

26

 

 

(548

)

 

 

 

 

Effect of exchange rate changes on cash

 

8

 

 

(27

)

 

 

 

 

Net (decrease) increase in cash, cash equivalents and restricted cash

 

(422

)

 

499

 

Cash, cash equivalents and restricted cash at beginning of year

 

3,539

 

 

2,600

 

 

 

 

 

Cash, cash equivalents and restricted cash at end of period

$

3,117

 

$

3,099

 

UNITED STATES STEEL CORPORATION

CONDENSED BALANCE SHEET (Unaudited)

 

 

June 30,

December 31,

(Dollars in millions)

 

2023

 

 

2022

 

Cash and cash equivalents

$

3,080

$

3,504

Receivables, net

 

1,864

 

 

1,635

 

Inventories

 

2,540

 

 

2,359

 

Other current assets

 

351

 

 

368

 

 

Total current assets

 

7,835

 

 

7,866

 

 

 

 

 

Operating lease assets

 

129

 

 

146

 

Property, plant and equipment, net

 

9,436

 

 

8,492

 

Investments and long-term receivables, net

 

832

 

 

840

 

Intangibles, net

 

457

 

 

478

 

Goodwill

 

920

 

 

920

 

Other noncurrent assets

 

700

 

 

716

 

 

Total assets

$

20,309

 

$

19,458

 

 

 

 

 

Accounts payable and other accrued liabilities

 

3,112

 

 

3,016

 

Payroll and benefits payable

 

457

 

 

493

 

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

 

98

 

 

63

 

Other current liabilities

 

405

 

 

387

 

 

Total current liabilities

 

4,072

 

 

3,959

 

 

 

 

 

Noncurrent operating lease liabilities

 

90

 

 

105

 

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

 

4,153

 

 

3,914

 

Employee benefits

 

139

 

 

209

 

Deferred income tax liabilities

 

576

 

 

456

 

Other long-term liabilities

 

461

 

 

504

 

United States Steel Corporation stockholders' equity

 

10,725

 

 

10,218

 

Noncontrolling interests

 

93

 

 

93

 

 

Total liabilities and stockholders' equity

$

20,309

 

$

19,458

 

UNITED STATES STEEL CORPORATION

NON-GAAP FINANCIAL MEASURES

RECONCILIATION OF ADJUSTED NET EARNINGS

 

 

Three Months Ended June 30,

Six Months Ended June 30,

(In millions of dollars)

2023

2022

2023

2022

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

$

477

 

$

1.89

$

978

 

$

3.42

$

676

 

$

2.67

$

1,860

 

$

6.45

 

Restructuring and other charges

 

2

 

 

 

17

 

 

 

3

 

 

 

34

 

 

 

Stock-based compensation expense (a)

 

12

 

 

 

16

 

 

 

23

 

 

 

32

 

 

 

VEBA asset surplus adjustment

 

(8

)

 

 

 

 

 

(30

)

 

 

 

 

 

Asset impairment charges

 

 

 

 

151

 

 

 

4

 

 

 

157

 

 

 

Environmental remediation charges

 

2

 

 

 

 

 

 

2

 

 

 

 

 

 

Other charges, net

 

 

 

 

 

 

 

1

 

 

 

(2

)

 

Adjusted pre-tax net earnings to United States Steel Corporation

 

485

 

 

 

1,162

 

 

 

679

 

 

 

2,081

 

 

 

Tax impact of adjusted items (b)

 

(2

)

 

 

(46

)

 

 

(1

)

 

 

(55

)

 

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

$

483

 

$

1.92

 

$

1,116

 

$

3.89

 

$

678

 

$

2.68

 

$

2,026

 

$

7.01

 

Weight average diluted ordinary shares outstanding, in millions

 

254.2

 

 

 

286.7

 

 

 

255.8

 

 

 

289.2

 

 

(a) The prior year was retroactively adjusted to reflect the reclassification of stock-based compensation expense. The adjustment was $9 million, $17 million, $12 million and $24 million, net of taxes, for the three and six months ended June 30, 2023 and 2022, respectively.

(b) The tax impact of adjusted items for the three months and six months ended June 30, 2023 is calculated using a blended tax rate of 24%. The tax impact of adjusted items for the three and six months ended June 30, 2022 was calculated using a blended tax rate of 25%.

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)

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Reconciliation to Adjusted EBITDA

 

 

 

 

 

Net earnings attributable to United States Steel Corporation

$

477

 

$

978

 

$

676

 

$

1,860

 

 

Income tax expense

 

144

 

 

284

 

 

195

 

 

530

 

 

Net interest and other financial benefits

 

(57

)

 

(8

)

 

(118

)

 

(18

)

 

Depreciation, depletion and amortization expense

 

224

 

 

198

 

 

445

 

 

396

 

EBITDA

 

788

 

 

1,452

 

 

1,198

 

 

2,768

 

 

Restructuring and other charges

 

2

 

 

17

 

 

3

 

 

34

 

 

Stock-based compensation expense (a)

 

12

 

 

16

 

 

23

 

 

32

 

 

Asset impairment charges

 

 

 

151

 

 

4

 

 

157

 

 

Environmental remediation charges

 

2

 

 

 

 

2

 

 

 

 

Other charges, net

 

 

 

 

 

1

 

 

(2

)

Adjusted EBITDA

$

804

 

$

1,636

 

$

1,231

 

$

2,989

 

(a) The prior year was retroactively adjusted to reflect the reclassification of stock-based compensation expense.

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)

 

2022

 

 

2022

 

 

2023

 

 

2023

 

Four Quarters

Net cash provided by operating activities

$

1,074

 

$

755

 

$

181

 

$

713

 

$

2,723

 

Net cash used in investing activities

 

(463

)

 

(614

)

 

(738

)

 

(612

)

 

(2,427

)

Free cash flow

 

611

 

 

141

 

 

(557

)

 

101

 

 

296

 

Strategic capital expenditures

 

330

 

 

479

 

 

565

 

 

476

 

 

1,850

 

Investable free cash flow

$

941

 

$

620

 

$

8

 

$

577

 

$

2,146

 

We present adjusted net earnings, adjusted net earnings per diluted share, earnings before interest, income taxes, depreciation and amortization (EBITDA) and adjusted EBITDA, 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, VEBA asset surplus adjustment, asset impairment charges, environmental remediation charges, tax impact of adjusted items and other charges, net (Adjustment Items). Adjusted EBITDA is also a non-GAAP measure that excludes the effects of certain Adjustment Items. We present adjusted net earnings, adjusted net earnings per diluted share and adjusted EBITDA 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 and adjusted EBITDA 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 and adjusted EBITDA 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 and adjusted EBITDA 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 and adjusted EBITDA 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 is 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 provides 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 that may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. 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, the construction or operation of new or existing facilities or operating capabilities, the timing, size and form of share repurchase transactions, operating or financial performance, trends, events or developments that we expect or anticipate will occur in the future, statements relating to volume changes, share of sales and earnings per share changes, anticipated cost savings, potential capital and operational cash improvements, changes in the global economic environment, including supply and demand conditions, inflation, interest rates, supply chain disruptions and changes in prices for our products, international trade duties and other aspects of international trade policy, statements regarding our future strategies, products and innovations, statements regarding our greenhouse gas emissions reduction goals, statements regarding existing or new regulations and statements expressing general views about future operating results. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. Forward-looking statements are not historical facts, but instead represent only the Company’s beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of the Company’s control. It is possible that the Company’s actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Management 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. Our Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our Company's historical experience and our present expectations or projections. These risks and uncertainties include, but are not limited to, the risks and uncertainties described in “Item 1A. Risk Factors” in our Annual report on Form 10-K for the year ended December 31, 2022 and those described from time to time in our future reports filed with the Securities and Exchange Commission.

References to “U. S. Steel,” “the Company,” “we,” “us,” and “our” refer to United States Steel Corporation and its consolidated subsidiaries, and references to “Big River Steel” refer to Big River Steel Holdings LLC and its direct and indirect subsidiaries unless otherwise indicated by the context.

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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.

Contacts

Arista Joyner

Manager

Corporate Communications

T - (412) 433-3994

E - AEjoyner@uss.com

Kevin Lewis

Vice President

Finance

T - (412) 433-6935

E - KLewis@uss.com

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