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United States Steel Corporation Reports Record Third Quarter 2021 Results

  • Net earnings of $2.002 billion, or $6.97 per diluted share
  • Adjusted net earnings of $1.543 billion, or $5.36 per diluted share
  • Adjusted EBITDA of $2.027 billion
  • Liquidity of $4.503 billion, including cash of $2.044 billion

PITTSBURGH--(BUSINESS WIRE)-- United States Steel Corporation (NYSE: X) reported third quarter 2021 net earnings of $2.002 billion, or $6.97 per diluted share. Adjusted net earnings was $1.543 billion, or $5.36per diluted share. This compares to third quarter 2020 net loss of $234 million, or $1.06 per diluted share. Adjusted net loss for third quarter 2020 was $268 million, or $1.21 per diluted share.

Earnings Highlights

 

Three Months Ended

 

Nine Months Ended

 

September 30,

 

September 30,

(Dollars in millions, except per share amounts)

2021

2020

 

2021

2020

Net Sales

5,964

 

2,340

 

 

14,653

 

7,179

 

Segment earnings (loss) before interest and income taxes

 

 

 

 

 

Flat-Rolled

$

1,015

 

$

(159

)

 

$

1,740

 

$

(523

)

Mini Mill (a)

424

 

 

 

840

 

 

U. S. Steel Europe

394

 

13

 

 

706

 

(27

)

Tubular (b)

 

(52

)

 

(29

)

(147

)

Other

(2

)

(13

)

 

20

 

(33

)

Total segment earnings (loss) before interest and income taxes

$

1,831

 

$

(211

)

 

$

3,277

 

$

(730

)

Other items not allocated to segments

511

 

 

 

524

 

(388

)

Earnings (loss) before interest and income taxes

$

2,342

 

$

(211

)

 

$

3,801

 

$

(1,118

)

Net interest and other financial costs

80

 

47

 

 

472

 

144

 

Income tax expense (benefit)

260

 

(24

)

 

224

 

(48

)

Net earnings (loss)

$

2,002

 

$

(234

)

 

$

3,105

 

$

(1,214

)

Earnings (loss) per diluted share

$

6.97

 

$

(1.06

)

 

$

11.13

 

$

(6.43

)

 

 

 

 

 

 

Adjusted net earnings (loss) (c)

$

1,543

 

(268

)

 

$

2,790

 

(860

)

Adjusted net earnings (loss) per diluted share (c)

$

5.36

 

$

(1.21

)

 

$

9.99

 

$

(4.56

)

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

$

2,027

 

$

(49

)

 

$

3,864

 

$

(249

)

(a) Mini Mill segment, added after January 15, 2021 with the purchase of the remaining equity interest in Big River Steel, does not include the newly constructed electric arc furnace (EAF) at our Fairfield Tubular Operations in Fairfield, Alabama.

(b) The Fairfield EAF is included in the Tubular segment.

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

“We continue setting records, including record net earnings, record EBITDA, record EBITDA margin, record liquidity, record safety, and record quality and reliability,” said U. S. Steel President and Chief Executive Officer David B. Burritt. “Our balance sheet has been transformed and the cash flow generation of the business has us highly confident in our ability to pre-fund organic growth investments that will expand our existing competitive advantages. We are getting to our Best for All℠ future faster.”

Commenting on the Company’s strategy, Burritt continued, “It's not either investing in our business or returning capital directly to stockholders, it's both. Our future now includes a $300 million stock repurchase program and $0.05/share quarterly dividend to begin directly rewarding stockholders for the progress we have made so far. We are confident in the long-term value our new, highly capable mini mill will create as it further expands our competitive advantage to produce sustainable and differentiated steel. We are getting better, not bigger, by building on our Mini Mill segment's industry-leading performance to create a business model that will continue to reward stockholders into the future.”

*****

The Company will conduct a conference call on third quarter 2021 earnings on Friday, October 29, 2021 at 8:30 a.m. EDT. 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 “Investors” then "Events & Presentations." Replays of the conference call will be available on the website after 10:30 a.m. on October 29, 2021.

 

 

UNITED STATES STEEL CORPORATION

PRELIMINARY SUPPLEMENTAL STATISTICS (Unaudited)

 

Three Months Ended

 

Nine Months Ended

 

September 30,

 

September 30,

 

2021

 

2020

 

2021

 

2020

OPERATING STATISTICS

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

Flat-Rolled

1,325

 

 

712

 

 

1,097

 

 

714

 

Mini Mill (b)

1,517

 

 

 

 

1,255

 

 

 

U. S. Steel Europe

1,143

 

 

608

 

 

932

 

 

616

 

U. S. Steel Europe (€/net ton)

969

 

 

520

 

 

779

 

 

548

 

Tubular

1,702

 

 

1,230

 

 

1,587

 

 

1,271

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

Flat-Rolled

2,328

 

 

2,155

 

 

6,986

 

 

6,454

 

Mini Mill (b)

608

 

 

 

 

1,671

 

 

 

U. S. Steel Europe

1,064

 

 

790

 

 

3,274

 

 

2,201

 

Tubular

123

 

 

71

 

 

317

 

 

390

 

Total Steel Shipments

4,123

 

 

3,016

 

 

12,248

 

 

9,045

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

Flat-Rolled to Tubular

 

 

 

 

 

 

101

 

Flat-Rolled to USSE (iron ore pellets and fines)

 

 

687

 

 

439

 

 

912

 

Mini Mill (b) to Flat-Rolled

114

 

 

 

 

300

 

 

 

 

 

 

 

 

 

 

 

Raw steel production (thousands of net tons):

 

 

 

 

 

 

 

Flat-Rolled

2,634

 

 

2,207

 

 

7,700

 

 

6,823

 

Mini Mill (b)

750

 

 

 

 

2,007

 

 

 

U. S. Steel Europe

1,274

 

 

873

 

 

3,750

 

 

2,400

 

Tubular (c)

117

 

 

 

 

324

 

 

 

 

 

 

 

 

 

 

 

Raw steel capability utilization: (d)

 

 

 

 

 

 

 

Flat-Rolled

61

%

 

52

%

 

61

%

 

53

%

Mini Mill (b)

90

%

 

%

 

86

%

 

%

U. S. Steel Europe

101

%

 

69

%

 

100

%

 

64

%

Tubular

52

%

 

%

 

48

%

 

%

 

 

 

 

 

 

 

 

CAPITAL EXPENDITURES (dollars in millions)

 

 

 

 

 

 

 

Flat-Rolled

105

 

 

81

 

 

272

 

 

391

 

Mini Mill (b)

46

 

 

 

 

102

 

 

 

U. S. Steel Europe

13

 

 

16

 

 

39

 

 

64

 

Tubular

12

 

 

39

 

 

46

 

 

133

 

Other Businesses

 

 

 

 

1

 

 

3

 

Total

$

176

 

 

$

136

 

 

$

460

 

 

$

591

 

(a) Excludes intersegment shipments.

(b) Mini Mill segment added after January 15, 2021 with the purchase of the remaining equity interest in Big River Steel.

(c) Tubular segment raw steel added in October 2020 with the start-up of the new electric arc furnace.

(d) Based on annual raw steel production capability of 17.0 million net tons for Flat-Rolled, 3.3 million for Mini Mill, 5.0 million net tons for U. S. Steel Europe and 0.9 million for Tubular.

 

 

UNITED STATES STEEL CORPORATION

CONDENSED STATEMENT OF OPERATIONS (Unaudited)

 

 

Three Months Ended

 

Nine Months Ended

 

 

September 30,

 

September 30,

(Dollars in millions, except per share amounts)

2021

 

2020

 

2021

 

2020

NET SALES

 

5,964

 

 

2,340

 

 

14,653

 

 

7,179

 

 

 

 

 

 

 

 

 

 

OPERATING EXPENSES (INCOME):

 

 

 

 

 

 

 

 

Cost of sales

 

3,881

 

 

2,295

 

 

10,633

 

 

7,174

 

Selling, general and administrative expenses

 

108

 

 

65

 

 

316

 

 

199

 

Depreciation, depletion and amortization

 

196

 

 

162

 

 

587

 

 

481

 

(Earnings) loss from investees

 

(57

)

 

31

 

 

(106

)

 

78

 

Gain on sale of Transtar

 

(506

)

 

 

 

(506

)

 

 

Asset impairment charges

 

 

 

 

 

28

 

 

263

 

Gain on equity investee transactions

 

 

 

 

 

(111

)

 

(31

)

Restructuring and other charges

 

 

 

 

 

37

 

 

130

 

Net loss (gain) on sale of assets

 

7

 

 

(2

)

 

(8

)

 

(2

)

Other (gains) losses, net

 

(7

)

 

 

 

(18

)

 

5

 

Total operating expenses

 

3,622

 

 

2,551

 

 

10,852

 

 

8,297

 

 

 

 

 

 

 

 

 

 

EARNINGS (LOSS) BEFORE INTEREST AND INCOME TAXES

 

2,342

 

 

(211

)

 

3,801

 

 

(1,118

)

Net interest and other financial costs

 

80

 

 

47

 

 

472

 

 

144

 

 

 

 

 

 

 

 

 

 

EARNINGS (LOSS) BEFORE INCOME TAXES

 

2,262

 

 

(258

)

 

3,329

 

 

(1,262

)

Income tax expense (benefit)

 

260

 

 

(24

)

 

224

 

 

(48

)

 

 

 

 

 

 

 

 

 

Net earnings (loss)

 

2,002

 

 

(234

)

 

3,105

 

 

(1,214

)

Net earnings attributable to noncontrolling interests

 

 

 

 

 

 

 

 

NET EARNINGS (LOSS) ATTRIBUTABLE TO UNITED STATES STEEL CORPORATION

 

$

2,002

 

 

$

(234

)

 

$

3,105

 

 

$

(1,214

)

 

 

 

 

 

 

 

 

 

COMMON STOCK DATA:

 

 

 

 

 

 

 

 

Net earnings (loss) per share attributable to

 

 

 

 

 

 

 

 

United States Steel Corporation stockholders:

 

 

 

 

 

 

 

 

Basic

 

$

7.41

 

 

$

(1.06

)

 

$

11.80

 

 

$

(6.43

)

Diluted

 

$

6.97

 

 

$

(1.06

)

 

$

11.13

 

 

$

(6.43

)

Weighted average shares, in thousands

 

 

 

 

 

 

 

 

Basic

 

270,175

 

 

220,402

 

 

263,209

 

 

188,766

 

Diluted

 

287,463

 

 

220,402

 

 

279,103

 

 

188,766

 

Dividends paid per common share

 

$

0.01

 

 

$

0.01

 

 

$

0.03

 

 

$

0.03

 

 

 

UNITED STATES STEEL CORPORATION

CONDENSED CASH FLOW STATEMENT (Unaudited)

 

Nine Months Ended

 

September 30,

(Dollars in millions)

2021

 

2020

Cash provided by (used in) operating activities:

 

 

 

Net earnings (loss)

$

3,105

 

 

$

(1,214

)

Depreciation, depletion and amortization

587

 

 

481

 

Gain on sale of Transtar

(506

)

 

 

Asset impairment charges

28

 

 

263

 

Gain on equity investee transactions

(111

)

 

(31

)

Restructuring and other charges

37

 

 

130

 

Loss on debt extinguishment

282

 

 

 

Pensions and other postretirement benefits

(88

)

 

(18

)

Deferred income taxes

59

 

 

(36

)

Working capital changes

(852

)

 

210

 

Income taxes receivable/payable

137

 

 

13

 

Other operating activities

(73

)

 

53

 

Total

2,605

 

 

(149

)

 

 

 

 

Cash used in investing activities:

 

 

 

Capital expenditures

(460

)

 

(591

)

Acquisition of Big River Steel, net of cash acquired

(625

)

 

 

Proceeds from the sale of Transtar

627

 

 

 

Investment in Big River Steel

 

 

(3

)

Proceeds from sale of assets

25

 

 

3

 

Proceeds from sale of ownership interests in equity investees

 

 

8

 

Other investing activities

(3

)

 

(4

)

Total

(436

)

 

(587

)

 

 

 

 

Cash (used in) provided by financing activities:

 

 

 

Issuance of short-term debt, net of financing costs

 

 

240

 

Repayment of short-term debt

(180

)

 

 

Revolving credit facilities - borrowings, net of financing costs

50

 

 

1,474

 

Revolving credit facilities - repayments

(911

)

 

(1,633

)

Issuance of long-term debt, net of financing costs

862

 

 

1,043

 

Repayment of long-term debt

(2,719

)

 

(8

)

Proceeds from public offering of common stock

790

 

 

410

 

Proceeds from Stelco Option Agreement

 

 

55

 

Other financing activities

(12

)

 

(7

)

Total

(2,120

)

 

1,574

 

 

 

 

 

Effect of exchange rate changes on cash

(15

)

 

10

 

 

 

 

 

Net increase in cash, cash equivalents and restricted cash

34

 

 

848

 

Cash, cash equivalents and restricted cash at beginning of the year

2,118

 

 

939

 

 

 

 

 

Cash, cash equivalents and restricted cash at end of the period

$

2,152

 

 

$

1,787

 

 

 

UNITED STATES STEEL CORPORATION

CONDENSED BALANCE SHEET (Unaudited)

 

September 30,

 

December 31,

(Dollars in millions)

2021

 

2020

Cash and cash equivalents

$

2,044

 

 

$

1,985

 

Receivables, net

2,403

 

 

994

 

Inventories

2,086

 

 

1,402

 

Other current assets

266

 

 

51

 

Total current assets

6,799

 

 

4,432

 

Operating lease assets

198

 

 

214

 

Property, plant and equipment, net

7,380

 

 

5,444

 

Investments and long-term receivables, net

628

 

 

1,177

 

Intangible assets, net

527

 

 

129

 

Goodwill

909

 

 

4

 

Other noncurrent assets

892

 

 

659

 

 

 

 

 

Total assets

$

17,333

 

 

$

12,059

 

 

 

 

 

Accounts payable and other accrued liabilities

3,000

 

 

1,884

 

Payroll and benefits payable

542

 

 

308

 

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

61

 

 

192

 

Other current liabilities

427

 

 

272

 

Total current liabilities

4,030

 

 

2,656

 

Noncurrent operating lease liabilities

148

 

 

163

 

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

4,272

 

 

4,695

 

Employee benefits

202

 

 

322

 

Other long-term liabilities

673

 

 

344

 

United States Steel Corporation stockholders' equity

7,916

 

 

3,786

 

Noncontrolling interests

92

 

 

93

 

 

 

 

 

Total liabilities and stockholders' equity

$

17,333

 

 

$

12,059

 

 

 

UNITED STATES STEEL CORPORATION

NON-GAAP FINANCIAL MEASURES

RECONCILIATION OF ADJUSTED NET EARNINGS (LOSS)

 

Three Months Ended

 

Nine Months Ended

 

September 30,

 

September 30,

(In millions of dollars)

2021

2020

 

2021

2020

Reconciliation to adjusted net earnings (loss) attributable to United States Steel Corporation (a)

 

 

 

 

 

Net earnings (loss) attributable to United States Steel Corporation

$

2,002

 

$

(234

)

 

$

3,105

 

$

(1,214

)

Debt extinguishment

23

 

 

 

278

 

 

Asset impairment

 

 

 

26

 

263

 

Big River Steel - inventory step-up amortization

 

 

 

24

 

 

Big River Steel - unrealized (gains) losses

(11

)

 

 

3

 

 

Big River Steel - acquisition costs

 

 

 

9

 

 

Restructuring and other charges

 

 

 

36

 

123

 

Loss on USSE assets held for sale

7

 

 

 

7

 

 

Gain on sale of Transtar

(453

)

 

 

(453

)

 

Gain on previously held investment in Big River Steel

 

 

 

(111

)

 

Property sale

 

 

 

(14

)

 

Reversal of tax valuation allowance (b)

(25

)

 

 

(120

)

 

Tubular inventory impairment

 

 

 

 

24

 

Uncertain tax positions

 

 

 

 

13

 

Gain on previously held investment in UPI

 

 

 

 

(25

)

Big River Steel options and forward adjustments

 

(34

)

 

 

(40

)

December 24, 2018 Clairton coke making facility fire

 

 

 

 

(4

)

Total adjustments

(459

)

(34

)

 

(315

)

354

 

Adjusted net earnings (loss) attributable to United States Steel Corporation

$

1,543

 

(268

)

 

$

2,790

 

(860

)

(a) The adjustments included in this table for the three and nine months ended September 30, 2021, were tax effected due to the partial reversals of the valuation allowance on our domestic deferred tax assets that occurred in the second and third quarters of 2021.

(b) The $25 million and $120 million adjustments recorded in the three and nine months ended September 30, 2021, respectively, were related to partial reversals of the tax valuation allowance recorded against the Company's net domestic deferred tax asset as a result of the Company's three-year cumulative income position and a change in the projections of income in future years. There was an additional net benefit of $227 million and $394 million for the three and nine months ended September 30, 2021, respectively, included in earnings related to the reversals of the valuation allowance due to a change in estimated current year earnings.

 

 

UNITED STATES STEEL CORPORATION

NON-GAAP FINANCIAL MEASURES

RECONCILIATION OF ADJUSTED NET EARNINGS (LOSS)

 

Three Months Ended

 

Nine Months Ended

 

September 30,

 

September 30,

 

2021

2020

 

2021

2020

Reconciliation to adjusted diluted net earnings (loss) per share (a)

 

 

 

 

 

Diluted net earnings (loss) per share

$

6.97

 

$

(1.06

)

 

$

11.13

 

$

(6.43

)

Debt extinguishment

0.08

 

 

 

1.00

 

 

Asset impairment

 

 

 

0.09

 

1.39

 

Big River Steel - inventory step-up amortization

 

 

 

0.09

 

 

Big River Steel - unrealized (gains) losses

(0.04

)

 

 

0.01

 

 

Big River Steel - acquisition costs

 

 

 

0.03

 

 

Restructuring and other charges

 

 

 

0.13

 

0.64

 

Loss on USSE assets held for sale

0.02

 

 

 

0.02

 

 

Gain on sale of Transtar

(1.57

)

 

 

(1.62

)

 

Gain on previously held investment in Big River Steel

 

 

 

(0.40

)

 

Property sale

 

 

 

(0.05

)

 

Reversal of tax valuation allowance (b)

(0.10

)

 

 

(0.44

)

 

Tubular inventory impairment

 

 

 

 

0.13

 

Uncertain tax positions

 

 

 

 

0.07

 

Gain on previously held investment in UPI

 

 

 

 

(0.13

)

Big River Steel options and forward adjustments

 

(0.15

)

 

 

(0.21

)

December 24, 2018 Clairton coke making facility fire

 

 

 

 

(0.02

)

Total adjustments

(1.61

)

(0.15

)

 

(1.14

)

1.87

 

Adjusted diluted net earnings (loss) per share

$

5.36

 

$

(1.21

)

 

$

9.99

 

$

(4.56

)

(a) The adjustments included in this table for the three and nine months ended September 30, 2021, were tax effected due to the partial reversals of the valuation allowance on our domestic deferred tax assets that occurred in the second and third quarters of 2021.

(b) The $0.10 and $0.44 adjustments per diluted share recorded in the three and nine months ended September 30, 2021, respectively, were related to partial reversals of the tax valuation allowance recorded against the Company's net domestic deferred tax asset as a result of the Company's three-year cumulative income position and a change in the projections of income in future years.

 

 

UNITED STATES STEEL CORPORATION

NON-GAAP FINANCIAL MEASURES

RECONCILIATION OF ADJUSTED EBITDA

 

Three Months Ended

 

Nine Months Ended

 

September 30,

 

September 30,

(Dollars in millions)

2021

2020

 

2021

2020

Reconciliation to Adjusted EBITDA

 

 

 

 

 

Net earnings (loss) attributable to United States Steel Corporation

$

2,002

 

$

(234

)

 

$

3,105

 

$

(1,214

)

Income tax expense (benefit)

260

 

(24

)

 

224

 

(48

)

Net interest and other financial costs

80

 

47

 

 

472

 

144

 

Depreciation, depletion and amortization expense

196

 

162

 

 

587

 

481

 

EBITDA

2,538

 

(49

)

 

4,388

 

(637

)

Asset impairment

 

 

 

28

 

263

 

Big River Steel - inventory step-up amortization

 

 

 

24

 

 

Big River Steel - unrealized (gains) losses

(12

)

 

 

3

 

 

Big River Steel - acquisition costs

 

 

 

9

 

 

Restructuring and other charges

 

 

 

37

 

130

 

Loss on USSE assets held for sale

7

 

 

 

7

 

 

Gain on sale of Transtar

(506

)

 

 

(506

)

 

Gain on previously held investment in Big River Steel

 

 

 

(111

)

 

Property sale

 

 

 

(15

)

 

Tubular inventory impairment

 

 

 

 

24

 

Gain on previously held investment in UPI

 

 

 

 

(25

)

December 24, 2018 Clairton coke making facility fire

 

 

 

 

(4

)

Adjusted EBITDA

$

2,027

 

$

(49

)

 

$

3,864

 

$

(249

)

We present adjusted net earnings (loss), adjusted net earnings (loss) per diluted share, earnings (loss) 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 (loss), 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 (loss) and adjusted net earnings (loss) per diluted share are non-GAAP measures that exclude the effects of items that include: debt extinguishment, asset impairment, Big River Steel - inventory step-up amortization, Big River Steel - unrealized (gains) losses, Big River Steel - acquisition costs, restructuring and other charges, loss on USSE assets held for sale, gain on sale of Transtar, gain on previously held investment in Big River Steel, property sale, reversal of tax valuation allowance, Tubular inventory impairment, uncertain tax positions, gain on previously held investment in UPI, Big River Steel options and forward adjustments and December 24, 2018 Clairton coke making facility fire (Adjustment Items). Adjusted EBITDA is also a non-GAAP measure that excludes the effects of certain Adjustment Items. We present adjusted net earnings (loss), adjusted net earnings (loss) 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 (loss), adjusted net earnings (loss) 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 (loss), adjusted net earnings (loss) 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 (loss), adjusted net earnings (loss) 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 adjusting items when evaluating the Company’s financial performance. Adjusted net earnings (loss), adjusted net earnings (loss) per diluted share and adjusted EBITDA should not be considered a substitute for net earnings (loss), earnings (loss) 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. 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,” “will,” "may" and similar expressions or by using future dates in connection with any discussion of, among other things, financial performance, the construction or operation of new and existing facilities, operating 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 global supply and demand conditions and prices for our products, international trade duties and other aspects of international trade policy, the integration of Big River Steel in our existing business, business strategies related to the combined business 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 this report and in “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2020 and those described from time to time in our future reports filed with the Securities and Exchange Commission.

References to "we," "us," "our," the "Company," and "U. S. Steel," refer to United States Steel Corporation and its consolidated subsidiaries, references to “Big River Steel” refer to Big River Steel Holdings LLC and its direct and indirect subsidiaries unless otherwise indicated by the context, and “Transtar” refers to Transtar 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 26.2 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.

John Ambler
Vice President
Corporate Communications
T - (412) 433-2407
E - joambler@uss.com

Kevin Lewis
Vice President
Investor Relations
T - (412) 433-6935
E - klewis@uss.com

Source: United States Steel Corporation