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PITTSBURGH--(BUSINESS WIRE)-- United States Steel Corporation (NYSE: X) reported second quarter 2021 net earnings of $1,012 million, or $3.53 per diluted share. Adjusted net earnings was $964 million, or $3.37per diluted share. This compares to second quarter 2020 net loss of $589 million, or $3.36 per diluted share. Adjusted net loss for second quarter 2020 was $469 million, or $2.67 per diluted share.
Earnings Highlights
Three Months Ended
Six Months Ended
June 30,
(Dollars in millions, except per share amounts)
2021
2020
Net Sales
$
5,025
2,091
8,689
4,839
Segment earnings (loss) before interest and income taxes
Flat-Rolled
579
(329
)
725
(364
Mini Mill (a)
284
—
416
U. S. Steel Europe
207
(26
312
(40
Tubular (b)
(47
(29
(95
Other
14
(21
22
(20
Total segment earnings (loss) before interest and income taxes
1,084
(423
1,446
(519
Other items not allocated to segments
(50
(109
13
(388
Earnings (loss) before interest and income taxes
1,034
(532
1,459
(907
Net interest and other financial costs
59
62
392
97
Income tax benefit
(37
(5
(36
(24
Net earnings (loss)
1,012
(589
1,103
(980
Earnings (loss) per diluted share
3.53
(3.36
4.02
(5.67
Adjusted net earnings (loss) (c)
964
(469
1,247
(592
Adjusted net earnings (loss) per diluted share (c)
3.37
(2.67
4.54
(3.43
Adjusted earnings (loss) before interest, income taxes, depreciation and amortization (EBITDA) (c)
1,286
(264
1,837
(200
(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 (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.
“The second quarter was an exceptional quarter for U. S. Steel,” said U. S. Steel President and Chief Executive Officer David B. Burritt. “The enterprise delivered record adjusted EBITDA margins, highlighting the power of a combined integrated and mini mill footprint. Our financial strength gives us the confidence to announce up to $1 billion of additional debt reduction over the next 12 months. This is in addition to the $2.2 billion of debt reduction we’ve already committed to or delivered to date.”
Commenting on U. S. Steel's strategy, Burritt continued, "Our mission is to provide customers with profitable steel solutions that benefit people and planet. Our Best of Both℠ business model creates the platform to transition to Best for All℠ so that we can contribute to a more sustainable future for all our stakeholders. We recently announced an investment in a state-of-the-art non-grain oriented (NGO) electrical steel line that will further Big River Steel’s industry-leading position. This investment allows us to partner with auto OEMs on their own decarbonization goals. We also divested our Transtar rail assets to support our transition to a Best for All strategy.”
Burritt concluded, “We are bullish that today's strong market environment can continue. Our business is firing on all cylinders; our balance sheet has been enhanced, and our pension and OPEB plans are fully funded. We are capitalizing on today’s supportive market to get to our future faster. Our customers are the driving force behind our Best for All ambitions, and we thank our employees for safely delivering record quality and reliability performance for them. We look forward to setting new records in the third quarter and expect to achieve all-time best adjusted EBITDA for the quarter.”
*****
The Company will conduct a conference call on second quarter 2021 earnings on Friday, July 30, 2021 at 8:30 a.m. EDT. To listen to the webcast of the conference call and to access the company's slide presentation, visit the U. S. Steel website, www.ussteel.com, and click “Investors” then "Events & Presentations." Replays of the conference call will be available on the website after 10:30 a.m. on July 30, 2021.
UNITED STATES STEEL CORPORATION
PRELIMINARY SUPPLEMENTAL STATISTICS (Unaudited)
OPERATING STATISTICS
Average realized price: ($/net ton unless otherwise noted) (a)
1,078
721
983
715
Mini Mill (b)
1,207
1,106
905
632
831
620
U. S. Steel Europe (€/net ton)
750
575
689
563
Tubular
1,633
1,288
1,513
1,285
Steel shipments (thousands of net tons): (a)
2,326
1,790
4,658
4,299
616
1,063
1,167
610
2,210
1,411
105
132
194
319
Total Steel Shipments
4,214
2,532
8,125
6,029
Intersegment steel (unless otherwise noted) shipments (thousands of net tons):
Flat-Rolled to Tubular
9
101
Flat-Rolled to USSE (iron ore pellets and fines)
223
225
439
Mini Mill (b) to Flat-Rolled
125
186
Raw steel production (thousands of net tons):
2,485
1,468
5,066
4,616
747
1,257
1,279
645
2,476
1,527
Tubular (c)
114
Raw steel capability utilization: (d)
%
35
60
54
91
84
103
52
100
61
51
46
CAPITAL EXPENDITURES (dollars in millions)
93
118
167
310
20
56
12
26
48
40
34
94
Other Businesses
1
3
Total
148
173
455
(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.
CONDENSED STATEMENT OF OPERATIONS (Unaudited)
NET SALES
OPERATING EXPENSES (INCOME):
Cost of sales
3,678
2,274
6,752
4,879
Selling, general and administrative expenses
106
208
134
Depreciation, depletion and amortization
202
159
391
(Earnings) loss from investees
(35
39
(49
47
Asset impairment charges
28
263
Gain on equity investee transactions
(111
(31
Restructuring and other charges
31
89
37
130
Net (gain) loss on sale of assets
(15
Other (gains) losses, net
(4
(11
5
Total operating expenses
3,991
2,623
7,230
5,746
EARNINGS (LOSS) BEFORE INTEREST AND INCOME TAXES
EARNINGS (LOSS) BEFORE INCOME TAXES
975
(594
1,067
(1,004
Net earnings attributable to noncontrolling interests
NET EARNINGS (LOSS) ATTRIBUTABLE TO UNITED STATES STEEL CORPORATION
COMMON STOCK DATA:
Net earnings (loss) per share attributable to
United States Steel Corporation stockholders:
Basic
3.75
4.25
Diluted
Weighted average shares, in thousands
269,872
175,327
259,668
172,775
286,337
274,512
Dividends paid per common share
0.01
0.02
CONDENSED CASH FLOW STATEMENT (Unaudited)
(Dollars in millions)
Cash provided by (used in) operating activities:
Loss on debt extinguishment
256
Pensions and other postretirement benefits
(46
(10
Deferred income taxes
(77
(12
Net gain on sale of assets
Working capital changes
(429
(42
Income taxes receivable/payable
10
Other operating activities
(81
(9
(362
Cash used in investing activities:
Capital expenditures
(284
(455
Acquisition of Big River Steel, net of cash acquired
(625
Investment in Big River Steel
(3
Proceeds from sale of assets
25
Proceeds from sale of ownership interests in equity investees
8
Other investing activities
(1
(885
(453
Cash (used in) provided by financing activities:
Repayment of short-term debt
(180
Revolving credit facilities - borrowings, net of financing costs
50
1,462
Revolving credit facilities - repayments
(911
(644
Issuance of long-term debt, net of financing costs
825
1,048
Repayment of long-term debt
(1,418
(6
Proceeds from public offering of common stock
790
410
Proceeds from Stelco Option Agreement
Other financing activities
(855
2,306
Effect of exchange rate changes on cash
Net (decrease) increase in cash, cash equivalents and restricted cash
(646
1,490
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
1,472
2,429
CONDENSED BALANCE SHEET (Unaudited)
December 31,
Cash and cash equivalents
1,329
1,985
Receivables, net
2,010
994
Inventories
1,914
1,402
Assets held for sale
154
Other current assets
231
Total current assets
5,638
4,432
Operating lease assets
192
214
Property, plant and equipment, net
7,375
5,444
Investments and long-term receivables, net
572
1,177
Intangible assets, net
533
129
Goodwill
909
4
Other noncurrent assets
865
659
Total assets
16,084
12,059
Accounts payable and other accrued liabilities
2,819
1,884
Payroll and benefits payable
425
308
Short-term debt and current maturities of long-term debt
763
Other current liabilities
364
272
Liabilities held for sale
80
Total current liabilities
4,451
2,656
Noncurrent operating lease liabilities
145
163
Long-term debt, less unamortized discount and debt issuance costs
4,803
4,695
Employee benefits
322
Other long-term liabilities
534
344
United States Steel Corporation stockholders' equity
5,851
3,786
Noncontrolling interests
92
Total liabilities and stockholders' equity
NON-GAAP FINANCIAL MEASURES
RECONCILIATION OF ADJUSTED NET EARNINGS (LOSS)
(Dollars in millions, except per share amounts) (a)
Reconciliation to adjusted net earnings (loss) attributable to United States Steel Corporation
Net earnings (loss) attributable to United States Steel Corporation
Debt extinguishment
255
Big River Steel - inventory step-up amortization
24
Big River Steel - unrealized losses
Big River Steel - acquisition costs
30
82
36
123
Gain on previously held investment in Big River Steel
Asset impairment
Property sale
(14
Reversal of tax valuation allowance (b)
Tubular inventory impairment
Uncertain tax positions
Gain on previously held investment in UPI
(25
Big River Steel options and forward adjustments
December 24, 2018 Clairton coke making facility fire
Total adjustments
(48
120
144
388
Adjusted net earnings (loss) attributable to United States Steel Corporation
Reconciliation to adjusted diluted net earnings (loss) per share
Diluted net earnings (loss) per share
0.93
0.09
0.05
0.03
0.11
0.47
0.13
0.70
(0.40
1.52
(0.05
(0.33
(0.35
0.14
0.07
(0.14
(0.03
(0.02
(0.16
0.69
0.52
2.24
Adjusted diluted net earnings (loss) per share
(a) The adjustments included in this table for the three months ended June 30, 2021 were tax effected due to the partial reversal of the valuation allowance on our domestic deferred tax assets at June 30, 2021.
(b) The $95 million adjustment was related to the reversal of a portion 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 $167 million included in earnings related to the reversal of the valuation allowance due to a change in estimated current year earnings.
RECONCILIATION OF ADJUSTED EBITDA
Reconciliation to Adjusted EBITDA
Depreciation, depletion and amortization expense
EBITDA
1,236
(373
1,850
(588
6
15
Asset impairment charge
Adjusted EBITDA
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, Big River Steel - inventory step-up amortization, Big River Steel - unrealized losses, Big River Steel - acquisition costs, restructuring and other charges, gain on previously held investment in Big River Steel, asset impairment, property sale, 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, 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.
###
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210729006125/en/
John AmblerVice PresidentCorporate CommunicationsT - (412) 433-2407E - joambler@uss.com
Kevin LewisVice PresidentInvestor RelationsT - (412) 433-6935E - klewis@uss.com
Source: United States Steel Corporation