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PITTSBURGH--(BUSINESS WIRE)-- United States Steel Corporation (NYSE: X) reported fourth quarter 2020 net earnings of $49 million, or $0.22 per diluted share. Adjusted net loss was $60 million, or $0.27 per diluted share. This compares to fourth quarter 2019 net loss of $668 million, or $3.93 per diluted share. Adjusted net loss for the fourth quarter 2019 was $109 million, or $0.64 per diluted share.
Full-year 2020 net loss was $1,165 million, or $5.92 per diluted share. Adjusted net loss was $920 million, or $4.67 per diluted share. This compares to full-year 2019 net loss of $630 million, or $3.67 per diluted share. Adjusted net earnings for 2019 were $15 million, or $0.09 per diluted share.
(Dollars in millions, except per share amounts)
Segment (loss) earnings before interest and income taxes
U. S. Steel Europe
Total segment (loss) earnings before interest and income taxes
Other items not allocated to segments
Earnings (loss) before interest and income taxes
Net interest and other financial costs
Income tax (benefit) provision
Net earnings (loss)
Earnings (loss) per diluted share
Adjusted net (loss) earnings (a)
Adjusted net (loss) earnings per diluted share (a)
Adjusted earnings (loss) before interest, income taxes, depreciation and amortization (EBITDA) (a)
Please refer to the non-GAAP Financial Measures section of this document for the reconciliation of these amounts.
“We finished 2020 strong and are optimistic about the opportunity to deliver incremental value for our stakeholders in 2021,” said U. S. Steel President and CEO David B. Burritt. “Our fourth quarter adjusted EBITDA of $87 million is only just beginning to show the potential of our earnings growth as we begin to realize the benefits of higher prices, adaptive operations, and our continued focus on cost management. Our performance continues to strengthen as we enter 2021 and we are bullish that the market will continue to be fueled by robust demand, low inventories, and supportive raw material prices.”
Commenting on its Best of BothSM strategy execution in 2020, Burritt continued, “The team at U. S. Steel created unprecedented value in the trough by continuing our transformation into a world-competitive, Best of Both steel producer. By keeping the business resilient, we were able to execute our number one strategic priority to acquire the remaining stake in Big River Steel. With Big River Steel now fully part of the U. S. Steel portfolio, we are well positioned to drive significant earnings growth while delivering our customers an unmatched value proposition. Our future starts now and we cannot wait to show the world the value that the only Best of Both steel company can create.”
The Company will conduct a conference call on the fourth quarter and full-year 2020 earnings on Friday, January 29, at 8:30 a.m. Eastern Standard. To listen to the webcast of the conference call, and to access the company's slide presentation, visit the U. S. Steel website, www.ussteel.com, and click on the “Investors” section. Replays of the conference call will be available on the website after 10:30 a.m. on January 29.
UNITED STATES STEEL CORPORATION
PRELIMINARY SUPPLEMENTAL STATISTICS (Unaudited)
Average realized price: ($/net ton unless otherwise noted) (a)
U. S. Steel Europe (€/net ton)
Steel shipments (thousands of net tons):(a)
Total Steel Shipments
Intersegment steel (unless otherwise noted) shipments (thousands of net tons):
Flat-Rolled to Tubular
Flat-Rolled to U. S. Steel Europe (iron ore pellets and fines)
Raw steel production (thousands of net tons):
Raw steel capability utilization:(b)
CAPITAL EXPENDITURES (dollars in millions)
(a) Excludes intersegment shipments.
(b) Based on annual raw steel production capability of 17.0 million net tons for Flat-Rolled, 5.0 million net tons for U. S. Steel Europe and 0.9 million net tons for Tubular.
(c) The Fairfield Electric Arc Furnace commenced operation in October 2020. The new 1.6 million ton electric arc furnace is currently used to feed our 0.9 million ton rounds caster. As a result, the Tubular segment now has annual raw steel production capability of 0.9 million tons. The 2020 production as a % of total capability amount is based on an October 1, 2020 start date.
CONDENSED STATEMENT OF OPERATIONS (Unaudited)
Operating expenses (income):
Cost of sales (excludes items shown below)
Selling, general and administrative expenses
Depreciation, depletion and amortization
Loss (earnings) from investees
Asset impairment charges
Gain on equity investee transactions
Net gain on disposal of assets
Other loss (income), net
Total operating expenses
EARNINGS (LOSS) BEFORE INTEREST AND INCOME TAXES
(LOSS) EARNINGS BEFORE INCOME TAXES
Income tax (benefit) provision
Less: Net earnings (loss) attributable to noncontrolling interests
NET EARNINGS (LOSS) ATTRIBUTABLE TO UNITED STATES STEEL CORPORATION
COMMON STOCK DATA:
Net (loss) earnings per share attributable to
United States Steel Corporation stockholders:
Weighted average shares, in thousands
Dividends paid per common share
CONDENSED CASH FLOW STATEMENT (Unaudited)
(Dollars in millions)
Cash provided by (used in) operating activities:
Pensions and other post-employment benefits
Deferred income taxes
Net gain on sale of assets
Working capital changes
Income taxes receivable/payable
Other operating activities
Cash used in investing activities:
Investment in Big River Steel
Proceeds from sale of assets
Proceeds from sale of ownership interests in equity investees
Cash provided by (used in) financing activities:
Net change in short-term debt, net of financing costs
Revolving credit facilities - borrowings, net of financing costs
Revolving credit facilities - repayments
Issuance of long-term debt, net of financing costs
Repayment of long-term debt
Net proceeds from public offering of common stock
Proceeds from Stelco Option agreement, net of financing costs
Common stock repurchased
Taxes paid for equity compensation plans
Effect of exchange rate changes on cash
Net increase (decrease) in cash, cash equivalents and restricted cash
Cash, cash equivalents and restricted cash at beginning of the year
Cash, cash equivalents and restricted cash at end of the period
CONDENSED BALANCE SHEET (Unaudited)
Cash and cash equivalents
Other current assets
Total current assets
Operating lease assets
Property, plant and equipment, net
Investments and long-term receivables, net
Deferred income tax benefits
Other noncurrent assets
Accounts payable and other accrued liabilities
Payroll and benefits payable
Short-term debt and current maturities of long-term debt
Other current liabilities
Total current liabilities
Noncurrent operating lease liabilities
Long-term debt, less unamortized discount and debt issuance costs
Other long-term liabilities
United States Steel Corporation stockholders' equity
Total liabilities and stockholders' equity
NON-GAAP FINANCIAL MEASURES
RECONCILIATION OF ADJUSTED NET (LOSS) EARNINGS
(Dollars in millions, except per share amounts) (a)
Reconciliation to adjusted net (loss) earnings attributable to United States Steel Corporation
Net earnings (loss) attributable to United States Steel Corporation, as reported
Asset impairment charge
Restructuring and other charges
Tubular inventory impairment
Big River Steel debt extinguishment charges (b)
Uncertain tax positions
Big River Steel financing costs
Big River Steel transaction and other related costs
Fairless property sale
Big River Steel options and forward adjustments
Gain on previously held investment in UPI
December 24, 2018 Clairton coke making facility fire
Tax valuation allowance
Adjusted net (loss) earnings attributable to United States Steel Corporation
Reconciliation to adjusted diluted net (loss) earnings per share
Diluted net earnings (loss) per share
Adjusted diluted net (loss) earnings per share
(a) The adjustments included in this table for the three and twelve months ended December 31, 2020 have been tax effected for our European operations and not tax effected for our U.S. operations due to the full valuation allowance on our domestic deferred tax assets. The 2019 adjustments included in this table have been tax effected through the third quarter of 2019 as a valuation allowance was not applied to our deferred tax assets until the fourth quarter of 2019.
(b) The Big River Steel debt extinguishment charges were related to Big River Steel refinancing activity that was recognized by U. S. Steel through its equity method income.
RECONCILIATION OF ADJUSTED EBITDA
Reconciliation to Adjusted EBITDA
Net earnings (loss) attributable to United States Steel Corporation
Depreciation, depletion and amortization expense
Big River Steel debt extinguishment charges
We present adjusted net (loss) earnings, adjusted net (loss) earnings per diluted share, (loss) 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 (loss) 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 (loss) and adjusted net earnings (loss) per diluted share are non-GAAP measures that exclude the effects of items that include: the asset impairment charge, restructuring and other charges, the Fairless property sale, the Big River Steel options and forward adjustments, the December 24, 2018 Clairton coke making facility fire, the tax valuation allowance, loss on extinguishment of debt and other related costs, the USW labor agreement signing bonus and related costs, Granite City Works restart and related costs and gain on equity investee transactions that are not part of the Company's core operations (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, 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, anticipated disruptions to our operations and industry due to the COVID-19 pandemic, 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 our ability to realize the level of cost savings, productivity improvement, growth or other anticipated benefits and additional future synergies, including in the time period anticipated, of the acquisition of Big River Steel; our ability to successfully integrate the businesses of Big River Steel into our existing businesses, including uncertainties associated with maintaining relationships with customers, vendors and employees, as well as differences in operating technologies, cultures, and management philosophies that may delay successful integration; additional debt, which we assumed in connection with the acquisition of Big River Steel and incurred to enhance our liquidity during the COVID-19 pandemic, may negatively impact our credit profile and limit our financial flexibility; business strategies for the combined company's operations; the diversion of management’s attention from ongoing business operations; our ability to retain and hire key personnel, including within the Big River Steel business, and to access our distribution channels, including the availability of workforce and subcontractors; potential adverse reactions or changes to business relationships resulting from the completion of the acquisition of Big River Steel; unknown or underestimated liabilities and unforeseen increased expenses or delays associated with the acquisition and integration beyond current estimates; and the risks and uncertainties described in “Item 1A. Risk Factors” of our Annual report on Form 10-K, quarterly reports on Form 10-Q 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.
Founded in 1901, the United States Steel Corporation is a Fortune 250 company and a leading steel producer. Together with its subsidiary Big River Steel and an unwavering focus on safety, the company’s customer-centric Best of BothSM world-competitive integrated and mini mill technology 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/20210128006127/en/
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Source: United States Steel Corporation