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			☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

			☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number 1-16811

Delaware

25-1897152

(State or other jurisdiction of incorporation)

(IRS Employer Identification No.)

600 Grant Street,

Pittsburgh,

PA

15219-2800

(Address of principal executive offices)

(Zip Code)

Title of each class			Trading Symbol			Name of each exchange on which registered
United States Steel Corporation Common Stock			X			New York Stock Exchange
United States Steel Corporation Common Stock			X			Chicago Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Large accelerated filer

x

Accelerated filer

o

Non-accelerated filer

o

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No x

									Page
PART I – FINANCIAL INFORMATION
			Item 1.			Financial Statements:
						Condensed Consolidated Statement of Operations (Unaudited)			1
						Condensed Consolidated Statement of Comprehensive Income (Loss) (Unaudited)			2
						Condensed Consolidated Balance Sheet (Unaudited)			3
						Condensed Consolidated Statement of Cash Flows (Unaudited)			4
						Notes to Condensed Consolidated Financial Statements (Unaudited)			5
			Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			22
			Item 3.			Quantitative and Qualitative Disclosures about Market Risk			33
			Item 4.			Controls and Procedures			33
PART II – OTHER INFORMATION
			Item 1.			Legal Proceedings			33
			Item 1A.			Risk Factors			38
			Item 2			Purchases of Equity Securities by Issuer and Affiliated Purchasers			39
			Item 3			Defaults upon Senior Securities			39
			Item 4.			Mine Safety Disclosure			39
			Item 5.			Other Information			39
			Item 6.			Exhibits			40
SIGNATURE									41
WEB SITE POSTING									41

			Three Months Ended March 31,
(Dollars in millions, except per share amounts)			2022			2021
Net sales:
Net sales			$	4,843		$	3,369
Net sales to related parties (Note 19)			391			295
Total (Note 6)			5,234			3,664
Operating expenses (income):
Cost of sales			3,823			3,074
Selling, general and administrative expenses			117			102
Depreciation, depletion and amortization			198			189
Earnings from investees			(36)			(14)
Gain on equity investee transactions (Note 5)			—			(111)
Restructuring and other charges (Note 20)			17			6
Net gain on sale of assets			(2)			—
Other gains, net			(1)			(7)
Total			4,116			3,239
Earnings before interest and income taxes			1,118			425
Interest expense			50			92
Interest income			(1)			(1)
Loss on debt extinguishment			—			255
Other financial costs			2			18
Net periodic benefit income			(61)			(31)
Net interest and other financial (benefits) costs			(10)			333
Earnings before income taxes			1,128			92
Income tax expense (Note 12)			246			1
Net earnings			882			91
Less: Net earnings attributable to noncontrolling interests			—			—
Net earnings attributable to United States Steel Corporation			$	882		$	91
Earnings per common share (Note 13):
Earnings per share attributable to United States Steel Corporation stockholders:
'-Basic			$	3.37		$	0.36
'-Diluted			$	3.02		$	0.35

						Three Months Ended March 31,
(Dollars in millions)						2022						2021
Net earnings						$	882					$	91
Other comprehensive income (loss), net of tax:
Changes in foreign currency translation adjustments						(28)						(47)
Changes in pension and other employee benefit accounts						(3)						24
Changes in derivative financial instruments						22						(20)
Total other comprehensive loss, net of tax						(9)						(43)
Comprehensive income including noncontrolling interest						873						48
Comprehensive income attributable to noncontrolling interest						—						—
Comprehensive income attributable to United States Steel Corporation						$	873					$	48

(Dollars in millions)						March 31, 2022						December 31, 2021
Assets
Current assets:
Cash and cash equivalents (Note 7)						$	2,866					$	2,522
Receivables, less allowance of $40 and $44						2,267						1,968
Receivables from related parties (Note 19)						148						121
Inventories (Note 8)						2,663						2,210
Other current assets						436						331
Total current assets						8,380						7,152
Long-term restricted cash (Note 7)						58						76
Operating lease assets						174						185
Property, plant and equipment						19,965						19,676
Less accumulated depreciation and depletion						12,549						12,422
Total property, plant and equipment, net						7,416						7,254
Investments and long-term receivables, less allowance of $4 in both periods						727						694
Intangibles, net (Note 9)						509						519
Deferred income tax benefits (Note 12)						24						32
Goodwill (Note 9)						920						920
Other noncurrent assets						1,016						984
Total assets						$	19,224					$	17,816
Liabilities
Current liabilities:
Accounts payable and other accrued liabilities						$	3,172					$	2,809
Accounts payable to related parties (Note 19)						171						99
Payroll and benefits payable						407						425
Accrued taxes						492						365
Accrued interest						47						68
Current operating lease liabilities						56						58
Short-term debt and current maturities of long-term debt (Note 15)						60						28
Total current liabilities						4,405						3,852
Noncurrent operating lease liabilities						127						136
Long-term debt, less unamortized discount and debt issuance costs (Note 15)						3,917						3,863
Employee benefits						195						235
Deferred income tax liabilities (Note 12)						216						122
Deferred credits and other noncurrent liabilities						573						505
Total liabilities						9,433						8,713
Contingencies and commitments (Note 21)
Stockholders’ Equity (Note 17):
Common stock (282,244,228 and 279,522,227 shares issued) (Note 13)						282						280
Treasury stock, at cost (21,552,955 shares and 15,708,839 shares)						(477)						(334)
Additional paid-in capital						5,146						5,199
Retained earnings						4,425						3,534
Accumulated other comprehensive income (Note 18)						322						331
Total United States Steel Corporation stockholders’ equity						9,698						9,010
Noncontrolling interests						93						93
Total liabilities and stockholders’ equity						$	19,224					$	17,816

						Three Months Ended March 31,
(Dollars in millions)						2022						2021
Increase (decrease) in cash, cash equivalents and restricted cash
Operating activities:
Net earnings						$	882					$	91
Adjustments to reconcile to net cash provided by operating activities:
Depreciation, depletion and amortization						198						189
Gain on equity investee transactions						—						(111)
Restructuring and other charges (Note 20)						17						6
Loss on debt extinguishment						—						255
Pensions and other postretirement benefits						(60)						(25)
Deferred income taxes (Note 12)						121						3
Net gain on sale of assets						(2)						—
Equity investee earnings, net of distributions received						(36)						(14)
Changes in:
Current receivables						(355)						(477)
Inventories						(467)						(183)
Current accounts payable and accrued expenses						360						386
Income taxes receivable/payable						140						3
All other, net						(27)						(12)
Net cash provided by operating activities						771						111
Investing activities:
Capital expenditures						(349)						(136)
Acquisition of Big River Steel, net of cash acquired (Note 5)						—						(625)
Proceeds from sale of assets						4						—
Other investing activities						(7)						(1)
Net cash used in investing activities						(352)						(762)
Financing activities:
Repayment of short-term debt (Note 15)						—						(180)
Revolving credit facilities - borrowings, net of financing costs (Note 15)						—						50
Revolving credit facilities - repayments (Note 15)						—						(671)
Issuance of long-term debt, net of financing costs (Note 15)						4						826
Repayment of long-term debt (Note 15)						(6)						(1,379)
Net proceeds from public offering of common stock (Note 22)						—						791
Common stock repurchased (Note 22)						(123)						—
Proceeds from government incentives (Note 21)						82						—
Other financing activities						(28)						(10)
Net cash used in financing activities						(71)						(573)
Effect of exchange rate changes on cash						(7)						(12)
Net increase (decrease) in cash, cash equivalents and restricted cash						341						(1,236)
Cash, cash equivalents and restricted cash at beginning of year (Note 7)						2,600						2,118
Cash, cash equivalents and restricted cash at end of period (Note 7)						$	2,941					$	882

Non-cash investing and financing activities:
Change in accrued capital expenditures						$	22					$	5
U. S. Steel common stock issued for employee/non-employee director stock plans						45						18
Capital expenditures funded by finance lease borrowings						7						1
Export Credit Agreement (ECA) financing						—						23

The year-end Consolidated Balance Sheet data was derived from audited statements but does not include all disclosures required for complete financial statements by accounting principles generally accepted in the United States of America (U.S. GAAP). The other information in these condensed financial statements is unaudited but, in the opinion of management, reflects all adjustments necessary for a fair statement of the results for the periods covered, including assessment of certain accounting matters using all available information such as consideration of forecasted financial information in context with other information reasonably available to us. However, our future assessment of our current expectations, including consideration of the unknown future impacts of the COVID-19 pandemic, could result in material impacts to our consolidated financial statements in future reporting periods. All such adjustments are of a normal recurring nature unless disclosed otherwise. These condensed financial statements, including notes, have been prepared in accordance with the applicable rules of the Securities and Exchange Commission and do not include all of the information and disclosures required by U.S. GAAP for complete financial statements. Additional information is contained in the United States Steel Corporation Annual Report on Form 10-K for the fiscal year ended December 31, 2021, which should be read in conjunction with these condensed financial statements.

In October 2021, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (ASU 2021-08). ASU 2021-08 requires that an entity recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, Revenue from Contracts with Customers. ASU 2021-08 is effective to public companies for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years, with early adoption of all amendments in the same period permitted. The Company is currently assessing the impact of ASU 2021-08 but does not believe it will have a material impact on its Condensed Consolidated Financial Statements.

In August 2020, the FASB issued Accounting Standards Update 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (ASU 2020-06). ASU 2020-06 simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. ASU 2020-06 also requires entities to provide expanded disclosures about the terms and features of convertible instruments and amends certain guidance in ASC 260 on the computation of earnings per share (EPS) for convertible instruments and contracts on an entity’s own equity. The update requires entities to use the If-Converted Method for calculating diluted earnings per share, retiring the previous alternative calculation of the Treasury Stock Method for calculating diluted earnings per share for convertible instruments.

U. S. Steel has adopted this guidance using the modified retrospective implementation method as of January 1, 2022. The cumulative effect of the changes made to our consolidated January 1, 2022, balance sheet for the adoption of ASU 2020-06 was as follows:

(in millions)			Balance as of December 31, 2021			Adjustments due to ASU 2020-06			Balance as of January 1, 2022
Condensed Consolidated Balance Sheet
Assets
Deferred income tax benefits			32			4			36
Liabilities
Long-term debt, less unamortized discount and debt issuance costs			3,863			74			3,937
Deferred income tax liabilities			122			(15)			107
Equity
Additional paid-in capital			5,199			(78)			5,121
Retained Earnings			3,534			22			3,556

In November 2021, the FASB issued Accounting Standards Update 2021-10, Disclosures by Business Entities about Government Assistance (ASU 2021-10). ASU 2021-10 provides expanded annual disclosure requirements for business entities that account for a transaction with a government by applying a grant or contribution accounting model by

analogy. U. S. Steel adopted this guidance effective January 1, 2022. The adoption of this guidance did not have a material impact on the Company's Condensed Consolidated Financial Statements.

U. S. Steel has four reportable segments: North American Flat-Rolled (Flat-Rolled), Mini Mill, U. S. Steel Europe (USSE); and Tubular Products (Tubular). The Mini Mill segment reflects the acquisition of Big River Steel after the purchase of the remaining equity interest on January 15, 2021 (see Note 5 for further details) and a new mini mill under construction in Osceola, Arkansas. The Tubular Products segment includes the electric arc furnace at our Fairfield Tubular Operations in Fairfield, Alabama. The results of our real estate businesses and of our former railroad business are combined and disclosed in the Other category.

The results of segment operations for the three months ended March 31, 2022 and 2021 are:

(In millions) Three Months Ended March 31, 2022			Customer Sales			Intersegment Sales			Net Sales			Earnings from investees			Earnings (loss) before interest and income taxes
Flat-Rolled			$	2,954		$	52		$	3,006		$	30		$	513
Mini Mill			718			130			848			—			278
USSE			1,251			4			1,255			—			264
Tubular			309			3			312			6			77
Total reportable segments			5,232			189			5,421			36			1,132
Other			2			—			2			—			7
Reconciling Items and Eliminations			—			(189)			(189)			—			(21)
Total			$	5,234		$	—		$	5,234		$	36		$	1,118
Three Months Ended March 31, 2021
Flat-Rolled			$	2,272		$	43		$	2,315		$	5		$	146
Mini Mill			450			62			512			—			132
USSE			798			1			799			—			105
Tubular			134			4			138			3			(29)
Total reportable segments			3,654			110			3,764			8			354
Other			10			29			39			6			8
Reconciling Items and Eliminations			—			(139)			(139)			—			63
Total			$	3,664		$	—		$	3,664		$	14		$	425

A summary of total assets by segment is as follows:

(In millions)						March 31, 2022						December 31, 2021
Flat-Rolled						$	7,924					$	7,337
Mini Mill(a)						4,850						4,715
USSE						6,400						6,111
Tubular						1,072						1,054
Total reportable segments						$	20,246					$	19,217
Other						$	123					$	88
Corporate, reconciling items, and eliminations(b)						(1,145)						(1,489)
Total assets						$	19,224					$	17,816

(a)Includes assets of $587 million and $347 million at March 31, 2022 and December 31, 2021, respectively, related to a new mini mill under construction in Osceola, Arkansas.

(b)The majority of corporate, reconciling items, and eliminations is comprised of cash and the elimination of intersegment amounts.

The following is a schedule of reconciling items to consolidated earnings before interest and income taxes:

						Three Months Ended March 31,
(In millions)						2022						2021
Items not allocated to segments:
Restructuring and other charges (Note 20)						$	(17)					$	(6)
Other charges, net						(4)						(42)
Gains on assets sold and previously held investments						—						111
Total reconciling items						$	(21)					$	63

The acquisition has been accounted for in accordance with ASC 805, Business combinations. There were step-ups to fair value of approximately $308 million, $194 million and $24 million for property, plant and equipment, debt and inventory, respectively. An intangible asset for customer relationships and goodwill of approximately $413 million and $916 million were also recorded, respectively. Goodwill represents the excess of purchase price over the fair market value of the net assets. Goodwill is primarily attributable to Big River Steel's operational abilities, workforce and the anticipated benefits from their recent expansion and will be partially tax deductible. The inventory step-up was fully amortized as of March 31, 2021, the intangible asset will be amortized over a 22-year period and the debt step-up will be amortized over the contractual life of the underlying debt. See Note 15 for further details.

			(in millions)
Assets Acquired:
Receivables			$	166
Receivables with U. S. Steel (1)			99
Inventories			184
Other current assets			16
Property, plant and equipment			2,188
Intangibles			413
Goodwill			916
Other noncurrent assets			19
Total Assets Acquired			$	4,001

Liabilities Assumed:
Accounts payable and accrued liabilities			$	224
Payroll and benefits payable			27
Accrued taxes			9
Accrued interest			33
Short-term debt and current maturities of long-term debt			29
Long-term debt			1,997
Deferred income tax liabilities			26
Deferred credits and other long-term liabilities			211
Total Liabilities Assumed			$	2,556
Fair value of previously held investment in Big River Steel			$	770
Purchase price, including assumed liabilities and net of cash acquired			675
Difference in assets acquired and liabilities assumed			$	1,445

(1) The transaction to purchase Big River Steel included receivables for payments made by Big River Steel on behalf of U. S. Steel for retention bonuses of $22 million that impacted the previously held equity investment and for U. S. Steel liabilities assumed in the purchase of approximately $50 million. In addition, there were assumed receivables of approximately $27 million for steel substrate sales from Big River Steel to U. S. Steel. The receivables with U. S. Steel eliminate in consolidation with offsetting intercompany payables from U. S. Steel.

			Three Months Ended March 31,
(in millions)			2021			2020
Net sales			$	3,736		$	2,994
Net earnings (loss)			$	18		$	(367)

Three Months Ended March 31, 2022			Flat-Rolled			Mini Mill			USSE			Tubular			Other			Total
Semi-finished			$	49		$	—		$	1		$	—		$	—		$	50
Hot-rolled sheets			514			399			593			—			—			1,506
Cold-rolled sheets			971			92			139			—			—			1,202
Coated sheets			1,196			224			483			—			—			1,903
Tubular products			—			—			15			306			—			321
All Other (a)			224			3			20			3			2			252
Total			$	2,954		$	718		$	1,251		$	309		$	2		$	5,234
(a) Consists primarily of sales of raw materials and coke making by-products.

Three Months Ended March 31, 2021			Flat-Rolled			Mini Mill (b)			USSE			Tubular			Other			Total
Semi-finished			$	12		$	—		$	3		$	—		$	—		$	15
Hot-rolled sheets			450			249			386			—			—			1,085
Cold-rolled sheets			784			79			83			—			—			946
Coated sheets			878			121			298			—			—			1,297
Tubular products			—			—			10			128			—			138
All Other (a)			148			1			18			6			10			183
Total			$	2,272		$	450		$	798		$	134		$	10		$	3,664
(a) Consists primarily of sales of raw materials and coke making by-products.
(b) Mini Mill segment added after January 15, 2021 with the purchase of the remaining equity interest in Big River Steel.

(In millions)						March 31, 2022						December 31, 2021						March 31, 2021
Cash and cash equivalents						$	2,866					$	2,522					$	753
Restricted cash in other current assets						17						2						7
Restricted cash in other noncurrent assets						58						76						122
Total cash, cash equivalents and restricted cash						$	2,941					$	2,600					$	882

The LIFO method is the predominant method of inventory costing for our Flat-Rolled and Tubular segments. The FIFO and moving average methods are the predominant inventory costing methods for our Mini Mill segment and the FIFO method is the predominant inventory costing method for our USSE segment. At March 31, 2022 and December 31, 2021, the LIFO method accounted for 41 percent and 46 percent of total inventory values, respectively.

(In millions)			March 31, 2022						December 31, 2021
Raw materials			$	1,098					$	713
Semi-finished products			1,112						1,056
Finished products			407						388
Supplies and sundry items			46						53
Total			$	2,663					$	2,210

Current acquisition costs were estimated to exceed the above inventory values by $1.62 billion and $896 million at March 31, 2022 and December 31, 2021, respectively. As a result of the liquidation of LIFO inventories, cost of sales decreased and earnings before interest and income taxes increased by $8 million and $1 million for the three months ended March 31, 2022 and 2021, respectively.

Intangible assets that are being amortized on a straight-line basis over their estimated useful lives are detailed below:

									As of March 31, 2022												As of December 31, 2021
(In millions)			Useful Lives						Gross Carrying Amount			Accumulated Amortization			Net Amount						Gross Carrying Amount			Accumulated Amortization			Net Amount
Customer relationships			22 Years						$	413		$	22		$	391					$	413		$	18		$	395
Patents			5-15 Years						17			11			6						17			11			6
Energy Contract			2 Years						54			17			37						54			11			43
Total amortizable intangible assets									$	484		$	50		$	434					$	484		$	40		$	444

Total estimated amortization expense for the remainder of 2022 is $31 million. We expect approximately $120 million in annual amortization expense through 2027 and approximately $282 million in remaining amortization expense thereafter.

The carrying amount of acquired water rights with indefinite lives as of March 31, 2022 and December 31, 2021 totaled $75 million.

Below is a summary of goodwill by segment for the three months ended March 31, 2022:

			Flat-Rolled			Mini Mill			USSE			Tubular			Total
Balance at December 31, 2021			$	—		$	916		$	4		$	—		$	920
Additions			—			—			—			—			—
Balance at March 31, 2022			$	—		$	916		$	4		$	—		$	920

The following table reflects the components of net periodic benefit (income) cost for the three months ended March 31, 2022 and 2021:

			Pension Benefits												Other Benefits
(In millions)			2022						2021						2022						2021
Service cost			$	11					$	14					$	2					$	3
Interest cost			39						40						12						12
Expected return on plan assets			(89)						(89)						(22)						(20)
Amortization of prior service credit			—						—						(7)						(7)
Amortization of actuarial net loss (gain)			18						38						(13)						(6)
Net periodic benefit cost (income), excluding below			(21)						3						(28)						(18)
Multiemployer plans			19						19						—						—
Settlement, termination and curtailment losses (a)			1						—						—						—
Net periodic benefit cost (income)			$	(1)					$	22					$	(28)					$	(18)
(a) During the three months ended March 31, 2022, pension benefits incurred special termination charges of approximately $1 million due to workforce restructuring.

Employer Contributions

During the first three months of 2022, cash payments of $12 million were made for other postretirement benefit payments not funded by trusts.

Company contributions to defined contribution plans totaled $11 million and $10 million for the three months ended March 31, 2022 and 2021, respectively.

						2022									2021
Grant Details						Shares(a)			Fair Value(b)						Shares(a)			Fair Value(b)
Restricted Stock Units						1,169,470			$	24.27					1,418,380			$	17.92
Performance Awards (c)
TSR						225,030			$	28.53					306,930			$	19.46
ROCE (d)						396,280			$	23.60					485,900			$	17.92

(a) The share amounts shown in this table do not reflect an adjustment for estimated forfeitures.

(b) Represents the per share weighted average for all grants during the period.

(c) The number of performance awards shown represents the target share grant of the award.

(d) A portion of ROCE awards granted in 2022 and 2021 are not shown in the table because they were granted in cash.

20-trading day Average Closing Stock Price Achievement During 7-Year Period Beginning on Grant Date						Percentage of Performance-Based Stock Options Exercisable
$	35.00					33.33		%
$	45.00					33.33		%
$	55.00					33.34		%

Earnings Per Share Attributable to United States Steel Corporation Stockholders

The effect of dilutive securities on weighted average common shares outstanding included in the calculation of diluted earnings per common share for the three months ended March 31, 2022 and March 31, 2021 were as follows.

			Three Months Ended March 31,
(Dollars in millions, except per share amounts)			2022			2021
Earnings attributable to United States Steel Corporation stockholders			$	882		$	91
Weighted-average shares outstanding (in thousands):
Basic			261,453			249,351
Effect of Senior Convertible Notes (a)			26,194			8,467
Effect of stock options, restricted stock units and performance awards			5,620			4,151
Adjusted weighted-average shares outstanding, diluted (a)			293,267			261,969
Basic earnings per common share			$	3.37		$	0.36
Diluted earnings per common share			$	3.02		$	0.35

Excluded from the computation of diluted earnings per common share due to their anti-dilutive effect were 0.6 million and 1.4 million outstanding securities granted under the Omnibus Plan for the three months ended March 31, 2022 and 2021, respectively.

Dividends Paid Per Share

U. S. Steel uses foreign exchange forward sales contracts (foreign exchange forwards) with maturities up to 31 months to manage our currency requirements and exposure to foreign currency exchange rate fluctuations. The USSE and Flat-Rolled segments use hedge accounting for their foreign exchange forwards. The Mini Mill segment has not elected hedge accounting; therefore, the changes in the fair value of their foreign exchange forwards are recognized immediately in the Consolidated Statements of Operations (mark-to-market accounting).

The table below shows the outstanding swap quantities used to hedge forecasted purchases and sales as of March 31, 2022 and March 31, 2021:

Hedge Contracts			Classification			March 31, 2022						March 31, 2021
Natural gas (in mmbtus)			Commodity purchase swaps			43,265,000						26,223,000
Tin (in metric tons)			Commodity purchase swaps			2,430						1,555
Zinc (in metric tons)			Commodity purchase swaps			15,679						19,021
Electricity (in megawatt hours)			Commodity purchase swaps			724,320						1,074,720
Iron ore pellets (in metric tons)			Commodity purchase swaps			30,000						—
Iron ore pellets (in metric tons)			Zero-cost collars			1,080,000						—
Hot-rolled coils (in tons)			Sales swaps			110,000						192,720
Foreign currency (in millions of euros)			Foreign exchange forwards			€	311					€	237
Foreign currency (in millions of dollars)			Foreign exchange forwards			$	158					$	9

Balance Sheet Location (in millions)			March 31, 2022			December 31, 2021
Designated as Hedging Instruments
Accounts receivable			$	103		$	42
Accounts payable			98			59
Investments and long-term receivables			—			2
Other long-term liabilities			3			4
Not Designated as Hedging Instruments
Accounts receivable			13			5
Investments and long-term receivables			7			5

The table below summarizes the effect of hedge accounting on Accumulated Other Comprehensive Income (AOCI) and amounts reclassified from AOCI into earnings for the three months ended March 31, 2022 and 2021:

			Gain (Loss) on Derivatives in AOCI												Amount of Gain (Loss) Recognized in Income
(In millions)			Three Months Ended March 31, 2022			Three Months Ended March 31, 2021						Location of Reclassification from AOCI (a)			Three Months Ended March 31, 2022			Three Months Ended March 31, 2021
Sales swaps			$	(57)		$	(44)					Net sales			$	(26)		$	(10)
Commodity purchase swaps			88			10						Cost of sales (b)			22			(1)
Foreign exchange forwards			(2)			19						Cost of sales			8			(5)

(a) The earnings impact of our hedging instruments substantially offsets the earnings impact of the related hedged items resulting in immaterial ineffectiveness.

(b) Costs for commodity purchase swaps are recognized in cost of sales as products are sold.

The loss recognized for foreign exchange forwards and financial swaps where hedge accounting was not elected was $9 million for the three months ended March 31, 2022. The loss recognized for foreign exchange forwards and financial swaps where hedge accounting was not elected was $9 million for the three months ended March 31, 2021.

(In millions)			Issuer/Borrower			Interest Rates %			Maturity			March 31, 2022						December 31, 2021
2037 Senior Notes			U. S. Steel			6.650			2037			350						350
2029 Senior Secured Notes			Big River Steel			6.625			2029			720						720
2029 Senior Notes			U. S. Steel			6.875			2029			748						750
2026 Senior Convertible Notes			U. S. Steel			5.000			2026			350						350
Environmental Revenue Bonds			U. S. Steel			4.125 - 6.750			2024 - 2050			647						647
Environmental Revenue Bonds			Big River Steel			4.500 - 4.750			2049			752						752
Finance leases and all other obligations			U. S. Steel			Various			2022 - 2029			74						67
Finance leases and all other obligations			Big River Steel			Various			2022 - 2031			126						122
Export Credit Agreement			U. S. Steel			Variable			2031			136						136
Credit Facility Agreement			U. S. Steel			Variable			2024			—						—
Big River Steel ABL Facility			Big River Steel			Variable			2026			—						—
USSK Credit Agreement			U. S. Steel Kosice			Variable			2026			—						—
USSK Credit Facility			U. S. Steel Kosice			Variable			2024			—						—
Total Debt												3,903						3,894
Less unamortized discount, premium, and debt issuance costs												(74)						3
Less short-term debt, long-term debt due within one year, and short-term issuance costs												60						28
Long-term debt												$	3,917					$	3,863

U. S. Steel Košice (USSK) Credit Facilities

The carrying value of cash and cash equivalents, current accounts and notes receivable, accounts payable and accrued interest included in the Condensed Consolidated Balance Sheet approximate fair value. See Note 14 for disclosure of U. S. Steel’s derivative instruments, which are accounted for at fair value on a recurring basis.

Stelco Option for Minntac Mine Interest

The following table summarizes U. S. Steel’s financial liabilities that were not carried at fair value at March 31, 2022 and December 31, 2021. The fair value of long-term debt was determined using Level 2 inputs.

			March 31, 2022												December 31, 2021
(In millions)			Fair Value						Carrying Amount						Fair Value						Carrying Amount
Financial liabilities:
Long-term debt (a)			$	4,508					$	3,777					$	4,379					$	3,702

(a) Excludes finance lease obligations.

Three Months Ended March 31, 2022 (In millions)			Total			Retained Earnings			Accumulated Other Comprehensive Income			Common Stock			Treasury Stock			Paid-in Capital			Non- Controlling Interest
Balance at beginning of year			$	9,103		$	3,534		$	331		$	280		$	(334)		$	5,199		$	93
Comprehensive income (loss):
Net earnings			882			882			—			—			—			—			—
Other comprehensive income (loss), net of tax:
Pension and other benefit adjustments			(3)			—			(3)			—			—			—			—
Currency translation adjustment			(28)			—			(28)			—			—			—			—
Derivative financial instruments			22			—			22			—			—			—			—
Employee stock plans			7			—			—			2			(20)			25			—
Common Stock Repurchased			(123)			—			—			—			(123)			—			—
Dividends paid on common stock			(13)			(13)			—			—			—			—			—
Cumulative effect upon adoption of Accounting Standards Update 2020-06			(56)			22			—			—			—			(78)			—
Balance at March 31, 2022			$	9,791		$	4,425		$	322		$	282		$	(477)		$	5,146		$	93

Three Months Ended March 31, 2021 (In millions)			Total			Accumulated Deficit			Accumulated Other Comprehensive Loss			Common Stock			Treasury Stock			Paid-in Capital			Non- Controlling Interest
Balance at beginning of year			$	3,879		$	(623)		$	(47)		$	229		$	(175)		$	4,402		$	93
Comprehensive income (loss):
Net earnings			91			91			—			—			—			—			—
Other comprehensive income (loss), net of tax:
Pension and other benefit adjustments			24			—			24			—			—			—			—
Currency translation adjustment			(47)			—			(47)			—			—			—			—
Derivative financial instruments			(20)			—			(20)			—			—			—			—
Employee stock plans			6			—			—			2			(7)			11			—
Common Stock Issued			790			—			—			48						742			—
Dividends paid on common stock			(3)						—			—			—			(3)			—
Balance at March 31, 2021			$	4,720		$	(532)		$	(90)		$	279		$	(182)		$	5,152		$	93