Announcing a new $500 million stock buyback authorization

  • Second quarter net earnings of $978 million. Reported net earnings per diluted share of $3.42
  • Record second quarter adjusted net earnings of $1,104 million. Adjusted net earnings per diluted share of $3.86
  • Record second quarter adjusted EBITDA of $1,620 million

United States Steel Corporation (NYSE: X) reported second quarter 2022 net earnings of $978 million, or $3.42 per diluted share. Adjusted net earnings was $1,104 million, or $3.86 per diluted share. This compares to second quarter 2021 net earnings of $1,012 million, or $3.53 per diluted share. Adjusted net earnings for the second quarter 2021 was $1,050 million, or $3.67 per diluted share.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220728005812/en/

United States Steel Corporation Reports Record Second Quarter 2022 Results (Graphic: Business Wire)

Earnings Highlights

 

Three Months Ended June 30,

Six Months Ended June 30,

(Dollars in millions, except per share amounts)

2022

2021

2022

2021

Net Sales

$

6,290

 

$

5,025

 

$

11,524

 

$

8,689

 

Segment earnings (loss) before interest and income taxes

 

 

 

 

Flat-Rolled

 

777

 

 

579

 

 

1,290

 

 

725

 

Mini Mill (a)

 

270

 

 

284

 

 

548

 

 

416

 

U. S. Steel Europe

 

280

 

 

207

 

 

544

 

 

312

 

Tubular

 

107

 

 

 

 

184

 

 

(29

)

Other

 

(12

)

 

14

 

 

(5

)

 

22

 

Total segment earnings before interest and income taxes

$

1,422

 

$

1,084

 

$

2,561

 

$

1,446

 

Other items not allocated to segments

 

(168

)

 

(50

)

 

(189

)

 

13

 

Earnings before interest and income taxes

$

1,254

 

$

1,034

 

$

2,372

 

$

1,459

 

Net interest and other financial costs

 

(8

)

 

59

 

 

(18

)

 

392

 

Income tax expense

 

284

 

 

(37

)

 

530

 

 

(36

)

Net earnings

$

978

 

$

1,012

 

$

1,860

 

$

1,103

 

Earnings per diluted share

$

3.42

 

$

3.53

 

$

6.45

 

$

4.02

 

 

 

 

 

 

Adjusted net earnings (b)

$

1,104

 

$

1,050

 

$

2,002

 

$

1,332

 

Adjusted net earnings per diluted share (b)

$

3.86

 

$

3.67

 

$

6.95

 

$

4.85

 

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

$

1,620

 

$

1,286

 

$

2,957

 

$

1,837

 

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

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

“Our record-best second quarter was driven by strong performance across our diverse operating segments,” commented U. S. Steel President and Chief Executive Officer David B. Burritt. “As we continue to demonstrate the execution of our strategy, it is timely to reflect upon just how much progress we’ve made over the past twelve months, exhibiting continued record safety performance, generating nearly $6.7 billion of adjusted EBITDA and over $4 billion of free cash flow, building over $3 billion of cash, and returning nearly $850 million to stockholders, including July's buyback activity.”

Burritt continued, “The bold decisions we have made to invest in our competitive advantages make us a stronger business that creates enduring value for our stockholders through the cycle. The well-timed acquisition of Big River Steel created a best-in-class sustainable Mini Mill segment representing nearly 30% of U. S. Steel’s domestic flat-rolled steel EBITDA over the past twelve months. We invested in state-of-the-art electric arc furnace steelmaking through challenging energy dynamics and our Tubular segment is now profitably serving the resurging oil and gas markets. Our revitalized integrated operations are benefiting from our diverse end-market exposure and value-focused commercial strategy that leverages our deep customer relationships and lowest-cost iron ore capabilities to produce profitable steel solutions. In Europe, our Slovakian operations are navigating challenging conditions and continuing to implement resiliency plans and cost mitigation actions in the event of continued economic slowdown in the region.”

Commenting on the Company’s outlook, Burritt concluded, “We are bullish on U. S. Steel’s future and confident in our ability to execute our Best for All® strategy. While some consumer-oriented markets like automotive and appliance are softer, line pipe and energy demand is accelerating. We have demonstrated a commitment to achieving and maintaining a strong balance sheet, a supportive debt maturity profile, and a balanced approach to capital allocation. We’ve completed our $800 million stock buyback authorization and are pleased to announce a new $500 million stock buyback authorization today. We are a ‘show me’ story, which gives us the opportunity to continue to consider our stock as an attractive investment. Through passion and perseverance, we look forward to demonstrating the power of our strategy and the improvement in the value of our company.”

Capital Allocation Update:

During the second quarter 2022, the Company repurchased $400 million of its common stock. Third quarter 2022 to date, the Company has repurchased $127 million, exhausting the remaining portion of the $500 million share repurchase program announced in January 2022. The Board of Directors has authorized a new $500 million share repurchase program to commence in the third quarter 2022 under which the Company’s outstanding common stock may be repurchased from time to time at the discretion of management.

*****

The Company will conduct a conference call on the second quarter 2022 earnings on Friday, July 29, 2022, at 8:30 a.m. Eastern. To listen to the webcast of the conference call and to access the Company's slide presentation, visit the U. S. Steel website, www.ussteel.com, and click on the “Investors” section. Replay will be available on the website after 10:30 a.m. on July 29, 2022.

UNITED STATES STEEL CORPORATION

PRELIMINARY SUPPLEMENTAL STATISTICS (Unaudited)

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

2022

2021

 

2022

2021

OPERATING STATISTICS

 

 

 

 

 

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

 

 

 

 

 

Flat-Rolled

 

1,339

 

 

1,078

 

 

 

1,352

 

 

983

 

Mini Mill (b)

 

1,331

 

 

1,207

 

 

 

1,349

 

 

1,106

 

U. S. Steel Europe

 

1,217

 

 

905

 

 

 

1,162

 

 

831

 

U. S. Steel Europe (€/net ton)

 

1,142

 

 

750

 

 

 

1,064

 

 

689

 

Tubular

 

2,727

 

 

1,633

 

 

 

2,543

 

 

1,513

 

 

 

 

 

 

 

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

 

 

 

 

 

Flat-Rolled

 

2,365

 

 

2,326

 

 

 

4,312

 

 

4,658

 

Mini Mill (b)

 

615

 

 

616

 

 

 

1,122

 

 

1,063

 

U. S. Steel Europe

 

1,067

 

 

1,167

 

 

 

2,177

 

 

2,210

 

Tubular

 

136

 

 

105

 

 

 

264

 

 

194

 

Total Steel Shipments

 

4,183

 

 

4,214

 

 

 

7,875

 

 

8,125

 

 

 

 

 

 

 

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

 

 

 

 

 

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

 

82

 

 

223

 

 

 

82

 

 

439

 

Flat-Rolled to Mini Mill

 

23

 

 

 

 

 

23

 

 

 

Mini Mill (b) to Flat-Rolled

 

110

 

 

125

 

 

 

199

 

 

186

 

 

 

 

 

 

 

Raw steel production (thousands of net tons):

 

 

 

 

 

Flat-Rolled

 

2,424

 

 

2,485

 

 

 

4,629

 

 

5,066

 

Mini Mill (b)

 

750

 

 

747

 

 

 

1,351

 

 

1,257

 

U. S. Steel Europe

 

1,216

 

 

1,279

 

 

 

2,304

 

 

2,476

 

Tubular

 

168

 

 

114

 

 

 

324

 

 

207

 

 

 

 

 

 

 

Raw steel capability utilization: (c)

 

 

 

 

 

Flat-Rolled

 

74

%

 

59

%

 

 

71

%

 

60

%

Mini Mill (b)

 

91

%

 

91

%

 

 

83

%

 

84

%

U. S. Steel Europe

 

98

%

 

103

%

 

 

93

%

 

100

%

Tubular

 

75

%

 

51

%

 

 

73

%

 

46

%

 

 

 

 

 

 

CAPITAL EXPENDITURES (dollars in millions)

 

 

 

 

 

Flat-Rolled

 

112

 

 

93

 

 

 

229

 

 

167

 

Mini Mill (b)

 

179

 

 

20

 

 

 

390

 

 

56

 

U. S. Steel Europe

 

17

 

 

12

 

 

 

34

 

 

26

 

Tubular

 

3

 

 

22

 

 

 

7

 

 

34

 

Other Businesses

 

 

 

1

 

 

 

 

 

1

 

Total

$

311

 

$

148

 

 

$

660

 

$

284

 

(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) 2022 based on annual raw steel production capability of 13.2 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. 2021 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 June 30,

 

Six Months Ended June 30,

(Dollars in millions, except per share amounts)

2022

2021

 

2022

2021

Net Sales

$

6,290

 

$

5,025

 

 

$

11,524

 

$

8,689

 

 

 

 

 

 

 

Operating expenses (income):

 

 

 

 

 

Cost of sales

 

4,661

 

 

3,678

 

 

 

8,484

 

 

6,752

 

Selling, general and administrative expenses

 

112

 

 

106

 

 

 

229

 

 

208

 

Depreciation, depletion and amortization

 

198

 

 

202

 

 

 

396

 

 

391

 

Earnings from investees

 

(95

)

 

(35

)

 

 

(131

)

 

(49

)

Asset impairment charges

 

151

 

 

28

 

 

 

157

 

 

28

 

Gain on equity investee transactions

 

 

 

 

 

 

 

 

(111

)

Restructuring and other charges

 

17

 

 

31

 

 

 

34

 

 

37

 

Net gains on sale of assets

 

(2

)

 

(15

)

 

 

(4

)

 

(15

)

Other gains, net

 

(6

)

 

(4

)

 

 

(13

)

 

(11

)

Total operating expenses

 

5,036

 

 

3,991

 

 

 

9,152

 

 

7,230

 

 

 

 

 

 

 

Earnings before interest and income taxes

 

1,254

 

 

1,034

 

 

 

2,372

 

 

1,459

 

Net interest and other financial (benefits) costs

 

(8

)

 

59

 

 

 

(18

)

 

392

 

 

 

 

 

 

 

Earnings before income taxes

 

1,262

 

 

975

 

 

 

2,390

 

 

1,067

 

Income tax expense (benefit)

 

284

 

 

(37

)

 

 

530

 

 

(36

)

 

 

 

 

 

 

Net earnings

 

978

 

 

1,012

 

 

 

1,860

 

 

1,103

 

Less: Net earnings attributable to noncontrolling interests

 

 

 

 

 

 

 

 

 

Net earnings attributable to United States Steel Corporation

$

978

 

$

1,012

 

 

$

1,860

 

$

1,103

 

 

 

 

 

 

 

COMMON STOCK DATA:

 

 

 

 

 

Net earnings per share attributable to United States Steel Corporation Stockholders

 

 

 

 

 

Basic

$

3.80

 

$

3.75

 

 

$

7.17

 

$

4.25

 

Diluted

$

3.42

 

$

3.53

 

 

$

6.45

 

$

4.02

 

Weighted average shares, in thousands

 

 

 

 

 

Basic

 

257,267

 

 

269,872

 

 

 

259,348

 

 

259,668

 

Diluted

 

286,680

 

 

286,337

 

 

 

289,246

 

 

274,512

 

Dividends paid per common share

$

0.05

 

$

0.01

 

 

$

0.10

 

$

0.02

 

UNITED STATES STEEL CORPORATION

CONDENSED CASH FLOW STATEMENT (Unaudited)

 

Six Months Ended June 30,

(Dollars in millions)

2022

 

2021

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

Operating activities:

 

 

 

Net earnings

$

1,860

 

 

$

1,103

 

Depreciation, depletion and amortization

 

396

 

 

 

391

 

Asset impairment charges

 

157

 

 

 

28

 

Gain on equity investee transactions

 

 

 

 

(111

)

Restructuring and other charges

 

34

 

 

 

37

 

Loss on debt extinguishment

 

2

 

 

 

256

 

Pensions and other postretirement benefits

 

(106

)

 

 

(46

)

Deferred income taxes

 

247

 

 

 

(77

)

Working capital changes

 

(925

)

 

 

(429

)

Income taxes receivable/payable

 

229

 

 

 

47

 

Other operating activities

 

(218

)

 

 

(96

)

Net cash provided by operating activities

 

1,676

 

 

 

1,103

 

 

 

 

 

Investing activities:

 

 

 

Capital expenditures

 

(660

)

 

 

(284

)

Acquisition of Big River Steel, net of cash acquired

 

 

 

 

(625

)

Proceeds from cost reimbursement government grants

 

53

 

 

 

 

Proceeds from sale of assets

 

12

 

 

 

25

 

Other investing activities

 

(7

)

 

 

(1

)

Net cash used in investing activities

 

(602

)

 

 

(885

)

 

 

 

 

Financing activities:

 

 

 

Repayment of short-term debt

 

 

 

 

(180

)

Revolving credit facilities - borrowings, net of financing costs

 

 

 

 

50

 

Revolving credit facilities - repayments

 

 

 

 

(911

)

Issuance of long-term debt, net of financing costs

 

4

 

 

 

825

 

Repayment of long-term debt

 

(73

)

 

 

(1,418

)

Net proceeds from public offering of common stock

 

 

 

 

790

 

Common stock repurchased

 

(522

)

 

 

 

Proceeds from government incentives

 

82

 

 

 

 

Other financing activities

 

(39

)

 

 

(11

)

Net cash used in financing activities

 

(548

)

 

 

(855

)

 

 

 

 

Effect of exchange rate changes on cash

 

(27

)

 

 

(9

)

 

 

 

 

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

 

499

 

 

 

(646

)

Cash, cash equivalents and restricted cash at beginning of year

 

2,600

 

 

 

2,118

 

 

 

 

 

Cash, cash equivalents and restricted cash at end of period

$

3,099

 

 

$

1,472

 

UNITED STATES STEEL CORPORATION

CONDENSED BALANCE SHEET (Unaudited)

 

June 30,

 

December 31,

(Dollars in millions)

2022

 

2021

Cash and cash equivalents

$

3,035

 

$

2,522

Receivables, net

 

2,602

 

 

 

2,089

 

Inventories

 

3,014

 

 

 

2,210

 

Other current assets

 

384

 

 

 

331

 

Total current assets

 

9,035

 

 

 

7,152

 

Operating lease assets

 

163

 

 

 

185

 

Property, plant and equipment, net

 

7,443

 

 

 

7,254

 

Investments and long-term receivables, net

 

778

 

 

 

694

 

Intangible, net

 

497

 

 

 

519

 

Goodwill

 

920

 

 

 

920

 

Other noncurrent assets

 

1,022

 

 

 

1,092

 

 

 

 

 

Total assets

$

19,858

 

 

$

17,816

 

 

 

 

 

Accounts payable and other accrued liabilities

 

3,385

 

 

 

2,908

 

Payroll and benefits payable

 

488

 

 

 

425

 

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

 

54

 

 

 

28

 

Other current liabilities

 

641

 

 

 

491

 

Total current liabilities

 

4,568

 

 

 

3,852

 

Noncurrent operating lease liabilities

 

119

 

 

 

136

 

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

 

3,869

 

 

 

3,863

 

Employee benefits

 

206

 

 

 

235

 

Other long-term liabilities

 

805

 

 

 

627

 

United States Steel Corporation stockholders' equity

 

10,198

 

 

 

9,010

 

Noncontrolling interests

 

93

 

 

 

93

 

 

 

 

 

Total liabilities and stockholders' equity

$

19,858

 

 

$

17,816

 

UNITED STATES STEEL CORPORATION

NON-GAAP FINANCIAL MEASURES

RECONCILIATION OF ADJUSTED NET EARNINGS

 

Three Months Ended June 30,

Six months ended June 30,

(In millions of dollars)

2022

2021

2022

2021

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

$

978

$

3.42

$

1,012

$

3.53

$

1,860

$

6.45

$

1,103

$

4.02

Restructuring and other charges

 

17

 

 

 

31

 

 

 

34

 

 

 

37

 

 

Asset impairment charges

 

151

 

 

 

28

 

 

 

157

 

 

 

28

 

 

Other charges, net

 

 

 

 

6

 

 

 

(2

)

 

 

48

 

 

Gains on assets sold and previously held investments

 

 

 

 

(15

)

 

 

 

 

 

(126

)

 

Debt extinguishment

 

 

 

 

 

 

 

 

 

 

254

 

 

Adjusted pre-tax net earnings to United States Steel Corporation

 

1,146

 

 

 

1,062

 

 

 

2,049

 

 

 

1,344

 

 

Tax impact of adjusted items (a)

 

(42

)

 

 

(12

)

 

 

(47

)

 

 

(12

)

 

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

 

1,104

 

 

 

1,050

 

 

 

2,002

 

 

 

1,332

 

 

Weight average diluted ordinary shares outstanding, in millions

 

286.7

 

$

3.86

 

 

286.3

 

$

3.67

 

 

289.2

 

$

6.95

 

 

274.5

 

$

4.85

 

(a) Tax effect of the adjustments was applied using a blended tax rate of 25%.

(b) Diluted net earnings per share were adjusted by increasing adjusted net earnings by $3 million for the three months ended June 30, 2022, and by $7 million for the six months ended June 30, 2022 for the adoption of ASU 2020-06 which assumes outstanding convertible notes are converted to shares at the beginning of the period.

Note: The reported net earnings attributable to U. S. Steel for the three and six months ended June 30, 2021 and for the six months ended June 30, 2022 includes income tax benefits of $95 million and $7 million, respectively, from the reversals of net valuation allowances. These items were presented as adjustments to arrive at Adjusted net earnings attributable to U. S. Steel in prior period presentations. The reconciliations for the three and six months ended June 30, 2021 presented above have been recast to reflect the removal of these adjustments in accordance with Securities and Exchange Commission guidance.

UNITED STATES STEEL CORPORATION

NON-GAAP FINANCIAL MEASURES

RECONCILIATION OF ADJUSTED EBITDA

 

Three Months Ended June 30,

Six months ended June 30,

(Dollars in millions)

2022

2021

2022

2021

Reconciliation to Adjusted EBITDA

 

 

 

 

Net earnings attributable to United States Steel Corporation

$

978

 

$

1,012

 

$

1,860

 

$

1,103

 

Income tax expense

 

284

 

 

(37

)

 

530

 

 

(36

)

Net interest and other financial (benefits) costs

 

(8

)

 

59

 

 

(18

)

 

392

 

Depreciation, depletion and amortization expense

 

198

 

 

202

 

 

396

 

 

391

 

EBITDA

 

1,452

 

 

1,236

 

 

2,768

 

 

1,850

 

Restructuring and other charges

 

17

 

 

31

 

 

34

 

 

37

 

Asset impairment charges

 

151

 

 

28

 

 

157

 

 

28

 

Other charges, net

 

 

 

6

 

 

(2

)

 

48

 

Gains on assets sold and previously held investments

 

 

 

(15

)

 

 

 

(126

)

Adjusted EBITDA

 

1,620

 

 

1,286

 

 

2,957

 

 

1,837

 

UNITED STATES STEEL CORPORATION

NON-GAAP FINANCIAL MEASURES

RECONCILIATION OF PAST TWELVE MONTHS OF ADJUSTED EBITDA

 

3rd

4th

1st

2nd

 

 

Quarter

Quarter

Quarter

Quarter

Total of the

(Dollars in millions)

2021

2021

2022

2022

Four Quarters

Reconciliation to Adjusted EBITDA

 

 

 

 

Net earnings attributable to United States Steel Corporation

$

2,002

 

$

1,069

 

$

882

 

$

978

 

$

4,931

 

Income tax expense

 

260

 

 

(54

)

 

246

 

 

284

 

 

736

 

Net interest and other financial costs (benefits)

 

80

 

 

130

 

 

(10

)

 

(8

)

 

192

 

Depreciation, depletion and amortization expense

 

196

 

 

204

 

 

198

 

 

198

 

 

796

 

EBITDA

 

2,538

 

 

1,349

 

 

1,316

 

 

1,452

 

 

6,655

 

Restructuring and other charges

 

 

 

91

 

 

17

 

 

17

 

 

125

 

Asset impairment charges

 

 

 

245

 

 

6

 

 

151

 

 

402

 

Other charges, net

 

(12

)

 

42

 

 

(2

)

 

 

 

28

 

Losses on assets sold and previously held investments

 

7

 

 

1

 

 

 

 

 

 

8

 

Gain on sale of Transtar

 

(506

)

 

 

 

 

 

 

 

(506

)

Adjusted EBITDA

$

2,027

 

$

1,728

 

$

1,337

 

$

1,620

 

$

6,712

 

UNITED STATES STEEL CORPORATION

NON-GAAP FINANCIAL MEASURES

RECONCILIATION OF FREE CASH FLOW

 

Six Months Ended June 30,

(Dollars in millions)

2022

2021

Net cash provided by operating activities

$

1,676

 

$

1,103

 

Net cash used in investing activities

 

(602

)

 

(885

)

Cash used in dividends paid

 

(26

)

 

(5

)

Free cash flow

$

1,048

 

$

213

 

UNITED STATES STEEL CORPORATION

NON-GAAP FINANCIAL MEASURES

RECONCILIATION OF PAST TWELVE MONTHS OF FREE CASH FLOW

 

3rd

4th

1st

2nd

 

 

Quarter

Quarter

Quarter

Quarter

Total of the

(Dollars in millions)

2021

2021

2022

2022

Four Quarters

Net cash provided by operating activities

$

1,502

 

$

1,485

 

$

771

 

$

905

 

 

4,663

 

Net cash used in investing activities

 

449

 

 

(404

)

 

(352

)

 

(250

)

 

(557

)

Cash used in dividends paid

 

(3

)

 

(15

)

 

(13

)

 

(13

)

 

(44

)

Free cash flow

$

1,948

 

$

1,066

 

$

406

 

$

642

 

$

4,062

 

We present adjusted net earnings, adjusted net earnings per diluted share, earnings before interest, income taxes, depreciation and amortization (EBITDA) and adjusted EBITDA, which are non-GAAP measures, as additional measurements to enhance the understanding of our operating performance. We believe that EBITDA, considered along with net earnings, is a relevant indicator of trends relating to our operating performance and provides management and investors with additional information for comparison of our operating results to the operating results of other companies.

Adjusted net earnings and adjusted net earnings per diluted share are non-GAAP measures that exclude the effects of items that include: restructuring and other charges, asset impairment charges, gains on asset sold and previously held investments, debt extinguishment, tax impact of adjusted items, gain on sale of Transtar and other charges, net (Adjustment Items). Adjusted EBITDA is also a non-GAAP measure that excludes the effects of certain Adjustment Items. We present adjusted net earnings, adjusted net earnings per diluted share and adjusted EBITDA to enhance the understanding of our ongoing operating performance and established trends affecting our core operations by excluding the effects of events that can obscure underlying trends. U. S. Steel's management considers adjusted net earnings, adjusted net earnings per diluted share and adjusted EBITDA as alternative measures of operating performance and not alternative measures of the Company's liquidity. U. S. Steel’s management considers adjusted net earnings, adjusted net earnings per diluted share and adjusted EBITDA useful to investors by facilitating a comparison of our operating performance to the operating performance of our competitors. Additionally, the presentation of adjusted net earnings, adjusted net earnings per diluted share and adjusted EBITDA provides insight into management’s view and assessment of the Company’s ongoing operating performance because management does not consider the Adjustment Items when evaluating the Company’s financial performance. Adjusted net earnings, adjusted net earnings per diluted share and adjusted EBITDA should not be considered a substitute for net earnings, earnings per diluted share or other financial measures as computed in accordance with U.S. GAAP and is not necessarily comparable to similarly titled measures used by other companies.

We also present free cash flow, a non-GAAP measure of cash generated from operations, after any investing activity and dividends paid to stockholders. We believe that free cash flow provides further insight into the Company's overall utilization of cash. A condensed consolidated statement of operations (unaudited), condensed consolidated cash flow statement (unaudited), condensed consolidated balance sheet (unaudited) and preliminary supplemental statistics (unaudited) for U. S. Steel are attached.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This release contains information that may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend the forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in those sections. Generally, we have identified such forward-looking statements by using the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “target,” “forecast,” “aim,” “should,” “plan,” “goal,” “future,” “will,” “may,” and similar expressions or by using future dates in connection with any discussion of, among other things, financial performance, the construction or operation of new and existing facilities, the timing, size and form of share repurchase transactions, 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, statements regarding our future strategies, products and innovations, statements regarding our greenhouse gas emissions reduction goals and statements expressing general views about future operating results. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. Forward-looking statements are not historical facts, but instead represent only the Company’s beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of the Company’s control. It is possible that the Company’s actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Management believes that these forward-looking statements are reasonable as of the time made. However, caution should be taken not to place undue reliance on any such forward-looking statements because such statements speak only as of the date when made. Our Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our Company's historical experience and our present expectations or projections. These risks and uncertainties include, but are not limited to, the risks and uncertainties described in “Item 1A. Risk Factors” in our Annual report on Form 10-K for the year ended December 31, 2021 and those described from time to time in our future reports filed with the Securities and Exchange Commission.

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

Founded in 1901, United States Steel Corporation is a leading steel producer. With an unwavering focus on safety, the Company’s customer-centric Best for All® strategy is advancing a more secure, sustainable future for U. S. Steel and its stakeholders. With a renewed emphasis on innovation, U. S. Steel serves the automotive, construction, appliance, energy, containers, and packaging industries with high value-added steel products such as U. S. Steel’s proprietary XG3™ advanced high-strength steel. The Company also maintains competitively advantaged iron ore production and has an annual raw steelmaking capability of 22.4 million net tons. U. S. Steel is headquartered in Pittsburgh, Pennsylvania, with world-class operations across the United States and in Central Europe. For more information, please visit www.ussteel.com.

Arista Joyner Manager Corporate Communications T - (412) 433-3994 E - AEjoyner@uss.com

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

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