• Third quarter net earnings of $490 million. Reported net earnings per diluted share of $1.85
  • Third quarter adjusted net earnings of $516 million. Adjusted net earnings per diluted share of $1.95
  • Third quarter adjusted EBITDA of $848 million

United States Steel Corporation (NYSE: X) reported third quarter 2022 net earnings of $490 million, or $1.85 per diluted share. Adjusted net earnings for the third quarter 2022 was $516 million, or $1.95 per diluted share and excluded the impact of restructuring and other one-time items detailed in the reconciliation of adjusted net earnings table. This compares to our all-time best record third quarter 2021 net earnings of $2,002 million, or $6.97 per diluted share. Adjusted net earnings for the third quarter 2021 was $1,638 million, or $5.70 per diluted share and excluded the impact of one-time items detailed in the reconciliation of adjusted net earnings table.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20221027005946/en/

Commenting on the third quarter 2022 performance, U. S. Steel President and Chief Executive Officer David B. Burritt said, “We delivered another solid quarter and are on pace for our second-best financial year ever and a third consecutive year of record safety performance. Continued profitability and prudent working capital management resulted in healthy free cash flow that supported our strategic initiatives. Our assets are running well to deliver high-quality steel, safely and reliably to our customers.”

Burritt continued, “Demand headwinds persisted through the third quarter. Across our integrated steelmaking mills, we responded quickly with footprint actions aligning supply with the current flat-rolled order book. The impact of these headwinds in our Mini Mill and U. S. Steel Europe segments were worsened by temporarily higher than normal raw material expenses in the quarter, as we worked through inventories built in response to the Ukrainian conflict. While we expect to work through these costlier raw materials through year-end, we remain focused on the opportunity to in-source Mini Mill metallics as a competitive cost advantage. Results for U. S. Steel Europe were also negatively impacted by escalating energy costs, which we expect will also remain high. Our Tubular segment continued to deliver sequential improvements, reliably serving strong demand in domestic energy end markets.”

Burritt concluded, “We are executing our Best for All® strategy with confidence, supported by record cash of nearly $3.4 billion at quarter-end and our strong balance sheet. At year-end, we expect nearly 40% of our strategic investments to be complete and they remain on-time and on-budget. These projects are expanding our competitive advantages in pursuit of our goal to provide lower carbon steel solutions for our customers with less capital intensity while improving the free cash flow and margin performance of the business.”

Earnings Highlights

 

Three Months Ended September 30,

Nine Months Ended September 30,

(Dollars in millions, except per share amounts)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net Sales

 $

5,203

 

$

5,964

 

$

16,727

 

$

14,653

 

Segment earnings (loss) before interest and income taxes

 

 

 

 

Flat-Rolled

505

 

1,015

 

1,795

 

1,740

 

Mini Mill (a)

 

1

 

 

424

 

 

549

 

 

840

 

U. S. Steel Europe

 

(32

)

 

394

 

 

512

 

 

706

 

Tubular

 

155

 

 

 

 

339

 

 

(29

)

Other

 

21

 

 

(2

)

 

16

 

 

20

 

Total segment earnings before interest and income taxes

$

650

 

$

1,831

 

$

3,211

 

$

3,277

 

Other items not allocated to segments

(36

)

511

 

(225

)

524

 

Earnings before interest and income taxes

$

614

 

$

2,342

 

$

2,986

 

$

3,801

 

Net interest and other financial (benefits) costs

 

(30

)

 

80

 

 

(48

)

 

472

 

Income tax expense

 

154

 

 

260

 

 

684

 

 

224

 

Net earnings

$

490

 

$

2,002

 

$

2,350

 

$

3,105

 

Earnings per diluted share

$

1.85

 

$

6.97

 

$

8.38

 

$

11.13

 

 

 

 

 

 

Adjusted net earnings (b)

$

516

 

$

1,638

 

$

2,518

 

$

2,970

 

Adjusted net earnings per diluted share (b)

$

1.95

 

$

5.70

 

$

8.98

 

$

10.64

 

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

$

848

 

$

2,027

 

$

3,805

 

$

3,864

 

(a) The Mini Mill was 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.

*****

The Company will conduct a conference call on the third quarter 2022 earnings on Friday, October 28, 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 October 28, 2022.

UNITED STATES STEEL CORPORATION

PRELIMINARY SUPPLEMENTAL STATISTICS (Unaudited)

 

 

Three Months Ended

September 30,

 

Nine Months Ended

September 30,

 

 

2022

 

 

2021

 

 

 

2022

 

 

2021

 

OPERATING STATISTICS

 

 

 

 

 

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

 

 

 

 

 

 

Flat-Rolled

 

1,232

 

 

1,325

 

 

 

1,312

 

 

1,097

 

 

Mini Mill (b)

 

1,096

 

 

1,517

 

 

 

1,268

 

 

1,255

 

 

U. S. Steel Europe

 

1,021

 

 

1,143

 

 

 

1,121

 

 

932

 

 

U. S. Steel Europe (€/net ton)

 

1,013

 

 

969

 

 

 

1,049

 

 

779

 

 

Tubular

 

3,217

 

 

1,702

 

 

 

2,761

 

 

1,587

 

 

 

 

 

 

 

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

 

 

 

 

 

 

Flat-Rolled

 

2,176

 

 

2,328

 

 

 

6,488

 

 

6,986

 

 

Mini Mill (b)

 

529

 

 

608

 

 

 

1,651

 

 

1,671

 

 

U. S. Steel Europe

 

867

 

 

1,064

 

 

 

3,044

 

 

3,274

 

 

Tubular

 

126

 

 

123

 

 

 

390

 

 

317

 

 

Total Steel Shipments

 

3,698

 

 

4,123

 

 

 

11,573

 

 

12,248

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

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

 

62

 

 

 

 

 

144

 

 

 

 

Flat-Rolled to USSE

 

 

 

 

 

 

30

 

 

 

 

Flat-Rolled to Mini Mill

 

7

 

 

 

 

 

30

 

 

439

 

 

Mini Mill (b) to Flat-Rolled

 

53

 

 

114

 

 

 

252

 

 

300

 

 

 

 

 

 

 

 

Raw steel production (thousands of net tons):

 

 

 

 

 

 

Flat-Rolled

 

2,265

 

 

2,634

 

 

 

6,894

 

 

7,700

 

 

Mini Mill (b)

 

616

 

 

750

 

 

 

1,967

 

 

2,007

 

 

U. S. Steel Europe

 

946

 

 

1,274

 

 

 

3,250

 

 

3,750

 

 

Tubular

 

173

 

 

117

 

 

 

497

 

 

324

 

 

 

 

 

 

 

 

Raw steel capability utilization: (c)

 

 

 

 

 

 

Flat-Rolled

 

68

%

 

61

%

 

 

70

%

 

61

%

 

Mini Mill (b)

 

74

%

 

90

%

 

 

80

%

 

86

%

 

U. S. Steel Europe

 

75

%

 

101

%

 

 

87

%

 

100

%

 

Tubular

 

76

%

 

52

%

 

 

74

%

 

48

%

 

 

 

 

 

 

 

CAPITAL EXPENDITURES (dollars in millions)

 

 

 

 

 

 

Flat-Rolled

 

136

 

 

105

 

 

 

365

 

 

272

 

 

Mini Mill (b)

 

320

 

 

46

 

 

 

710

 

 

102

 

 

U. S. Steel Europe

 

19

 

 

13

 

 

 

53

 

 

39

 

 

Tubular

 

3

 

 

12

 

 

 

10

 

 

46

 

 

Other Businesses

 

 

 

 

 

 

 

 

1

 

 

Total

$

478

 

$

176

 

 

$

1,138

 

$

460

 

(a) Excludes intersegment shipments.

(b) The Mini Mill segment was 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 September 30,

 

Nine Months Ended September 30,

(Dollars in millions, except per share amounts)

 

2022

 

 

2021

 

 

 

2022

 

 

2021

 

Net Sales

$

5,203

 

$

5,964

 

 

$

16,727

 

$

14,653

 

 

 

 

 

 

 

Operating expenses (income):

 

 

 

 

 

Cost of sales

 

4,359

 

 

3,881

 

 

 

12,843

 

 

10,633

 

Selling, general and administrative expenses

 

95

 

 

108

 

 

 

324

 

 

316

 

Depreciation, depletion and amortization

 

198

 

 

196

 

 

 

594

 

 

587

 

Earnings from investees

 

(71

)

 

(57

)

 

 

(202

)

 

(106

)

Gain on sale of Transtar

 

 

 

(506

)

 

 

 

 

(506

)

Asset impairment charges

 

 

 

 

 

 

157

 

 

28

 

Gain on equity investee transactions

 

 

 

 

 

 

 

 

(111

)

Restructuring and other charges

 

23

 

 

 

 

 

57

 

 

37

 

Net (gain) loss on sale of assets

 

(6

)

 

7

 

 

 

(10

)

 

(8

)

Other gains, net

 

(9

)

 

(7

)

 

 

(22

)

 

(18

)

Total operating expenses

 

4,589

 

 

3,622

 

 

 

13,741

 

 

10,852

 

 

 

 

 

 

 

Earnings before interest and income taxes

 

614

 

 

2,342

 

 

 

2,986

 

 

3,801

 

Net interest and other financial (benefits) costs

 

(30

)

 

80

 

 

 

(48

)

 

472

 

 

 

 

 

 

 

Earnings before income taxes

 

644

 

 

2,262

 

 

 

3,034

 

 

3,329

 

Income tax expense

 

154

 

 

260

 

 

 

684

 

 

224

 

 

 

 

 

 

 

Net earnings

 

490

 

 

2,002

 

 

 

2,350

 

 

3,105

 

Less: Net earnings attributable to noncontrolling interests

 

 

 

 

 

 

 

 

 

Net earnings attributable to United States Steel Corporation

$

490

 

$

2,002

 

 

$

2,350

 

$

3,105

 

 

 

 

 

 

 

COMMON STOCK DATA:

 

 

 

 

 

Net earnings per share attributable to United States Steel Corporation Stockholders

 

 

 

 

 

Basic

$

2.07

 

$

7.41

 

 

$

9.33

 

$

11.80

 

Diluted

$

1.85

 

$

6.97

 

 

$

8.38

 

$

11.13

 

Weighted average shares, in thousands

 

 

 

 

 

Basic

 

237,094

 

 

270,175

 

 

 

251,848

 

 

263,209

 

Diluted

 

266,264

 

 

287,463

 

 

 

281,569

 

 

279,103

 

Dividends paid per common share

$

0.05

 

$

0.01

 

 

$

0.15

 

$

0.03

 

 

UNITED STATES STEEL CORPORATION

CONDENSED CASH FLOW STATEMENT (Unaudited)

 

 

Nine Months Ended September 30,

(Dollars in millions)

 

2022

 

 

 

2021

 

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

Operating activities:

 

 

 

 

Net earnings

$

2,350

 

 

$

3,105

 

 

Depreciation, depletion and amortization

 

594

 

 

 

587

 

 

Gain on sale of Transtar

 

 

 

 

(506

)

 

Asset impairment charges

 

157

 

 

 

28

 

 

Gain on equity investee transactions

 

 

 

 

(111

)

 

Restructuring and other charges

 

57

 

 

 

37

 

 

Loss on debt extinguishment

 

 

 

 

282

 

 

Pensions and other postretirement benefits

 

(164

)

 

 

(88

)

 

Deferred income taxes

 

561

 

 

 

59

 

 

Working capital changes

 

(545

)

 

 

(852

)

 

Income taxes receivable/payable

 

(88

)

 

 

137

 

 

Other operating activities

 

(172

)

 

 

(73

)

Net cash provided by operating activities

 

2,750

 

 

 

2,605

 

 

 

 

 

 

Investing activities:

 

 

 

 

Capital expenditures

 

(1,138

)

 

 

(460

)

 

Acquisition of Big River Steel, net of cash acquired

 

 

 

 

(625

)

 

Proceeds from sale of Transtar

 

 

 

 

627

 

 

Proceeds from cost reimbursement government grants

 

53

 

 

 

 

 

Proceeds from sale of assets

 

28

 

 

 

25

 

 

Other investing activities

 

(8

)

 

 

(3

)

Net cash used in investing activities

 

(1,065

)

 

 

(436

)

 

 

 

 

 

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

 

291

 

 

 

862

 

 

Repayment of long-term debt

 

(375

)

 

 

(2,719

)

 

Net proceeds from public offering of common stock

 

 

 

 

790

 

 

Common stock repurchased

 

(699

)

 

 

 

 

Proceeds from government incentives

 

82

 

 

 

 

 

Other financing activities

 

(51

)

 

 

(12

)

Net cash used in financing activities

 

(752

)

 

 

(2,120

)

 

 

 

 

 

Effect of exchange rate changes on cash

 

(46

)

 

 

(15

)

 

 

 

 

 

Net increase in cash, cash equivalents and restricted cash

 

887

 

 

 

34

 

Cash, cash equivalents and restricted cash at beginning of year

 

2,600

 

 

 

2,118

 

 

 

 

 

 

Cash, cash equivalents and restricted cash at end of period

$

3,487

 

 

$

2,152

 

 

UNITED STATES STEEL CORPORATION

CONDENSED BALANCE SHEET (Unaudited)

 

 

September 30,

 

December 31,

(Dollars in millions)

2022

 

2021

Cash and cash equivalents

$

3,364

 

$

2,522

Receivables, net

 

2,035

 

 

2,089

Inventories

 

2,759

 

 

2,210

Other current assets

 

294

 

 

331

 

Total current assets

 

8,452

 

 

7,152

Operating lease assets

 

154

 

 

185

Property, plant and equipment, net

 

7,978

 

 

7,254

Investments and long-term receivables, net

 

832

 

 

694

Intangible, net

 

488

 

 

519

Goodwill

 

920

 

 

920

Other noncurrent assets

 

1,134

 

 

1,092

 

 

 

 

 

 

Total assets

$

19,958

 

$

17,816

 

 

 

 

 

Accounts payable and other accrued liabilities

 

3,280

 

 

2,908

Payroll and benefits payable

 

482

 

 

425

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

 

59

 

 

28

Other current liabilities

 

341

 

 

491

 

Total current liabilities

 

4,162

 

 

3,852

Noncurrent operating lease liabilities

 

112

 

 

136

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

 

3,863

 

 

3,863

Employee benefits

 

204

 

 

235

Other long-term liabilities

 

1,087

 

 

627

United States Steel Corporation stockholders' equity

 

10,437

 

 

9,010

Noncontrolling interests

 

93

 

 

93

 

 

 

 

 

 

Total liabilities and stockholders' equity

$

19,958

 

$

17,816

 

UNITED STATES STEEL CORPORATION

NON-GAAP FINANCIAL MEASURES

RECONCILIATION OF ADJUSTED NET EARNINGS

 

 

Three Months Ended September 30,

Nine Months Ended September 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

$

490

 

$

1.85

$

2,002

 

$

6.97

$

2,350

 

$

8.38

$

3,105

 

$

11.13

 

Restructuring and other charges

 

23

 

 

 

 

 

 

57

 

 

 

37

 

 

 

Asset impairment charges

 

 

 

 

 

 

 

157

 

 

 

28

 

 

 

Other charges, net

 

13

 

 

 

(12

)

 

 

11

 

 

 

36

 

 

 

Losses (gains) on assets sold and previously held investments

 

 

 

 

7

 

 

 

 

 

 

(119

)

 

 

Gain on sale of Transtar

 

 

 

 

(506

)

 

 

 

 

 

(506

)

 

 

(Gains) losses on debt extinguishment

 

(2

)

 

 

26

 

 

 

(2

)

 

 

280

 

 

Adjusted pre-tax net earnings to United States Steel Corporation

 

524

 

 

 

1,517

 

 

 

2,573

 

 

 

2,861

 

 

 

Tax impact of adjusted items (a)

 

(8

)

 

 

121

 

 

 

(55

)

 

 

109

 

 

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

 

516

 

$

1.95

 

1,638

 

$

5.70

 

2,518

 

$

8.98

 

2,970

 

$

10.64

Weight average diluted ordinary shares outstanding, in millions

 

266.3

 

 

 

287.5

 

 

 

281.6

 

 

 

279.1

 

 

(a) The tax impact of adjusted items was calculated through the first half of 2022 using a blended tax rate of 25% and for the third quarter of 2022 using a blended tax rate of 25% for domestic and 21% for USSE items.

(b) Diluted net earnings per share were adjusted by increasing adjusted net earnings by $3 million for the three months ended September 30, 2022, and by $10 million for the nine months ended September 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 nine months ended September 30, 2021 and for the nine months ended September 30, 2022 includes income tax benefits of $25 million, $120 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 nine months ended September 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 September 30,

Nine Months Ended

September 30,

(Dollars in millions)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Reconciliation to Adjusted EBITDA

 

 

 

 

 

Net earnings attributable to United States Steel Corporation

$

490

 

$

2,002

 

$

2,350

 

$

3,105

 

 

Income tax expense

 

154

 

 

260

 

 

684

 

 

224

 

 

Net interest and other financial (benefits) costs

 

(30

)

 

80

 

 

(48

)

 

472

 

 

Depreciation, depletion and amortization expense

 

198

 

 

196

 

 

594

 

 

587

 

EBITDA

 

812

 

 

2,538

 

 

3,580

 

 

4,388

 

 

Restructuring and other charges

 

23

 

 

 

 

57

 

 

37

 

 

Asset impairment charges

 

 

 

 

 

157

 

 

28

 

 

Other charges, net

 

13

 

 

(12

)

 

11

 

 

36

 

 

Losses (gains) on assets sold and previously held investments

 

 

 

7

 

 

 

 

(119

)

 

Gain on sale of Transtar

 

 

 

(506

)

 

 

 

(506

)

Adjusted EBITDA

 

848

 

 

2,027

 

 

3,805

 

 

3,864

 

UNITED STATES STEEL CORPORATION

NON-GAAP FINANCIAL MEASURES

RECONCILIATION OF FREE CASH FLOW

 

Nine Months Ended September 30,

(Dollars in millions)

 

2022

 

 

2021

 

Net cash provided by operating activities

$

2,750

 

$

2,605

 

Net cash used in investing activities

 

(1,065

)

 

(436

)

Cash used in dividends paid

 

(38

)

 

(8

)

Free cash flow

$

1,647

 

$

2,161

 

UNITED STATES STEEL CORPORATION

NON-GAAP FINANCIAL MEASURES

RECONCILIATION OF PAST TWELVE MONTHS OF FREE CASH FLOW

 

4th

1st

2nd

3nd

 

 

Quarter

Quarter

Quarter

Quarter

Total of the

(Dollars in millions)

 

2021

 

 

2022

 

 

2022

 

 

2022

 

Four Quarters

Net cash provided by operating activities

$

1,485

 

$

771

 

$

905

 

$

1,074

 

 

4,235

 

Net cash used in investing activities

 

(404

)

 

(352

)

 

(250

)

 

(463

)

 

(1,469

)

Cash used in dividends paid

 

(15

)

 

(13

)

 

(13

)

 

(12

)

 

(53

)

Free cash flow

$

1,066

 

$

406

 

$

642

 

$

599

 

$

2,713

 

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, losses (gains) on asset sold and previously held investments, gain on sale of Transtar, (gains) losses on debt extinguishment, tax impact of adjusted items, 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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