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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			28
			Item 3.			Quantitative and Qualitative Disclosures about Market Risk			41
			Item 4.			Controls and Procedures			41
PART II – OTHER INFORMATION
			Item 1.			Legal Proceedings			42
			Item 1A.			Risk Factors			47
			Item 2			Purchases of Equity Securities by Issuer and Affiliated Purchasers			47
			Item 3			Defaults upon Senior Securities			47
			Item 4.			Mine Safety Disclosure			47
			Item 5.			Other Information			47
			Item 6.			Exhibits			48
SIGNATURE									49
WEB SITE POSTING									49

			Three Months Ended September 30,									Nine Months Ended September 30,
(Dollars in millions, except per share amounts)			2022			2021						2022			2021
Net sales:
Net sales			$	4,667		$	5,623					$	15,304		$	13,676
Net sales to related parties (Note 19)			536			341						1,423			977
Total (Note 6)			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 (Note 5)			—			(506)						—			(506)
Asset impairment charges (Note 1)			—			—						157			28
Gain on equity investee transactions (Note 5)			—			—						—			(111)
Restructuring and other charges (Note 20)			23			—						57			37
Net (gain) loss on sale of assets			(6)			7						(10)			(8)
Other gains, net			(9)			(7)						(22)			(18)
Total			4,589			3,622						13,741			10,852
Earnings before interest and income taxes			614			2,342						2,986			3,801
Interest expense			38			75						127			251
Interest income			(15)			(1)						(20)			(3)
(Gain) loss on debt extinguishment			(2)			26						—			282
Other financial costs			9			17						27			39
Net periodic benefit income			(60)			(37)						(182)			(97)
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 (Note 12)			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
Earnings per common share (Note 13):
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

						Three Months Ended September 30,												Nine Months Ended September 30,
(Dollars in millions)						2022						2021						2022						2021
Net earnings						$	490					$	2,002					$	2,350					$	3,105
Other comprehensive (loss) income, net of tax:
Changes in foreign currency translation adjustments						(92)						(26)						(220)						(50)
Changes in pension and other employee benefit accounts						—						15						(2)						244
Changes in derivative financial instruments						18						60						54						9
Total other comprehensive (loss) income, net of tax						(74)						49						(168)						203
Comprehensive income including noncontrolling interest						416						2,051						2,182						3,308
Comprehensive income attributable to noncontrolling interest						—						—						—						—
Comprehensive income attributable to United States Steel Corporation						$	416					$	2,051					$	2,182					$	3,308

(Dollars in millions)						September 30, 2022						December 31, 2021
Assets
Current assets:
Cash and cash equivalents (Note 7)						$	3,364					$	2,522
Receivables, less allowance of $37 and $44						1,859						1,968
Receivables from related parties (Note 19)						176						121
Inventories (Note 8)						2,759						2,210
Other current assets						294						331
Total current assets						8,452						7,152
Long-term restricted cash (Note 7)						123						76
Operating lease assets						154						185
Property, plant and equipment						20,437						19,676
Less accumulated depreciation and depletion						12,459						12,422
Total property, plant and equipment, net						7,978						7,254
Investments and long-term receivables, less allowance of $4 in both periods						832						694
Intangibles, net (Note 9)						488						519
Deferred income tax benefits (Note 12)						—						32
Goodwill (Note 9)						920						920
Other noncurrent assets						1,011						984
Total assets						$	19,958					$	17,816
Liabilities
Current liabilities:
Accounts payable and other accrued liabilities						$	3,116					$	2,809
Accounts payable to related parties (Note 19)						164						99
Payroll and benefits payable						482						425
Accrued taxes						245						365
Accrued interest						45						68
Current operating lease liabilities						51						58
Short-term debt and current maturities of long-term debt (Note 15)						59						28
Total current liabilities						4,162						3,852
Noncurrent operating lease liabilities						112						136
Long-term debt, less unamortized discount and debt issuance costs (Note 15)						3,863						3,863
Employee benefits						204						235
Deferred income tax liabilities (Note 12)						588						122
Deferred credits and other noncurrent liabilities						499						505
Total liabilities						9,428						8,713
Contingencies and commitments (Note 21)
Stockholders’ Equity (Note 17):
Common stock (282,441,077 and 279,522,227 shares issued) (Note 13)						282						280
Treasury stock, at cost (48,172,133 shares and 15,708,839 shares)						(1,054)						(334)
Additional paid-in capital						5,179						5,199
Retained earnings						5,867						3,534
Accumulated other comprehensive income (Note 18)						163						331
Total United States Steel Corporation stockholders’ equity						10,437						9,010
Noncontrolling interests						93						93
Total liabilities and stockholders’ equity						$	19,958					$	17,816

						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
Adjustments to reconcile to net cash provided by operating activities:
Depreciation, depletion and amortization						594						587
Gain on sale of Transtar (Note 5)						—						(506)
Asset impairment charges (Note 1)						157						28
Gain on equity investee transactions						—						(111)
Restructuring and other charges (Note 20)						57						37
Loss on debt extinguishment						—						282
Pensions and other postretirement benefits						(164)						(88)
Deferred income taxes (Note 12)						561						59
Net gain on sale of assets						(10)						(8)
Equity investee earnings, net of distributions received						(181)						(106)
Changes in:
Current receivables						(36)						(1,281)
Inventories						(697)						(539)
Current accounts payable and accrued expenses						188						968
Income taxes receivable/payable						(88)						137
All other, net						19						41
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 (Note 5)						—						(625)
Proceeds from sale of Transtar (Note 5)						—						627
Proceeds from cost reimbursement government grants (Note 21)						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 (Note 15)						—						(180)
Revolving credit facilities - borrowings, net of financing costs (Note 15)						—						50
Revolving credit facilities - repayments (Note 15)						—						(911)
Issuance of long-term debt, net of financing costs (Note 15)						291						862
Repayment of long-term debt (Note 15)						(375)						(2,719)
Net proceeds from public offering of common stock (Note 22)						—						790
Common stock repurchased (Note 22)						(699)						—
Proceeds from government incentives (Note 21)						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 (Note 7)						2,600						2,118
Cash, cash equivalents and restricted cash at end of period (Note 7)						$	3,487					$	2,152

Non-cash investing and financing activities:
Change in accrued capital expenditures						$	373					$	58
U. S. Steel common stock issued for employee/non-employee director stock plans						46						28
Capital expenditures funded by finance lease borrowings						43						11
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.

Asset Impairments

In the second quarter 2022, the Company recognized charges of approximately $151 million for the write-off of the blast furnaces and related fixed assets for the permanent idling of the iron making process at the Company's Great Lakes Works facility, which had been idled on an indefinite basis during 2020. The coil finishing process at Great Lakes Works continues to operate and remains a component of the Company's operating plans.

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 for public companies with 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 will apply the guidance prescribed by ASU 2021-08 to business combinations, if any, that take place subsequent to the effective date.

In September 2022, the FASB issued Accounting Standards Update 2022-04, Disclosure of Supplier Finance Program Obligations (ASU 2022-04). ASU 2022-04 requires that an entity disclose certain information about supplier finance programs used in connection with the purchase of goods and services. ASU 2022-04 is effective for all entities with fiscal years beginning after December 15, 2022, and interim periods within those fiscal years, except for the amendment on roll forward information, which is effective for fiscal years beginning after December 15, 2023. Early adoption of all amendments is permitted. The Company is currently assessing the impact of ASU 2022-04.

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 Big River 2 (BR2) which is under construction in Osceola, Arkansas. The Tubular 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 September 30, 2022 and 2021 are:

(In millions) Three Months Ended September 30, 2022			Customer Sales			Intersegment Sales			Net Sales			Earnings from investees			Earnings (loss) before interest and income taxes
Flat-Rolled			$	3,248		$	104		$	3,352		$	59		$	505
Mini Mill			602			60			662			—			1
USSE			925			2			927			—			(32)
Tubular			425			—			425			12			155
Total reportable segments			5,200			166			5,366			71			629
Other			3			—			3			—			21
Reconciling Items and Eliminations			—			(166)			(166)			—			(36)
Total			$	5,203		$	—		$	5,203		$	71		$	614
Three Months Ended September 30, 2021
Flat-Rolled			$	3,541		$	36		$	3,577		$	53		$	1,015
Mini Mill			949			156			1,105			—			424
USSE			1,246			2			1,248			—			394
Tubular			216			6			222			4			—
Total reportable segments			5,952			200			6,152			57			1,833
Other			12			9			21			—			(2)
Reconciling Items and Eliminations			—			(209)			(209)			—			511
Total			$	5,964		$	—		$	5,964		$	57		$	2,342

The results of segment operations for the nine months ended September 30, 2022 and 2021 are:

(In millions) Nine Months Ended September 30, 2022			Customer Sales			Intersegment Sales			Net Sales			Earnings from investees			Earnings (loss) before interest and income taxes
Flat-Rolled			$	9,926		$	303		$	10,229		$	175		$	1,795
Mini Mill			2,158			337			2,495			—			549
USSE			3,518			10			3,528			—			512
Tubular			1,115			5			1,120			27			339
Total reportable segments			16,717			655			17,372			202			3,195
Other			10			—			10			—			16
Reconciling Items and Eliminations			—			(655)			(655)			—			(225)
Total			$	16,727		$	—		$	16,727		$	202		$	2,986
Nine Months Ended September 30, 2021
Flat-Rolled			$	8,804		$	142		$	8,946		$	90		$	1,740
Mini Mill			2,158			360			2,518			—			840
USSE			3,122			4			3,126			—			706
Tubular			534			13			547			10			(29)
Total reportable segments			14,618			519			15,137			100			3,257
Other			35			65			100			6			20
Reconciling Items and Eliminations			—			(584)			(584)			—			524
Total			$	14,653		$	—		$	14,653		$	106		$	3,801

A summary of total assets by segment is as follows:

(In millions)						September 30, 2022						December 31, 2021
Flat-Rolled						$	7,534					$	7,337
Mini Mill(a)						5,660						4,715
USSE						6,019						6,111
Tubular						1,122						1,054
Total reportable segments						$	20,335					$	19,217
Other						$	130					$	88
Corporate, reconciling items, and eliminations(b)						(507)						(1,489)
Total assets						$	19,958					$	17,816

(a)Includes assets of $1.1 billion and $347 million at September 30, 2022 and December 31, 2021, respectively, related to BR2 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 September 30,												Nine Months Ended September 30,
(In millions)						2022						2021						2022						2021
Items not allocated to segments:
Restructuring and other charges (Note 20)						$	(23)					$	—					$	(57)					$	(37)
Asset impairment charges (Note 1)						—						—						(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 (Note 5)						—						506						—						506
Total reconciling items						$	(36)					$	511					$	(225)					$	524

			Nine Months Ended September 30,
(in millions)			2021
Net sales			$	14,725
Net earnings (loss)			$	3,034

Three Months Ended September 30, 2022			Flat-Rolled			Mini Mill			USSE			Tubular			Other			Total
Semi-finished			$	48		$	—		$	27		$	—		$	—		$	75
Hot-rolled sheets			622			332			389			—			—			1,343
Cold-rolled sheets			974			92			73			—			—			1,139
Coated sheets			1,127			176			376			—			—			1,679
Tubular products			—			—			20			418			—			438
All Other (a)			477			2			40			7			3			529
Total			$	3,248		$	602		$	925		$	425		$	3		$	5,203
(a) Consists primarily of sales of raw materials and coke making by-products.

Three Months Ended September 30, 2021			Flat-Rolled			Mini Mill			USSE			Tubular			Other			Total
Semi-finished			$	—		$	—		$	35		$	—		$	—		$	35
Hot-rolled sheets			887			571			657			—			—			2,115
Cold-rolled sheets			1,037			159			145			—			—			1,341
Coated sheets			1,216			219			356			—			—			1,791
Tubular products			—			—			21			217			—			238
All Other (a)			401			—			32			(1)			12			444
Total			$	3,541		$	949		$	1,246		$	216		$	12		$	5,964
(a) Consists primarily of sales of raw materials and coke making by-products.

Nine Months Ended September 30, 2022			Flat-Rolled			Mini Mill			USSE			Tubular			Other			Total
Semi-finished			$	177		$	—		$	90		$	—		$	—		$	267
Hot-rolled sheets			1,846			1,238			1,618			—			—			4,702
Cold-rolled sheets			3,053			307			335			—			—			3,695
Coated sheets			3,687			606			1,315			—			—			5,608
Tubular products			—			—			56			1,103			—			1,159
All Other (a)			1,163			7			104			12			10			1,296
Total			$	9,926		$	2,158		$	3,518		$	1,115		$	10		$	16,727
(a) Consists primarily of sales of raw materials and coke making by-products.

Nine Months Ended September 30, 2021			Flat-Rolled			Mini Mill			USSE			Tubular			Other			Total
Semi-finished			$	12		$	—		$	84		$	—		$	—		$	96
Hot-rolled sheets			1,990			1,271			1,604			—			—			4,865
Cold-rolled sheets			2,710			365			330			—			—			3,405
Coated sheets			3,114			519			988			—			—			4,621
Tubular products			—			—			45			523			—			568
All Other (a)			978			3			71			11			35			1,098
Total			$	8,804		$	2,158		$	3,122		$	534		$	35		$	14,653
(a) Consists primarily of sales of raw materials and coke making by-products.

(In millions)						September 30, 2022												December 31, 2021						September 30, 2021
Cash and cash equivalents						$	3,364											$	2,522					$	2,044
Restricted cash in other current assets						—												2						17
Restricted cash in other noncurrent assets						123												76						91
Total cash, cash equivalents and restricted cash						$	3,487											$	2,600					$	2,152

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 September 30, 2022 and December 31, 2021, the LIFO method accounted for 40 percent and 46 percent of total inventory values, respectively.

(In millions)			September 30, 2022						December 31, 2021
Raw materials			$	1,225					$	713
Semi-finished products			1,043						1,056
Finished products			435						388
Supplies and sundry items			56						53
Total			$	2,759					$	2,210

Current acquisition costs were estimated to exceed the above inventory values by $1.4 billion and $896 million at September 30, 2022 and December 31, 2021, respectively. Cost of sales decreased and earnings before interest and income taxes increased by $1 million and $8 million for the three and nine months ended September 30, 2022, respectively, as a result of liquidation of LIFO inventories. Cost of sales decreased and earnings before interest and

income taxes increased by $5 million and $12 million for the three and nine months ended September 30, 2021, respectively, as a result of liquidation of LIFO inventories.

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

									As of September 30, 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		$	32		$	381					$	413		$	18		$	395
Patents			5-15 Years						17			12			5						17			11			6
Energy Contract			2 Years						54			27			27						54			11			43
Total amortizable intangible assets									$	484		$	71		$	413					$	484		$	40		$	444

Total estimated amortization expense for the remainder of 2022 is $11 million. We expect approximately $120 million in total amortization expense from 2023 through 2027 and approximately $282 million in remaining amortization expense thereafter.

The carrying amount of acquired water rights with indefinite lives as of September 30, 2022 and December 31, 2021 totaled $75 million.

Below is a summary of goodwill by segment for the three months ended September 30, 2022:

			Flat-Rolled			Mini Mill			USSE			Tubular			Total
Balance at December 31, 2021			$	—		$	916		$	4		$	—		$	920
Additions			—			—			—			—			—
Balance at September 30, 2022			$	—		$	916		$	4		$	—		$	920

The following table reflects the components of net periodic benefit (income) cost for the three months ended September 30, 2022 and 2021:

			Pension Benefits												Other Benefits
(In millions)			2022						2021						2022						2021
Service cost			$	11					$	12					$	2					$	3
Interest cost			40						41						13						13
Expected return on plan assets			(89)						(91)						(23)						(21)
Amortization of prior service credit			—						—						(6)						(7)
Amortization of actuarial net loss (gain)			18						29						(13)						(6)
Net periodic benefit (income) cost, excluding below			(20)						(9)						(27)						(18)
Multiemployer plans			18						19						—						—
Settlement, termination and curtailment losses (a)			—						5						—						—
Net periodic benefit (income) cost			$	(2)					$	15					$	(27)					$	(18)
(a) During the three months ended September 30, 2021, pension benefits incurred settlement charges of approximately $5 million due to lump sum payment to certain individuals.

The following table reflects the components of net periodic benefit (income) cost for the nine months ended September 30, 2022 and 2021:

						Pension Benefits												Other Benefits
(In millions)						2022						2021						2022						2021
Service cost						$	33					$	40					$	6					$	9
Interest cost						118						122						37						37
Expected return on plan assets						(267)						(269)						(68)						(61)
Amortization of prior service cost						1						1						(19)						(21)
Amortization of actuarial net loss (gain)						54						104						(39)						(18)
Net periodic benefit (income) cost, excluding below						(61)						(2)						(83)						(54)
Multiemployer plans						56						56						—						—
Settlement, termination and curtailment losses (a)						4						8						2						—
Net periodic benefit (income) cost						$	(1)					$	62					$	(81)					$	(54)
(a) During the nine months ended September 30, 2022, pension and other postretirement benefits incurred special termination charges of approximately $6 million due to workforce restructuring. During the nine months ended September 30, 2021, the pension plan incurred settlement and curtailment charges of approximately $8 million due to lump sum payments to certain individuals and the sale of Transtar.

						2022									2021
Grant Details						Shares(a)			Fair Value(b)						Shares(a)			Fair Value(b)
Restricted Stock Units						1,225,820			$	24.26					1,831,880			$	19.65
Performance Awards (c)
TSR						236,520			$	28.41					306,930			$	19.46
ROCE (d)						408,870			$	23.59					485,900			$	17.92
Performance-Based Restricted Stock Units						83,951			$	23.07					—			$	—

(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(a)						Percentage of Performance-Based Stock Options Exercisable
$	35.00					33.33		%
$	45.00					33.33		%
$	55.00					33.34		%

(a) The $35.00 tranche vested in April 2022.

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 and nine months ended September 30, 2022 and September 30, 2021 were as follows.

			Three Months Ended September 30,									Nine Months Ended September 30,
(Dollars in millions, except per share amounts)			2022			2021						2022			2021
Earnings attributable to United States Steel Corporation stockholders:
Basic			$	490		$	2,002					$	2,350		$	3,105
Interest expense on Senior Convertible Notes, net of tax			3			—						10			—
Diluted			$	493		$	2,002					$	2,360		$	3,105
Weighted-average shares outstanding (in thousands):
Basic			237,094			270,175						251,848			263,209
Effect of Senior Convertible Notes			26,194			12,199						26,194			11,082
Effect of stock options, restricted stock units and performance awards			2,976			5,089						3,527			4,812
Diluted			266,264			287,463						281,569			279,103
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

Excluded from the computation of diluted earnings per common share due to their anti-dilutive effect were 1.7 million and 0.7 million outstanding securities granted under the Omnibus Plan for the three and nine months ended September 30, 2022, respectively, and 0.6 million and 1.2 million outstanding securities granted under the Omnibus Plan for the three and nine months ended September 30, 2021, respectively.

Dividends Paid Per Share

U. S. Steel uses foreign exchange forward sales contracts (foreign exchange forwards) with maturities up to 25 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 foreign exchange forwards for which hedge accounting has not been elected; 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).

Hedge Contracts			Classification			September 30, 2022						September 30, 2021
Natural gas (in mmbtus)			Commodity purchase swaps			59,215,000						38,661,000
Tin (in metric tons)			Commodity purchase swaps			885						1,384
Zinc (in metric tons)			Commodity purchase swaps			10,666						12,853
Electricity (in megawatt hours)			Commodity purchase swaps			547,680						909,240
Iron ore pellets (in metric tons)			Zero-cost collars			432,000						—
Hot-rolled coils (in tons)			Sales swaps			44,000						97,320
Foreign currency (in millions of euros)			Foreign exchange forwards			€	292					€	290
Foreign currency (in millions of dollars)			Foreign exchange forwards			$	118					$	9
Foreign currency (in millions of CAD)			Foreign exchange forwards			$	4					$	—

Balance Sheet Location (in millions)			September 30, 2022			December 31, 2021
Designated as Hedging Instruments
Accounts receivable			$	88		$	42
Accounts payable			44			59
Investments and long-term receivables			7			2
Other long-term liabilities			13			4
Not Designated as Hedging Instruments
Accounts receivable			20			5
Investments and long-term receivables			5			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 and nine months ended September 30, 2022 and 2021:

			Gain (Loss) on Derivatives in AOCI												Amount of Gain (Loss) Recognized in Income
(In millions)			Three Months Ended September 30, 2022			Three Months Ended September 30, 2021						Location of Reclassification from AOCI (a)			Three Months Ended September 30, 2022			Three Months Ended September 30, 2021
Sales swaps			$	9		$	52					Net sales			$	9		$	(60)
Commodity purchase swaps			2			20						Cost of sales (b)			46			14
Foreign exchange forwards			13			8						Cost of sales			—			1
(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.

			Gain (Loss) on Derivatives in AOCI															Amount of Gain (Loss) Recognized in Income
(In millions)			Nine Months Ended September 30, 2022			Nine Months Ended September 30, 2021						Location of Reclassification from AOCI (a)						Nine Months Ended September 30, 2022			Nine Months Ended September 30, 2021
Sales swaps			$	33		$	(71)					Net sales						$	(29)		$	(93)
Commodity purchase swaps			17			52						Cost of sales (b)						89			18
Foreign exchange forwards			22			29						Cost of sales						30			(9)
(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 gain recognized for foreign exchange forwards and financial swaps where hedge accounting was not elected was $18 million and $12 million for the three and nine months ended September 30, 2022, respectively. The gain recognized for sales swaps where hedge accounting was not elected was $12 million for the three months ended September 30, 2021, and the loss of $3 million was recognized in cost of sales for the nine months ended September 30, 2021.

(In millions)			Issuer/Borrower			Interest Rates %			Maturity			September 30, 2022						December 31, 2021
2037 Senior Notes			U. S. Steel			6.650			2037			274						350
2029 Senior Secured Notes			Big River Steel			6.625			2029			720						720
2029 Senior Notes			U. S. Steel			6.875			2029			475						750
2026 Senior Convertible Notes			U. S. Steel			5.000			2026			350						350
Environmental Revenue Bonds			U. S. Steel			4.125 - 6.750			2024 - 2052			924						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			96						67
Finance leases and all other obligations			Big River Steel			Various			2022 - 2031			124						122
Export Credit Agreement			U. S. Steel			Variable			2031			136						136
Credit Facility Agreement			U. S. Steel			Variable			2027			—						—
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												3,851						3,894
Less unamortized discount, premium, and debt issuance costs												(71)						3
Less short-term debt, long-term debt due within one year, and short-term issuance costs												59						28
Long-term debt												$	3,863					$	3,863