false000116330200011633022025-01-302025-01-300001163302exch:XNYS2025-01-302025-01-300001163302exch:XCHI2025-01-302025-01-30

  
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549 
FORM 8-K 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): January 30, 2025
United States Steel Corporation
(Exact Name of Registrant as Specified in Charter) 
  
Delaware
1-1681125-1897152
(State or Other Jurisdiction
of Incorporation)
(Commission
File Number)
(I.R.S. Employer
Identification No.)

600 Grant Street,
Pittsburgh, PA 15219-2800
(Address of Principal Executive Offices, and Zip Code)

(412) 433-1121
Registrant’s Telephone Number, Including Area Code
____________________________________________
(Former Name or Former Address, if Changed Since Last Report) 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock
X
New York Stock Exchange
Common Stock
X
Chicago Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
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. ☐





Item 2.02. Results of Operations and Financial Condition

On January 30, 2025, United States Steel Corporation (the “Corporation”) issued a press release announcing its financial results for the fourth quarter and full-year 2024. Also on January 30, 2025, the Corporation posted to its website a presentation related to the Corporation’s financial results for the fourth quarter and full-year 2024.

In accordance with General Instruction B.2 of Form 8-K, the information contained in this Item 2.02, the press release and the presentation are being furnished under Item 2.02 of Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information and exhibits be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. The full text of the press release, together with related unaudited financial information and statistics, is furnished herewith as Exhibit 99.1. The earnings presentation is furnished with this current report on Form 8-K as Exhibit 99.2.

Item 9.01.    Financial Statements and Exhibits

(d) Exhibits:

Exhibit No.Description
Press release, dated January 30, 2025, titled “United States Steel Corporation Reports Fourth Quarter and Full-Year 2024 Results” together with related unaudited financial information and statistics.
Fourth Quarter and Full-Year 2024 Earnings Presentation.
104
Cover Page Interactive Data File (embedded within the Inline XBRL document).






SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

UNITED STATES STEEL CORPORATION


By/s/ Manpreet S. Grewal
Manpreet S. Grewal
Vice President, Controller & Chief Accounting Officer


Dated: January 30, 2025


blueusslogoa.gif




CONTACTS:


Corporate Communications
T - (412) 433-1300
E - media@uss.com
Emily Chieng
Investor Relations Officer
T - (412) 618-9554
E - ecchieng@uss.com




NEWS RELEASE


FOR IMMEDIATE RELEASE:

United States Steel Corporation Reports Fourth Quarter and Full-Year 2024 Results

•Fourth quarter 2024 net loss of $89 million, or $0.39 per diluted share; full-year 2024 net earnings of $384 million, or $1.57 per diluted share.
•Fourth quarter 2024 adjusted net loss of $28 million, or $0.13 per diluted share; full-year 2024 adjusted net earnings of $529 million, or $2.14 per diluted share.
•Fourth quarter 2024 adjusted EBITDA of $190 million; full-year 2024 adjusted EBITDA of $1,366 million.

PITTSBURGH, January 30, 2025 – United States Steel Corporation (NYSE: X) reported fourth quarter 2024 net loss of $89 million, or $0.39 per diluted share and adjusted net loss was $28 million, or $0.13 per diluted share. This compares to fourth quarter 2023 net loss of $80 million, or $0.36 per diluted share, and adjusted net earnings for the fourth quarter 2023 of $167 million, or $0.67 per diluted share.
Full-year 2024 net earnings was $384 million, or $1.57 per diluted share, and adjusted net earnings was $529 million, or $2.14 per diluted share. This compares to full-year 2023 net earnings of $895 million, or $3.56 per diluted share, and adjusted net earnings for 2023 of $1,195 million, or $4.73 per diluted share.
Commenting on the Company’s fourth quarter performance, U. S. Steel President and Chief Executive Officer, David B. Burritt said, “Our fourth quarter adjusted EBITDA of $190 million demonstrates continued strong performance amidst a sequentially weaker average selling price and demand environment across all our operating segments. Our results included better than expected cost performance in the North American Flat-Rolled segment and improved volumes in the Mini Mill segment later in the quarter. The North American Flat-Rolled segment generated 10% EBITDA margin, benefiting from a resilient commercial strategy, diverse product mix and continued focus on cost control. Our Mini Mill segment included initial shipments from our new,



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News Release

state-of-the-art Big River 2 (“BR2”) mill, which partially offset the impact of planned maintenance activity at Big River Steel during the quarter. When adjusting for $50 million in construction and ramp-up costs for strategic projects at Big River, the Mini Mill segment delivered 8% EBITDA margin. USSE earnings were pressured by continuing challenges in the pricing and demand environment. Tubular earnings were stronger sequentially in the fourth quarter driven by higher shipments.”
Commenting on the Company’s strategic initiatives, Burritt continued, “We are very pleased to see deliveries to customers from BR2 commence in early December and continue to see a steady ramp up in shipments into the first quarter. Customer feedback on BR2 product quality has been excellent and we thank our Big River team for safely delivering approximately $4 billion of transformational growth investments. Looking ahead, we expect to generate positive free cash flow in 2025, as volume and capability growth in our Mini Mill segment complements the resilient commercial strategy and operational strength our North American Flat Rolled segment continues to deliver.”
Q1 2025 Outlook
We expect first quarter adjusted EBITDA in the range of $100 million and $150 million. Our North American Flat-Rolled segment results are expected to decrease, primarily driven by seasonal logistics constraints in the mining sector, which will unwind in the second quarter. We expect this to be partially offset by resiliency in our commercial strategy. We expect an improvement in Mini Mill segment results reflecting the increase in shipments from BR2, even after accounting for approximately $50 million of ramp-up costs. In Europe, we expect results to slightly improve but still face pressures from challenging pricing and demand conditions. Our Tubular segment results should be largely consistent with the fourth quarter.

Earnings Highlights
Three Months Ended December 31,Twelve Months Ended December 31,
(Dollars in millions, except per share amounts)2024202320242023
Net Sales$3,509 $4,144 $15,640 $18,053 
Earnings (loss) before interest, taxes, depreciation and amortization (EBITDA)
     Flat-Rolled$222 $128 $934 $1,023 
     Mini Mill(8)74 233 383 
     U. S. Steel Europe(35)3 71 98 
     Tubular15 126 135 638 
     Other(4)(1)(7)(3)
     Depreciation, depletion and amortization(251)(241)(913)(916)
Total segment (loss) earnings before interest and income taxes$(61)$89 $453 $1,223 
Other items not allocated to segments(82)(320)(213)(424)
(Loss) earnings before interest and income taxes$(143)$(231)$240 $799 
Net interest and other financial benefits(24)(66)(198)(248)
Income tax (benefit) expense(30)(85)54 152 
Net (loss) earnings$(89)$(80)$384 $895 
(Loss) earnings per diluted share$(0.39)$(0.36)$1.57 $3.56 
Adjusted net (loss) earnings (a)
$(28)$167 $529 $1,195 
Adjusted net (loss) earnings per diluted share (a)
$(0.13)$0.67 $2.14 $4.73 
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) (a)
$190 $330 $1,366 $2,139 
(a) Please refer to the non-GAAP Financial Measures section of this document for the reconciliation of these amounts.

©2025 U. S. Steel All Rights Reserved www.ussteel.com United States Steel Corporation

News Release
UNITED STATES STEEL CORPORATION
PRELIMINARY SUPPLEMENTAL STATISTICS (Unaudited)
Quarter EndedYear Ended
December 31,December 31,
2024202320242023
OPERATING STATISTICS
Average realized price: ($/net ton unless otherwise noted) (a)
Flat-Rolled956 978 1,013 1,030 
Mini Mill789 807 857 875 
U. S. Steel Europe751 770 805 873 
U. S. Steel Europe (€/net ton)702 716 743 807 
Tubular1,539 2,390 1,905 3,137 
Steel shipments (thousands of net tons): (a)
Flat-Rolled1,846 2,034 7,845 8,706 
Mini Mill575 617 2,307 2,424 
U. S. Steel Europe732 1,024 3,578 3,899 
Tubular143 132 476 478 
Total Steel Shipments3,296 3,807 14,206 15,507 
Intersegment steel (unless otherwise noted) shipments (thousands of net tons):
Mini Mill to Flat-Rolled63 79 351 449 
Flat-Rolled to Mini Mill1 2 4 4 
Flat-Rolled to Mini Mill (pig iron)105 103 353 313 
Flat-Rolled to USSE (coal)— 242 258 874 
Raw steel production (thousands of net tons):
Flat-Rolled2,099 2,087 8,389 9,399 
Mini Mill664 752 2,838 2,953 
U. S. Steel Europe803 1,100 3,832 4,395 
Tubular153 157 575 568 
Raw steel capability utilization: (b)
Flat-Rolled63 %63 %63 %71 %
Mini Mill (c)
61 %89 %80 %89 %
U. S. Steel Europe64 %87 %77 %88 %
Tubular68 %69 %64 %63 %
CAPITAL EXPENDITURES (dollars in millions)
Flat-Rolled117 161 495 536 
Mini Mill339 425 1,641 1,899 
U. S. Steel Europe36 43 118 109 
Tubular13 8 33 32 
Other Businesses— — — — 
Total505 637 2,287 2,576 
(a) Excludes intersegment shipments.
(b) Based on annual raw steel production capability of 13.2 million net tons for Flat-Rolled, 3.3 million net tons for Mini Mill, 5.0 million net tons for U. S. Steel Europe and 0.9 million net tons for Tubular through the third quarter of 2024, and 6.3 million net tons for Mini Mill during the fourth quarter of 2024.
(c) Now includes the capacity of BR2 which produced first coil in October and delivered first customer shipments in December. BRS operated at 75% utilization during the quarter, which includes the impact of planned outage.

©2025 U. S. Steel All Rights Reserved www.ussteel.com United States Steel Corporation

News Release
UNITED STATES STEEL CORPORATION
CONDENSED STATEMENT OF OPERATIONS (Unaudited)
Three Months Ended December 31,Twelve Months Ended December 31,
(Dollars in millions, except per share amounts)2024202320242023
Net Sales$3,509 $4,144 $15,640 $18,053 
Operating expenses (income):
Cost of sales3,318 3,851 14,060 15,803 
Selling, general and administrative expenses107 181 435 501 
Depreciation, depletion and amortization251 241 913 916 
Earnings from investees(36)(39)(112)(115)
Asset impairment charges— 125 19 129 
Restructuring and other charges(3)15 8 36 
Other losses (gains), net15 1 77 (16)
Total operating expenses3,652 4,375 15,400 17,254 
(Loss) earnings before interest and income taxes(143)(231)240 799 
Net interest and other financial benefits(24)(66)(198)(248)
(Loss) earnings before income taxes(119)(165)438 1,047 
Income tax (benefit) expense(30)(85)54 152 
Net (loss) earnings(89)(80)384 895 
Less: Net earnings attributable to noncontrolling interests— — — — 
Net (loss) earnings attributable to United States Steel Corporation$(89)$(80)$384 $895 
COMMON STOCK DATA:
Net (loss) earnings per share attributable to United States Steel Corporation Stockholders
        Basic$(0.39)$(0.36)$1.71 $3.98 
        Diluted$(0.39)$(0.36)$1.57 $3.56 
    Weighted average shares, in thousands
        Basic225,173 223,130 224,817 224,761 
        Diluted225,173 223,130 254,004 255,360 
    Dividends paid per common share0.05 0.05 0.20 0.20 

©2025 U. S. Steel All Rights Reserved www.ussteel.com United States Steel Corporation

News Release
UNITED STATES STEEL CORPORATION
CONDENSED CASH FLOW STATEMENT (Unaudited)
(Dollars in millions)Twelve Months Ended December 31, 2024Twelve Months Ended December 31, 2023
Increase (decrease) in cash, cash equivalents and restricted cash
Operating activities:
Net earnings$384 $895 
Depreciation, depletion and amortization913 916 
Asset impairment charges19 129 
Restructuring and other charges8 36 
Loss on debt extinguishment2 — 
Pensions and other post-retirement benefits(133)(157)
Active employee benefit investments65 32 
Deferred income taxes113 97 
Working capital changes(182)385 
Income taxes receivable/payable(126)(27)
Other operating activities(144)(206)
Net cash provided by operating activities919 2,100 
Investing activities:
Capital expenditures(2,287)(2,576)
Proceeds from sale of assets5 8 
Other investing activities6 — 
Net cash used in investing activities(2,276)(2,568)
Financing activities:
Issuance of long-term debt, net of financing costs— 241 
Repayment of long-term debt(128)(89)
Common stock repurchased— (175)
Other financing activities(71)(75)
Net cash used in financing activities(199)(98)
Effect of exchange rate changes on cash(19)15 
Net decrease in cash, cash equivalents and restricted cash(1,575)(551)
Cash, cash equivalents and restricted cash at beginning of year2,988 3,539 
Cash, cash equivalents and restricted cash at end of period$1,413 $2,988 

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News Release
UNITED STATES STEEL CORPORATION
CONDENSED BALANCE SHEET (Unaudited)
December 31,December 31,
(Dollars in millions)20242023
Cash and cash equivalents$1,367 $2,948 
Receivables, net1,398 1,548 
Inventories2,168 2,128 
Other current assets299 319 
Total current assets5,232 6,943 
Operating lease assets72 109 
Property, plant and equipment, net11,973 10,393 
Investments and long-term receivables, net757 761 
Intangibles, net416 436 
Goodwill920 920 
Other noncurrent assets865 889 
Total assets$20,235 $20,451 
Accounts payable and other accrued liabilities2,747 3,028 
Payroll and benefits payable295 442 
Short-term debt and current maturities of long-term debt95 142 
Other current liabilities236 336 
Total current liabilities3,373 3,948 
Noncurrent operating lease liabilities44 73 
Long-term debt, less unamortized discount and debt issuance costs4,078 4,080 
Employee benefits117 126 
Deferred income tax liabilities657 587 
Other long-term liabilities526 497 
United States Steel Corporation stockholders' equity11,347 11,047 
Noncontrolling interests93 93 
Total liabilities and stockholders' equity$20,235 $20,451 








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News Release
UNITED STATES STEEL CORPORATION
NON-GAAP FINANCIAL MEASURES
RECONCILIATION OF ADJUSTED NET (LOSS) EARNINGS
Three Months Ended December 31,Twelve Months Ended December 31,
(In millions of dollars)2024202320242023
Net (loss) earnings and diluted net earnings per share attributable to United States Steel Corporation, as reported$(89)$(0.39)$(80)$(0.36)$384 $1.57 $895 $3.56 
Restructuring and other charges(3)15 8 36 
Stock-based compensation expense14 14 51 51 
Asset impairment charges (a)
— 123 19 127 
VEBA asset surplus adjustment(4)(7)(25)(43)
Environmental remediation charges14 — 18 11 
Strategic alternatives review process costs31 63 90 79 
Granite City idling costs (a)
11 107 11 121 
Other charges, net15 10 16 12 
Adjusted pre-tax net (loss) earnings to United States Steel Corporation(11)245 572 1,289 
Tax impact of adjusted items (b)
(17)(78)(43)(94)
Adjusted net (loss) earnings and diluted net earnings per share attributable to United States Steel Corporation$(28)$(0.13)$167 $0.67 $529 $2.14 $1,195 $4.73 
Weighted average diluted ordinary shares outstanding, in millions225.2 254.5 254.0 255.4 
(b) During the three months ended December 31, 2023, the Company recognized charges of $230 million for the indefinite idling of the iron and steel making processes at Granite City Works. This amount includes asset impairment charges of $123 million and other costs of $107 million primarily for take-or-pay commitments and employee-related costs.
(b) The tax impact of adjusted items for the three months and twelve months ended December 31, 2024 and 2023, is calculated using a blended tax rate of 24% for domestic items and 21% for USSE items.


UNITED STATES STEEL CORPORATION
NON-GAAP FINANCIAL MEASURES
RECONCILIATION OF ADJUSTED EBITDA
Three Months Ended December 31,Twelve Months Ended December 31,
(Dollars in millions)2024202320242023
Reconciliation to Adjusted EBITDA
Net (loss) earnings attributable to United States Steel Corporation$(89)$(80)$384 $895 
Income tax (benefit) expense(30)(85)54 152 
Net interest and other financial benefits(24)(66)(198)(248)
Depreciation, depletion and amortization expense251 241 913 916 
EBITDA108 10 1,153 1,715 
Restructuring and other charges(3)15 8 36 
Stock-based compensation expense14 14 51 51 
Asset impairment charges (a)
— 123 19 127 
Environmental remediation charges14 — 18 11 
Strategic alternatives review process costs31 63 90 79 
Granite City idling costs (a)
11 107 11 121 
Other charges, net15 (2)16 (1)
Adjusted EBITDA$190 $330 $1,366 $2,139 
Net earnings margin (b)
(3)%(2)%2 %5 %
Adjusted EBITDA margin (b)
5 %8 %9 %12 %
(a) During the three months ended December 31, 2023, the Company recognized charges of $230 million for the indefinite idling of the iron and steel making processes at Granite City Works. This amount includes asset impairment charges of $123 million and other costs of $107 million primarily for take-or-pay commitments and employee-related costs.
(b) The net earnings and adjusted EBITDA margins represent net earnings or adjusted EBITDA divided by net sales.


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News Release

UNITED STATES STEEL CORPORATION
NON-GAAP FINANCIAL MEASURES
RECONCILIATION OF PAST TWELVE MONTHS OF FREE AND INVESTABLE CASH FLOW
1st2nd3rd4th
QuarterQuarterQuarterQuarterTotal of the
(Dollars in millions)2024202420242024Four Quarters
Net cash (used) provided by operating activities$(28)$474 $265 $208 $919 
Net cash used in investing activities(645)(630)(509)(492)(2,276)
Free cash flow(673)(156)(244)(284)(1,357)
Strategic capital expenditures468 468 346 312 1,594 
Investable free cash flow$(205)$312 $102 $28 $237 

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News Release
We present adjusted net earnings, adjusted net earnings per diluted share, earnings before interest, taxes, depreciation and amortization (EBITDA), adjusted EBITDA and adjusted EBITDA margin, 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, stock-based compensation expense, asset impairment charges, VEBA asset surplus adjustment, environmental remediation charges, strategic alternatives review process costs, Granite City idling costs, tax impact of adjusted items and other charges, net (Adjustment Items). Adjusted EBITDA and adjusted EBITDA margins are also non-GAAP measures that exclude the effects of certain Adjustment Items. We present adjusted net earnings, adjusted net earnings per diluted share, adjusted EBITDA and adjusted EBITDA margin 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, adjusted EBITDA, and adjusted EBITDA margin 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, adjusted EBITDA, and adjusted EBITDA margin 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, adjusted EBITDA, and adjusted EBITDA margin 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, adjusted EBITDA, and adjusted EBITDA margin 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 are 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 investable free cash flow, a non-GAAP measure of cash generated from operations after any investing activity adjusted for strategic capital expenditures. We believe that free cash flow and investable free cash flow provide 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 regarding the Company that may constitute "forward-looking statements," as that term is defined under the Private Securities Litigation Reform Act of 1995 and other securities laws, that are subject to risks and uncertainties. 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, statements expressing general views about future operating or financial results, operating or financial performance, trends, events or developments that we expect or anticipate will occur in the future, anticipated cost savings, potential capital and operational cash improvements and changes in the global economic environment, anticipated capital expenditures, the construction or operation of new or existing facilities or capabilities and the costs associated with such matters, statements regarding our greenhouse gas emissions reduction goals, as well as statements regarding the merger between the Company and Nippon Steel Corporation (the "Merger"), including the timing of the completion of the Merger. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. Forward-looking statements include all statements that are not historical facts, but

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instead represent only the Company's beliefs regarding future goals, plans and expectations about our prospects for the future and other 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 of the Company 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. In addition, forward looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the Company's historical experience and our present expectations or projections. Risks and uncertainties include without limitation: the ability of the parties to consummate the Merger on a timely basis or at all; the occurrence of any event, change or other circumstances that could give rise to the termination of the definitive agreement and plan of merger relating to the Merger (the "Merger Agreement"); risks arising from litigation related to the Merger, either brought by or against the parties; the risk that the parties to the Merger Agreement may not be able to satisfy the conditions to the Merger in a timely manner or at all; risks related to disruption of management time from ongoing business operations due to the Merger and related litigation; certain restrictions during the pendency of the Merger that may impact the Company's ability to pursue certain business opportunities or strategic transactions; the risk that any announcements relating to the Merger could have adverse effects on the market price of the Company's common stock; the risk of any unexpected costs or expenses resulting from the Merger; the risk that the Merger and its announcement could have an adverse effect on the ability of the Company to retain customers and retain and hire key personnel and maintain relationships with customers, suppliers, employees, stockholders and other business relationships and on its operating results and business generally; and the risk the pending Merger could distract management of the Company. The Company directs readers to its Annual Report on Form 10-K for the year ended December 31, 2023, the quarterly report on Form 10-Q for the quarter ended September 30, 2024, and the other documents it files with the SEC for other risks associated with the Company's future performance. These documents contain and identify important factors that could cause actual results to differ materially from those contained in the forward-looking statements. All information in this report is as of the date above. The Company does not undertake any duty to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations whether as a result of new information, future events or otherwise, except as required by law.
###
2025-006
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 25.4 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.

©2025 U. S. Steel All Rights Reserved www.ussteel.com United States Steel Corporation
1 EARNINGS PRESENTATION FOURTH QUARTER AND FULL YEAR 2024 Januar y 30, 2025

 
2 FORWARD-LOOKING STATEMENTS This presentation contains information regarding the Company that may constitute “forward-looking statements,” as that term is defined under the Private Securities Litigation Reform Act of 1995 and other securities laws, that are subject to risks and uncertainties. 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, statements expressing general views about future operating or financial results, operating or financial performance, trends, events or developments that we expect or anticipate will occur in the future, anticipated cost savings, potential capital and operational cash improvements and changes in the global economic environment, anticipated capital expenditures, the construction or operation of new or existing facilities or capabilities and the costs associated with such matters, statements regarding our greenhouse gas emissions reduction goals, as well as statements regarding the merger between the Company and Nippon Steel Corporation (the "Merger"), including the timing of the completion of the Merger. However, the absence of these words or similar expressions does not mean that a statement is not forward- looking. Forward-looking statements include all statements that are not historical facts, but instead represent only the Company’s beliefs regarding future goals, plans and expectations about our prospects for the future and other 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 of the Company 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. In addition, forward looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the Company's historical experience and our present expectations or projections. Risks and uncertainties include without limitation: the ability of the parties to consummate the Merger on a timely basis or at all; the occurrence of any event, change or other circumstances that could give rise to the termination of the definitive agreement and plan of merger relating to the Merger (the “Merger Agreement”); risks arising from litigation related to the Merger, either brought by or against the parties; the risk that the parties to the Merger Agreement may not be able to satisfy the conditions to the Merger in a timely manner or at all; risks related to disruption of management time from ongoing business operations due to the Merger and related litigation; certain restrictions during the pendency of the Merger that may impact the Company’s ability to pursue certain business opportunities or strategic transactions; the risk that any announcements relating to the Merger could have adverse effects on the market price of the Company’s common stock; the risk of any unexpected costs or expenses resulting from the Merger; the risk that the Merger and its announcement could have an adverse effect on the ability of the Company to retain customers and retain and hire key personnel and maintain relationships with customers, suppliers, employees, stockholders and other business relationships and on its operating results and business generally; and the risk the pending Merger could distract management of the Company. The Company directs readers to its Annual Report on Form 10-K for the year ending December 31, 2023, the quarterly report on Form 10-Q for the quarter ending September 30, 2024, and the other documents it files with the SEC for other risks associated with the Company’s future performance. These documents contain and identify important factors that could cause actual results to differ materially from those contained in the forward-looking statements. All information in this report is as of the date above. The Company does not undertake any duty to update any forward-looking statement to conform the statement to actual results or changes in the Company’s expectations whether as a result of new information, future events or otherwise, except as required by law.

 
3 EXPLANATION OF USE OF NON-GAAP MEASURES We present adjusted net earnings (loss), adjusted net earnings (loss) margin, adjusted net earnings (loss) per diluted share, earnings (loss) before interest, taxes, depreciation and amortization (EBITDA), adjusted EBITDA, adjusted EBITDA margin and adjusted profit (loss) margin, 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 (loss), is a relevant indicator of trends relating to our operating performance and provides management and investors with additional information for comparison of our operating results to the operating results of other companies. Adjusted net earnings (loss) and adjusted net earnings (loss) per diluted share are non-GAAP measures that exclude the effects of items that include: asset impairment charges, restructuring and other charges, stock-based compensation expense, VEBA asset surplus adjustment, environmental remediation charges, strategic alternatives review process costs, Granite City idling costs, tax impact of adjusted items and other changes, net (Adjustment Items). Adjusted EBITDA and adjusted EBITDA margin are also non-GAAP measures that exclude the effects of certain Adjustment Items. We present adjusted net earnings (loss), adjusted net earnings (loss) per diluted share, adjusted EBITDA, adjusted EBITDA margin and adjusted profit (loss) margin to enhance the understanding of our ongoing operating performance and established trends affecting our core operations by excluding the effects of events that can obscure underlying trends. U. S. Steel's management considers adjusted net earnings (loss), adjusted net earnings (loss) per diluted share, adjusted EBITDA, adjusted EBITDA margin and adjusted profit (loss) margin as alternative measures of operating performance and not alternative measures of the Company's liquidity. U. S. Steel’s management considers adjusted net earnings (loss), adjusted net earnings (loss) per diluted share, adjusted EBITDA, adjusted EBITDA margin and adjusted profit (loss) margin useful to investors by facilitating a comparison of our operating performance to the operating performance of our competitors. Additionally, the presentation of adjusted net earnings (loss), adjusted net earnings (loss) per diluted share, adjusted EBITDA, adjusted EBITDA margin and adjusted profit (loss) margin 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 (loss), adjusted net earnings (loss) per diluted share, adjusted EBITDA, adjusted EBITDA margin and adjusted profit (loss) margin should not be considered a substitute for net earnings (loss) or other financial measures as computed in accordance with U.S. GAAP and are not necessarily comparable to similarly titled measures used by other companies. We also present net debt, a non-GAAP measure calculated as total debt less cash and cash equivalents. We believe net debt is a useful measure in calculating enterprise value.

 
4 SUMMARY: ON THE PATH TO DELIVERING $55 PER SHARE Current Landscape Strong 2024 performance despite challenging macro environment Committed to closing the transaction with Nippon Steel Corporation by jointly taking legal action Strategic projects ramping in 2025 Challenges Successfully navigating a dynamic steel industry backdrop Solution Progressing towards becoming the ‘Best Steelmaker with World- leading Capabilities’ Moving closer to fully ramping up our in-flight capital projects and delivering earnings resilience and increasing free cash flow Path Forward Successfully complete litigation and deliver the NSC transaction at $55 per share Creating a global steel leader in value and innovation

 
5 NSC & U. S. STEEL: CONTINUED COMMITMENT TO CLOSING THE TRANSACTION Nippon Steel and U. S. Steel, together, filed multiple lawsuits in response to wrongful interference with the proposed acquisition of U. S. Steel. This transaction stands to benefit the entire American domestic steel industry and all stakeholders, including U. S. Steel’s stockholders, who will receive the agreed upon $55.00 per share upon the transaction closing. We remain confident that the transaction is the best path forward to secure the future of U. S. Steel, our workers and our communities for generations to come. Nippon Steel’s advanced technology and knowhow transfer will bring world-leading integrated steelmaking to the United States, drive innovation and productivity, enhance U. S. Steel’s global competitiveness and solidify the United States as a global leader in steel production. This transaction meets many of the goals set by President Trump regarding foreign direct investment and the need for foreign companies to manufacture in the United States. +

 
6 MINI MILL SPOTLIGHT

 
7 Mini Mill Facilities: F A C I L I T Y H I G H L I G H T S I N D U S T R Y - L E A D I N G P R O D U C T I V I T Y C A R B O N I M P A C T 3.0 MNT capability per year two EAFs3.3 MNT capability per year two EAFs 1 Endless casting & rolling line Light gauge / wide; ideal for auto end-market Best-in-class finishing lines ~1M ton Galvanizing (2 lines) 1 RH Degasser Only North American mill to connect an EAF with a RH degasser for cleaner, more formable steels Best-in-class finishing lines ~525k ton Galvanizing (1 line) ~200k ton NGO (1 line) ~325k ton Galv/Galvalume (1 line) ~165k ton paint line ~3,700 Tons per employee (~1,700 employees) <0.4 GHG Emissions Intensity (metric tons of CO2e per metric ton of raw steel produced; scope 1 & 2 emissions) MINI MILL: UNIQUE CAPABILITIES • Advanced high strength steel HDG / CAL combo line • Heavy gauge HR / Pickle HDG line Hot Roll Capabilities 36” to 76” width 0.0550” to 1.0000” thickness Hot Roll (ESP) Capabilities 45” to 77” width 0.0315” to 0.5000” thickness

 
8 Product mix1 3rd party shipments Coated 30% 55% 25% 15% Hot rolled coil Cold rolled coil 2 0 2 4 2 Coated 40% 15% 40% Hot rolled coil Cold rolled coil F U T U R E P R O D U C T M I X 3 NGO 5% Higher through- cycle margin product mix Enhancing our earnings profile Increasing mix of value- added products to drive through-cycle performance MINI MILL: ENHANCING THE MINI MILL SEGMENT’S EARNINGS PROFILE 1 Rounded to the nearest 5%. 2 Includes NGO shipments; due to rounding, the value is rounded down to 0%. 3 Mini Mill segment expected to achieve run-rate capability in 2026.

 
9 MINI MILL: BR2 RAMPING TOWARDS FREE CASH FLOW GENERATION Construction of Big River 2 commenced June 2022 First heats produced through EAF 3 and 4 First ESP1 coil produced October 2024 First prime tons shipped to customers First PGL3 product produced December 2024 CGL34 line commissioning commenced January 2025 Paint line hot commissioning expected to begin ESP1 hot commissioning expected to conclude February 2025 BR2 team remains focused on receiving final acceptance certificates 2025 → First PLTCM2 product produced November 2024 1 ESP = Endless Strip Production. 2 PLTCM = Pickling Line and Tandem Cold Mill. 3 PGL = Heavy Gauge Pickle Galvanize Line. 4 CGL3 = Continuous Galvanizing Line. BR2 expected to drive material contribution to 2025 EBITDA, with run-rate throughput to be achieved during 2H 2025 and run-rate capability in 2026 Big River 2 Timeline

 
10 Pickling and Galvanizing LinePickling Line and Tandem Cold Mill MINI MILL: NORTH AMERICA'S MOST TECHNOLOGICALLY ADVANCED STEEL MILL

 
11 >$4 BILLION OF STRATEGIC GROWTH CAPEX NOW BEHIND US 2 0 2 5 2 0 2 6 + EAF Steelmaking Shipments EBITDA Contribution FCF Contribution >$4 billion of strategic growth capex now behind us, as construction of Big River 2, CGL2, NGO, DR Pellet, Gary Pig has concluded Looking forward to the free cash flow inflection in 2025; on our way to run-rate profitability in 2026 and beyond

 
12 FINANCIAL PERFORMANCE

 
13 Q4 2024 FINANCIAL PERFORMANCE: SUMMARY $190M Adjusted EBITDA ~5% adjusted EBITDA margin Fourth quarter performance ($89M) Reported Net Earnings (Loss) ($0.39) per diluted share Note: For reconciliation of non-GAAP amounts, see Appendix. ($28M) Adjusted Net Earnings (Loss) ($0.13) per diluted share $3.6B Liquidity Including ~$1.4B cash

 
14 Q4 2024 FINANCIAL PERFORMANCE: CONTINUES TO DEMONSTRATE STRENGTH Resilience in our business model despite a sequentially weaker market environment Million Adjusted EBITDA $190 North American Flat-Rolled Segment NAFR EBITDA margin for Q4 2024 was 10%; benefiting from a resilient commercial strategy and a diverse product mix; managing costs to keep earnings strong Mini Mill Segment Included initial shipments from our new, state-of-the-art Big River 2 facility; Mini Mill EBITDA margin for Q4 2024 was 8% excluding ~$30 million in related start-up and one-time construction costs and ~$20 million in ramp-related impact from BR2 U. S. Steel Europe Segment Continues to face pressures from a challenging demand environment in Europe Tubular Segment Challenging price environment despite an enhanced suite of proprietary connections and seamless pipe products serving a diverse oil and gas customer base Note: For reconciliation of non-GAAP amounts, see Appendix.

 
15 Q1 2025 OUTLOOK: $100 TO $150 MILLION ADJUSTED EBITDA North American Flat-Rolled Mini Mill1 U. S. Steel Europe Tubular Raw Materials Unfavorable raw material pricing expected Operating Costs Unfavorable impact expected from higher energy pricing and increased spending Commercial Unfavorable impact expected from seasonal impacts on pellet shipments, partially offset by resiliency in our commercial strategy Raw Materials No material change expected Operating Costs No material change expected Commercial Favorable impact expected due to higher incremental volumes from BR2 ramp Raw Materials No material change expected Operating Costs No material change expected Commercial Slightly favorable impact expected due to increased volumes Raw Materials No material change expected Operating Costs No material change expected Commercial Favorable impact expected due to higher average selling prices Note: Commentary reflects the expected change versus Q4 2024. 1 Mini Mill segment EBITDA includes ~$50M in ramp-related costs in Q1 2025.

 
16 2024 F O U R T H Q U A R T E R A N D F U L L Y E A R U P D A T E

 
17 0.05 0.06 2024 OSHA Days Away from Work – U. S. Steel2 BLS - Iron & Steel: 0.60 Benchmark1: Industry leading performance 1 Bureau of Labor Statistics – Iron & Steel 2023 data. 2 Occupational Safety and Health Administration (OSHA) Days Away from Work is defined as number of days away cases x 200,000 / hours worked. 2024 OSHA Days Away from Work – Contractors2 During the peak of construction at Big River Steel Works, 5,000 contractors were onsite daily WE REMAIN FOCUSED ON INDUSTRY LEADING SAFETY PERFORMANCE

 
18 FINANCIAL UPDATES Reported Net Earnings (Loss) Adjusted Net Earnings (Loss)1 Segment EBIT2 Adjusted EBITDA3 Profit Margin: $ Millions $ Millions $ Millions $ Millions Adjusted EBITDA Margin:3 Segment EBIT Margin:2 Note: For reconciliation of non-GAAP amounts, see Appendix. 1 Earnings (loss) excluding adjustment items. 2 Earnings (loss) before interest and income taxes. 3 Earnings (loss) before interest, taxes, depreciation and amortization, and excluding adjustment items. Adjusted Profit Margin1: -$80 $171 $183 $119 ($89) Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 $167 $206 $211 $140 ($28) Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 $89 $204 $226 $84 ($61) Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 $330 $414 $443 $319 $190 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 (2%) 4% 4% 3% (3%) 4% 5% 5% 4% (1%) 2% 5% 5% 2% (2%) 8% 10% 11% 8% 5%

 
19 FINANCIAL UPDATES Reported Net Earnings (Loss) Adjusted Net Earnings (Loss)1 Segment EBIT2 Adjusted EBITDA3 Profit Margin: $ Millions $ Millions $ Millions $ Millions Adjusted EBITDA Margin:3 Segment EBIT Margin:2 Adjusted Profit Margin1: -$1,165 $4,174 $2,524 $895 $384 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 -$920 $4,400 $2,785 $1,195 $529 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 -$805 $4,801 $3,499 $1,223 $453 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 -$162 $5,647 $4,290 $2,139 $1,366 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 (12%) 21% 12% 5% 2% (9%) 22% 13% 7% 3% (8%) 24% 17% 7% 3% (2%) 28% 20% 12% 9% Note: For reconciliation of non-GAAP amounts, see Appendix. 1 Earnings (loss) excluding adjustment items. 2 Earnings (loss) before interest and income taxes. 3 Earnings (loss) before interest, taxes, depreciation and amortization, and excluding adjustment items.

 
20 KEY OPERATING STATISTICS TRENDS BY SEGMENT Flat-Rolled Operating Statistics Mini Mill Operating Statistics U. S. Steel Europe (USSE) Operating Statistics Tubular Operating Statistics1 Shipments: in 000s, net tons Production: in 000s, net tons Average Selling Price: $ / net ton Shipments: in 000s, net tons Production: in 000s, net tons Average Selling Price: $ / net ton Shipments: in 000s, net tons Production: in 000s, net tons Average Selling Price: $ / net ton Shipments: in 000s, net tons Production: in 000s, net tons Average Selling Price: $ / net ton 1 2024 shipments include immaterial billet shipments in Q1 and Q2, 6 thousand in Q3, and 39 thousand in Q4. Tubular Segment shipments and average selling price, excluding billet sales, were 104 thousand tons and $1,871 per ton in Q3 2024, and 104 thousand tons and $1,844 per ton in Q4 2024, respectively. Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 2,034 2,049 2,045 1,905 1,846 2,087 2,111 2,072 2,107 2,099 $978 $1,054 $1,051 $993 $956 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 1,024 1,072 875 899 732 1,100 1,079 980 970 803 $770 $830 $821 $802 $751 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 617 568 562 602 575 752 717 725 732 664 $807 $977 $869 $800 $789 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 132 114 109 110 143 157 146 117 159 153 $2,390 $2,267 $2,108 $1,805 $1,539

 
21 KEY OPERATING STATISTICS TRENDS BY SEGMENT Flat-Rolled Operating Statistics Mini Mill Operating Statistics U. S. Steel Europe (USSE) Operating Statistics Tubular Operating Statistics2 Shipments: in 000s, net tons Production: in 000s, net tons Average Selling Price: $ / net ton Shipments: in 000s, net tons Production: in 000s, net tons Average Selling Price: $ / net ton Shipments: in 000s, net tons Production: in 000s, net tons Average Selling Price: $ / net ton Shipments: in 000s, net tons Production: in 000s, net tons Average Selling Price: $ / net ton FY 2020 FY 2021 FY 2022 FY 2023 FY 20241 8,711 9,018 8,373 8,706 7,845 9,313 9,881 8,846 9,399 8,389 $718 $1,172 $1,261 $1,030 $1,013 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 3,041 4,302 3,759 3,899 3,578 3,366 4,931 3,839 4,395 3,832 $626 $966 $1,090 $873 $805 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 - 2,230 2,287 2,424 2,307 - 2,688 2,650 2,953 2,838 - $1,314 $1,134 $875 $857 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 464 444 523 478 476 16 464 634 568 575 $1,271 $1,696 $2,978 $3,137 $1,905 1 Steelmaking at Granite City Works was indefinitely idled in late 2023. 2 Tubular Segment shipments and average selling price, excluding billet sales, were 430 thousand tons and $2,033 per ton in FY 2024, respectively.

 
22 EBITDA TRENDS BY SEGMENT EBITDA Margin: EBITDA Margin: EBITDA Margin: Note: For reconciliation of non-GAAP amounts, see Appendix. 1 Q4 2023 North American Flat-Rolled segment includes the impact of construction and related start-up costs of approximately $10 million related to the DR-grade pellet strategic project. 2 EBITDA margin excluding BR2 impact excludes BR2 construction and start-up costs in Q4 2023 - Q4 2024 of ~$12M, ~$20M, ~$30M, ~$40M, and ~$30M, respectively, along with ~$20M in ramp-related costs in Q4 2024. EBITDA Margin: $128 $156 $310 $246 $222 Q4 20231 Q1 2024 Q2 2024 Q3 2024 Q4 2024 $74 $145 $74 $22 ($8) Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 $3 $46 $21 $39 ($35) Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 $126 $69 $42 $9 $15 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Flat-Rolled Segment EBITDA Mini Mill Segment EBITDA$ Millions $ Millions USSE Segment EBITDA Tubular Segment EBITDA$ Millions $ Millions 5% 6% 12% 10% 10% 12% 21% 12% 4% (2%) 0% 5% 3% 5% (6%) 38% 25% 17% 4% 6% EBITDA Margin Excluding BR2 Impact2: 14% 23% 17% 11% 8%

 
23 EBITDA TRENDS BY SEGMENT EBITDA Margin: EBITDA Margin: EBITDA Margin: EBITDA Margin: -$100 $3,176 $2,507 $1,023 $934 FY 2020 FY 2021 FY 2022 FY 20231 FY 2024 $1,357 $639 $383 $233 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 $106 $1,073 $529 $98 $71 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 -$140 $48 $592 $638 $135 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 Flat-Rolled Segment EBITDA Mini Mill Segment EBITDA$ Millions $ Millions USSE Segment EBITDA Tubular Segment EBITDA$ Millions $ Millions (1%) 26% 19% 9% 10% 5% 25% 12% 3% 2% (22%) 6% 37% 41% 14% - 39% 21% 14% 10% Note: For reconciliation of non-GAAP amounts, see Appendix. 1 Q4 2023 North American Flat-Rolled segment includes the impact of construction and related start-up costs of approximately $10 million related to the DR-grade pellet strategic project. 2 EBITDA margin excluding BR2 impact excludes BR2 construction and start-up costs in 2023 of ~$41M and ~$120M in 2024, along with ~$20M in ramp-related costs in 2024. - 39% 21% 16% 15% EBITDA Margin Excluding BR2 Impact2:

 
24 $ Millions, Q3 2024 vs. Q4 2024 FLAT-ROLLED SEGMENT EBITDA CHANGE ANALYSIS $128 $222$13 $104 Q4 2023 ($24) Commercial $1 Raw Materials Operating Costs Other Q4 2024 $ Millions, Q4 2023 vs. Q4 2024 $246 $222 $11 $12 $17 Q3 2024 ($64) Commercial Raw Materials Operating Costs Other Q4 2024 Commercial The unfavorable impact is primarily the result of lower shipment volumes and lower average realized prices, which was partially offset by a more profitable product mix. Raw Materials The change is not material. Operating Costs The favorable impact is primarily the result of idle related impacts. Other The favorable impact is primarily the result of higher joint venture income, lower profit-based payments, derivative gains, lower intercompany receipts, and lower energy costs. Commercial The unfavorable impact is primarily the result of lower shipment volumes and lower average realized prices. Raw Materials The favorable impact is primarily the result of inventory revaluation impacts. Operating Costs The favorable impact is primarily the result of lower mining costs, partially offset by higher labor. Other The favorable impact is primarily the result of higher joint venture income, derivative gains, and lower intercompany receipts, partially offset by higher energy costs.

 
25 $ Millions, Q3 2024 vs. Q4 2024 MINI MILL SEGMENT EBITDA CHANGE ANALYSIS $74 ($8) Q4 2023 Commercial Raw Materials Operating Costs Other Q4 2024 ($23) ($13) ($6) ($40) $ Millions, Q4 2023 vs. Q4 2024 $22 ($8) Q3 2024 Commercial Raw Materials Operating Costs Other Q4 2024 ($15) ($4) ($1) ($10) Commercial The unfavorable impact is primarily the result of lower shipment volumes and lower average realized prices. Raw Materials The unfavorable impact is primarily the result of lower yield, partially offset by lower metallics costs. Operating Costs The change is not material. Other The unfavorable impact is primarily due to higher start-up and one-time construction costs, as well as ramp-related impacts associated with strategic projects. Commercial The unfavorable impact is primarily the result of lower shipment volumes due to outage activity and lower average realized prices. Raw Materials The change is not material. Operating Costs The change is not material. Other The unfavorable impact is primarily due to ramp- related impacts associated with strategic projects.

 
26 $ Millions, Q3 2024 vs. Q4 2024 U. S. STEEL EUROPE SEGMENT EBITDA CHANGE ANALYSIS $3 ($35) ($10) ($6) Q4 2023 Commercial Raw Materials Operating Costs Other Q4 2024 ($42) $20 $ Millions, Q4 2023 vs. Q4 2024 $39 ($35) ($24) Q3 2024 Commercial Raw Materials Operating Costs Other Q4 2024 ($53) $1 $2 Commercial The unfavorable impact is primarily the result of lower shipment volumes and lower average realized prices. Raw Materials The favorable impact is primarily the result of lower coal and iron ore costs, partially offset by inventory revaluation impacts and higher reserve for CO2 emissions. Operating Costs The unfavorable impact is primarily the result of higher spending. Other The change is not material. Commercial The unfavorable impact is primarily the result of lower shipment volumes and lower average realized prices. Raw Materials The favorable impact is primarily the result of inventory revaluation impacts and lower coal and iron ore costs, partially offset by the absence of the third quarter favorable adjustment related to the reserve for CO2 emissions. Operating Costs The change is not material. Other The unfavorable impact is primarily the result of higher energy costs and unfavorable foreign exchange impact.

 
27 $ Millions, Q3 2024 vs. Q4 2024 TUBULAR SEGMENT EBITDA CHANGE ANALYSIS $126 $15 Q4 2023 ($86) Commercial $4 Raw Materials ($24) Operating Costs ($5) Other Q4 2024 $ Millions, Q4 2023 vs. Q4 2024 $9 $15 $5 $4 Q3 2024 Commercial ($1) Raw Materials ($2) Operating Costs Other Q4 2024 Commercial The unfavorable impact is primarily the result of lower seamless shipment volumes and lower average realized prices. Raw Materials The change is not material. Operating Costs The unfavorable impact is primarily the result of higher spending and labor. Other The change is not material. Commercial The favorable impact is primarily the result of higher shipment volumes due to the absence of outage activity. Raw Materials The change is not material. Operating Costs The change is not material. Other The change is not material.

 
28 Minntac M I N I M I L L T U B U L A R Clairton Keetac BF #4 BF #6 BF #8 BF #14 BF ‘A’ BF ‘B’ N O R T H A M E R I C A N F L A T - R O L L E D BF #1 BF #3 EAF #1 EAF #2 BF #1 BF #3BF #2 Seamless Pipe #1 ERW #2 ERW EAF Steelmaking / Seamless Pipe Indefinitely IdledOperating 1 Raw steel capability, except at Minntac and Keetac (DR-grade / blast furnace pellet capability), Clairton (coke capability), Gary pig (pig iron) Lorain, and Lone Star (pipe capability). 2 Keetac can flex its capacity to produce either 6 million tons of blast furnace iron ore pellets or 4 million tons of DR-grade pellets. 3 If Keetac produces 4 million tons of DR-grade pellets and zero tons of blast furnace iron ore pellets, total iron ore production capacity would be 16.4 million. 22.43 3.6 7.5 2.8 2.9 - - - 2.8 - 0.90 0.38 0.79 - 0.38 0.79 5.01.7 3.3- Iron Ore Pellets2 Cokemaking Gary Granite City Mon Valley Big River Steel Košice Lorain Lone Star Fairfield E U R O P E Idled Total Capability1 GLOBAL OPERATING FOOTPRINT Temporarily Idled GaryPig Iron - 0.5 Keetac 4.0-DR-grade Pellets2 All amounts shown in millions EAF #3 EAF #4 3.0-Big River Steel 2

 
29 CASH AND LIQUIDITY Note: For reconciliation of non-GAAP amounts, see Appendix. $138 $4,090 $3,505 $2,100 $919 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 $1,985 $2,522 $3,504 $2,948 $1,367 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 $3,153 $4,971 $5,925 $5,174 $3,624 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 $2,902 $1,369 $473 $1,274 $2,806 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 Cash from Operations Cash and Cash Equivalents$ Millions $ Millions Total Estimated Liquidity Net Debt$ Millions $ Millions

 
30 APPENDIX

 
31 SUPPLEMENTAL INFORMATION HRC (25%) CRC (50%) Coated (20%) Tin (5%) HRC (55%) CRC (15%) Coated (30%) HRC (60%) CRC (10%) Coated (20%) Tin (5%) Seamless (90%) Flat-Rolled Mini Mill2,3 U. S. Steel Europe Tubular2024 Shipments by product mix1 1 Rounded to the nearest 5%. 2 Includes NGO shipments; however, the value is rounded down to 0%. 3 Mini Mill segment product mix, once Big River 2 (BR2) is fully ramped, is expected to be ~40% hot rolled coil (HRC) / ~15% cold rolled coil (CRC) / ~40% Coated / ~5% Non-grain oriented electrical steel. Semi-finished (10%) Semi-finished (5%)

 
32 SUPPLEMENTAL INFORMATION HRC (20%) CRC (45%) Coated (25%) Tin (10%) HRC (50%) CRC (15%) Coated (35%) HRC (50%) CRC (10%) Coated (25%) Tin (10%) Seamless (95%) Flat-Rolled Mini Mill2 U. S. Steel Europe Tubular2024 Revenue by product mix1 1 Rounded to the nearest 5%. 2 Includes NGO revenue; due to rounding, the value is rounded down to 0%. Semi-finished (5%) Semi-finished (5%)

 
33 SUPPLEMENTAL INFORMATION Service Centers (13%) Converters (24%) Auto (43%) Construction (7%) Oil & Gas (98%) Flat-Rolled Mini Mill U. S. Steel Europe Tubular2024 Shipments by major market Packaging (5%) Appliance & Electrical (6%) Other (2%) Service Centers (41%) Converters (29%) Auto (1%) Construction (26%) Appliance & Electrical (4%) Service Centers (25%) Converters (7%) Auto (16%) Construction (34%) Packaging (6%) Appliance & Electrical (5%) Other (8%) Construction (2%)

 
34 SUPPLEMENTAL INFORMATION Firm (28%) Market based quarterly (32%) Market based monthly (16%) Spot (24%) Firm (3%) Cost based (9%) Market based quarterly (5%) Market based monthly (39%) Spot (44%) Firm (32%) Cost based (2%) Market based quarterly (1%) Market based monthly (15%) Spot (50%) Program (82%) Spot (18%) Flat-Rolled Mini Mill U. S. Steel Europe Tubular2024 Contract / spot mix by segment Note: Excludes intersegment shipments.

 
35 SUPPLEMENTAL INFORMATION Cost structure: Blast furnace steelmaking illustrative Coke (~35%) Natural Gas (~5%) Scrap (~30%) Raw Material Costs1 Iron ore (~30%) Key Inputs Ratio1 Pricing Convention Iron Ore 1.3 tons of pellets / ton of raw steel x raw steel volume (million tons) x iron ore price assumption ($/nt) NAFR: Vertically integrated USSE: Prices determined in long-term contracts with strategic suppliers or as spot prices negotiated monthly or quarterly Coke Scrap Natural Gas2 1.4 tons of met coal / ton of coke x met coal price assumption ($/nt) + $75 - $100 / ton conversion cost x 0.3 ton of coke / ton of raw steel 0.3 tons of scrap / ton of raw steel x raw steel volume (million tons) x scrap price assumption ($/nt) 6 mmbtus of nat gas / ton of raw steel x raw steel volume (million tons) x nat gas price assumption ($/nt) Labor 2 hours labor / ton of raw steel x raw steel volume (million tons) x hourly labor rate ($/hr) Other Variable Costs ~$150 - $300 / ton dependent on level of raw steel pricing, product mix, and maintenance activity USSE: Includes CO2 costs Miscellaneous: includes maintenance and services, tool, other fuel and energy, and alloy costs NAFR: Primarily annual met coal contracts USSE: Prices for European met coal contracts negotiated quarterly, annually or determined as index-based prices. NAFR & USSE: 60% generated internally; 40% purchased at market prices NAFR: 70% based on bids solicited monthly from various vendors; remainder daily or with term agreements USSE: Based on bids solicited primarily on a quarterly or monthly basis; remainder balanced on a daily basis 1 Raw material costs and ratios assume a blast furnace within the North American flat-rolled segment. 2 6 mmbtus per ton of raw steel production; 4 mmbtus per ton consumed for further process (primarily at the hot strip mill).

 
36 SUPPLEMENTAL INFORMATION Cost structure: Electric arc furnace steelmaking illustrative Prime Scrap (~30%) Pig Iron (~25%) HBI / DRI (~10%) Raw Material Costs Obsolete Scrap (~35%) Key Inputs Ratio Pricing Convention Scrap 0.8 tons of scrap / ton of raw steel x raw steel volume (million tons) x scrap price assumption ($/nt) Volumes secured annually; priced on a monthly or quarterly basis Pig Iron HBI Electricity 0.3 tons of pig iron / ton of raw steel x raw steel volume (million tons) x pig iron price assumption ($/nt) 0.1 tons of HBI / ton of raw steel x raw steel volume (million tons) x HBI price assumption ($/nt) 0.6 MKWH of electricity / ton of raw steel x raw steel volume (million tons) x electricity price assumption ($/nt) Internal pig iron transferred from the N. American Flat-rolled segment at a discounted market rate; 3rd party pig volumes secured annually; priced on a monthly or quarterly basis Volumes secured annually; priced on a monthly or quarterly basis based on a blended basket of external HBI production inputs and HBI/DRI substitutes Volume-discounted negotiated base price; adjusted quarterly based on regional electricity price fluctuations Labor 0.14 hours labor / ton of raw steel x raw steel volume (million tons) x hourly labor rate ($/hr)

 
37 RECONCILIATION TABLE Flat-Rolled ($ millions) Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Segment earnings (loss) before interest and income taxes ($31) $34 $183 $106 $76 Depreciation 159 122 127 140 146 Flat-Rolled Segment EBITDA $128 $156 $310 $246 $222 Segment EBIT Margin1 (1%) 1% 7% 4% 3% Segment EBITDA Margin1 5% 6% 12% 10% 10% Tubular ($ millions) Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Segment earnings (loss) before interest and income taxes $113 $57 $29 ($4) $3 Depreciation 13 12 12 13 13 Tubular Segment EBITDA $126 $69 $42 $9 $15 Segment EBIT Margin1 34% 21% 12% (2%) 1% Segment EBITDA Margin1 38% 25% 17% 4% 6% Other ($ millions) Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Segment earnings (loss) before interest and income taxes ($1) ($2) ($4) $3 ($5) Depreciation 0 0 0 0 0 Other Segment EBITDA ($1) ($2) ($4) $3 ($4) Mini Mill ($ millions) Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Segment earnings (loss) before interest and income taxes $29 $99 $28 ($28) ($68) Depreciation 45 46 47 50 60 Mini Mill Segment EBITDA $74 $145 $74 $22 ($8) Segment EBIT Margin1 5% 14% 5% (5%) (13%) Segment EBITDA Margin1 12% 21% 12% 4% (2%) Segment EBITDA U. S. Steel Europe ($ millions) Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Segment earnings (loss) before interest and income taxes ($21) $16 ($10) $7 ($67) Depreciation 24 30 31 32 32 U. S. Steel Europe Segment EBITDA $3 $46 $21 $39 ($35) Segment EBIT Margin1 (3%) 2% (1%) 1% (12%) Segment EBITDA Margin1 0% 5% 3% 5% (6%) 1 The segment EBIT and segment EBITDA margins represent EBIT or EBITDA divided by net sales.

 
38 RECONCILIATION TABLE Flat-Rolled ($ millions) 2020 2021 2022 2023 2024 Segment earnings (loss) before interest and income taxes ($596) $2,685 $2,008 $418 $399 Depreciation 496 491 499 605 535 Flat-Rolled Segment EBITDA ($100) $3,176 $2,507 $1,023 $934 Tubular ($ millions) 2020 2021 2022 2023 2024 Segment earnings (loss) before interest and income taxes ($179) $1 $544 $589 $85 Depreciation 39 47 48 49 50 Tubular Segment EBITDA ($140) $48 $592 $638 $135 Other ($ millions) 2020 2021 2022 2023 2024 Segment earnings (loss) before interest and income taxes ($39) ($11) $22 ($3) ($8) Depreciation 11 4 1 0 0 Other Segment EBITDA ($28) ($7) $23 ($3) ($7) Mini Mill ($ millions) 2020 2021 2022 2023 2024 Segment earnings (loss) before interest and income taxes - $1,206 $481 $215 $31 Depreciation - 151 158 168 203 Mini Mill Segment EBITDA - $1,357 $639 $383 $233 Annual Segment EBITDA U. S. Steel Europe ($ millions) 2020 2021 2022 2023 2024 Segment earnings (loss) before interest and income taxes $9 $975 $444 $4 ($54) Depreciation 97 98 85 94 125 U. S. Steel Europe Segment EBITDA $106 $1,073 $529 $98 $71

 
39 SUPPLEMENTAL INFORMATION Big River Steel LLC1 Summary Table Customer Sales Intersegment Sales Net Sales EBIT2 $476M $60M $536M ($9M) Income Statement $ Millions Q4 2024 Cash and cash equivalents Total Assets 2029 Senior secured notes Environmental revenue bonds Financial leases and all other obligations Fair value step up3 Total Debt3 $113M $3,708M $720M $752M $21M $102M $1,595M Balance Sheet Depreciation and Amortization Capital Expenditures4 $45M $51M Cash Flow 1 Unless otherwise noted, amounts shown are reflected in Big River Steel LLC, the operating unit of the Big River Steel companies that reside within the Mini Mill segment. 2 Earnings before interest and income taxes. 3 The debt amounts reflect aggregate principal amounts. The fair value step up represents the excess of fair value over book value when Big River Steel was purchased. The fair value step-up is recorded in Big River Steel Holdings LLC. The fair value step up is shown as it is related to the debt amounts in Big River Steel LLC. 4 Excludes capital expenditures for BR2 and air separation unit.

 
40 RECONCILIATION TABLE Short-term debt and current maturities of long-term debt Long-term debt, less unamortized discount and debt issuance costs Net Debt $ millions YE 2023YE 2022YE 2021YE 2020 $192 $4,695 $28 $3,863 $63 $3,914 $142 $4,080 Total Debt $4,222$3,977$3,891$4,887 Less: Cash and cash equivalents 1,985 2,522 3,504 2,948 Net Debt $1,274$473$1,369$2,902 Net Debt YE 2024 $95 4,078 $4,173 1,367 $2,806

 
41 RECONCILIATION TABLE Adjusted Net Earnings (Loss) 1 The tax impact of the adjusted items in 2023 and 2024 is calculated for U.S. domestic items using a blended tax rate of 24% and for USSE items 21%. 2 The net earnings (loss) and adjusted net earnings (loss) margins represent net earnings (loss) or adjusted net earnings (loss) divided by net sales. $167 Reported net earnings (loss) attributable to U. S. Steel Asset impairment charges Restructuring and other charges Stock-based compensation expense VEBA asset surplus adjustment Environmental remediation charges Strategic alternatives review process costs Granite City idling costs Other charges, net Tax impact of adjusted items1 ($80) 123 15 14 (7) - 63 107 10 (78) Net Earnings (Loss) Net earnings (loss) margin2 Adjusted net earnings (loss) margin2 (2%) 4% Q1 2024 $206 4% 5% Q4 2023$ Millions $171 7 6 11 (4) 2 23 - 1 (11) Q3 2024 $140 3% 4% $119 - 5 10 (9) 1 18 - 2 (6) Q2 2024 $211 4% 5% $183 12 - 16 (8) 1 18 - (2) (9) Q4 2024 ($28) ($89) - (3) 14 (4) 14 31 11 15 (17) (3%) (1%) FY 2023 $1,195 5% 7% $895 127 36 51 (43) 11 79 121 12 (94) FY 2024 $529 $384 19 8 51 (25) 18 90 11 16 (43) 2% 3%

 
42 RECONCILIATION TABLE $ Millions Adjusted EBITDA Adjusted EBITDA Q4 2023 $330 Reported net earnings (loss) attributable to U. S. Steel Income tax expense Net interest and other financial costs Depreciation, depletion and amortization expense EBITDA Asset impairment charges Restructuring and other charges Stock-based compensation expense Environmental remediation charges Strategic alternatives review process costs Granite City idling costs Other charges, net ($80) (85) (66) 241 $10 123 15 14 - 63 107 (2) Net earnings (loss) margin1 Adjusted EBITDA margin1 (2%) 8% 1 The net earnings (loss) and adjusted EBITDA margins represent net earnings or EBITDA divided by net sales. Q1 2024 $414 $171 38 (55) 210 $364 7 6 11 2 23 - 1 4% 10% Q2 2024 $443 $183 56 (58) 217 $398 12 - 16 1 18 - (2) 4% 11% Q3 2024 $319 $119 (10) (61) 235 $283 - 5 10 1 18 - 2 3% 8% Q4 2024 $190 ($89) (30) (24) 251 $108 - (3) 14 14 31 11 15 (3%) 5% FY 2023 $2,139 $895 152 (248) 916 $1,715 127 36 51 11 79 121 (1) 5% 12% FY 2024 $1,366 $384 54 (198) 913 $1,153 19 8 51 18 90 11 16 2% 9%

 
43 Emily Chieng Investor Relations Officer ecchieng@uss.com 412-618-9554 Alana Blatz Manager – Investor Relations agblatz@uss.com 412-303-6521 INVESTOR RELATIONS

 

 
v3.24.4
Cover
Jan. 30, 2025
Entity Information [Line Items]  
Document Type 8-K
Document Period End Date Jan. 30, 2025
Entity Registrant Name United States Steel Corp
Entity Central Index Key 0001163302
Amendment Flag false
Entity Incorporation, State or Country Code DE
Entity File Number 1-16811
Entity Tax Identification Number 25-1897152
Entity Address, Address Line One 600 Grant Street
Entity Address, City or Town Pittsburgh
Entity Address, State or Province PA
Entity Address, Postal Zip Code 15219-2800
City Area Code 412
Local Phone Number 433-1121
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
New York Stock Exchange  
Entity Information [Line Items]  
Title of 12(b) Security Common Stock
Trading Symbol X
Security Exchange Name NYSE
Chicago Stock Exchange  
Entity Information [Line Items]  
Title of 12(b) Security Common Stock
Trading Symbol X
Security Exchange Name CHX
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