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U. S. Steel Delivering on Strategic Commitments; Reports Solid Fourth Quarter and Second-Best Earnings in 2022

United States Steel Corporation (NYSE: X) reported fourth quarter 2022 net earnings of $174 million, or $0.68 per diluted share. Adjusted net earnings was $226 million, or $0.87 per diluted share and excluded the impact of a one-time signing bonus related to the United Steelworkers labor agreement and other one-time items detailed in the reconciliation of adjusted net earnings table. This compares to fourth quarter 2021 net earnings of $1.07 billion, or $3.75 per diluted share. Adjusted net earnings for the fourth quarter 2021 was $1.43 billion, or $5.01 per diluted share.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230202005782/en/

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Full-year 2022 net earnings was $2.52 billion, or $9.16 per diluted share. Adjusted net earnings was $2.74 billion, or $9.95 per diluted share and excluded the impact of asset impairments related to the permanent idling of the iron making process at the Company's Great Lakes Works, the impact of a one-time signing bonus related to the United Steelworkers labor agreement, and other one-time items detailed in the reconciliation of adjusted net earnings table. This compares to full-year 2021 net earnings of $4.17 billion, or $14.88 per diluted share. Adjusted net earnings for 2021 were $4.40 billion, or $15.69 per diluted share.

Commenting on the Company's performance, U. S. Steel President and Chief Executive Officer David B. Burritt said, “2022 was another exceptional year for U. S. Steel, marking our second-best financial performance in the Company’s history. Our fourth quarter results exceeded our guidance expectations thanks to the combined efforts of our domestic steelmaking operations and Tubular segment. This includes positive EBITDA in December at our Mini Mill segment, reflecting improving momentum through year-end while continuing to work through higher priced raw materials purchased earlier in 2022. Each of our operating segments contributed meaningfully to 2022’s success, while delivering record safety performance and strong operational excellence, quality, and reliability for our customers.”

Burritt continued, “We are well-positioned for 2023. Our record cash and liquidity support a balanced capital allocation approach. We returned approximately $900 million to stockholders in 2022 and plan to continue rewarding stockholders in 2023 while investing in the business. We are already delivering on strategic commitments, including the Gary Works pig iron machine that was commissioned ahead of schedule and on-budget. Later this year, our non-grain oriented electrical steel line at Big River Steel will begin producing advanced steel grades to meet the growing electric vehicle demand. 2023 is a pivotal year in our strategy and we look forward to demonstrating continued progress towards our Best for All future.”

Earnings Highlights

 

Three Months Ended

December 31,

Twelve Months Ended

December 31,

(Dollars in millions, except per share amounts)

2022

2021

2022

2021

Net Sales

$

4,338

 

$

5,622

 

$

21,065

 

$

20,275

 

Segment earnings (loss) before interest and income taxes

 

 

 

 

Flat-Rolled

 

159

 

 

890

 

 

1,951

 

 

2,630

 

Mini Mill (a)

 

(68

)

 

366

 

 

481

 

 

1,206

 

U. S. Steel Europe

 

(68

)

 

269

 

 

444

 

 

975

 

Tubular

 

205

 

 

30

 

 

544

 

 

1

 

Other

 

6

 

 

(31

)

 

22

 

 

(11

)

Total segment earnings before interest and income taxes

$

234

 

$

1,524

 

$

3,442

 

$

4,801

 

Other items not allocated to segments

 

(60

)

 

(379

)

 

(282

)

 

145

 

Earnings before interest and income taxes

$

174

 

$

1,145

 

$

3,160

 

$

4,946

 

Net interest and other financial (benefits) costs

 

(51

)

 

130

 

 

(99

)

 

602

 

Income tax expense (benefit)

 

51

 

 

(54

)

 

735

 

 

170

 

Net earnings

$

174

 

$

1,069

 

$

2,524

 

$

4,174

 

Earnings per diluted share

$

0.68

 

$

3.75

 

$

9.16

 

$

14.88

 

 

 

 

 

 

Adjusted net earnings (b)

$

226

 

$

1,430

 

$

2,742

 

$

4,400

 

Adjusted net earnings per diluted share (b)

$

0.87

 

$

5.01

 

$

9.95

 

$

15.69

 

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

$

431

 

$

1,728

 

$

4,233

 

$

5,592

 

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

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

The Company will conduct a conference call on the fourth quarter and full-year 2022 earnings on Friday, February 3, 2023, at 8:30 a.m. Eastern. To listen to the webcast of the conference call and to access the Company's slide presentation, visit the U. S. Steel website, www.ussteel.com, and click on the “Investors” section. Replay will be available on the website after 10:30 a.m. on February 3, 2023.

UNITED STATES STEEL CORPORATION

PRELIMINARY SUPPLEMENTAL STATISTICS (Unaudited)

 

 

Three Months Ended
December 31,

 

Twelve Months Ended
December 31,

 

2022

2021

 

2022

2021

OPERATING STATISTICS

 

 

 

 

 

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

 

 

 

 

 

 

Flat-Rolled

 

1,086

 

 

1,432

 

 

 

1,261

 

 

1,172

 

 

Mini Mill (b)

 

786

 

 

1,490

 

 

 

1,134

 

 

1,314

 

 

U. S. Steel Europe

 

957

 

 

1,075

 

 

 

1,090

 

 

966

 

 

U. S. Steel Europe (€/net ton)

 

942

 

 

940

 

 

 

1,029

 

 

816

 

 

Tubular

 

3,616

 

 

1,968

 

 

 

2,978

 

 

1,696

 

 

 

 

 

 

 

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

 

 

 

 

 

 

Flat-Rolled

 

1,885

 

 

2,032

 

 

 

8,373

 

 

9,018

 

 

Mini Mill (b)

 

636

 

 

559

 

 

 

2,287

 

 

2,230

 

 

U. S. Steel Europe

 

715

 

 

1,028

 

 

 

3,759

 

 

4,302

 

 

Tubular

 

133

 

 

127

 

 

 

523

 

 

444

 

 

Total Steel Shipments

 

3,369

 

 

3,746

 

 

 

14,942

 

 

15,994

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

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

 

 

 

 

 

 

144

 

 

439

 

 

Flat-Rolled to USSE

 

 

 

 

 

 

30

 

 

 

 

Flat-Rolled to Mini Mill

 

 

 

 

 

 

30

 

 

 

 

Mini Mill (b) to Flat-Rolled

 

36

 

 

88

 

 

 

288

 

 

388

 

 

 

 

 

 

 

 

Raw steel production (thousands of net tons):

 

 

 

 

 

 

Flat-Rolled

 

1,952

 

 

2,181

 

 

 

8,846

 

 

9,881

 

 

Mini Mill (b)

 

683

 

 

681

 

 

 

2,650

 

 

2,688

 

 

U. S. Steel Europe

 

589

 

 

1,181

 

 

 

3,839

 

 

4,931

 

 

Tubular

 

137

 

 

140

 

 

 

634

 

 

464

 

 

 

 

 

 

 

 

Raw steel capability utilization: (c)

 

 

 

 

 

 

Flat-Rolled

 

59

%

 

51

%

 

 

67

%

 

58

%

 

Mini Mill (b)

 

82

%

 

82

%

 

 

80

%

 

81

%

 

U. S. Steel Europe

 

47

%

 

94

%

 

 

77

%

 

99

%

 

Tubular

 

60

%

 

62

%

 

 

70

%

 

52

%

 

 

 

 

 

 

 

CAPITAL EXPENDITURES (dollars in millions)

 

 

 

 

 

 

Flat-Rolled

 

138

 

 

150

 

 

 

503

 

 

422

 

 

Mini Mill (b)

 

449

 

 

229

 

 

 

1,159

 

 

331

 

 

U. S. Steel Europe

 

37

 

 

18

 

 

 

90

 

 

57

 

 

Tubular

 

7

 

 

5

 

 

 

17

 

 

51

 

 

Other Businesses

 

 

 

1

 

 

 

 

 

2

 

 

Total

$

631

 

$

403

 

 

$

1,769

 

$

863

 

(a) Excludes intersegment shipments.

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

(c) 2022 based on annual raw steel production capability of 13.2 million net tons for Flat-Rolled, 3.3 million for Mini Mill, 5.0 million net tons for U. S. Steel Europe and 0.9 million for Tubular. 2021 based on annual raw steel production capability of 17.0 million net tons for Flat-Rolled, 3.3 million for Mini Mill, 5.0 million net tons for U. S. Steel Europe and 0.9 million for Tubular.

UNITED STATES STEEL CORPORATION

CONDENSED STATEMENT OF OPERATIONS (Unaudited)

 

Three Months Ended

December 31,

 

Twelve Months Ended

December 31,

(Dollars in millions, except per share amounts)

2022

2021

 

2022

2021

Net Sales

$

4,338

 

$

5,622

 

 

$

21,065

 

$

20,275

 

 

 

 

 

 

 

Operating expenses (income):

 

 

 

 

 

Cost of sales

 

3,934

 

 

3,900

 

 

 

16,777

 

 

14,533

 

Selling, general and administrative expenses

 

98

 

 

110

 

 

 

422

 

 

426

 

Depreciation, depletion and amortization

 

197

 

 

204

 

 

 

791

 

 

791

 

Earnings from investees

 

(41

)

 

(64

)

 

 

(243

)

 

(170

)

Gain on sale of Transtar

 

 

 

 

 

 

 

 

(506

)

Asset impairment charges

 

6

 

 

245

 

 

 

163

 

 

273

 

Restructuring and other charges

 

(9

)

 

91

 

 

 

48

 

 

128

 

Gain on equity investee transactions

 

(6

)

 

 

 

 

(6

)

 

(111

)

Net (gains) losses on sale of assets

 

(2

)

 

1

 

 

 

(12

)

 

(7

)

Other gains, net

 

(13

)

 

(10

)

 

 

(35

)

 

(28

)

Total operating expenses

 

4,164

 

 

4,477

 

 

 

17,905

 

 

15,329

 

 

 

 

 

 

 

Earnings before interest and income taxes

 

174

 

 

1,145

 

 

 

3,160

 

 

4,946

 

Net interest and other financial (benefits) costs

 

(51

)

 

130

 

 

 

(99

)

 

602

 

 

 

 

 

 

 

Earnings before income taxes

 

225

 

 

1,015

 

 

 

3,259

 

 

4,344

 

Income tax expense (benefit)

 

51

 

 

(54

)

 

 

735

 

 

170

 

 

 

 

 

 

 

Net earnings

 

174

 

 

1,069

 

 

 

2,524

 

 

4,174

 

Less: Net earnings attributable to noncontrolling interests

 

 

 

 

 

 

 

 

 

Net earnings attributable to United States Steel Corporation

$

174

 

$

1,069

 

 

$

2,524

 

$

4,174

 

 

 

 

 

 

 

COMMON STOCK DATA:

 

 

 

 

 

Net earnings per share attributable to United States Steel Corporation Stockholders

 

 

 

 

 

Basic

$

0.75

 

$

3.97

 

 

$

10.22

 

$

15.77

 

Diluted

$

0.68

 

$

3.75

 

 

$

9.16

 

$

14.88

 

Weighted average shares, in thousands

 

 

 

 

 

Basic

 

232,558

 

 

268,995

 

 

 

246,986

 

 

264,667

 

Diluted

 

262,703

 

 

285,321

 

 

 

276,963

 

 

280,444

 

Dividends paid per common share

$

0.05

 

$

0.05

 

 

$

0.20

 

$

0.08

 

UNITED STATES STEEL CORPORATION

CONDENSED CASH FLOW STATEMENT (Unaudited)

 

 

Twelve Months Ended December 31,

(Dollars in millions)

2022

 

 

2021

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

Operating activities:

 

 

 

 

Net earnings

$

2,524

 

 

$

4,174

 

 

Depreciation, depletion and amortization

 

791

 

 

 

791

 

 

Gain on sale of Transtar

 

 

 

 

(506

)

 

Asset impairment charges

 

163

 

 

 

273

 

 

Gain on equity investee transactions

 

(6

)

 

 

(111

)

 

Restructuring and other charges

 

48

 

 

 

128

 

 

Loss on debt extinguishment

 

 

 

 

292

 

 

Pensions and other postretirement benefits

 

(213

)

 

 

15

 

 

Deferred income taxes

 

501

 

 

 

(52

)

 

Net gain on sale of assets

 

(12

)

 

 

(7

)

 

Working capital changes

 

(32

)

 

 

(849

)

 

Income taxes receivable/payable

 

(15

)

 

 

161

 

 

Other operating activities

 

(244

)

 

 

(219

)

Net cash provided by operating activities

 

3,505

 

 

 

4,090

 

 

 

 

 

 

Investing activities:

 

 

 

 

Capital expenditures

 

(1,769

)

 

 

(863

)

 

Acquisition of Big River Steel, net of cash acquired

 

 

 

 

(625

)

 

Proceeds from sale of Transtar

 

 

 

 

627

 

 

Proceeds from cost reimbursement government grants

 

54

 

 

 

 

 

Proceeds from sale of assets

 

32

 

 

 

26

 

 

Proceeds from sale of ownership interest in equity investees

 

12

 

 

 

 

 

Other investing activities

 

(8

)

 

 

(5

)

Net cash used in investing activities

 

(1,679

)

 

 

(840

)

 

 

 

 

 

Financing activities:

 

 

 

 

Repayment of short-term debt

 

 

 

 

(180

)

 

Revolving credit facilities - borrowings, net of financing costs

 

 

 

 

50

 

 

Revolving credit facilities - repayments

 

 

 

 

(911

)

 

Issuance of long-term debt, net of financing costs

 

343

 

 

 

864

 

 

Repayment of long-term debt

 

(382

)

 

 

(3,183

)

 

Net proceeds from public offering of common stock

 

 

 

 

790

 

 

Common stock repurchased

 

(849

)

 

 

(150

)

 

Proceeds from government incentives

 

82

 

 

 

 

 

Other financing activities

 

(62

)

 

 

(27

)

Net cash used in financing activities

 

(868

)

 

 

(2,747

)

 

 

 

 

 

Effect of exchange rate changes on cash

 

(19

)

 

 

(21

)

 

 

 

 

 

Net increase in cash, cash equivalents and restricted cash

 

939

 

 

 

482

 

Cash, cash equivalents and restricted cash at beginning of year

 

2,600

 

 

 

2,118

 

 

 

 

 

 

Cash, cash equivalents and restricted cash at end of period

$

3,539

 

 

$

2,600

 

UNITED STATES STEEL CORPORATION

CONDENSED BALANCE SHEET (Unaudited)

 

 

December 31,

 

December 31,

(Dollars in millions)

2022

 

2021

Cash and cash equivalents

$

3,504

 

$

2,522

Receivables, net

 

1,635

 

 

2,089

Inventories

 

2,359

 

 

2,210

Other current assets

 

368

 

 

331

 

Total current assets

 

7,866

 

 

7,152

 

 

 

 

 

Investments and long-term receivables, net

 

840

 

 

694

Operating lease assets

 

146

 

 

185

Property, plant and equipment, net

 

8,492

 

 

7,254

Intangible, net

 

478

 

 

519

Goodwill

 

920

 

 

920

Other noncurrent assets

 

716

 

 

1,092

 

 

 

 

 

 

Total assets

$

19,458

 

$

17,816

 

 

 

 

 

Accounts payable and other accrued liabilities

 

3,016

 

 

2,908

Payroll and benefits payable

 

493

 

 

425

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

 

63

 

 

28

Other current liabilities

 

387

 

 

491

 

Total current liabilities

 

3,959

 

 

3,852

 

 

 

 

 

Noncurrent operating lease liabilities

 

105

 

 

136

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

 

3,914

 

 

3,863

Employee benefits

 

209

 

 

235

Other long-term liabilities

 

960

 

 

627

United States Steel Corporation stockholders' equity

 

10,218

 

 

9,010

Noncontrolling interests

 

93

 

 

93

 

 

 

 

 

 

Total liabilities and stockholders' equity

$

19,458

 

$

17,816

UNITED STATES STEEL CORPORATION

NON-GAAP FINANCIAL MEASURES

RECONCILIATION OF ADJUSTED NET EARNINGS

 

 

Three Months Ended

December 31,

Twelve Months Ended

December 31,

(in millions of dollars)

2022

2021

2022

2021

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

$

174

 

$

0.68

$

1,069

 

$

3.75

$

2,524

 

$

9.16

$

4,174

 

$

14.88

 

Restructuring and other charges

 

(9

)

 

 

91

 

 

 

48

 

 

 

128

 

 

 

Asset impairment charges

 

6

 

 

 

245

 

 

 

163

 

 

 

273

 

 

 

United Steelworkers labor agreement signing bonus and related costs (a)

 

67

 

 

 

 

 

 

64

 

 

 

 

 

 

(Gains) losses on assets sold and previously held investments

 

(6

)

 

 

1

 

 

 

(6

)

 

 

(118

)

 

 

Gain on sale of Transtar

 

 

 

 

 

 

 

 

 

 

(506

)

 

 

Environmental remediation charges

 

 

 

 

43

 

 

 

 

 

 

43

 

 

 

Debt extinguishment

 

 

 

 

10

 

 

 

(2

)

 

 

290

 

 

 

Pension de-risking

 

(3

)

 

 

93

 

 

 

(3

)

 

 

93

 

 

 

Other charges, net

 

13

 

 

 

(1

)

 

 

24

 

 

 

35

 

 

Adjusted net earnings before tax effecting special items

 

242

 

 

 

1,551

 

 

 

2,812

 

 

 

4,412

 

 

 

Tax impact of adjusted items (b)

 

(16

)

 

 

(121

)

 

 

(70

)

 

 

(12

)

 

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

$

226

 

$

0.87

$

1,430

 

$

5.01

$

2,742

 

$

9.95

$

4,400

 

$

15.69

Weighted average diluted ordinary shares outstanding (in millions)

 

262.7

 

 

 

285.3

 

 

 

277.0

 

 

 

280.4

 

 

(a) The 2022 Labor Agreements include retroactive wage increases. A charge of $3 million pertaining to wages for the month of September 2022 was recognized during the three months ended December 31, 2022. This charge is included as an adjustment to net earnings for the three months ended December 31, 2022, however this amount is not included as an adjustment to net earnings for the year ended December 31, 2022.

 

(b) The tax impact of adjusted items is calculated using a blended tax rate of 24% for U.S. domestic items and a tax rate of 21% for items pertaining to USSE.

 

(c) The calculation of adjusted diluted net earnings per share includes an increase to net earnings for interest expense pertaining to the outstanding convertible notes as a result of the adoption of ASU 2020-06 in January 2022. This increase was $4 million for the three months ended December 31, 2022 and $13 million for the year ended December 31, 2022.

 

Note: The reported net earnings attributable to U. S. Steel for the three and twelve months ended December 31, 2021 and for the twelve months ended December 31, 2022 includes income tax benefits of $513 million, $633 million and $7 million, respectively, from the reversals of net valuation allowances. These items were presented as adjustments to arrive at Adjusted net earnings attributable to U. S. Steel in prior period presentations. The reconciliations for the three and twelve months ended December 31, 2021 presented above have been recast to reflect the removal of these adjustments in accordance with Securities and Exchange Commission guidance.

UNITED STATES STEEL CORPORATION

NON-GAAP FINANCIAL MEASURES

RECONCILIATION OF EBITDA AND ADJUSTED EBITDA

 

 

Three Months Ended

Twelve Months Ended

 

 

December 31,

December 31,

(Dollars in millions)

2022

2021

2022

2021

Net earnings attributable to United States Steel Corporation

$

174

 

$

1,069

 

$

2,524

 

$

4,174

 

Income tax expense (benefit)

 

51

 

 

(54

)

 

735

 

 

170

 

Net interest and other financial (benefits) costs

 

(51

)

 

130

 

 

(99

)

 

602

 

Depreciation, depletion and amortization expense

 

197

 

 

204

 

 

791

 

 

791

 

EBITDA

 

371

 

 

1,349

 

 

3,951

 

 

5,737

 

 

Restructuring and other charges

 

(9

)

 

91

 

 

48

 

 

128

 

 

Asset impairment charges

 

6

 

 

245

 

 

163

 

 

273

 

 

United Steelworkers labor agreement signing bonus and related costs (a)

 

67

 

 

 

 

64

 

 

 

 

(Gains) losses on assets sold and previously held investments

 

(6

)

 

1

 

 

(6

)

 

(118

)

 

Gain on sale of Transtar

 

 

 

 

 

 

 

(506

)

 

Environmental remediation charges

 

 

 

43

 

 

 

 

43

 

 

Other charges, net

 

2

 

 

(1

)

 

13

 

 

35

 

Adjusted EBITDA

$

431

 

$

1,728

 

$

4,233

 

$

5,592

 

(a) The 2022 Labor Agreements include retroactive wage increases. A charge of $3 million pertaining to wages for the month of September 2022 was recognized during the three months ended December 31, 2022. This charge is included as an adjustment to net earnings for the three months ended December 31, 2022, however this amount is not included as an adjustment to net earnings for the year ended December 31, 2022.

UNITED STATES STEEL CORPORATION

NON-GAAP FINANCIAL MEASURES

RECONCILIATION OF FREE CASH FLOW

 

Year Ended December 31,

(Dollars in millions)

2022

2021

Net cash provided by operating activities

$

3,505

 

$

4,090

 

Net cash used in investing activities

 

(1,679

)

 

(840

)

Cash used in dividends paid

 

(48

)

 

(23

)

Free cash flow

$

1,778

 

$

3,227

 

UNITED STATES STEEL CORPORATION

NON-GAAP FINANCIAL MEASURES

RECONCILIATION OF PAST TWELVE MONTHS OF FREE CASH FLOW

 

1st

2nd

3nd

4th

 

 

Quarter

Quarter

Quarter

Quarter

Total of the

(Dollars in millions)

2022

2022

2022

2022

Four Quarters

Net cash provided by operating activities

$

771

 

$

905

 

$

1,074

 

$

755

 

$

3,505

 

Net cash used in investing activities

 

(352

)

 

(250

)

 

(463

)

 

(614

)

 

(1,679

)

Cash used in dividends paid

 

(13

)

 

(13

)

 

(12

)

 

(10

)

 

(48

)

Free cash flow

$

406

 

$

642

 

$

599

 

$

131

 

$

1,778

 

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

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

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

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

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

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

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


The United States Steel Stock currently trades with a raise of +0,14 % to 26,81EUR on the Tradegate stock exchange.



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Disclaimer

U. S. Steel Delivering on Strategic Commitments; Reports Solid Fourth Quarter and Second-Best Earnings in 2022 United States Steel Corporation (NYSE: X) reported fourth quarter 2022 net earnings of $174 million, or $0.68 per diluted share. Adjusted net earnings was $226 million, or $0.87 per diluted share and excluded the impact of a one-time signing bonus …

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