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

    1/30/25 4:17:00 PM ET
    $X
    Steel/Iron Ore
    Industrials
    Get the next $X alert in real time by email
    • 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.

    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, 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)

     

    2024

     

     

    2023

     

     

    2024

     

     

    2023

     

    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

     

    Tubular

     

    15

     

     

    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.

    UNITED STATES STEEL CORPORATION

    PRELIMINARY SUPPLEMENTAL STATISTICS (Unaudited)

     

    Quarter Ended

     

    Year Ended

     

    December 31,

     

    December 31,

     

    2024

     

    2023

     

     

    2024

     

    2023

     

    OPERATING STATISTICS

     

     

     

     

     

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

     

     

     

     

     

    Flat-Rolled

    956

     

    978

     

     

    1,013

     

    1,030

     

    Mini Mill

    789

     

    807

     

     

    857

     

    875

     

    U. S. Steel Europe

    751

     

    770

     

     

    805

     

    873

     

    U. S. Steel Europe (€/net ton)

    702

     

    716

     

     

    743

     

    807

     

    Tubular

    1,539

     

    2,390

     

     

    1,905

     

    3,137

     

     

     

     

     

     

     

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

     

     

     

     

     

    Flat-Rolled

    1,846

     

    2,034

     

     

    7,845

     

    8,706

     

    Mini Mill

    575

     

    617

     

     

    2,307

     

    2,424

     

    U. S. Steel Europe

    732

     

    1,024

     

     

    3,578

     

    3,899

     

    Tubular

    143

     

    132

     

     

    476

     

    478

     

    Total Steel Shipments

    3,296

     

    3,807

     

     

    14,206

     

    15,507

     

     

     

     

     

     

     

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

     

     

     

     

     

    Mini Mill to Flat-Rolled

    63

     

    79

     

     

    351

     

    449

     

    Flat-Rolled to Mini Mill

    1

     

    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-Rolled

    2,099

     

    2,087

     

     

    8,389

     

    9,399

     

    Mini Mill

    664

     

    752

     

     

    2,838

     

    2,953

     

    U. S. Steel Europe

    803

     

    1,100

     

     

    3,832

     

    4,395

     

    Tubular

    153

     

    157

     

     

    575

     

    568

     

     

     

     

     

     

     

    Raw steel capability utilization: (b)

     

     

     

     

     

    Flat-Rolled

    63

    %

    63

    %

     

    63

    %

    71

    %

    Mini Mill (c)

    61

    %

    89

    %

     

    80

    %

    89

    %

    U. S. Steel Europe

    64

    %

    87

    %

     

    77

    %

    88

    %

    Tubular

    68

    %

    69

    %

     

    64

    %

    63

    %

     

     

     

     

     

     

    CAPITAL EXPENDITURES (dollars in millions)

     

     

     

     

     

    Flat-Rolled

    117

     

    161

     

     

    495

     

    536

     

    Mini Mill

    339

     

    425

     

     

    1,641

     

    1,899

     

    U. S. Steel Europe

    36

     

    43

     

     

    118

     

    109

     

    Tubular

    13

     

    8

     

     

    33

     

    32

     

    Other Businesses

    —

     

    —

     

     

    —

     

    —

     

    Total

    505

     

    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.

    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)

     

    2024

     

     

    2023

     

     

     

    2024

     

     

    2023

     

    Net Sales

    $

    3,509

     

    $

    4,144

     

     

    $

    15,640

     

    $

    18,053

     

     

     

     

     

     

     

    Operating expenses (income):

     

     

     

     

     

    Cost of sales

     

    3,318

     

     

    3,851

     

     

     

    14,060

     

     

    15,803

     

    Selling, general and administrative expenses

     

    107

     

     

    181

     

     

     

    435

     

     

    501

     

    Depreciation, depletion and amortization

     

    251

     

     

    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), net

     

    15

     

     

    1

     

     

     

    77

     

     

    (16

    )

    Total operating expenses

     

    3,652

     

     

    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

     

     

     

     

     

    Basic

     

    225,173

     

     

    223,130

     

     

     

    224,817

     

     

    224,761

     

    Diluted

     

    225,173

     

     

    223,130

     

     

     

    254,004

     

     

    255,360

     

    Dividends paid per common share

     

    0.05

     

     

    0.05

     

     

     

    0.20

     

     

    0.20

     

    UNITED STATES STEEL CORPORATION

    CONDENSED CASH FLOW STATEMENT (Unaudited)

    (Dollars in millions)

    Twelve Months

    Ended December

    31, 2024

    Twelve Months

    Ended December 31,

    2023

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

    Operating activities:

     

     

    Net earnings

    $

    384

     

    $

    895

     

    Depreciation, depletion and amortization

     

    913

     

     

    916

     

    Asset impairment charges

     

    19

     

     

    129

     

    Restructuring and other charges

     

    8

     

     

    36

     

    Loss on debt extinguishment

     

    2

     

     

    —

     

    Pensions and other post-retirement benefits

     

    (133

    )

     

    (157

    )

    Active employee benefit investments

     

    65

     

     

    32

     

    Deferred income taxes

     

    113

     

     

    97

     

    Working capital changes

     

    (182

    )

     

    385

     

    Income taxes receivable/payable

     

    (126

    )

     

    (27

    )

    Other operating activities

     

    (144

    )

     

    (206

    )

    Net cash provided by operating activities

     

    919

     

     

    2,100

     

     

     

     

    Investing activities:

     

     

    Capital expenditures

     

    (2,287

    )

     

    (2,576

    )

    Proceeds from sale of assets

     

    5

     

     

    8

     

    Other investing activities

     

    6

     

     

    —

     

    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 year

     

    2,988

     

     

    3,539

     

     

     

     

    Cash, cash equivalents and restricted cash at end of period

    $

    1,413

     

    $

    2,988

     

    UNITED STATES STEEL CORPORATION

    CONDENSED BALANCE SHEET (Unaudited)

     

    December 31,

    December 31,

    (Dollars in millions)

     

    2024

     

    2023

    Cash and cash equivalents

    $

    1,367

    $

    2,948

    Receivables, net

     

    1,398

     

    1,548

    Inventories

     

    2,168

     

    2,128

    Other current assets

     

    299

     

    319

    Total current assets

     

    5,232

     

    6,943

     

     

     

    Operating lease assets

     

    72

     

    109

    Property, plant and equipment, net

     

    11,973

     

    10,393

    Investments and long-term receivables, net

     

    757

     

    761

    Intangibles, net

     

    416

     

    436

    Goodwill

     

    920

     

    920

    Other noncurrent assets

     

    865

     

    889

    Total assets

    $

    20,235

    $

    20,451

     

     

     

    Accounts payable and other accrued liabilities

     

    2,747

     

    3,028

    Payroll and benefits payable

     

    295

     

    442

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

     

    95

     

    142

    Other current liabilities

     

    236

     

    336

    Total current liabilities

     

    3,373

     

    3,948

     

     

     

    Noncurrent operating lease liabilities

     

    44

     

    73

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

     

    4,078

     

    4,080

    Employee benefits

     

    117

     

    126

    Deferred income tax liabilities

     

    657

     

    587

    Other long-term liabilities

     

    526

     

    497

    United States Steel Corporation stockholders' equity

     

    11,347

     

    11,047

    Noncontrolling interests

     

    93

     

    93

    Total liabilities and stockholders' equity

    $

    20,235

    $

    20,451

    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)

    2024

    2023

    2024

    2023

    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 expense

     

    14

     

     

     

    14

     

     

     

    51

     

     

     

    51

     

     

    Asset impairment charges (a)

     

    —

     

     

     

    123

     

     

     

    19

     

     

     

    127

     

     

    VEBA asset surplus adjustment

     

    (4

    )

     

     

    (7

    )

     

     

    (25

    )

     

     

    (43

    )

     

    Environmental remediation charges

     

    14

     

     

     

    —

     

     

     

    18

     

     

     

    11

     

     

    Strategic alternatives review process costs

     

    31

     

     

     

    63

     

     

     

    90

     

     

     

    79

     

     

    Granite City idling costs (a)

     

    11

     

     

     

    107

     

     

     

    11

     

     

     

    121

     

     

    Other charges, net

     

    15

     

     

     

    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 millions

     

    225.2

     

     

     

    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)

     

    2024

     

    2023

     

    2024

     

    2023

    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 expense

     

    251

     

     

    241

     

     

    913

     

     

    916

     

    EBITDA

     

    108

     

     

    10

     

     

    1,153

     

     

    1,715

     

    Restructuring and other charges

     

    (3

    )

     

    15

     

     

    8

     

     

    36

     

    Stock-based compensation expense

     

    14

     

     

    14

     

     

    51

     

     

    51

     

    Asset impairment charges (a)

     

    —

     

     

    123

     

     

    19

     

     

    127

     

    Environmental remediation charges

     

    14

     

     

    —

     

     

    18

     

     

    11

     

    Strategic alternatives review process costs

     

    31

     

     

    63

     

     

    90

     

     

    79

     

    Granite City idling costs (a)

     

    11

     

     

    107

     

     

    11

     

     

    121

     

    Other charges, net

     

    15

     

     

    (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.

    UNITED STATES STEEL CORPORATION

    NON-GAAP FINANCIAL MEASURES

    RECONCILIATION OF PAST TWELVE MONTHS OF FREE AND INVESTABLE CASH FLOW

     

    1st

    2nd

    3rd

    4th

     

     

    Quarter

    Quarter

    Quarter

    Quarter

    Total of the

    (Dollars in millions)

     

    2024

     

     

    2024

     

     

    2024

     

     

    2024

     

    Four 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 expenditures

     

    468

     

     

    468

     

     

    346

     

     

    312

     

     

    1,594

     

    Investable free cash flow

    $

    (205

    )

    $

    312

     

    $

    102

     

    $

    28

     

    $

    237

     

    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 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.

    ###

    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

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250130968902/en/

    Corporate Communications

    T - (412) 433-1300

    E - [email protected]

    Emily Chieng

    Investor Relations Officer

    T - (412) 618-9554

    E - [email protected]

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