Sign In  |  Register  |  About Daly City  |  Contact Us

Daly City, CA
September 01, 2020 1:20pm
7-Day Forecast | Traffic
  • Search Hotels in Daly City

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

United States Steel Corporation Reports Fourth Quarter and Full-Year 2021 Results

  • Fourth quarter 2021 net earnings of $1.069 billion, or $3.75 per diluted share; full-year 2021 net earnings of $4.174 billion, or $14.88 per diluted share.
  • Fourth quarter 2021 adjusted net earnings of $1.038 billion, or $3.64 per diluted share; full-year 2021 adjusted net earnings of $3.780 billion, or $13.48 per diluted share.
  • Fourth quarter 2021 adjusted EBITDA of $1.728 billion; full-year 2021 adjusted EBITDA of $5.592 billion.
  • Liquidity of $4.971 billion, including cash of $2.522 billion.

United States Steel Corporation (NYSE: X) reported fourth quarter 2021 net earnings of $1.069 billion, or $3.75 per diluted share. Adjusted net earnings was $1.038 billion, or $3.64 per diluted share. This compares to fourth quarter 2020 net earnings of $49 million, or $0.22 per diluted share. Adjusted net loss for the fourth quarter 2020 was $60 million, or $0.27 per diluted share.

Full-year 2021 net earnings was $4.174 billion, or $14.88 per diluted share. Adjusted net earnings was $3.780 billion, or $13.48 per diluted share. This compares to full-year 2020 net loss of $1.165 billion, or $5.92 per diluted share. Adjusted net loss for 2020 were $920 million, or $4.67 per diluted share.

Earnings Highlights

 

 

Quarter Ended

 

Year Ended

 

December 31,

 

December 31,

(Dollars in millions, except per share amounts)

2021

 

2020

 

2021

 

2020

Net Sales

$

5,622

 

 

$

2,562

 

 

$

20,275

 

 

$

9,741

 

Segment earnings (loss) before interest and income taxes

 

 

 

 

 

 

 

Flat-Rolled

$

890

 

 

$

(73

)

 

$

2,630

 

 

$

(596

)

Mini Mill (a)

 

366

 

 

 

 

 

 

1,206

 

 

 

 

U. S. Steel Europe

 

269

 

 

 

36

 

 

 

975

 

 

 

9

 

Tubular (b)

 

30

 

 

 

(32

)

 

 

1

 

 

 

(179

)

Other

 

(31

)

 

 

(6

)

 

 

(11

)

 

 

(39

)

Total segment earnings (loss) before interest and income taxes

$

1,524

 

 

$

(75

)

 

$

4,801

 

 

$

(805

)

Other items not allocated to segments

 

(379

)

 

 

118

 

 

 

145

 

 

 

(270

)

Earnings (loss) before interest and income taxes

$

1,145

 

 

$

43

 

 

$

4,946

 

 

$

(1,075

)

Net interest and other financial costs

 

130

 

 

 

88

 

 

 

602

 

 

 

232

 

Income tax (benefit) expense

 

(54

)

 

 

(94

)

 

 

170

 

 

 

(142

)

Net earnings (loss)

$

1,069

 

 

$

49

 

 

$

4,174

 

 

$

(1,165

)

Earnings (loss) per diluted share

$

3.75

 

 

$

0.22

 

 

$

14.88

 

 

$

(5.92

)

 

 

 

 

 

 

 

 

Adjusted net earnings (loss) (c)

$

1,038

 

 

$

(60

)

 

$

3,780

 

 

$

(920

)

Adjusted net earnings (loss) per diluted share (c)

$

3.64

 

 

$

(0.27

)

 

$

13.48

 

 

$

(4.67

)

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

$

1,728

 

 

$

87

 

 

$

5,592

 

 

$

(162

)

(a) Mini Mill segment, added after January 15, 2021 with the purchase of the remaining equity interest in Big River Steel, does not include the electric arc furnace (EAF) at our Fairfield Tubular Operations in Fairfield, Alabama.

(b) The Fairfield EAF is included in the Tubular segment.

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

“2021 was a year of records and we delivered with record earnings and free cash flow and record safety, environmental, quality, and reliability performance,” commented U. S. Steel President and CEO David B. Burritt. “We enter 2022 from a position of strength and are relentlessly focused on continuing our disciplined approach to creating stockholder value. Our balance sheet has been transformed, record cash significantly de-risks strategy execution, and our capital allocation priorities have enhanced direct stockholder returns. We are a fundamentally different company from a year ago and expect 2022 to be another strong year.”

Commenting on the Company's Best for All℠ strategy, Burritt continued, “Through our Best for All customer-centric strategy, U. S. Steel continues to gain market share with our clear competitive advantages: low-cost iron ore, mini mill steelmaking, and best-in-class finishing capabilities. 2022 will be another year of strategic progress and upon completion, our announced strategic investments will deliver approximately $850 million of incremental through-cycle earnings power with winning customer solutions while reducing our capital and carbon intensity. We are becoming a better, not bigger company as we continue to innovate and develop the next generation of our sustainable steel solutions for our people and our planet."

Capital Allocation Update:

During the fourth quarter 2021, the Company repurchased $150 million of its common stock under the $300 million stock buyback authorization announced in October 2021. In addition, the Board of Directors has authorized a new $500 million stock repurchase program to commence in the first quarter 2022 under which the Company’s outstanding common stock may be repurchased from time to time at the discretion of management.

“We have never been more confident in our Best for All strategy,” concluded Burritt, “as we reward stockholders with a new $500 million stock buyback authorization as part of a balanced capital allocation approach. This is in addition to our previously announced $300 million authorization and our continued $0.05 per share quarterly dividend. We look forward to another year of progress for investors, customers, employees, and the communities where we live and work.”

*****

The Company will conduct a conference call on the fourth quarter and full-year 2021 earnings on Friday, January 28, 2022, at 8:30 a.m. Eastern Standard. 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. Replays of the conference call will be available on the website after 10:30 a.m. on January 28, 2022.

UNITED STATES STEEL CORPORATION

PRELIMINARY SUPPLEMENTAL STATISTICS (Unaudited)

 

Quarter Ended

 

Year Ended

 

December 31,

 

December 31,

 

2021

 

2020

 

2021

 

2020

OPERATING STATISTICS

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

Flat-Rolled

 

1,432

 

 

 

731

 

 

 

1,172

 

 

 

718

 

Mini Mill (b)

 

1,490

 

 

 

 

 

 

1,314

 

 

 

 

U. S. Steel Europe

 

1,075

 

 

 

652

 

 

 

966

 

 

 

626

 

U. S. Steel Europe (€/net ton)

 

940

 

 

 

547

 

 

 

816

 

 

 

549

 

Tubular

 

1,968

 

 

 

1,267

 

 

 

1,696

 

 

 

1,271

 

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

 

 

 

 

 

 

 

Flat-Rolled

 

2,032

 

 

 

2,257

 

 

 

9,018

 

 

 

8,711

 

Mini Mill (b)

 

559

 

 

 

 

 

 

2,230

 

 

 

 

U. S. Steel Europe

 

1,028

 

 

 

840

 

 

 

4,302

 

 

 

3,041

 

Tubular

 

127

 

 

 

74

 

 

 

444

 

 

 

464

 

Total Steel Shipments

 

3,746

 

 

 

3,171

 

 

 

15,994

 

 

 

12,216

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

Flat-Rolled to Tubular

 

 

 

 

 

 

 

 

 

 

101

 

Flat-Rolled to U. S. Steel Europe (iron ore pellets and fines)

 

 

 

 

506

 

 

 

439

 

 

 

1,418

 

Mini Mill (b) to Flat-Rolled

 

88

 

 

 

 

 

 

388

 

 

 

 

Raw steel production (thousands of net tons):

 

 

 

 

 

 

 

Flat-Rolled

 

2,181

 

 

 

2,490

 

 

 

9,881

 

 

 

9,313

 

Mini Mill (b)

 

681

 

 

 

 

 

 

2,688

 

 

 

 

U. S. Steel Europe

 

1,181

 

 

 

966

 

 

 

4,931

 

 

 

3,366

 

Tubular (c)

 

140

 

 

 

16

 

 

 

464

 

 

 

16

 

Raw steel capability utilization:(d)

 

 

 

 

 

 

 

Flat-Rolled

 

51

%

 

 

58

%

 

 

58

%

 

 

55

%

Mini Mill (b)

 

82

%

 

 

%

 

 

81

%

 

 

%

U. S. Steel Europe

 

94

%

 

 

77

%

 

 

99

%

 

 

67

%

Tubular

 

62

%

 

 

7

%

 

 

52

%

 

 

7

%

 

 

 

 

 

 

 

 

CAPITAL EXPENDITURES (dollars in millions)

 

 

 

 

 

 

 

Flat-Rolled

 

150

 

 

 

93

 

 

 

422

 

 

 

484

 

Mini Mill (b) (e)

 

229

 

 

 

 

 

 

331

 

 

 

 

U. S. Steel Europe

 

18

 

 

 

15

 

 

 

57

 

 

 

79

 

Tubular

 

5

 

 

 

26

 

 

 

51

 

 

 

159

 

Other

 

1

 

 

 

 

 

 

2

 

 

 

3

 

Total

$

403

 

 

$

134

 

 

$

863

 

 

$

725

 

(a) Excludes intersegment shipments.

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

(c) Tubular segment raw steel added in October 2020 with the start-up of the new electric arc furnace.

(d) 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 net tons for Tubular.

(e) Includes Mini Mill #2 capital expenditures of $144 million for the three and twelve months ended December 31, 2021.

UNITED STATES STEEL CORPORATION

CONDENSED STATEMENT OF OPERATIONS (Unaudited)

 

 

Quarter Ended

 

Year Ended

 

 

December 31,

 

December 31,

(Dollars in millions, except per share amounts)

 

2021

 

2020

 

2021

 

2020

NET SALES

 

$

5,622

 

 

$

2,562

 

 

$

20,275

 

 

$

9,741

 

 

 

 

 

 

 

 

 

 

Operating expenses (income):

 

 

 

 

 

 

 

 

Cost of sales (excludes items shown below)

 

 

3,900

 

 

 

2,381

 

 

 

14,533

 

 

 

9,555

 

Selling, general and administrative expenses

 

 

110

 

 

 

78

 

 

 

426

 

 

 

277

 

Depreciation, depletion and amortization

 

 

204

 

 

 

162

 

 

 

791

 

 

 

643

 

(Earnings) Loss from investees

 

 

(64

)

 

 

39

 

 

 

(170

)

 

 

117

 

Gain on sale of Transtar

 

 

 

 

 

 

 

 

(506

)

 

 

 

Asset impairment charges

 

 

245

 

 

 

 

 

 

273

 

 

 

263

 

Gain on equity investee transactions

 

 

 

 

 

 

 

 

(111

)

 

 

(31

)

Restructuring and other charges

 

 

91

 

 

 

8

 

 

 

128

 

 

 

138

 

Net losses (gains) on sale of assets

 

 

1

 

 

 

(147

)

 

 

(7

)

 

 

(149

)

Other (gains) losses, net

 

 

(10

)

 

 

(2

)

 

 

(28

)

 

 

3

 

Total operating expenses

 

 

4,477

 

 

 

2,519

 

 

 

15,329

 

 

 

10,816

 

 

 

 

 

 

 

 

 

 

EARNINGS (LOSS) BEFORE INTEREST AND INCOME TAXES

 

 

1,145

 

 

 

43

 

 

 

4,946

 

 

 

(1,075

)

Net interest and other financial costs

 

 

130

 

 

 

88

 

 

 

602

 

 

 

232

 

 

 

 

 

 

 

 

 

 

EARNINGS (LOSS) BEFORE INCOME TAXES

 

 

1,015

 

 

 

(45

)

 

 

4,344

 

 

 

(1,307

)

Income tax (benefit) expense

 

 

(54

)

 

 

(94

)

 

 

170

 

 

 

(142

)

 

 

 

 

 

 

 

 

 

Net earnings (loss)

 

 

1,069

 

 

 

49

 

 

 

4,174

 

 

 

(1,165

)

Less: Net earnings (loss) attributable to noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

NET EARNINGS (LOSS) ATTRIBUTABLE TO UNITED STATES STEEL CORPORATION

 

$

1,069

 

 

$

49

 

 

$

4,174

 

 

$

(1,165

)

 

 

 

 

 

 

 

 

 

COMMON STOCK DATA:

 

 

 

 

 

 

 

 

Net earnings (loss) per share attributable to

 

 

 

 

 

 

 

 

United States Steel Corporation stockholders:

 

 

 

 

 

 

 

 

Basic

 

$

3.97

 

 

$

0.22

 

 

$

15.77

 

 

$

(5.92

)

Diluted

 

$

3.75

 

 

$

0.22

 

 

$

14.88

 

 

$

(5.92

)

Weighted average shares, in thousands

 

 

 

 

 

 

 

 

Basic

 

 

268,995

 

 

 

220,412

 

 

 

264,667

 

 

 

196,721

 

Diluted

 

 

285,321

 

 

 

223,781

 

 

 

280,444

 

 

 

196,721

 

Dividends paid per common share

 

$

0.05

 

 

$

0.01

 

 

$

0.08

 

 

$

0.04

 

UNITED STATES STEEL CORPORATION

CONDENSED CASH FLOW STATEMENT (Unaudited)

 

Year Ended December 31,

(Dollars in millions)

2021

 

2020

Cash provided by operating activities:

 

 

 

Net earnings (loss)

$

4,174

 

 

$

(1,165

)

Depreciation, depletion and amortization

 

791

 

 

 

643

 

Gain on sale of Transtar

 

(506

)

 

 

 

Asset impairment charges

 

273

 

 

 

263

 

Gain on equity investee transactions

 

(111

)

 

 

(31

)

Restructuring and other charges

 

128

 

 

 

138

 

Loss on debt extinguishment

 

292

 

 

 

 

Pensions and other post-employment benefits

 

15

 

 

 

(21

)

Deferred income taxes

 

(52

)

 

 

(130

)

Net gain on sale of assets

 

(7

)

 

 

(149

)

Working capital changes

 

(849

)

 

 

575

 

Income taxes receivable/payable

 

161

 

 

 

20

 

Other operating activities

 

(219

)

 

 

(5

)

Total

 

4,090

 

 

 

138

 

 

 

 

 

Cash used in investing activities:

 

 

 

Capital expenditures

 

(863

)

 

 

(725

)

Acquisition of Big River Steel, net of cash acquired

 

(625

)

 

 

 

Investment in Big River Steel

 

 

 

 

(9

)

Proceeds from sale of Transtar

 

627

 

 

 

 

Proceeds from sale of assets

 

26

 

 

 

167

 

Proceeds from sale of ownership interests in equity investees

 

 

 

 

8

 

Other investing activities

 

(5

)

 

 

(4

)

Total

 

(840

)

 

 

(563

)

 

 

 

 

Cash provided by (used in) financing activities:

 

 

 

Issuance of short-term debt, net of financing costs

 

 

 

 

240

 

Repayment of short-term debt

 

(180

)

 

 

(70

)

Revolving credit facilities - borrowings, net of financing costs

 

50

 

 

 

1,402

 

Revolving credit facilities - repayments

 

(911

)

 

 

(1,621

)

Issuance of long-term debt, net of financing costs

 

864

 

 

 

1,148

 

Repayment of long-term debt

 

(3,183

)

 

 

(13

)

Proceeds from public offering of common stock

 

790

 

 

 

410

 

Proceed from Stelco Option Agreement

 

 

 

 

94

 

Common stock repurchased

 

(150

)

 

 

 

Other financing activities

 

(27

)

 

 

(9

)

Total

 

(2,747

)

 

 

1,581

 

 

 

 

 

Effect of exchange rate changes on cash

 

(21

)

 

 

23

 

 

 

 

 

Net increase in cash, cash equivalents and restricted cash

 

482

 

 

 

1,179

 

Cash, cash equivalents and restricted cash at beginning of the year

 

2,118

 

 

 

939

 

 

 

 

 

Cash, cash equivalents and restricted cash at end of the year

$

2,600

 

 

$

2,118

 

UNITED STATES STEEL CORPORATION

CONDENSED BALANCE SHEET (Unaudited)

 

 

 

 

 

December 31,

 

December 31,

(Dollars in millions)

2021

 

2020

Cash and cash equivalents

$

2,522

 

$

1,985

Receivables, net

 

2,089

 

 

994

Inventories

 

2,210

 

 

1,402

Other current assets

 

331

 

 

51

Total current assets

 

7,152

 

 

4,432

Operating lease assets

 

185

 

 

214

Property, plant and equipment, net

 

7,254

 

 

5,444

Investments and long-term receivables, net

 

694

 

 

1,177

Intangible, net

 

519

 

 

129

Goodwill

 

920

 

 

4

Other noncurrent assets

 

1,092

 

 

659

 

 

 

 

Total assets

$

17,816

 

$

12,059

 

 

 

 

Accounts payable and other accrued liabilities

 

2,908

 

 

1,884

Payroll and benefits payable

 

425

 

 

308

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

 

28

 

 

192

Other current liabilities

 

491

 

 

272

Total current liabilities

 

3,852

 

 

2,656

Noncurrent operating lease liabilities

 

136

 

 

163

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

 

3,863

 

 

4,695

Employee benefits

 

235

 

 

322

Other long-term liabilities

 

627

 

 

344

United States Steel Corporation stockholders' equity

 

9,010

 

 

3,786

Noncontrolling interests

 

93

 

 

93

 

 

 

 

Total liabilities and stockholders' equity

$

17,816

 

$

12,059

UNITED STATES STEEL CORPORATION

NON-GAAP FINANCIAL MEASURES

RECONCILIATION OF ADJUSTED NET EARNINGS (LOSS)

 

Three Months Ended

 

Twelve Months Ended

(in millions of dollars)

2021

 

2020

 

2021

 

2020

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

$

1,069

 

 

$

3.75

 

$

49

 

 

$

0.22

 

 

$

4,174

 

 

$

14.88

 

$

(1,165

)

 

$

(5.92

)

Debt extinguishment

 

10

 

 

 

 

 

18

 

 

 

 

 

291

 

 

 

 

 

18

 

 

 

Restructuring and other charges

 

91

 

 

 

 

 

8

 

 

 

 

 

128

 

 

 

 

 

131

 

 

 

Asset impairment charges

 

245

 

 

 

 

 

 

 

 

 

 

273

 

 

 

 

 

287

 

 

 

Big River Steel - acquisition-related items (a)

 

(1

)

 

 

 

 

11

 

 

 

 

 

35

 

 

 

 

 

11

 

 

 

Losses (gains) on assets sold & previously held investments (b)

 

1

 

 

 

 

 

(144

)

 

 

 

 

(118

)

 

 

 

 

(209

)

 

 

Gain on sale of Transtar

 

 

 

 

 

 

 

 

 

 

 

(506

)

 

 

 

 

 

 

 

Net reversal of tax valuation allowance (c)

 

(513

)

 

 

 

 

 

 

 

 

 

(633

)

 

 

 

 

 

 

 

Pension de-risking

 

93

 

 

 

 

 

 

 

 

 

 

93

 

 

 

 

 

 

 

 

Environmental remediation charge

 

43

 

 

 

 

 

 

 

 

 

 

43

 

 

 

 

 

 

 

 

Other items

 

 

 

 

 

 

(2

)

 

 

 

 

 

 

 

 

 

7

 

 

 

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

$

1,038

 

 

$

3.64

 

$

(60

)

 

$

(0.27

)

 

$

3,780

 

 

$

13.48

 

$

(920

)

 

$

(4.67

)

Weighted average diluted ordinary shares outstanding, in millions

 

285.3

 

 

 

 

 

223.8

 

 

 

 

 

280.4

 

 

 

 

 

196.7

 

 

 

(a) The year ended December 31, 2021 includes the amortization of the step-up to fair value for acquired inventory ($24 million), acquisition-related costs ($9 million), and a net loss of $2 million related to unrealized mark-to-market movement from acquired derivatives.

(b) The three months ended December 31, 2020 primarily consists of a gain of $145 million from the sale of property at the Fairless facility. The year ended December 31, 2021 consists of a gain of $111 million on the previously held investment in Big River Steel, a gain of $15 million for the sale of property, partially offset by a loss of $8 million on the sale of a subsidiary of USSE. The year ended December 31, 2020 consists of a gain of $145 million from the sale of property at the Fairless facility, a net gain of $39 million from the earnings impact of the change in fair value of options related to our previous 49.9% ownership interest in Big River Steel and the recognition of the contingent forward for the exercise of the call option to purchase the remaining interest in Big River Steel, and a gain of $25 million from the previously held investment in UPI.

(c) The $513 million and $633 million adjustments recorded in the three and twelve months ended December 31, 2021, respectively, were related to partial reversals of the tax valuation allowance recorded against the Company's net domestic deferred tax asset as a result of the Company's three-year cumulative income position and a change in the projections of income in future years. The adjustment of $513 million for the three months ended December 31, 2021 includes the reversals of the valuation allowance due to the finalization of current year earnings. 

UNITED STATES STEEL CORPORATION

NON-GAAP FINANCIAL MEASURES

RECONCILIATION OF EBITDA AND ADJUSTED EBITDA

 

Quarter Ended

 

Year Ended

 

December 31,

 

December 31,

(Dollars in millions)

2021

 

2020

 

2021

 

2020

Net earnings (loss) attributable to United States Steel Corporation

 

1,069

 

 

 

49

 

 

 

4,174

 

 

 

(1,165

)

Income tax (benefit) provision

 

(54

)

 

 

(94

)

 

 

170

 

 

 

(142

)

Net interest and other financial costs

 

130

 

 

 

88

 

 

 

602

 

 

 

232

 

Depreciation, depletion and amortization expense

 

204

 

 

 

162

 

 

 

791

 

 

 

643

 

EBITDA

 

1,349

 

 

 

205

 

 

 

5,737

 

 

 

(432

)

Restructuring and other charges

 

91

 

 

 

8

 

 

 

128

 

 

 

138

 

Asset impairment charges

 

245

 

 

 

 

 

 

273

 

 

 

287

 

Big River Steel - acquisition-related items

 

(1

)

 

 

3

 

 

 

35

 

 

 

3

 

Losses (gains) on assets sold & previously held investments

 

1

 

 

 

(145

)

 

 

(118

)

 

 

(170

)

Gain on sale of Transtar

 

 

 

 

 

 

 

(506

)

 

 

 

Environmental remediation charge

 

43

 

 

 

 

 

 

43

 

 

 

 

Other Items

 

 

 

 

16

 

 

 

 

 

 

12

 

Adjusted EBITDA

$

1,728

 

 

$

87

 

 

$

5,592

 

 

$

(162

)

We present adjusted net earnings (loss), adjusted net earnings (loss) per diluted share, earnings (loss) 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 (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: debt extinguishment, restructuring and other charges, asset impairment charges, Big River Steel - acquisition-related items, losses (gains) on assets sold & previously held investments, gain on sale of Transtar, net reversal of tax valuation allowance, pension de-risking, environmental remediation charge and other items (Adjustment Items). Adjusted EBITDA is also a non-GAAP measure that excludes the effects of certain Adjustment Items. We present adjusted net earnings (loss), adjusted net earnings (loss) 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 (loss), adjusted net earnings (loss) 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 (loss), adjusted net earnings (loss) 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 (loss), adjusted net earnings (loss) 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 adjusting items when evaluating the Company’s financial performance. Adjusted net earnings (loss), adjusted net earnings (loss) per diluted share and adjusted EBITDA should not be considered a substitute for net earnings (loss), earnings (loss) 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. 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,” “will,” “may,” and similar expressions or by using future dates in connection with any discussion of, among other things, financial performance, the construction or operation of new and existing facilities, the timing, size and form of stock repurchase transactions, operating performance, trends, events or developments that we expect or anticipate will occur in the future, statements relating to volume changes, share of sales and earnings per share changes, anticipated cost savings, potential capital and operational cash improvements, changes in global supply and demand conditions and prices for our products, international trade duties and other aspects of international trade policy, the integration of Big River Steel in our existing business, business strategies related to the combined business 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, 2020 and those described from time to time in our future reports filed with the Securities and Exchange Commission.

References to "we," "us," "our," the "Company," and "U. S. Steel," 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 “Transtar” refers to Transtar LLC and its direct and indirect subsidiaries unless otherwise indicated by the context.

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

Contacts

John Ambler

Vice President

Corporate Communications

T - (412) 433-2407

E - joambler@uss.com

Kevin Lewis

Vice President

Investor Relations

T - (412) 433-6935

E - KLewis@uss.com

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 DalyCity.com & California Media Partners, LLC. All rights reserved.