(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). | ||||||||
Emerging growth company | ||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Press release dated October 29, 2020, titled "United States Steel Corporation Reports Third Quarter 2020 Results" together with related unaudited financial information and statistics. | |||||
104 | Cover page interactive data file (embedded within the inline XBRL document exhibit 101). | ||||
By | /s/ Manpreet S. Grewal | ||||
Manpreet S. Grewal | |||||
Vice President & Controller |
![]() | CONTACT: Media John Ambler Vice President Corporate Communications T - (412) 433-2407 E - joambler@uss.com | Investors/Analysts Kevin Lewis Vice President Investor Relations and Corporate FP&A T - (412) 433-6935 E - klewis@uss.com | ||||||
Earnings Highlights | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
(Dollars in millions, except per share amounts) | 2020 | 2019 | 2020 | 2019 | |||||||||||||
Net Sales | $ | 2,340 | $ | 3,069 | $ | 7,179 | $ | 10,113 | |||||||||
Segment (loss) earnings before interest and income taxes | |||||||||||||||||
Flat-Rolled | $ | (159) | $ | 46 | $ | (523) | $ | 275 | |||||||||
U. S. Steel Europe | 13 | (46) | (27) | (27) | |||||||||||||
Tubular | (52) | (25) | (147) | (21) | |||||||||||||
Other Businesses | (13) | 8 | (33) | 26 | |||||||||||||
Total segment (loss) earnings before interest and income taxes | $ | (211) | $ | (17) | $ | (730) | $ | 253 | |||||||||
Other items not allocated to segments | — | (63) | (388) | (107) | |||||||||||||
(Loss) earnings before interest and income taxes | $ | (211) | $ | (80) | $ | (1,118) | $ | 146 | |||||||||
Net interest and other financial costs | 47 | 48 | 144 | 151 | |||||||||||||
Income tax (benefit) provision | (24) | (44) | (48) | (43) | |||||||||||||
Net (loss) earnings | $ | (234) | $ | (84) | $ | (1,214) | $ | 38 | |||||||||
(Loss) earnings per diluted share | $ | (1.06) | $ | (0.49) | $ | (6.43) | $ | 0.22 | |||||||||
Adjusted net (loss) earnings (a) | $ | (268) | (35) | $ | (860) | 124 | |||||||||||
Adjusted net (loss) earnings per diluted share (a) | $ | (1.21) | $ | (0.21) | $ | (4.56) | $ | 0.71 | |||||||||
Adjusted (loss) earnings before interest, income taxes, depreciation and amortization (EBITDA) (a) | $ | (49) | 144 | $ | (249) | 707 |
UNITED STATES STEEL CORPORATION | ||||||||||||||||||||||||||
PRELIMINARY SUPPLEMENTAL STATISTICS (Unaudited) | ||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
OPERATING STATISTICS | ||||||||||||||||||||||||||
Average realized price: ($/net ton unless otherwise noted)(a) | ||||||||||||||||||||||||||
Flat-Rolled | 712 | 732 | 714 | 771 | ||||||||||||||||||||||
U. S. Steel Europe | 608 | 656 | 616 | 660 | ||||||||||||||||||||||
U. S. Steel Europe (€/net ton) | 520 | 590 | 548 | 587 | ||||||||||||||||||||||
Tubular | 1,230 | 1,417 | 1,271 | 1,501 | ||||||||||||||||||||||
Steel shipments (thousands of net tons):(a) | ||||||||||||||||||||||||||
Flat-Rolled | 2,155 | 2,654 | 6,454 | 8,183 | ||||||||||||||||||||||
U. S. Steel Europe | 790 | 765 | 2,201 | 2,833 | ||||||||||||||||||||||
Tubular | 71 | 174 | 390 | 576 | ||||||||||||||||||||||
Total Steel Shipments | 3,016 | 3,593 | 9,045 | 11,592 | ||||||||||||||||||||||
Intersegment steel (unless otherwise noted) shipments (thousands of net tons): | ||||||||||||||||||||||||||
Flat-Rolled to Tubular | — | 79 | 101 | 212 | ||||||||||||||||||||||
Flat-Rolled to U. S. Steel Europe (iron ore pellets and fines) | 687 | 235 | 912 | 424 | ||||||||||||||||||||||
Raw steel production (thousands of net tons): | ||||||||||||||||||||||||||
Flat-Rolled | 2,207 | 2,783 | 6,823 | 8,842 | ||||||||||||||||||||||
U. S. Steel Europe | 873 | 823 | 2,400 | 3,130 | ||||||||||||||||||||||
Raw steel capability utilization:(b) | ||||||||||||||||||||||||||
Flat-Rolled | 52 | % | 65 | % | 53 | % | 70 | % | ||||||||||||||||||
U. S. Steel Europe | 69 | % | 65 | % | 64 | % | 84 | % | ||||||||||||||||||
CAPITAL EXPENDITURES (dollars in millions) | ||||||||||||||||||||||||||
Flat-Rolled | $ | 81 | $ | 263 | $ | 391 | $ | 764 | ||||||||||||||||||
U. S. Steel Europe | 16 | 36 | 64 | 111 | ||||||||||||||||||||||
Tubular | 39 | 49 | 133 | 97 | ||||||||||||||||||||||
Other Businesses | — | 2 | 3 | 6 | ||||||||||||||||||||||
Total | $ | 136 | $ | 350 | $ | 591 | $ | 978 | ||||||||||||||||||
(a) Excludes intersegment shipments. | ||||||||||||||||||||||||||
(b) Based on annual raw steel production capability of 17.0 million net tons for Flat-Rolled and 5.0 million net tons for U. S. Steel Europe. |
UNITED STATES STEEL CORPORATION | ||||||||||||||||||||||||||
CONDENSED STATEMENT OF OPERATIONS (Unaudited) | ||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||
(Dollars in millions, except per share amounts) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
NET SALES | $ | 2,340 | $ | 3,069 | $ | 7,179 | $ | 10,113 | ||||||||||||||||||
OPERATING EXPENSES (INCOME): | ||||||||||||||||||||||||||
Cost of sales (excludes items shown below) | 2,295 | 2,902 | 7,174 | 9,301 | ||||||||||||||||||||||
Selling, general and administrative expenses | 65 | 63 | 199 | 223 | ||||||||||||||||||||||
Depreciation, depletion and amortization | 162 | 161 | 481 | 454 | ||||||||||||||||||||||
Loss (earnings) from investees | 31 | (31) | 78 | (68) | ||||||||||||||||||||||
Asset impairment charges | — | — | 263 | — | ||||||||||||||||||||||
Gain on equity investee transactions | — | — | (31) | — | ||||||||||||||||||||||
Restructuring and other charges | — | 54 | 130 | 54 | ||||||||||||||||||||||
Net (gain) loss on sale of assets | (2) | (1) | (2) | 3 | ||||||||||||||||||||||
Other losses, net | — | 1 | 5 | — | ||||||||||||||||||||||
Total operating expenses | 2,551 | 3,149 | 8,297 | 9,967 | ||||||||||||||||||||||
(LOSS) EARNINGS BEFORE INTEREST AND INCOME TAXES | (211) | (80) | (1,118) | 146 | ||||||||||||||||||||||
Net interest and other financial costs | 47 | 48 | 144 | 151 | ||||||||||||||||||||||
(LOSS) EARNINGS BEFORE INCOME TAXES | (258) | (128) | (1,262) | (5) | ||||||||||||||||||||||
Income tax (benefit) provision | (24) | (44) | (48) | (43) | ||||||||||||||||||||||
Net (loss) earnings | (234) | (84) | (1,214) | 38 | ||||||||||||||||||||||
Less: Net earnings (loss) attributable to noncontrolling interests | — | — | — | — | ||||||||||||||||||||||
NET (LOSS) EARNINGS ATTRIBUTABLE TO UNITED STATES STEEL CORPORATION | $ | (234) | $ | (84) | $ | (1,214) | $ | 38 | ||||||||||||||||||
COMMON STOCK DATA: | ||||||||||||||||||||||||||
Net (loss) earnings per share attributable to | ||||||||||||||||||||||||||
United States Steel Corporation stockholders: | ||||||||||||||||||||||||||
Basic | $ | (1.06) | $ | (0.49) | $ | (6.43) | $ | 0.22 | ||||||||||||||||||
Diluted | $ | (1.06) | $ | (0.49) | $ | (6.43) | $ | 0.22 | ||||||||||||||||||
Weighted average shares, in thousands | ||||||||||||||||||||||||||
Basic | 220,402 | 170,801 | 188,766 | 171,882 | ||||||||||||||||||||||
Diluted | 220,402 | 170,801 | 188,766 | 172,511 | ||||||||||||||||||||||
Dividends paid per common share | $ | 0.01 | $ | 0.05 | $ | 0.03 | $ | 0.15 |
UNITED STATES STEEL CORPORATION | ||||||||||||||
CONDENSED CASH FLOW STATEMENT (Unaudited) | ||||||||||||||
Nine Months Ended | ||||||||||||||
September 30, | ||||||||||||||
(Dollars in millions) | 2020 | 2019 | ||||||||||||
Cash (used in) provided by operating activities: | ||||||||||||||
Net (loss) earnings | $ | (1,214) | $ | 38 | ||||||||||
Depreciation, depletion and amortization | 481 | 454 | ||||||||||||
Asset impairment charges | 263 | — | ||||||||||||
Gain on equity investee transactions | (31) | — | ||||||||||||
Restructuring and other charges | 130 | 54 | ||||||||||||
Pensions and other postretirement benefits | (18) | 76 | ||||||||||||
Deferred income taxes | (36) | (38) | ||||||||||||
Net (gain) loss on sale of assets | (2) | 3 | ||||||||||||
Working capital changes | 210 | (120) | ||||||||||||
Income taxes receivable/payable | 13 | 27 | ||||||||||||
Other operating activities | 55 | (98) | ||||||||||||
Total | (149) | 396 | ||||||||||||
Cash used in investing activities: | ||||||||||||||
Capital expenditures | (591) | (978) | ||||||||||||
Investment in Big River Steel | (3) | — | ||||||||||||
Proceeds from sale of assets | 3 | 4 | ||||||||||||
Proceeds from sale of ownership interests in equity investees | 8 | — | ||||||||||||
Investments, net | (4) | — | ||||||||||||
Total | (587) | (974) | ||||||||||||
Cash provided by (used in) financing activities: | ||||||||||||||
Issuance of short-term debt, net of financing costs | 240 | — | ||||||||||||
Revolving credit facilities - borrowings, net of financing costs | 1,474 | 165 | ||||||||||||
Revolving credit facilities - repayments | (1,633) | — | ||||||||||||
Issuance of long-term debt, net of financing costs | 1,043 | — | ||||||||||||
Net proceeds from public offering of common stock | 410 | — | ||||||||||||
Repayment of long-term debt | (8) | (4) | ||||||||||||
Proceeds from Stelco Option Agreement | 55 | — | ||||||||||||
Common stock repurchased | — | (88) | ||||||||||||
Dividends paid | (6) | (26) | ||||||||||||
Taxes paid for equity compensation plans | (1) | (7) | ||||||||||||
Total | 1,574 | 40 | ||||||||||||
Effect of exchange rate changes on cash | 10 | (6) | ||||||||||||
Net Increase (decrease) in cash, cash equivalents and restricted cash | 848 | (544) | ||||||||||||
Cash, cash equivalents and restricted cash at beginning of the year | 939 | 1,040 | ||||||||||||
Cash, cash equivalents and restricted cash at end of the period | $ | 1,787 | $ | 496 |
UNITED STATES STEEL CORPORATION | |||||||||||
CONDENSED BALANCE SHEET (Unaudited) | |||||||||||
September 30, | December 31, | ||||||||||
(Dollars in millions) | 2020 | 2019 | |||||||||
Cash and cash equivalents | $ | 1,696 | $ | 749 | |||||||
Receivables, net | 1,099 | 1,177 | |||||||||
Inventories | 1,398 | 1,785 | |||||||||
Other current assets | 51 | 102 | |||||||||
Total current assets | 4,244 | 3,813 | |||||||||
Operating lease assets | 225 | 230 | |||||||||
Property, plant and equipment, net | 5,430 | 5,447 | |||||||||
Investments and long-term receivables, net | 1,286 | 1,466 | |||||||||
Intangible assets, net | 131 | 150 | |||||||||
Deferred income tax benefits | 21 | 19 | |||||||||
Other noncurrent assets | 394 | 483 | |||||||||
Total assets | $ | 11,731 | $ | 11,608 | |||||||
Accounts payable and other accrued liabilities | 1,646 | 2,054 | |||||||||
Payroll and benefits payable | 312 | 336 | |||||||||
Short-term debt and current maturities of long-term debt | 262 | 14 | |||||||||
Other current liabilities | 243 | 221 | |||||||||
Total current liabilities | 2,463 | 2,625 | |||||||||
Noncurrent operating lease liabilities | 174 | 177 | |||||||||
Long-term debt, less unamortized discount and debt issuance costs | 4,628 | 3,627 | |||||||||
Employee benefits | 543 | 532 | |||||||||
Other long-term liabilities | 419 | 554 | |||||||||
United States Steel Corporation stockholders' equity | 3,449 | 4,092 | |||||||||
Noncontrolling interests | 55 | 1 | |||||||||
Total liabilities and stockholders' equity | $ | 11,731 | $ | 11,608 |
UNITED STATES STEEL CORPORATION | ||||||||||||||||||||||||||
NON-GAAP FINANCIAL MEASURES | ||||||||||||||||||||||||||
RECONCILIATION OF ADJUSTED NET (LOSS) EARNINGS | ||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||
(Dollars in millions, except per share amounts) (a) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Reconciliation to adjusted net (loss) earnings attributable to United States Steel Corporation | ||||||||||||||||||||||||||
Net (loss) earnings attributable to United States Steel Corporation | $ | (234) | $ | (84) | $ | (1,214) | $ | 38 | ||||||||||||||||||
Asset impairment charge | — | — | 263 | — | ||||||||||||||||||||||
Restructuring and other charges | — | 42 | 123 | 42 | ||||||||||||||||||||||
Gain on previously held investment in UPI | — | — | (25) | — | ||||||||||||||||||||||
Tubular Inventory Impairment | — | — | 24 | — | ||||||||||||||||||||||
December 24, 2018 Clairton coke making facility fire | — | 7 | (4) | 44 | ||||||||||||||||||||||
Big River Steel options mark to market | (34) | — | (40) | — | ||||||||||||||||||||||
FIN 48 Reserve | — | — | 13 | — | ||||||||||||||||||||||
Total adjustments | (34) | 49 | 354 | 86 | ||||||||||||||||||||||
Adjusted net (loss) earnings attributable to United States Steel Corporation | $ | (268) | (35) | $ | (860) | 124 | ||||||||||||||||||||
Reconciliation to adjusted diluted net (loss) earnings per share | ||||||||||||||||||||||||||
Diluted net earnings per share | $ | (1.06) | $ | (0.49) | $ | (6.43) | $ | 0.22 | ||||||||||||||||||
Asset impairment charge | — | — | 1.39 | — | ||||||||||||||||||||||
Restructuring and other charges | — | 0.24 | 0.64 | 0.24 | ||||||||||||||||||||||
Gain on previously held investment in UPI | — | — | (0.13) | — | ||||||||||||||||||||||
Tubular Inventory Impairment | — | — | 0.13 | — | ||||||||||||||||||||||
December 24, 2018 Clairton coke making facility fire | — | 0.04 | (0.02) | 0.25 | ||||||||||||||||||||||
Big River Steel options mark to market | (0.15) | — | (0.21) | — | ||||||||||||||||||||||
FIN 48 Reserve | — | — | 0.07 | — | ||||||||||||||||||||||
Total adjustments | (0.15) | 0.28 | 1.87 | 0.49 | ||||||||||||||||||||||
Adjusted diluted net (loss) earnings per share | $ | (1.21) | $ | (0.21) | $ | (4.56) | $ | 0.71 | ||||||||||||||||||
(a) The adjustments included in this table for the three and nine months ended September 30, 2020 have been tax effected for our European operations and not tax effected for our U.S. operations due to the full valuation allowance on our domestic deferred tax assets. The adjustments included in this table for the three and nine months ended September 30, 2019 have been tax effected. |
UNITED STATES STEEL CORPORATION | ||||||||||||||||||||||||||
NON-GAAP FINANCIAL MEASURES | ||||||||||||||||||||||||||
RECONCILIATION OF ADJUSTED EBITDA | ||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||
(Dollars in millions) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Reconciliation to Adjusted EBITDA | ||||||||||||||||||||||||||
Net (loss) earnings attributable to United States Steel Corporation | $ | (234) | $ | (84) | $ | (1,214) | $ | 38 | ||||||||||||||||||
Income tax (benefit) provision | (24) | (44) | (48) | (43) | ||||||||||||||||||||||
Net interest and other financial costs | 47 | 48 | 144 | 151 | ||||||||||||||||||||||
Depreciation, depletion and amortization expense | 162 | 161 | 481 | 454 | ||||||||||||||||||||||
EBITDA | (49) | 81 | (637) | 600 | ||||||||||||||||||||||
Asset impairment charges | — | — | 263 | — | ||||||||||||||||||||||
Restructuring and other charges | — | 54 | 130 | 54 | ||||||||||||||||||||||
Gain on previously held investment in UPI | — | — | (25) | — | ||||||||||||||||||||||
Tubular inventory impairment charge | — | — | 24 | — | ||||||||||||||||||||||
December 24, 2018 Clairton coke making facility fire | — | 9 | (4) | 53 | ||||||||||||||||||||||
Adjusted EBITDA | $ | (49) | $ | 144 | $ | (249) | $ | 707 |
Cover |
Oct. 29, 2020 |
---|---|
Entity Information [Line Items] | |
Document Type | 8-K |
Document Period End Date | Oct. 29, 2020 |
Entity Registrant Name | United States Steel Corp |
Entity Central Index Key | 0001163302 |
Amendment Flag | false |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 1-16811 |
Entity Tax Identification Number | 25-1897152 |
Entity Address, Address Line One | 600 Grant Street |
Entity Address, City or Town | Pittsburgh |
Entity Address, State or Province | PA |
Entity Address, Postal Zip Code | 15219-2800 |
City Area Code | 412 |
Local Phone Number | 433-1121 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
New York Stock Exchange | |
Entity Information [Line Items] | |
Title of 12(b) Security | Common Stock |
Trading Symbol | X |
Security Exchange Name | NYSE |
Chicago Stock Exchange | |
Entity Information [Line Items] | |
Title of 12(b) Security | Common Stock |
Trading Symbol | X |
Security Exchange Name | CHX |
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