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United States Steel Corporation (commonly known as U. S. Steel), headquartered in Pittsburgh, PA, is a leading integrated steel producer with significant production operations in both the United States and Central Europe. With an annual raw steelmaking capability of 24.4 million net tons, U. S. Steel manufactures a diverse range of value-added steel sheet and tubular products that cater to varied industries including automotive, appliance, container, industrial machinery, construction, and oil and gas.
Founded over 110 years ago, U. S. Steel has consistently focused on delivering cost-effective solutions to meet customer needs. The company operates through several key segments: North American Flat-Rolled (Flat-Rolled), Mini Mill, U. S. Steel Europe (USSE), and Tubular Products (Tubular). The Flat-Rolled segment, which includes integrated steel plants and equity investees in North America, is involved in the production of slabs, strip mill plates, sheets, and tin mill products, and manages all iron ore and coke production facilities in the U. S.
U. S. Steel’s operations are marked by efficiency and advanced technology, coupled with a strong customer focus. The company continually seeks opportunities to expand its presence globally and strives to meet and exceed world-class standards in all its endeavors. This commitment to innovation and excellence is reflected in its projects and partnerships, which aim to strengthen its market position and competitive edge in the global marketplace.
Recent achievements highlight U. S. Steel’s strategic initiatives to enhance its production capacities and product offerings. The company is actively involved in various projects aimed at improving sustainability, reducing carbon emissions, and advancing new steelmaking technologies. U. S. Steel’s financial condition remains robust, supported by its diverse product portfolio and strong customer relationships.
U.S. Steel, Norfolk Southern, and Greenbrier have partnered to launch a new sustainable steel gondola railcar, leveraging high-strength, lighter-weight steel. Each gondola can decrease unloaded weight by up to 15,000 pounds, enhance freight capacity, and potentially extend operational lifespan to 50 years. Norfolk Southern plans to acquire 800 of these innovative gondolas. This collaboration aims to improve energy efficiency and reduce emissions, reflecting the companies' commitment to sustainability in the freight rail industry.
On December 9, 2021, United States Steel Corporation, Norfolk Southern Corporation, and The Greenbrier Companies announced a partnership for a sustainable steel gondola railcar. Utilizing high-strength, lighter-weight steel, these gondolas will reduce unloaded weight by up to 15,000 pounds, extending their lifecycle to 50 years. Norfolk Southern plans to purchase 800 of these gondolas, which promise improved energy efficiency, lower emissions, and greater freight capacity. This collaboration aims to modernize North America's aging railcar fleet and promote environmentally friendly freight transportation.
United States Steel Corporation (NYSE: X) has announced the purchase of group annuity contracts from Banner Life Insurance and William Penn Life Insurance, transferring approximately $284 million of pension obligations. This move will affect around 17,800 U.S. retirees and ensure their benefits are managed by a highly rated provider. The company expects a non-cash pension settlement charge of about $110 million in Q4 2021. This transaction aims to strengthen U.S. Steel's balance sheet and continues its strategy of maintaining a fully funded pension plan.
United States Steel Corporation (NYSE: X) reported third quarter 2021 net earnings of $2.002 billion, or $6.97 per diluted share, a significant turnaround from a net loss of $234 million in the same period last year. Adjusted net earnings reached $1.543 billion, or $5.36 per diluted share. Total net sales were $5.964 billion, compared to $2.340 billion a year prior. The company announced a $300 million stock repurchase program along with a $0.05 quarterly dividend, emphasizing its confidence in long-term growth and shareholder returns.
United States Steel Corporation (NYSE: X) announced enhancements to its capital allocation strategy, including a stock repurchase program worth up to $300 million and a quarterly dividend of $0.05 per share, marking a 400% increase from the previous quarter. The dividend will be paid on December 9, 2021, to shareholders on record by November 8, 2021. The company is on track to meet its $1 billion deleveraging target by year-end, reflecting strong cash and liquidity positions, and aims for long-term value creation through organic growth investments.
United States Steel Corporation (NYSE: X) will announce its third quarter 2021 financial results on October 28, 2021, post-market. A webcast is scheduled for October 29, 2021 at 8:30 a.m. EDT to discuss the results and provide updates. Key executives, including President and CEO David B. Burritt, will present. U.S. Steel aims for a secure, sustainable future through innovation and a customer-centric strategy. With a raw steelmaking capacity of 26.2 million net tons, the company serves various industries, emphasizing high-value steel products.
United States Steel Corporation (NYSE:X) provided its third quarter 2021 guidance, expecting adjusted EBITDA of approximately
United States Steel Corporation (NYSE: X) announced an exploratory site selection process for a new mini mill in the U.S. The planned facility will have a capacity of three million tons and utilize modern electric arc furnace technology. With an estimated investment of $3 billion, funding will come from existing cash and anticipated free cash flow. This initiative aligns with U. S. Steel's goal of reducing greenhouse gas emissions by 20% by 2030 and supports the expansion of its verdeXTM sustainable product line. Construction is expected to begin in 2022, with production anticipated in 2024.
United States Steel Corporation (NYSE: X) declared a dividend of $0.01 per share on its Common Stock. This dividend is payable on September 9, 2021 to stockholders of record by the close of business on August 9, 2021. Founded in 1901, U. S. Steel focuses on safety and innovation, providing high-value steel products across various industries. The company maintains a raw steelmaking capability of 26.2 million net tons annually and operates globally, with a commitment to sustainability and customer satisfaction.
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