United States Steel Corporation - X STOCK NEWS

Nippon Steel has announced significant investments in U. S. Steel's Mon Valley Works and Gary Works as part of its pending acquisition. The company will invest over $1 billion to enhance Mon Valley Works' competitiveness, including replacing or upgrading the hot strip mill. Additionally, Nippon Steel will invest approximately $300 million to revamp Blast Furnace #14 at Gary Works, extending its operational life by up to 20 years.

These investments are incremental to the $1.4 billion capital commitment previously announced. Nippon Steel aims to leverage its expertise in blast furnace operations to improve productivity and environmental sustainability at U. S. Steel's facilities. The company expects the transaction to close in the second half of 2024, subject to regulatory approvals.

U. S. Steel (NYSE: X) is featured in Lifetime TV's 'Military Makeover: Operation Career' series, showcasing the successful transition of military veterans to civilian careers in the steel industry. The episode, titled 'Forging New Careers in Steel,' highlights four U. S. Steel veteran employees and their experiences. It emphasizes the company's strong support for veterans, with 12% of new hires in 2023 being veterans.

The episode will air on Lifetime TV on Aug. 26 and Sept 3 at 7:30 am ET, as well as on the Armed Forces Network. U. S. Steel's commitment to veterans is further evidenced by its recognition as a Beyond the Yellow Ribbon company and its ranking in the Military Times 'Best for Vets: Employer' list for 2023.

United States Steel (NYSE: X) has declared a dividend of $0.05 per share of Common Stock, payable on September 11, 2024, to stockholders of record as of August 12, 2024. Founded in 1901, U. S. Steel is a leading steel producer with a focus on safety and innovation. The company serves various industries with high value-added steel products, including its proprietary XG3® advanced high-strength steel. U. S. Steel maintains competitively advantaged iron ore production and has an annual raw steelmaking capability of 22.4 million net tons. Headquartered in Pittsburgh, Pennsylvania, the company operates across the United States and Central Europe.

United States Steel (NYSE: X) reported second quarter 2024 net earnings of $183 million or $0.72 per diluted share, and adjusted net earnings of $211 million or $0.84 per diluted share. This is a significant decline compared to the same period in 2023, where net earnings were $477 million or $1.89 per diluted share. Adjusted EBITDA stood at $443 million, down from $804 million in Q2 2023. CEO David B. Burritt noted that despite pricing headwinds, the North American Flat-Rolled segment performed better than expected. The company expects third quarter adjusted EBITDA to range between $275 million and $325 million. Pricing dynamics are expected to impact the upcoming quarter, with lower spot prices affecting the North American Flat-Rolled and Mini Mill segments. The company is progressing with its transaction with Nippon Steel , aiming to close later this year.

Molten Industries is leading a strategic partnership with U. S. Steel (NYSE: X) and CPFD Software to develop carbon-neutral steel production. The project, funded by a $5.4M grant from the U.S. Department of Energy, aims to integrate methane-pyrolysis-driven hydrogen production with a pilot direct reduced iron (DRI) shaft furnace. Molten's technology uses renewable electricity to break down methane into hydrogen gas and solid graphite, offering a 75% reduction in energy intensity compared to water electrolysis.

The collaboration leverages U. S. Steel's expertise and iron ore resources, with potential to eliminate up to 60 million tons of CO2 from U.S. crude steel production. This project aligns with U. S. Steel's 2050 net zero emissions goal and represents a significant step towards sustainable steel production, creating jobs and enhancing U.S. industrial competitiveness.

U. S. Steel (NYSE: X) has been recognized as a 'Best Place to Work for Disability Inclusion' for the fourth consecutive year, achieving a top score of 100 on the Disability Equality Index®. This recognition demonstrates the company's commitment to strengthening inclusion and leveraging the skills of people with disabilities.

Key points:

• U. S. Steel maintains a Culture of Caring with inclusive workplaces
• The SteelABILITY employee resource group contributes to disability awareness
• The company views disability inclusion as a distinct business advantage
• CEO David B. Burritt signed Disability:IN's CEO Letter on Disability Inclusion

This achievement validates U. S. Steel's efforts to be inclusive of people with disabilities and enhances its reputation for having DE&I integrated into its business strategy.

United States Steel (NYSE: X) will release its Q2 2024 financial results on August 1, 2024, after market close. This follows their December 18, 2023, merger agreement with Nippon Steel Due to the pending merger, no earnings conference call will be held. Instead, the company will provide the earnings release, presentation, and financial data concurrently on their website. U. S. Steel, founded in 1901, is a major steel producer serving various industries with advanced steel products and has a significant raw steelmaking capacity of 22.4 million net tons annually.

United States Steel (NYSE: X) has been named a Beyond the Yellow Ribbon company by the Minnesota National Guard, recognizing its commitment to supporting veterans. U. S. Steel's Minnesota Ore Operations hosted a proclamation event on June 27 to celebrate this achievement. The designation highlights the company’s efforts to provide a supportive work environment for military employees, with 12% of new hires in 2023 being veterans. The company leverages its Employee Resource Groups (ERGs), like SERVE, to foster inclusion and support for veteran employees.

United States Steel (NYSE: X) has been named a Vibrant Index 5.0 Champion by Vibrant Pittsburgh for the second time, recognizing its leadership in diversity, equity, and inclusion (DEI) in the Pittsburgh region. Vibrant Pittsburgh, a non-profit focused on economic development and diversity, uses a proprietary process to evaluate organizations across nine impact areas. Those scoring in the 95th percentile or higher are designated Vibrant Champions. U. S. Steel's commitment to creating an inclusive culture is evidenced by its recent accolades, including being named one of 'America's Greatest Workplaces for Diversity 2024' by Newsweek and earning a perfect score on the Corporate Equality Index for four consecutive years. The company aims to share best practices with other DEI leaders to enhance regional diversity and economic success.