U. S. Steel - X STOCK NEWS

U. S. Steel (NYSE: X) has unveiled ZMAG™, a revolutionary carbon flat rolled coated steel product. This innovative steel features a zinc-aluminum-magnesium coating that offers up to five times the corrosion resistance of conventional galvanized steel. ZMAG™ is designed to be stronger, more resilient, and more sustainable than existing products, making it ideal for industries like solar, automotive, and construction.

Key features of ZMAG™ include:

• Superior durability in harsh conditions
• Lower maintenance costs
• 100% domestically produced in the U.S.
• Exclusive 25-year warranty

U. S. Steel, United Steelworkers union (USW), and Wheeling-Nippon have filed antidumping and countervailing duty petitions on imports of corrosion-resistant steel (CORE) from 10 countries. The petitions were submitted to the U.S. Department of Commerce (DOC) and the U.S. International Trade Commission (ITC) on September 5, 2024. This action aims to address low-priced and subsidized CORE imports entering the U.S. market, potentially harming domestic producers.

Duane D. Holloway, Senior VP and General Counsel of U. S. Steel, emphasized the importance of these trade cases in restoring a level playing field and supporting investments in new facilities. The DOC is expected to initiate the cases, with the ITC holding a preliminary staff conference this month. Final orders from both agencies are anticipated in October 2025.

U. S. Steel employees are rallying in Pittsburgh to support the Nippon Steel transaction, urging elected officials to recognize its benefits. The deal is important for protecting union jobs and securing billions in investment for U. S. Steel operations. Without the transaction, U. S. Steel may pivot away from blast furnace facilities, risking thousands of jobs and impacting communities.

Key points:

• U. S. Steel stockholders approved the transaction with over 98% in favor
• Nippon Steel plans to invest $2.7 billion in USW-represented facilities
• U. S. Steel's operations in PA generated $3.6 billion in economic impact and supported 11,417 jobs
• The deal aims to create 'the best steelmaker with world-leading capabilities'

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.