U. S. Steel’s Operations in Pennsylvania Generated $3.6 Billion in Economic Impact

Rhea-AI Summary

U.S. Steel's operations in Pennsylvania contributed $3.6 billion to the local and state economy in FY22, supporting 11,417 jobs. The company generated $138.2 million in state and local taxes and partnered with organizations for community activities.

Positive

• U.S. Steel's operations in Pennsylvania contributed $3.6 billion to the local and state economy in FY22.
• The value added impact generated by U.S. Steel's operations in Pennsylvania is $1.9 billion.
• U.S. Steel's operations in Pennsylvania supported an estimated 11,417 jobs in FY22.
• Through its operations and capital spending, U.S. Steel generated $138.2 million in state and local taxes in Pennsylvania.
• U.S. Steel partners with organizations across southwest Pennsylvania for community activities.

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• None.

11,417 jobs supported or sustained by economic activity

PITTSBURGH--(BUSINESS WIRE)-- United States Steel Corporation (“U. S. Steel”) (NYSE: X) operations in Pennsylvania, which include U. S. Steel’s corporate headquarters in Pittsburgh and sites in Braddock, Clairton, Fairless Hills, Munhall, and West Mifflin, contributed $3.6 billion to the local and state economy in Fiscal Year 2022, according to an economic impact report released today. The report further concludes that the U. S. Steel’s economic activity supported or sustained 11,417 jobs.

“At U. S. Steel, we are thrilled to be the best partner to the communities in which we serve. We are deeply rooted in Pennsylvania, having operated here for more than a century,” said President and Chief Executive Officer David B. Burritt. “The steel that U. S. Steel creates keeps Pennsylvania – and America -- running strong. U. S. Steel is southwest Pennsylvania.”

“U. S. Steel and our employees are heavily engaged in Pennsylvania,” said Scott D. Buckiso, Senior Vice President and Chief Manufacturing Officer, North American Flat-Rolled Segment. “Beyond our economic impact, we support the communities where we live and work through charitable giving, volunteerism, and strategic partnerships to empower future generations.”

The study, commissioned by U. S. Steel, was conducted by Parker Philips, a nationally recognized consulting firm based in Erie that specializes in economic impact analysis.

“An economic impact analysis is an objective way to measure the impact of an organization in the regional economy. It is a tool that policy makers and local businesses can use to inform their decisions,” said Nichole Parker, a principal partner at Parker Philips. “The numbers speak for themselves. U. S. Steel’s impact from both an economic and employment perspective cannot be overstated.”

In the analysis, the study considered the direct spending on operations, pay, benefits, and capital projects by U. S. Steel and the estimated increase in demand for goods and services in industry sectors that supply or support the company. The study also measured the impact of charitable giving by U. S. Steel and its employees.

Among the highlights in the report:

• The $3.6 billion total economic impact of U. S. Steel’s operations in Pennsylvania in FY22 included $1.9 billion from direct impact and $1.7 billion in indirect/induced impact.
• The value added impact generated by U. S. Steel’s operations in Pennsylvania is $1.9 billion ($1 billion direct and $907.5 million indirect/induced).
• U. S. Steel’s operations in Pennsylvania supported an estimated 11,417 jobs (3,703 direct and 7,714 indirect/induced in FY22).
• Through its operations and capital spending in FY22, U. S. Steel generated $138.2 million in state and local taxes in Pennsylvania.
• U. S. Steel is an integral partner with organizations across southwest Pennsylvania. For example, U. S. Steel partners with the Braddock Carnegie Library, the Pittsburgh Steelers, and the Pittsburgh Penguins on various community activities, including reading programs and STEM learning initiatives.
• In 2022, U. S. Steel employees contributed an estimated $3.4 million in value to local charities through philanthropic giving and volunteering in the local community.

To view the full report on U. S. Steel’s economic impact in Pennsylvania click here.

About U. S. Steel

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.

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. U. S. Steel intends 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,” "plan," "goal," "future," “will,” "may" and similar expressions or by using future dates in connection with any discussion of, among other things, the construction or operation of new or existing facilities or operating capabilities, operating or financial 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 the global economic environment, including supply and demand conditions, inflation, interest rates, supply chain disruptions and changes in prices for our products, statements regarding our future strategies, products and innovations, statements regarding our greenhouse gas emissions reduction goals, statements regarding existing or new regulations 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. The 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 the Company's historical experience and its 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 the Company’s Annual report on Form 10-K for the year ended December 31, 2022 and those described from time to time in its future reports filed with the Securities and Exchange Commission.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231029115394/en/

Amanda Malkowski

Media Relations Manager

Corporate Communications

C – (412) 736-2475

E – almalkowski@uss.com

Source: United States Steel Corporation

FAQ

What is the economic impact of U.S. Steel's operations in Pennsylvania?

U.S. Steel's operations in Pennsylvania contributed $3.6 billion to the local and state economy in FY22.

How many jobs were supported by U.S. Steel's economic activity in Pennsylvania?

U.S. Steel's economic activity supported or sustained 11,417 jobs in Pennsylvania.

How much state and local taxes did U.S. Steel generate in Pennsylvania?

U.S. Steel generated $138.2 million in state and local taxes in Pennsylvania.

What organizations does U.S. Steel partner with in southwest Pennsylvania?

U.S. Steel partners with organizations such as the Braddock Carnegie Library, the Pittsburgh Steelers, and the Pittsburgh Penguins for community activities.