United States Steel Corporation Reports Fourth Quarter and Full-Year 2024 Results
United States Steel (NYSE: X) reported its Q4 and full-year 2024 results. The company posted a Q4 2024 net loss of $89 million ($0.39 per diluted share) and adjusted net loss of $28 million ($0.13 per diluted share). Full-year 2024 results showed net earnings of $384 million ($1.57 per diluted share) and adjusted net earnings of $529 million ($2.14 per diluted share).
Q4 2024 adjusted EBITDA was $190 million, with full-year adjusted EBITDA at $1,366 million. The North American Flat-Rolled segment achieved a 10% EBITDA margin, while the Mini Mill segment began initial shipments from the new Big River 2 mill. The company's European operations faced pricing and demand challenges.
For Q1 2025, U.S. Steel expects adjusted EBITDA between $100-150 million, with decreased North American Flat-Rolled results due to seasonal logistics constraints, partially offset by improved Mini Mill segment performance.
United States Steel (NYSE: X) ha riportato i risultati del quarto trimestre e dell'intero anno 2024. L'azienda ha registrato una perdita netta nel Q4 2024 di 89 milioni di dollari (0,39 dollari per azione diluita) e una perdita netta rettificata di 28 milioni di dollari (0,13 dollari per azione diluita). I risultati dell'intero anno 2024 hanno mostrato un utile netto di 384 milioni di dollari (1,57 dollari per azione diluita) e un utile netto rettificato di 529 milioni di dollari (2,14 dollari per azione diluita).
Nel Q4 2024, l'EBITDA rettificato è stato di 190 milioni di dollari, con un EBITDA rettificato per l'intero anno pari a 1.366 milioni di dollari. Il segmento Flat-Rolled nordamericano ha raggiunto un margine EBITDA del 10%, mentre il segmento Mini Mill ha iniziato le spedizioni iniziali dal nuovo mulino Big River 2. Le operazioni europee dell'azienda hanno affrontato sfide in termini di prezzi e domanda.
Per il Q1 2025, U.S. Steel prevede un EBITDA rettificato compreso tra 100 e 150 milioni di dollari, con risultati ridotti nel segmento Flat-Rolled nordamericano a causa di vincoli logistici stagionali, parzialmente compensati da un miglioramento delle prestazioni del segmento Mini Mill.
United States Steel (NYSE: X) informó sus resultados del cuarto trimestre y del año completo 2024. La empresa reportó una pérdida neta de 89 millones de dólares en el Q4 2024 (0,39 dólares por acción diluida) y una pérdida neta ajustada de 28 millones de dólares (0,13 dólares por acción diluida). Los resultados del año completo 2024 mostraron ganancias netas de 384 millones de dólares (1,57 dólares por acción diluida) y ganancias netas ajustadas de 529 millones de dólares (2,14 dólares por acción diluida).
El EBITDA ajustado del Q4 2024 fue de 190 millones de dólares, con un EBITDA ajustado para el año completo de 1.366 millones de dólares. El segmento Flat-Rolled de América del Norte logró un margen EBITDA del 10%, mientras que el segmento Mini Mill comenzó los envíos iniciales desde el nuevo molino Big River 2. Las operaciones de la empresa en Europa enfrentaron desafíos de precios y demanda.
Para el Q1 2025, U.S. Steel espera un EBITDA ajustado de entre 100 y 150 millones de dólares, con resultados decrecientes del segmento Flat-Rolled de América del Norte debido a restricciones logísticas estacionales, parcialmente compensados por un mejor rendimiento del segmento Mini Mill.
유나이티드 스틸 (NYSE: X)는 2024년 4분기 및 전체 연도 실적을 발표했습니다. 이 회사는 2024년 4분기에 8,900만 달러(주당 0.39달러)의 순손실과 조정된 순손실 2,800만 달러(주당 0.13달러)를 기록했습니다. 전체 연도 2024년 실적은 3억 8,400만 달러(주당 1.57달러)의 순이익과 조정된 순이익 5억 2900만 달러(주당 2.14달러)를 보여주었습니다.
2024년 4분기 조정된 EBITDA는 1억 9천만 달러였으며, 전체 연도 조정된 EBITDA는 13억 3,660만 달러입니다. 북미 평탄 롤링(segment Flat-Rolled) 부문은 10%의 EBITDA 마진을 달성했으며, 미니밀(segment Mini Mill) 부문은 새로 개설된 빅 리버 2 공장에서 초기 배송을 시작했습니다. 회사의 유럽 운영은 가격 및 수요 문제에 직면했습니다.
2025년 1분기까지 유나이티드 스틸은 조정된 EBITDA가 1억에서 1억 5천만 달러 사이에 있을 것으로 예상하고 있으며, 계절적 물류 제약으로 인해 북미 평탄 롤링 부문에서 감소한 실적은 미니밀 부문의 성과 개선으로 일부 보완될 예정입니다.
United States Steel (NYSE: X) a annoncé ses résultats du quatrième trimestre et de l'année entière 2024. La société a enregistré une perte nette de 89 millions de dollars (0,39 dollar par action diluée) pour le Q4 2024 et une perte nette ajustée de 28 millions de dollars (0,13 dollar par action diluée). Les résultats de l'année 2024 ont montré un bénéfice net de 384 millions de dollars (1,57 dollar par action diluée) et un bénéfice net ajusté de 529 millions de dollars (2,14 dollars par action diluée).
Pour le Q4 2024, l'EBITDA ajusté s'élevait à 190 millions de dollars, avec un EBITDA ajusté pour l'année entière de 1 366 millions de dollars. Le segment des aciers plats en Amérique du Nord a réalisé une marge EBITDA de 10 %, tandis que le segment Mini Mill a commencé les expéditions initiales de la nouvelle usine Big River 2. Les opérations européennes de l'entreprise ont dû faire face à des défis en matière de prix et de demande.
Pour le Q1 2025, U.S. Steel prévoit un EBITDA ajusté compris entre 100 et 150 millions de dollars, avec une diminution des résultats du segment des aciers plats en Amérique du Nord en raison de contraintes logistiques saisonnières, partiellement compensées par une amélioration des performances du segment Mini Mill.
United States Steel (NYSE: X) hat seine Ergebnisse für das vierte Quartal und das gesamte Jahr 2024 veröffentlicht. Das Unternehmen verzeichnete im Q4 2024 einen Nettoverlust von 89 Millionen Dollar (0,39 Dollar pro verwässerter Aktie) und einen bereinigten Nettoverlust von 28 Millionen Dollar (0,13 Dollar pro verwässerter Aktie). Die Ergebnisse des Gesamtjahres 2024 zeigten einen Nettogewinn von 384 Millionen Dollar (1,57 Dollar pro verwässerter Aktie) und einen bereinigten Nettogewinn von 529 Millionen Dollar (2,14 Dollar pro verwässerter Aktie).
Das bereinigte EBITDA im Q4 2024 betrug 190 Millionen Dollar, während das bereinigte EBITDA für das gesamte Jahr 1.366 Millionen Dollar erreichte. Der nordamerikanische Flachstahlbereich erzielte eine EBITDA-Marge von 10 %, während der Mini-Mill-Bereich mit den ersten Lieferungen aus dem neuen Big River 2-Werk begann. Die europäischen Geschäfte des Unternehmens sahen sich Herausforderungen bei Preisen und Nachfrage gegenüber.
Für Q1 2025 erwartet U.S. Steel ein bereinigtes EBITDA zwischen 100 und 150 Millionen Dollar, mit geringeren Ergebnissen im nordamerikanischen Flachstahlbereich aufgrund saisonaler logistischen Einschränkungen, die teilweise durch verbesserte Leistungen im Mini-Mill-Bereich ausgeglichen werden.
- New Big River 2 mill commenced operations with first customer shipments in December
- North American Flat-Rolled segment maintained 10% EBITDA margin
- Company expects positive free cash flow in 2025
- Q4 2024 net loss of $89 million compared to $80 million loss in Q4 2023
- Full-year 2024 net earnings declined to $384 million from $895 million in 2023
- Net sales decreased to $15,640 million in 2024 from $18,053 million in 2023
- European operations facing continuing pricing and demand challenges
Insights
U.S. Steel's Q4 2024 results reveal significant operational challenges and strategic transitions. The
Several critical factors deserve attention:
- The North American Flat-Rolled segment maintained a respectable
10% EBITDA margin despite market challenges, demonstrating resilience in core operations - The Mini Mill segment's performance was impacted by
$50 million in BR2 ramp-up costs, but initial customer feedback suggests strong product quality potential - Free cash flow turned negative at
$1.36 billion for 2024, primarily due to heavy capital expenditures of$2.29 billion - Q1 2025 guidance of
$100-150 million adjusted EBITDA indicates continued near-term pressure, particularly from seasonal logistics constraints
The company's substantial investment in BR2 represents a strategic pivot toward more efficient production, but the transition period is creating near-term financial strain. While cash position remains solid at
-
Fourth quarter 2024 net loss of
$89 million $0.39 $384 million $1.57 -
Fourth quarter 2024 adjusted net loss of
$28 million $0.13 $529 million $2.14 -
Fourth quarter 2024 adjusted EBITDA of
$190 million $1,366 million
Full-year 2024 net earnings was
Commenting on the Company’s fourth quarter performance, U. S. Steel President and Chief Executive Officer, David B. Burritt said, “Our fourth quarter adjusted EBITDA of
Commenting on the Company’s strategic initiatives, Burritt continued, “We are very pleased to see deliveries to customers from BR2 commence in early December and continue to see a steady ramp up in shipments into the first quarter. Customer feedback on BR2 product quality has been excellent and we thank our Big River team for safely delivering approximately
Q1 2025 Outlook
We expect first quarter adjusted EBITDA in the range of
Earnings Highlights |
||||||||||||
|
Three Months Ended
|
Twelve Months Ended
|
||||||||||
(Dollars in millions, except per share amounts) |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Net Sales |
$ |
3,509 |
|
$ |
4,144 |
|
$ |
15,640 |
|
$ |
18,053 |
|
Earnings (loss) before interest, taxes, depreciation and amortization (EBITDA) |
|
|
|
|
||||||||
Flat-Rolled |
$ |
222 |
|
$ |
128 |
|
$ |
934 |
|
$ |
1,023 |
|
Mini Mill |
|
(8 |
) |
|
74 |
|
|
233 |
|
|
383 |
|
U. S. Steel |
|
(35 |
) |
|
3 |
|
|
71 |
|
|
98 |
|
Tubular |
|
15 |
|
|
126 |
|
|
135 |
|
|
638 |
|
Other |
|
(4 |
) |
|
(1 |
) |
|
(7 |
) |
|
(3 |
) |
Depreciation, depletion and amortization |
|
(251 |
) |
|
(241 |
) |
|
(913 |
) |
|
(916 |
) |
Total segment (loss) earnings before interest and income taxes |
$ |
(61 |
) |
$ |
89 |
|
$ |
453 |
|
$ |
1,223 |
|
Other items not allocated to segments |
|
(82 |
) |
|
(320 |
) |
|
(213 |
) |
|
(424 |
) |
(Loss) earnings before interest and income taxes |
$ |
(143 |
) |
$ |
(231 |
) |
$ |
240 |
|
$ |
799 |
|
Net interest and other financial benefits |
|
(24 |
) |
|
(66 |
) |
|
(198 |
) |
|
(248 |
) |
Income tax (benefit) expense |
|
(30 |
) |
|
(85 |
) |
|
54 |
|
|
152 |
|
Net (loss) earnings |
$ |
(89 |
) |
$ |
(80 |
) |
$ |
384 |
|
$ |
895 |
|
(Loss) earnings per diluted share |
$ |
(0.39 |
) |
$ |
(0.36 |
) |
$ |
1.57 |
|
$ |
3.56 |
|
|
|
|
|
|
||||||||
Adjusted net (loss) earnings (a) |
$ |
(28 |
) |
$ |
167 |
|
$ |
529 |
|
$ |
1,195 |
|
Adjusted net (loss) earnings per diluted share (a) |
$ |
(0.13 |
) |
$ |
0.67 |
|
$ |
2.14 |
|
$ |
4.73 |
|
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) (a) |
$ |
190 |
|
$ |
330 |
|
$ |
1,366 |
|
$ |
2,139 |
|
(a) Please refer to the non-GAAP Financial Measures section of this document for the reconciliation of these amounts. |
||||||||||||
UNITED STATES STEEL CORPORATION |
|||||||||
PRELIMINARY SUPPLEMENTAL STATISTICS (Unaudited) |
|||||||||
|
Quarter Ended |
|
Year Ended |
||||||
|
December 31, |
|
December 31, |
||||||
|
2024 |
|
2023 |
|
|
2024 |
|
2023 |
|
OPERATING STATISTICS |
|
|
|
|
|
||||
Average realized price: ($/net ton unless otherwise noted) (a) |
|
|
|
|
|
||||
Flat-Rolled |
956 |
|
978 |
|
|
1,013 |
|
1,030 |
|
Mini Mill |
789 |
|
807 |
|
|
857 |
|
875 |
|
U. S. Steel |
751 |
|
770 |
|
|
805 |
|
873 |
|
U. S. Steel |
702 |
|
716 |
|
|
743 |
|
807 |
|
Tubular |
1,539 |
|
2,390 |
|
|
1,905 |
|
3,137 |
|
|
|
|
|
|
|
||||
Steel shipments (thousands of net tons): (a) |
|
|
|
|
|
||||
Flat-Rolled |
1,846 |
|
2,034 |
|
|
7,845 |
|
8,706 |
|
Mini Mill |
575 |
|
617 |
|
|
2,307 |
|
2,424 |
|
U. S. Steel |
732 |
|
1,024 |
|
|
3,578 |
|
3,899 |
|
Tubular |
143 |
|
132 |
|
|
476 |
|
478 |
|
Total Steel Shipments |
3,296 |
|
3,807 |
|
|
14,206 |
|
15,507 |
|
|
|
|
|
|
|
||||
Intersegment steel (unless otherwise noted) shipments (thousands of net tons): |
|
|
|
|
|
||||
Mini Mill to Flat-Rolled |
63 |
|
79 |
|
|
351 |
|
449 |
|
Flat-Rolled to Mini Mill |
1 |
|
2 |
|
|
4 |
|
4 |
|
Flat-Rolled to Mini Mill (pig iron) |
105 |
|
103 |
|
|
353 |
|
313 |
|
Flat-Rolled to USSE (coal) |
— |
|
242 |
|
|
258 |
|
874 |
|
|
|
|
|
|
|
||||
Raw steel production (thousands of net tons): |
|
|
|
|
|
||||
Flat-Rolled |
2,099 |
|
2,087 |
|
|
8,389 |
|
9,399 |
|
Mini Mill |
664 |
|
752 |
|
|
2,838 |
|
2,953 |
|
U. S. Steel |
803 |
|
1,100 |
|
|
3,832 |
|
4,395 |
|
Tubular |
153 |
|
157 |
|
|
575 |
|
568 |
|
|
|
|
|
|
|
||||
Raw steel capability utilization: (b) |
|
|
|
|
|
||||
Flat-Rolled |
63 |
% |
63 |
% |
|
63 |
% |
71 |
% |
Mini Mill (c) |
61 |
% |
89 |
% |
|
80 |
% |
89 |
% |
U. S. Steel |
64 |
% |
87 |
% |
|
77 |
% |
88 |
% |
Tubular |
68 |
% |
69 |
% |
|
64 |
% |
63 |
% |
|
|
|
|
|
|
||||
CAPITAL EXPENDITURES (dollars in millions) |
|
|
|
|
|
||||
Flat-Rolled |
117 |
|
161 |
|
|
495 |
|
536 |
|
Mini Mill |
339 |
|
425 |
|
|
1,641 |
|
1,899 |
|
U. S. Steel |
36 |
|
43 |
|
|
118 |
|
109 |
|
Tubular |
13 |
|
8 |
|
|
33 |
|
32 |
|
Other Businesses |
— |
|
— |
|
|
— |
|
— |
|
Total |
505 |
|
637 |
|
|
2,287 |
|
2,576 |
|
(a) Excludes intersegment shipments. |
|||||||||
(b) Based on annual raw steel production capability of 13.2 million net tons for Flat-Rolled, 3.3 million net tons for Mini Mill, 5.0 million net tons for U. S. Steel |
|||||||||
(c) Now includes the capacity of BR2 which produced first coil in October and delivered first customer shipments in December. BRS operated at |
|||||||||
UNITED STATES STEEL CORPORATION |
|||||||||||||
CONDENSED STATEMENT OF OPERATIONS (Unaudited) |
|||||||||||||
|
Three Months Ended
|
|
Twelve Months Ended
|
||||||||||
(Dollars in millions, except per share amounts) |
|
2024 |
|
|
2023 |
|
|
|
2024 |
|
|
2023 |
|
Net Sales |
$ |
3,509 |
|
$ |
4,144 |
|
|
$ |
15,640 |
|
$ |
18,053 |
|
|
|
|
|
|
|
||||||||
Operating expenses (income): |
|
|
|
|
|
||||||||
Cost of sales |
|
3,318 |
|
|
3,851 |
|
|
|
14,060 |
|
|
15,803 |
|
Selling, general and administrative expenses |
|
107 |
|
|
181 |
|
|
|
435 |
|
|
501 |
|
Depreciation, depletion and amortization |
|
251 |
|
|
241 |
|
|
|
913 |
|
|
916 |
|
Earnings from investees |
|
(36 |
) |
|
(39 |
) |
|
|
(112 |
) |
|
(115 |
) |
Asset impairment charges |
|
— |
|
|
125 |
|
|
|
19 |
|
|
129 |
|
Restructuring and other charges |
|
(3 |
) |
|
15 |
|
|
|
8 |
|
|
36 |
|
Other losses (gains), net |
|
15 |
|
|
1 |
|
|
|
77 |
|
|
(16 |
) |
Total operating expenses |
|
3,652 |
|
|
4,375 |
|
|
|
15,400 |
|
|
17,254 |
|
|
|
|
|
|
|
||||||||
(Loss) earnings before interest and income taxes |
|
(143 |
) |
|
(231 |
) |
|
|
240 |
|
|
799 |
|
Net interest and other financial benefits |
|
(24 |
) |
|
(66 |
) |
|
|
(198 |
) |
|
(248 |
) |
|
|
|
|
|
|
||||||||
(Loss) earnings before income taxes |
|
(119 |
) |
|
(165 |
) |
|
|
438 |
|
|
1,047 |
|
Income tax (benefit) expense |
|
(30 |
) |
|
(85 |
) |
|
|
54 |
|
|
152 |
|
|
|
|
|
|
|
||||||||
Net (loss) earnings |
|
(89 |
) |
|
(80 |
) |
|
|
384 |
|
|
895 |
|
Less: Net earnings attributable to noncontrolling interests |
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
Net (loss) earnings attributable to United States Steel Corporation |
$ |
(89 |
) |
$ |
(80 |
) |
|
$ |
384 |
|
$ |
895 |
|
|
|
|
|
|
|
||||||||
COMMON STOCK DATA: |
|
|
|
|
|
||||||||
Net (loss) earnings per share attributable to United States Steel Corporation Stockholders |
|
|
|
|
|
||||||||
Basic |
$ |
(0.39 |
) |
$ |
(0.36 |
) |
|
$ |
1.71 |
|
$ |
3.98 |
|
Diluted |
$ |
(0.39 |
) |
$ |
(0.36 |
) |
|
$ |
1.57 |
|
$ |
3.56 |
|
Weighted average shares, in thousands |
|
|
|
|
|
||||||||
Basic |
|
225,173 |
|
|
223,130 |
|
|
|
224,817 |
|
|
224,761 |
|
Diluted |
|
225,173 |
|
|
223,130 |
|
|
|
254,004 |
|
|
255,360 |
|
Dividends paid per common share |
|
0.05 |
|
|
0.05 |
|
|
|
0.20 |
|
|
0.20 |
|
UNITED STATES STEEL CORPORATION |
||||||
CONDENSED CASH FLOW STATEMENT (Unaudited) |
||||||
(Dollars in millions) |
Twelve Months
|
Twelve Months
|
||||
Increase (decrease) in cash, cash equivalents and restricted cash |
||||||
Operating activities: |
|
|
||||
Net earnings |
$ |
384 |
|
$ |
895 |
|
Depreciation, depletion and amortization |
|
913 |
|
|
916 |
|
Asset impairment charges |
|
19 |
|
|
129 |
|
Restructuring and other charges |
|
8 |
|
|
36 |
|
Loss on debt extinguishment |
|
2 |
|
|
— |
|
Pensions and other post-retirement benefits |
|
(133 |
) |
|
(157 |
) |
Active employee benefit investments |
|
65 |
|
|
32 |
|
Deferred income taxes |
|
113 |
|
|
97 |
|
Working capital changes |
|
(182 |
) |
|
385 |
|
Income taxes receivable/payable |
|
(126 |
) |
|
(27 |
) |
Other operating activities |
|
(144 |
) |
|
(206 |
) |
Net cash provided by operating activities |
|
919 |
|
|
2,100 |
|
|
|
|
||||
Investing activities: |
|
|
||||
Capital expenditures |
|
(2,287 |
) |
|
(2,576 |
) |
Proceeds from sale of assets |
|
5 |
|
|
8 |
|
Other investing activities |
|
6 |
|
|
— |
|
Net cash used in investing activities |
|
(2,276 |
) |
|
(2,568 |
) |
|
|
|
||||
Financing activities: |
|
|
||||
Issuance of long-term debt, net of financing costs |
|
— |
|
|
241 |
|
Repayment of long-term debt |
|
(128 |
) |
|
(89 |
) |
Common stock repurchased |
|
— |
|
|
(175 |
) |
Other financing activities |
|
(71 |
) |
|
(75 |
) |
Net cash used in financing activities |
|
(199 |
) |
|
(98 |
) |
|
|
|
||||
Effect of exchange rate changes on cash |
|
(19 |
) |
|
15 |
|
|
|
|
||||
Net decrease in cash, cash equivalents and restricted cash |
|
(1,575 |
) |
|
(551 |
) |
Cash, cash equivalents and restricted cash at beginning of year |
|
2,988 |
|
|
3,539 |
|
|
|
|
||||
Cash, cash equivalents and restricted cash at end of period |
$ |
1,413 |
|
$ |
2,988 |
|
UNITED STATES STEEL CORPORATION |
||||
CONDENSED BALANCE SHEET (Unaudited) |
||||
|
December 31, |
December 31, |
||
(Dollars in millions) |
|
2024 |
|
2023 |
Cash and cash equivalents |
$ |
1,367 |
$ |
2,948 |
Receivables, net |
|
1,398 |
|
1,548 |
Inventories |
|
2,168 |
|
2,128 |
Other current assets |
|
299 |
|
319 |
Total current assets |
|
5,232 |
|
6,943 |
|
|
|
||
Operating lease assets |
|
72 |
|
109 |
Property, plant and equipment, net |
|
11,973 |
|
10,393 |
Investments and long-term receivables, net |
|
757 |
|
761 |
Intangibles, net |
|
416 |
|
436 |
Goodwill |
|
920 |
|
920 |
Other noncurrent assets |
|
865 |
|
889 |
Total assets |
$ |
20,235 |
$ |
20,451 |
|
|
|
||
Accounts payable and other accrued liabilities |
|
2,747 |
|
3,028 |
Payroll and benefits payable |
|
295 |
|
442 |
Short-term debt and current maturities of long-term debt |
|
95 |
|
142 |
Other current liabilities |
|
236 |
|
336 |
Total current liabilities |
|
3,373 |
|
3,948 |
|
|
|
||
Noncurrent operating lease liabilities |
|
44 |
|
73 |
Long-term debt, less unamortized discount and debt issuance costs |
|
4,078 |
|
4,080 |
Employee benefits |
|
117 |
|
126 |
Deferred income tax liabilities |
|
657 |
|
587 |
Other long-term liabilities |
|
526 |
|
497 |
United States Steel Corporation stockholders' equity |
|
11,347 |
|
11,047 |
Noncontrolling interests |
|
93 |
|
93 |
Total liabilities and stockholders' equity |
$ |
20,235 |
$ |
20,451 |
UNITED STATES STEEL CORPORATION |
||||||||||||||||||||||
NON-GAAP FINANCIAL MEASURES |
||||||||||||||||||||||
RECONCILIATION OF ADJUSTED NET (LOSS) EARNINGS |
||||||||||||||||||||||
|
Three Months Ended December 31, |
Twelve Months Ended December 31, |
||||||||||||||||||||
(In millions of dollars) |
2024 |
2023 |
2024 |
2023 |
||||||||||||||||||
Net (loss) earnings and diluted net earnings per share attributable to United States Steel Corporation, as reported |
$ |
(89 |
) |
$ |
(0.39 |
) |
$ |
(80 |
) |
$ |
(0.36 |
) |
$ |
384 |
|
$ |
1.57 |
$ |
895 |
|
$ |
3.56 |
Restructuring and other charges |
|
(3 |
) |
|
|
15 |
|
|
|
8 |
|
|
|
36 |
|
|
||||||
Stock-based compensation expense |
|
14 |
|
|
|
14 |
|
|
|
51 |
|
|
|
51 |
|
|
||||||
Asset impairment charges (a) |
|
— |
|
|
|
123 |
|
|
|
19 |
|
|
|
127 |
|
|
||||||
VEBA asset surplus adjustment |
|
(4 |
) |
|
|
(7 |
) |
|
|
(25 |
) |
|
|
(43 |
) |
|
||||||
Environmental remediation charges |
|
14 |
|
|
|
— |
|
|
|
18 |
|
|
|
11 |
|
|
||||||
Strategic alternatives review process costs |
|
31 |
|
|
|
63 |
|
|
|
90 |
|
|
|
79 |
|
|
||||||
Granite City idling costs (a) |
|
11 |
|
|
|
107 |
|
|
|
11 |
|
|
|
121 |
|
|
||||||
Other charges, net |
|
15 |
|
|
|
10 |
|
|
|
16 |
|
|
|
12 |
|
|
||||||
Adjusted pre-tax net (loss) earnings to United States Steel Corporation |
|
(11 |
) |
|
|
245 |
|
|
|
572 |
|
|
|
1,289 |
|
|
||||||
Tax impact of adjusted items (b) |
|
(17 |
) |
|
|
(78 |
) |
|
|
(43 |
) |
|
|
(94 |
) |
|
||||||
Adjusted net (loss) earnings and diluted net earnings per share attributable to United States Steel Corporation |
$ |
(28 |
) |
$ |
(0.13 |
) |
$ |
167 |
|
$ |
0.67 |
|
$ |
529 |
|
$ |
2.14 |
$ |
1,195 |
|
$ |
4.73 |
Weighted average diluted ordinary shares outstanding, in millions |
|
225.2 |
|
|
|
254.5 |
|
|
|
254.0 |
|
|
|
255.4 |
|
|
||||||
(b) During the three months ended December 31, 2023, the Company recognized charges of |
||||||||||||||||||||||
(b) The tax impact of adjusted items for the three months and twelve months ended December 31, 2024 and 2023, is calculated using a blended tax rate of |
||||||||||||||||||||||
| UNITED STATES STEEL CORPORATION | ||||||||||||
NON-GAAP FINANCIAL MEASURES |
||||||||||||
RECONCILIATION OF ADJUSTED EBITDA |
||||||||||||
|
Three Months Ended
|
Twelve Months Ended
|
||||||||||
(Dollars in millions) |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
Reconciliation to Adjusted EBITDA |
|
|
|
|
||||||||
Net (loss) earnings attributable to United States Steel Corporation |
$ |
(89 |
) |
$ |
(80 |
) |
$ |
384 |
|
$ |
895 |
|
Income tax (benefit) expense |
|
(30 |
) |
|
(85 |
) |
|
54 |
|
|
152 |
|
Net interest and other financial benefits |
|
(24 |
) |
|
(66 |
) |
|
(198 |
) |
|
(248 |
) |
Depreciation, depletion and amortization expense |
|
251 |
|
|
241 |
|
|
913 |
|
|
916 |
|
EBITDA |
|
108 |
|
|
10 |
|
|
1,153 |
|
|
1,715 |
|
Restructuring and other charges |
|
(3 |
) |
|
15 |
|
|
8 |
|
|
36 |
|
Stock-based compensation expense |
|
14 |
|
|
14 |
|
|
51 |
|
|
51 |
|
Asset impairment charges (a) |
|
— |
|
|
123 |
|
|
19 |
|
|
127 |
|
Environmental remediation charges |
|
14 |
|
|
— |
|
|
18 |
|
|
11 |
|
Strategic alternatives review process costs |
|
31 |
|
|
63 |
|
|
90 |
|
|
79 |
|
Granite City idling costs (a) |
|
11 |
|
|
107 |
|
|
11 |
|
|
121 |
|
Other charges, net |
|
15 |
|
|
(2 |
) |
|
16 |
|
|
(1 |
) |
Adjusted EBITDA |
$ |
190 |
|
$ |
330 |
|
$ |
1,366 |
|
$ |
2,139 |
|
Net earnings margin (b) |
|
(3 |
)% |
|
(2 |
)% |
|
2 |
% |
|
5 |
% |
Adjusted EBITDA margin (b) |
|
5 |
% |
|
8 |
% |
|
9 |
% |
|
12 |
% |
(a) During the three months ended December 31, 2023, the Company recognized charges of |
||||||||||||
(b) The net earnings and adjusted EBITDA margins represent net earnings or adjusted EBITDA divided by net sales. |
||||||||||||
UNITED STATES STEEL CORPORATION |
|||||||||||||||
NON-GAAP FINANCIAL MEASURES |
|||||||||||||||
RECONCILIATION OF PAST TWELVE MONTHS OF FREE AND INVESTABLE CASH FLOW |
|||||||||||||||
|
1st |
2nd |
3rd |
4th |
|
||||||||||
|
Quarter |
Quarter |
Quarter |
Quarter |
Total of the |
||||||||||
(Dollars in millions) |
|
2024 |
|
|
2024 |
|
|
2024 |
|
|
2024 |
|
Four Quarters |
||
Net cash (used) provided by operating activities |
$ |
(28 |
) |
$ |
474 |
|
$ |
265 |
|
$ |
208 |
|
$ |
919 |
|
Net cash used in investing activities |
|
(645 |
) |
|
(630 |
) |
|
(509 |
) |
|
(492 |
) |
|
(2,276 |
) |
Free cash flow |
|
(673 |
) |
|
(156 |
) |
|
(244 |
) |
|
(284 |
) |
|
(1,357 |
) |
Strategic capital expenditures |
|
468 |
|
|
468 |
|
|
346 |
|
|
312 |
|
|
1,594 |
|
Investable free cash flow |
$ |
(205 |
) |
$ |
312 |
|
$ |
102 |
|
$ |
28 |
|
$ |
237 |
|
We present adjusted net earnings, adjusted net earnings per diluted share, earnings before interest, taxes, depreciation and amortization (EBITDA), adjusted EBITDA and adjusted EBITDA margin, which are non-GAAP measures, as additional measurements to enhance the understanding of our operating performance. We believe that EBITDA, considered along with net earnings, is a relevant indicator of trends relating to our operating performance and provides management and investors with additional information for comparison of our operating results to the operating results of other companies.
Adjusted net earnings and adjusted net earnings per diluted share are non-GAAP measures that exclude the effects of items that include: restructuring and other charges, stock-based compensation expense, asset impairment charges, VEBA asset surplus adjustment, environmental remediation charges, strategic alternatives review process costs, Granite City idling costs, tax impact of adjusted items and other charges, net (Adjustment Items). Adjusted EBITDA and adjusted EBITDA margins are also non-GAAP measures that exclude the effects of certain Adjustment Items. We present adjusted net earnings, adjusted net earnings per diluted share, adjusted EBITDA and adjusted EBITDA margin to enhance the understanding of our ongoing operating performance and established trends affecting our core operations by excluding the effects of events that can obscure underlying trends. U. S. Steel's management considers adjusted net earnings, adjusted net earnings per diluted share, adjusted EBITDA, and adjusted EBITDA margin as alternative measures of operating performance and not alternative measures of the Company's liquidity. U. S. Steel’s management considers adjusted net earnings, adjusted net earnings per diluted share, adjusted EBITDA, and adjusted EBITDA margin useful to investors by facilitating a comparison of our operating performance to the operating performance of our competitors. Additionally, the presentation of adjusted net earnings, adjusted net earnings per diluted share, adjusted EBITDA, and adjusted EBITDA margin provides insight into management’s view and assessment of the Company’s ongoing operating performance because management does not consider the Adjustment Items when evaluating the Company’s financial performance. Adjusted net earnings, adjusted net earnings per diluted share, adjusted EBITDA, and adjusted EBITDA margin should not be considered a substitute for net earnings, earnings per diluted share or other financial measures as computed in accordance with
We also present free cash flow, a non-GAAP measure of cash generated from operations after any investing activity and investable free cash flow, a non-GAAP measure of cash generated from operations after any investing activity adjusted for strategic capital expenditures. We believe that free cash flow and investable free cash flow provide further insight into the Company's overall utilization of cash. A condensed consolidated statement of operations (unaudited), condensed consolidated cash flow statement (unaudited), condensed consolidated balance sheet (unaudited) and preliminary supplemental statistics (unaudited) for U. S. Steel are attached.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This release contains information regarding the Company that may constitute "forward-looking statements," as that term is defined under the Private Securities Litigation Reform Act of 1995 and other securities laws, that are subject to risks and uncertainties. We intend 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, statements expressing general views about future operating or financial results, operating or financial performance, trends, events or developments that we expect or anticipate will occur in the future, anticipated cost savings, potential capital and operational cash improvements and changes in the global economic environment, anticipated capital expenditures, the construction or operation of new or existing facilities or capabilities and the costs associated with such matters, statements regarding our greenhouse gas emissions reduction goals, as well as statements regarding the merger between the Company and Nippon Steel Corporation (the "Merger"), including the timing of the completion of the Merger. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. Forward-looking statements include all statements that are not historical facts, but instead represent only the Company's beliefs regarding future goals, plans and expectations about our prospects for the future and other 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 of the Company 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. 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 our present expectations or projections. Risks and uncertainties include without limitation: the ability of the parties to consummate the Merger on a timely basis or at all; the occurrence of any event, change or other circumstances that could give rise to the termination of the definitive agreement and plan of merger relating to the Merger (the "Merger Agreement"); risks arising from litigation related to the Merger, either brought by or against the parties; the risk that the parties to the Merger Agreement may not be able to satisfy the conditions to the Merger in a timely manner or at all; risks related to disruption of management time from ongoing business operations due to the Merger and related litigation; certain restrictions during the pendency of the Merger that may impact the Company's ability to pursue certain business opportunities or strategic transactions; the risk that any announcements relating to the Merger could have adverse effects on the market price of the Company's common stock; the risk of any unexpected costs or expenses resulting from the Merger; the risk that the Merger and its announcement could have an adverse effect on the ability of the Company to retain customers and retain and hire key personnel and maintain relationships with customers, suppliers, employees, stockholders and other business relationships and on its operating results and business generally; and the risk the pending Merger could distract management of the Company. The Company directs readers to its Annual Report on Form 10-K for the year ended December 31, 2023, the quarterly report on Form 10-Q for the quarter ended September 30, 2024, and the other documents it files with the SEC for other risks associated with the Company's future performance. These documents contain and identify important factors that could cause actual results to differ materially from those contained in the forward-looking statements. All information in this report is as of the date above. The Company does not undertake any duty to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations whether as a result of new information, future events or otherwise, except as required by law.
###
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 25.4 million net tons. U. S. Steel is headquartered in
©2025 U. S. Steel All Rights Reserved www.ussteel.com United States Steel Corporation
View source version on businesswire.com: https://www.businesswire.com/news/home/20250130968902/en/
Corporate Communications
T - (412) 433-1300
E - media@uss.com
Emily Chieng
Investor Relations Officer
T - (412) 618-9554
E - ecchieng@uss.com
Source: United States Steel Corporation
FAQ
What were U.S. Steel's (X) Q4 2024 earnings results?
How did U.S. Steel's (X) 2024 full-year performance compare to 2023?
What is U.S. Steel's (X) Q1 2025 earnings guidance?
How is U.S. Steel's (X) new Big River 2 mill performing?
