- Fourth quarter 2024 net loss of $89 million, or $0.39 per
diluted share; full-year 2024 net earnings of $384 million, or
$1.57 per diluted share.
- Fourth quarter 2024 adjusted net loss of $28 million, or
$0.13 per diluted share; full-year 2024 adjusted net earnings of
$529 million, or $2.14 per diluted share.
- Fourth quarter 2024 adjusted EBITDA of $190 million;
full-year 2024 adjusted EBITDA of $1,366 million.
United States Steel Corporation (NYSE: X) reported fourth
quarter 2024 net loss of $89 million, or $0.39 per diluted share
and adjusted net loss was $28 million, or $0.13 per diluted share.
This compares to fourth quarter 2023 net loss of $80 million, or
$0.36 per diluted share, and adjusted net earnings for the fourth
quarter 2023 of $167 million, or $0.67 per diluted share.
Full-year 2024 net earnings was $384 million, or $1.57 per
diluted share, and adjusted net earnings was $529 million, or $2.14
per diluted share. This compares to full-year 2023 net earnings of
$895 million, or $3.56 per diluted share, and adjusted net earnings
for 2023 of $1,195 million, or $4.73 per diluted share.
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 $190 million demonstrates
continued strong performance amidst a sequentially weaker average
selling price and demand environment across all our operating
segments. Our results included better than expected cost
performance in the North American Flat-Rolled segment and improved
volumes in the Mini Mill segment later in the quarter. The North
American Flat-Rolled segment generated 10% EBITDA margin,
benefiting from a resilient commercial strategy, diverse product
mix and continued focus on cost control. Our Mini Mill segment
included initial shipments from our new, state-of-the-art Big River
2 (“BR2”) mill, which partially offset the impact of planned
maintenance activity at Big River Steel during the quarter. When
adjusting for $50 million in construction and ramp-up costs for
strategic projects at Big River, the Mini Mill segment delivered 8%
EBITDA margin. USSE earnings were pressured by continuing
challenges in the pricing and demand environment. Tubular earnings
were stronger sequentially in the fourth quarter driven by higher
shipments.”
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 $4 billion of transformational
growth investments. Looking ahead, we expect to generate positive
free cash flow in 2025, as volume and capability growth in our Mini
Mill segment complements the resilient commercial strategy and
operational strength our North American Flat Rolled segment
continues to deliver.”
Q1 2025 Outlook
We expect first quarter adjusted EBITDA in the range of $100
million and $150 million. Our North American Flat-Rolled segment
results are expected to decrease, primarily driven by seasonal
logistics constraints in the mining sector, which will unwind in
the second quarter. We expect this to be partially offset by
resiliency in our commercial strategy. We expect an improvement in
Mini Mill segment results reflecting the increase in shipments from
BR2, even after accounting for approximately $50 million of ramp-up
costs. In Europe, we expect results to slightly improve but still
face pressures from challenging pricing and demand conditions. Our
Tubular segment results should be largely consistent with the
fourth quarter.
Earnings Highlights
Three Months Ended December
31,
Twelve Months Ended December
31,
(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 Europe
(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 Europe
751
770
805
873
U. S. Steel Europe (€/net ton)
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 Europe
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 Europe
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 Europe
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 Europe
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 Europe
and 0.9 million net tons for Tubular through the third quarter of
2024, and 6.3 million net tons for Mini Mill during the fourth
quarter of 2024.
(c) Now includes the capacity of BR2 which
produced first coil in October and delivered first customer
shipments in December. BRS operated at 75% utilization during the
quarter, which includes the impact of planned outage.
UNITED STATES STEEL
CORPORATION
CONDENSED STATEMENT OF OPERATIONS
(Unaudited)
Three Months Ended December
31,
Twelve Months Ended December
31,
(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 Ended December 31,
2024
Twelve Months Ended December 31,
2023
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 $230 million for the
indefinite idling of the iron and steel making processes at Granite
City Works. This amount includes asset impairment charges of $123
million and other costs of $107 million primarily for take-or-pay
commitments and employee-related costs.
(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 24% for domestic
items and 21% for USSE items.
UNITED STATES STEEL CORPORATION
NON-GAAP FINANCIAL MEASURES
RECONCILIATION OF ADJUSTED
EBITDA
Three Months Ended December
31,
Twelve Months Ended December
31,
(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 $230 million for the
indefinite idling of the iron and steel making processes at Granite
City Works. This amount includes asset impairment charges of $123
million and other costs of $107 million primarily for take-or-pay
commitments and employee-related costs.
(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 U.S. GAAP and are
not necessarily comparable to similarly titled measures used by
other companies.
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 Pittsburgh, Pennsylvania, with
world-class operations across the United States and in Central
Europe. For more information, please visit www.ussteel.com.
©2025 U. S. Steel All Rights Reserved www.ussteel.com
United States Steel Corporation
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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
US Steel (NYSE:X)
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De Jan 2025 à Fév 2025
US Steel (NYSE:X)
Graphique Historique de l'Action
De Fév 2024 à Fév 2025
