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☒
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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☐
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
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25-1897152
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(State of Incorporation)
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(I.R.S. Employer Identification No.)
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Title of Each Class
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Trading Symbol
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Name of Exchange on which Registered
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United States Steel Corporation Common Stock, par value $1.00
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X
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New York Stock Exchange
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United States Steel Corporation Common Stock, par value $1.00
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X
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Chicago Stock Exchange
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Item 1.
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Item 1A
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Item 1B
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Item 2.
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Item 3.
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Item 4.
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Item 5.
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Item 6.
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Item 7.
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Item 7A
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Item 8.
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Item 9.
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Item 9A
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Item 9B
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Item 10.
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Item 11.
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Item 12.
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Item 13.
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Item 14.
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Item 15.
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Item 16.
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TOTAL NUMBER OF PAGES
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112
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•
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Our 2019 net loss includes unfavorable restructuring impacts of $275 million for the indefinite idling of certain of our Flat-Rolled facilities, plant exit costs at USSE and Company-wide headcount reductions implemented to reduce fixed costs and support our strategy to become a world-competitive, "best of both" steel company. Our financial results were also negatively impacted by lower average realized prices across all of our business segments, significant market challenges in our USSE segment and a $334 million non-cash charge to tax expense that increased the valuation allowance related to our net domestic deferred tax asset.
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•
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Our 2018 net earnings include a favorable impact of $374 million due to the reversal of a portion of our deferred tax asset valuation allowance.
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•
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Our 2017 net earnings include an $81 million income tax benefit from enacted tax legislation.
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•
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After a significant earnings improvement in 2018, we faced a challenging year in 2019 as market conditions in the U.S. weakened in the latter half of the year. Our USSE segment faced significant market challenges from weakening economic conditions, primarily in the manufacturing sector.
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•
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These amounts are derived starting from net (loss) earnings as shown on page 7. For a full reconciliation of adjusted net (loss) earnings see page 18.
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•
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See reconciliation from diluted net (loss) earnings per share to adjusted diluted net earnings per share on page 19.
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•
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These amounts are derived starting from net (loss) earnings as shown on page 7. For a full reconciliation of adjusted EBITDA see page 20.
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•
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EBITDA decreased primarily in our Flat-Rolled and USSE segments in 2019. The primary driver of decreased EBITDA in our Flat-Rolled segment was lower average realized prices related to weakening demand in the latter half of 2019. Our USSE segment temporarily idled one blast furnace as it experienced reduced shipment levels and lower average realized prices as a result of significant market challenges from weakening economic conditions, primarily in the manufacturing sector, and continued high levels of imports, coupled with domestic CO2 cost disadvantages compared to imports. Tubular results continued to be negatively impacted by high levels of imports which resulted in lower selling prices.
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•
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EBITDA increased from 2017 to 2018 for all three reportable segments with higher average realized prices in all three segments.
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•
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The decrease in net sales in 2019 as compared to 2018 was primarily due to lower average realized prices in all of our reportable segments and significantly reduced shipments in our USSE segment. Lower average realized prices in our Flat-Rolled and Tubular segments reflect weakening market conditions in the latter half of 2019. Reduced shipment levels and lower average realized prices in our USSE segment were the result of significant market challenges from weakening economic conditions, primarily in the manufacturing sector, and continued high levels of imports, coupled with domestic CO2 cost disadvantages compared to imports.
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•
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The increase in net sales in 2018 as compared to 2017 was primarily due to higher average realized prices in all of our reportable segments and increased shipments in our Flat-Rolled and Tubular segments due to improved market conditions. Improved market conditions for our Flat-Rolled segment reflected accelerated demand for steel products in line with the recent economic growth, as well as the supply-demand balance between imported and domestic steel. The restart of the two blast furnaces at our Granite City Works during 2018 enabled us to take advantage of the improved market dynamics in 2018.
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•
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In 2019, the positive cash flow from operations was primarily due to efficient use of working capital.
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•
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In 2018 and 2017, improved financial performance more than offset the investment in working capital.
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•
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Our cash conversion cycle was 30, 28 and 37 days for 2017, 2018 and 2019, respectively. See “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Financial Condition, Cash Flows and Liquidity – Cash Flows” for the calculation of our cash conversion cycle.
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•
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The free cash flow shown above was derived starting from cash flow from operations as shown on page 12. For a full reconciliation of free cash flow see page 21.
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•
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A portion of our cash from operations in 2019 was spent on major projects to pursue our strategy to become a world-competitive, "best of both" steel company. Our capital expenditures of $1.3 billion included spending on the new endless casting and rolling facility at our Mon Valley Works and upgrades to the Gary Works hot strip mill, which are both in our Flat-Rolled segment, and spending on the new EAF in our Tubular segment.
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•
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Capital expenditures totaled $1.0 billion in 2018, a significant increase from 2017. Our 2018 capital expenditures included $335 million on asset revitalization projects that were focused on delivering improvements in safety, quality, delivery and cost for critical assets in our Flat-Rolled segment.
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•
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In the years leading up to 2018 and 2019, the Company undertook a focused effort to repay or refinance its debt in order to ensure a secure foundation to support execution of its strategy. Beginning with the asset revitalization program, and continuing with the "best of both" strategy, the Company has been maintaining cash in furtherance of its priorities.
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•
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Maintaining strong cash and liquidity to support and enable execution of our strategy continues to be a priority. Our total liquidity in 2019 remained strong and supported our ability to satisfy short-term obligations, fund working capital requirements, and enable execution of key strategic priorities including the acquisition of our 49.9% ownership interest in Big River Steel, restart of construction of the electric arc furnace (EAF) at our Fairfield Tubular Operations, invest in the endless casting and rolling facility at Mon Valley Works and invest in the new Dynamo line within our USSE segment.
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•
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The increase in debt in 2019 was primarily related to net drawings that totaled approximately $760 million on our credit facilities, the $350 million issuance of senior convertible notes and the net increase in environmental revenue bonds of $220 million.
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•
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Net debt was derived starting from total debt as shown in the full reconciliation on page 21.
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•
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The increase in net debt in 2019 was primarily related to the increase in debt described above and the use of funds to purchase our 49.9% ownership interest in Big River Steel, fund the electric arc furnace construction at Fairfield Tubular Operations and finance other capital expenditures.
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•
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The increase in 2019 pension and OPEB expense from 2018 was mainly due to increased contributions to the Steelworkers' Pension Trust (SPT) in 2019 in accordance with the increase in the contribution rate per hour required under the 2018 Labor Agreements (defined below).
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•
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The increase in 2018 pension and OPEB expense from 2017 is mainly due to a lower return on assets assumption for pension assets.
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•
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For further details, see Note 18 to the Consolidated Financial Statements.
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•
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The funded status of our pension plan improved by $250 million in 2019 primarily due to higher asset performance and an update to our mortality assumptions partially offset by a decrease in the discount rate. The funded status of our OPEB plan improved by $410 million in 2019 primarily due to higher asset performance, reductions in future health care costs and changes in assumptions on future participant enrollment.
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•
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At the end of 2019, on a U.S. GAAP basis the funded status was 93% and 108% for our pension and OPEB obligations, respectively as compared to a funded status of 88% for both obligations at the end of 2018.
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•
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Due to the improvement in our funded status, required contributions to the pension plan that were previously projected to begin in 2021 are now projected to begin in 2024.
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•
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For further details, see Note 18 to the Consolidated Financial Statements.
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RECONCILIATION TO ADJUSTED NET EARNINGS (LOSS) (a)
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||||||||||||
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||||||
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Year Ended December 31,
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||||||||||
(Dollars in millions)
|
2019
|
|
2018
|
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2017
|
|||||||
Reconciliation to adjusted net earnings (loss) attributable to United States Steel Corporation
|
|
|
|
|
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|||||||
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Net (loss) earnings attributable to United States Steel Corporation, as reported
|
$
|
(630
|
)
|
|
$
|
1,115
|
|
|
$
|
387
|
|
|
December 24, 2018 Clairton coke making facility fire
|
41
|
|
|
—
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|
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—
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|
|||
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Restructuring and other charges (b)
|
263
|
|
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—
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|
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—
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|||
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Big River Steel options mark to market, net (c)
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7
|
|
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—
|
|
|
—
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|
|||
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USW labor agreement signing bonus and related costs
|
—
|
|
|
81
|
|
|
—
|
|
|||
|
Granite City Works restart and related costs
|
—
|
|
|
80
|
|
|
—
|
|
|||
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Tax valuation allowance
|
334
|
|
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(374
|
)
|
|
—
|
|
|||
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Loss on shutdown of certain tubular assets (b)
|
—
|
|
|
—
|
|
|
35
|
|
|||
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Gain associated with retained interest in U. S. Steel Canada Inc.
|
—
|
|
|
—
|
|
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(72
|
)
|
|||
|
Granite City Works temporary idling charges
|
—
|
|
|
(8
|
)
|
|
17
|
|
|||
|
(Gain) loss on equity investee transactions
|
—
|
|
|
(38
|
)
|
|
(2
|
)
|
|||
|
Loss on extinguishment of debt and other related costs
|
—
|
|
|
101
|
|
|
57
|
|
|||
|
Effect of tax reform
|
—
|
|
|
—
|
|
|
(81
|
)
|
|||
|
Total Adjustments
|
645
|
|
|
(158
|
)
|
|
(46
|
)
|
|||
|
Adjusted net (loss) earnings attributable to United States Steel Corporation
|
$
|
15
|
|
|
$
|
957
|
|
|
$
|
341
|
|
RECONCILIATION TO ADJUSTED NET EARNINGS (LOSS) PER SHARE (a)
|
||||||||||||
|
|
|
|
|
|
|
||||||
|
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Year Ended December 31,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
Reconciliation to adjusted diluted net earnings (loss) per share
|
|
|
|
|
|
|||||||
|
Diluted net (loss) earnings per share, as reported
|
$
|
(3.67
|
)
|
|
$
|
6.25
|
|
|
$
|
2.19
|
|
|
December 24, 2018 Clairton coke making facility fire
|
0.23
|
|
|
—
|
|
|
—
|
|
|||
|
Restructuring and other charges (b)
|
1.53
|
|
|
—
|
|
|
—
|
|
|||
|
Big River Steel options mark to market, net (c)
|
0.04
|
|
|
—
|
|
|
—
|
|
|||
|
USW labor agreement signing bonus and related costs
|
—
|
|
|
0.45
|
|
|
—
|
|
|||
|
Granite City Works restart and related costs
|
—
|
|
|
0.45
|
|
|
—
|
|
|||
|
Tax valuation allowance
|
1.96
|
|
|
(2.11
|
)
|
|
—
|
|
|||
|
Loss on shutdown of certain tubular assets (b)
|
—
|
|
|
—
|
|
|
0.20
|
|
|||
|
Gain associated with retained interest in U. S. Steel Canada Inc.
|
—
|
|
|
—
|
|
|
(0.41
|
)
|
|||
|
Granite City Works temporary idling charges
|
—
|
|
|
(0.04
|
)
|
|
0.10
|
|
|||
|
Gain on equity investee transactions
|
—
|
|
|
(0.21
|
)
|
|
(0.01
|
)
|
|||
|
Loss on extinguishment of debt and other related costs
|
—
|
|
|
0.57
|
|
|
0.33
|
|
|||
|
Effect of tax reform
|
—
|
|
|
—
|
|
|
(0.46
|
)
|
|||
|
Total adjustments
|
3.76
|
|
|
(0.89
|
)
|
|
(0.25
|
)
|
|||
|
Adjusted diluted net earnings (loss) per share
|
$
|
0.09
|
|
|
$
|
5.36
|
|
|
$
|
1.94
|
|
RECONCILIATION TO EBITDA AND ADJUSTED EBITDA
|
||||||||||||
|
|
|
|
|
|
|
||||||
|
|
Year Ended December 31,
|
||||||||||
(Dollars in millions)
|
2019
|
|
2018
|
|
2017
|
|||||||
Reconciliation to EBITDA and Adjusted EBITDA
|
|
|
|
|
|
|||||||
|
Net (loss) earnings attributable to United States Steel Corporation
|
$
|
(630
|
)
|
|
$
|
1,115
|
|
|
$
|
387
|
|
|
Income tax (benefit) provision
|
178
|
|
|
(303
|
)
|
|
(86
|
)
|
|||
|
Net interest and other financial costs
|
222
|
|
|
312
|
|
|
368
|
|
|||
|
Depreciation, depletion and amortization expense
|
616
|
|
|
521
|
|
|
501
|
|
|||
|
EBITDA
|
386
|
|
|
1,645
|
|
|
1,170
|
|
|||
|
December 24, 2018 Clairton coke making facility fire
|
50
|
|
|
—
|
|
|
—
|
|
|||
|
Restructuring and other charges (a)
|
275
|
|
|
—
|
|
|
—
|
|
|||
|
USW labor agreement signing bonus and related costs
|
—
|
|
|
81
|
|
|
—
|
|
|||
|
Granite City Works restart and related costs
|
—
|
|
|
80
|
|
|
—
|
|
|||
|
Loss on shutdown of certain tubular assets (a)
|
—
|
|
|
—
|
|
|
35
|
|
|||
|
Gain associated with retained interest in U. S. Steel Canada Inc.
|
—
|
|
|
—
|
|
|
(72
|
)
|
|||
|
Granite City Works temporary idling charges
|
—
|
|
|
(8
|
)
|
|
17
|
|
|||
|
Gain on equity investee transactions
|
—
|
|
|
(38
|
)
|
|
(2
|
)
|
|||
|
Adjusted EBITDA
|
$
|
711
|
|
|
$
|
1,760
|
|
|
$
|
1,148
|
|
RECONCILIATION TO FREE CASH FLOW
|
||||||||||||
|
|
|
|
|
|
|
||||||
|
|
Year Ended December 31,
|
||||||||||
(Dollars in millions)
|
2019
|
|
2018
|
|
2017
|
|||||||
Reconciliation to Free Cash Flow
|
|
|
|
|
|
|||||||
|
Net cash provided by operating activities
|
682
|
|
|
938
|
|
|
826
|
|
|||
|
Capital expenditures
|
(1,252
|
)
|
|
(1,001
|
)
|
|
(505
|
)
|
|||
|
Dividends paid
|
(35
|
)
|
|
(36
|
)
|
|
(35
|
)
|
|||
|
Free Cash Flow
|
$
|
(605
|
)
|
|
$
|
(99
|
)
|
|
$
|
286
|
|
RECONCILIATION TO TOTAL DEBT AND NET DEBT
|
||||||||||||
|
|
|
|
|
|
|
||||||
|
|
Year Ended December 31,
|
||||||||||
(Dollars in millions)
|
2019
|
|
2018
|
|
2017
|
|||||||
Reconciliation to Total Debt and Net Debt
|
|
|
|
|
|
|||||||
|
Short-term debt and current maturities of long-term debt
|
$
|
14
|
|
|
$
|
65
|
|
|
$
|
3
|
|
|
Long-term debt, less unamortized discount and debt issuance costs
|
3,627
|
|
|
2,316
|
|
|
2,700
|
|
|||
|
Total Debt
|
3,641
|
|
|
2,381
|
|
|
2,703
|
|
|||
|
Less: Cash and cash equivalents
|
$
|
749
|
|
|
$
|
1,000
|
|
|
1,553
|
|
|
|
Net Debt
|
$
|
2,892
|
|
|
$
|
1,381
|
|
|
$
|
1,150
|
|
(Thousands of Tons)
|
|
Flat-Rolled
|
|
USSE
|
|
Tubular
|
|
Total
|
||||
Major Market – 2019
|
|
|
|
|
|
|
|
|
||||
Steel Service Centers
|
|
1,902
|
|
|
740
|
|
|
—
|
|
|
2,642
|
|
Further Conversion – Trade Customers
|
|
2,823
|
|
|
214
|
|
|
—
|
|
|
3,037
|
|
– Joint Ventures (1)
|
|
819
|
|
|
—
|
|
|
—
|
|
|
819
|
|
Transportation and Automotive (1)
|
|
2,620
|
|
|
676
|
|
|
—
|
|
|
3,296
|
|
Construction and Construction Products
|
|
1,076
|
|
|
1,048
|
|
|
44
|
|
|
2,168
|
|
Containers and Packaging
|
|
652
|
|
|
440
|
|
|
—
|
|
|
1,092
|
|
Appliances and Electrical Equipment
|
|
570
|
|
|
220
|
|
|
—
|
|
|
790
|
|
Oil, Gas and Petrochemicals
|
|
—
|
|
|
—
|
|
|
725
|
|
|
725
|
|
All Other
|
|
238
|
|
|
252
|
|
|
—
|
|
|
490
|
|
TOTAL
|
|
10,700
|
|
|
3,590
|
|
|
769
|
|
|
15,059
|
|
Major Market – 2018 (2)
|
|
|
|
|
|
|
|
|
||||
Steel Service Centers
|
|
1,904
|
|
|
799
|
|
|
—
|
|
|
2,703
|
|
Further Conversion – Trade Customers
|
|
2,273
|
|
|
287
|
|
|
—
|
|
|
2,560
|
|
– Joint Ventures (1)
|
|
810
|
|
|
—
|
|
|
—
|
|
|
810
|
|
Transportation & Automotive (1)
|
|
2,874
|
|
|
728
|
|
|
—
|
|
|
3,602
|
|
Construction and Construction Products
|
|
953
|
|
|
1,637
|
|
|
38
|
|
|
2,628
|
|
Containers and Packaging
|
|
768
|
|
|
439
|
|
|
—
|
|
|
1,207
|
|
Appliances and Electrical Equipment
|
|
599
|
|
|
261
|
|
|
—
|
|
|
860
|
|
Oil, Gas and Petrochemicals
|
|
—
|
|
|
11
|
|
|
742
|
|
|
753
|
|
All Other
|
|
329
|
|
|
295
|
|
|
—
|
|
|
624
|
|
TOTAL
|
|
10,510
|
|
|
4,457
|
|
|
780
|
|
|
15,747
|
|
Major Market – 2017 (2)
|
|
|
|
|
|
|
|
|
||||
Steel Service Centers
|
|
1,953
|
|
|
761
|
|
|
—
|
|
|
2,714
|
|
Further Conversion – Trade Customers
|
|
1,738
|
|
|
284
|
|
|
—
|
|
|
2,022
|
|
– Joint Ventures (1)
|
|
715
|
|
|
—
|
|
|
—
|
|
|
715
|
|
Transportation and Automotive (1)
|
|
2,982
|
|
|
708
|
|
|
—
|
|
|
3,690
|
|
Construction and Construction Products
|
|
910
|
|
|
1,831
|
|
|
41
|
|
|
2,782
|
|
Containers and Packaging
|
|
715
|
|
|
438
|
|
|
—
|
|
|
1,153
|
|
Appliances and Electrical Equipment
|
|
594
|
|
|
247
|
|
|
—
|
|
|
841
|
|
Oil, Gas and Petrochemicals
|
|
—
|
|
|
10
|
|
|
647
|
|
|
657
|
|
All Other
|
|
280
|
|
|
306
|
|
|
—
|
|
|
586
|
|
TOTAL
|
|
9,887
|
|
|
4,585
|
|
|
688
|
|
|
15,160
|
|
North American Operations
|
|
|
|
Property
|
Segment
|
Location
|
Products and Services
|
Gary Works
|
Flat-Rolled
|
Gary, Indiana
|
Slabs; Sheets; Tin mill; Strip mill plate
|
Midwest Plant
|
Flat-Rolled
|
Portage, Indiana
|
Sheets; Tin mill
|
East Chicago Tin(d)
|
Flat-Rolled
|
East Chicago, Indiana
|
Sheets; Tin mill
|
Granite City Works(a)
|
Flat-Rolled
|
Granite City, Illinois
|
Slabs; Sheets
|
Great Lakes Works
|
Flat-Rolled
|
Ecorse and River Rouge, Michigan
|
Slabs; Sheets
|
Great Lakes Works EGL at Dearborn(d)
|
Flat-Rolled
|
Dearborn, Michigan
|
Galvanized sheets
|
Mon Valley Works
|
|
|
|
Irvin Plant
|
Flat-Rolled
|
West Mifflin, Pennsylvania
|
Sheets
|
Edgar Thomson Plant
|
Flat-Rolled
|
Braddock, Pennsylvania
|
Slabs
|
Fairless Plant
|
Flat-Rolled
|
Fairless Hills, Pennsylvania
|
Galvanized sheets
|
Clairton Plant
|
Flat-Rolled
|
Clairton, Pennsylvania
|
Coke
|
Southern Coatings
|
|
|
|
Fairfield Sheet
|
Flat-Rolled
|
Fairfield, Alabama
|
Galvanized Sheets
|
Double G Coatings Company, L.P.(b)
|
Flat-Rolled
|
Jackson, Mississippi
|
Galvanized and Galvalume® sheets
|
Chrome Deposit Corporation(b)
|
Flat-Rolled
|
Various
|
Roll processing
|
Feralloy Processing Company(b)
|
Flat-Rolled
|
Portage, Indiana
|
Steel processing
|
PRO-TEC Coating Company(b)
|
Flat-Rolled
|
Leipsic, Ohio
|
Galvanized and high strength annealed sheets
|
USS-POSCO Industries(b)
|
Flat-Rolled
|
Pittsburg, California
|
Sheets; Tin mill
|
Worthington Specialty Processing(b)
|
Flat-Rolled
|
Jackson, Canton and Taylor, Michigan
|
Steel processing
|
Keetac Iron Ore Operations
|
Flat-Rolled
|
Keewatin, Minnesota
|
Iron ore pellets
|
Minntac Iron Ore Operations
|
Flat-Rolled
|
Mt. Iron, Minnesota
|
Iron ore pellets
|
Hibbing Taconite Company(b)
|
Flat-Rolled
|
Hibbing, Minnesota
|
Iron ore pellets
|
Fairfield Tubular Operations
|
Tubular
|
Fairfield, Alabama
|
Seamless Tubular Pipe
|
Lorain Tubular Operations
|
Tubular
|
Lorain, Ohio
|
Seamless Tubular Pipe
|
Lone Star Tubular
|
Tubular
|
Lone Star, Texas
|
Welded Tubular Pipe
|
Offshore Operations
|
Tubular
|
Houston, Texas
|
Tubular threading, inspection, accessories and storage services and premium connections
|
Tubular Processing(c)
|
Tubular
|
Houston, Texas
|
Tubular processing
|
Wheeling Machine Products
|
Tubular
|
Pine Bluff, Arkansas and Hughes Springs, Texas
|
Tubular couplings
|
Patriot Premium Threading Services(b)
|
Tubular
|
Midland, Texas
|
Tubular threading, accessories and premium connections
|
Transtar, LLC
|
Other Businesses
|
Alabama, Indiana, Michigan, Ohio, Pennsylvania, Texas
|
Railroad operations
|
Big River Steel (b)
|
Other Businesses
|
Osceola, Arkansas
|
Sheets; Coated Sheets; Electrical
|
|
|||
|
|
|
|
Property
|
Segment
|
Location
|
Products and Services
|
U. S. Steel Košice
|
USSE
|
Košice, Slovakia
|
Slabs; Sheets; Tin mill; Strip mill plate; Tubular; Coke; Refractories
|
Period ended
|
|
Opening
Number of Claims |
|
Claims
Dismissed, Settled and Resolved (a) |
|
New
Claims |
|
Closing
Number of Claims |
December 31, 2017
|
|
3,340
|
|
275
|
|
250
|
|
3,315
|
December 31, 2018
|
|
3,315
|
|
1,285
|
|
290
|
|
2,320
|
December 31, 2019
|
|
2,320
|
|
195
|
|
265
|
|
2,390
|
Name
|
|
Age
|
|
Title
|
|
Executive Officer
Since
|
Christine S. Breves
|
|
63
|
|
Senior Vice President & Chief Financial Officer
|
|
April 27, 2017
|
James E. Bruno
|
|
54
|
|
Senior Vice President - European Solutions and President - USSK
|
|
December 1, 2014
|
Scott D. Buckiso
|
|
52
|
|
Senior Vice President and Chief Manufacturing Officer North American Flat-Rolled
|
|
May 31, 2015
|
David B. Burritt
|
|
64
|
|
President & Chief Executive Officer
|
|
September 1, 2013
|
Kimberly D. Fast
|
|
46
|
|
Acting Controller
|
|
April 1, 2019
|
Richard L. Fruehauf
|
|
52
|
|
Senior Vice President - Strategic Planning and Chief Strategy and Development Officer
|
|
March 1, 2019
|
Duane D. Holloway
|
|
47
|
|
Senior Vice President, General Counsel, Chief Ethics & Compliance Officer and Corporate Secretary
|
|
April 16, 2018
|
Douglas R. Matthews
|
|
54
|
|
Senior Vice President and Chief Commercial and Technology Officer, Tubular and Mining Solutions
|
|
July 2, 2012
|
A. Barry Melnkovic
|
|
62
|
|
Senior Vice President and Chief Human Resources Officer
|
|
March 1, 2018
|
Dollars in millions (except per share data)(a)
|
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
Statement of Operations Data:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales
|
|
$
|
12,937
|
|
|
$
|
14,178
|
|
|
$
|
12,250
|
|
|
$
|
10,261
|
|
|
$
|
11,574
|
|
(Loss) earnings before interest and income taxes (b)
|
|
(230
|
)
|
|
1,124
|
|
|
669
|
|
|
(201
|
)
|
|
(1,142
|
)
|
|||||
(Loss) net earnings attributable to United States Steel Corporation
|
|
(630
|
)
|
|
1,115
|
|
|
387
|
|
|
(440
|
)
|
|
(1,642
|
)
|
|||||
Per Common Share Data:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(Loss) net earnings attributable to United States Steel Corporation(c)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
– basic
|
|
(3.67
|
)
|
|
6.31
|
|
|
2.21
|
|
|
$
|
(2.81
|
)
|
|
$
|
(11.24
|
)
|
|||
– diluted
|
|
(3.67
|
)
|
|
6.25
|
|
|
2.19
|
|
|
(2.81
|
)
|
|
(11.24
|
)
|
|||||
Dividends per share declared and paid
|
|
0.20
|
|
|
0.20
|
|
|
0.20
|
|
|
0.20
|
|
|
0.20
|
|
|||||
Balance Sheet Data – December 31:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets (d)
|
|
$
|
11,608
|
|
|
$
|
10,982
|
|
|
$
|
9,862
|
|
|
$
|
9,160
|
|
|
$
|
9,167
|
|
Capitalization:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Debt (d)
|
|
$
|
3,641
|
|
|
$
|
2,381
|
|
|
$
|
2,703
|
|
|
$
|
3,031
|
|
|
$
|
3,138
|
|
United States Steel Corporation stockholders’ equity
|
|
$
|
4,092
|
|
|
4,202
|
|
|
3,320
|
|
|
2,274
|
|
|
2,436
|
|
||||
Total capitalization
|
|
$
|
7,733
|
|
|
$
|
6,583
|
|
|
$
|
6,023
|
|
|
$
|
5,305
|
|
|
$
|
5,574
|
|
(a)
|
For discussion of changes between the years, see Item 7. "Management’s Discussion and Analysis of Financial Condition and Results of Operations."
|
(b)
|
2015, 2016 and 2017 amounts have been adjusted as a result of the adoption of Accounting Standards Update 2017-07, Compensation - Retirement Benefits on January 1, 2018.
|
(c)
|
See Note 8 to the Consolidated Financial Statements for the basis of calculating earnings per share.
|
(d)
|
2015 amounts have been adjusted to retroactively adopt Accounting Standards Update 2015-03, Interest-Imputation of Interest (Subtopic 835-30) - Simplifying the Presentation of Debt Issuance Costs, which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability.
|
•
|
Set a safety performance record with a 2019 Days Away from Work rate of 0.10, which is seven times better than the industry average reported by the U.S. Bureau of Labor Statistics.
|
•
|
Articulating and executing on the transformative 'best of both" strategy, including acquiring a 49.9% interest in Big River Steel with an option to acquire the remaining 50.1% within four years and beginning process of constructing a world-class endless casting and rolling line at Mon Valley Works.
|
•
|
Positive operating cash flow of $682 million in 2019.
|
•
|
Strong year-end liquidity of approximately $2.3 billion, including $749 million of cash, to support the execution of our strategy.
|
•
|
Successfully raised approximately $1.1 billion in incremental capital through debt offerings and an increase in our U.S. credit facility by $500 million, providing for future financial flexibility.
|
•
|
Continued executing investments in our assets, including strategic investments in the electric arc furnace at Fairfield Tubular Operations, Gary Works hot strip mill upgrades and the dynamo line at USSE.
|
•
|
Announced industry-leading GHG emissions intensity reduction goal aligned to our strategy.
|
•
|
Named to the Forbes Global 2000 World’s Best Employers list for 2019.
|
•
|
Awarded a perfect "100" score on the Human Rights Campaign Corporate Equality Index.
|
|
|
At December 31, 2019
|
||||||
|
|
Hypothetical Rate Change
|
||||||
(In millions)
|
|
1%
|
|
(1)%
|
||||
Discount rates and Interest rates
|
|
|
|
|
||||
Incremental change in:
|
|
|
|
|
||||
Pension & other benefits obligations, increase/(decrease)
|
|
$
|
(671
|
)
|
|
$
|
799
|
|
Fixed Income Assets, (increase)/decrease
|
|
433
|
|
|
(524
|
)
|
||
Net impact on funded status, increase/(decrease)
|
|
$
|
238
|
|
|
$
|
(275
|
)
|
|
|
Hypothetical Rate
Increase (Decrease)
|
||||||
(In millions)
|
|
1%
|
|
(1)%
|
||||
Expected return on plan assets
|
|
|
|
|
||||
Incremental (decrease) increase in:
|
|
|
|
|
||||
Net periodic pension & other benefits costs for 2020
|
|
$
|
(68
|
)
|
|
$
|
68
|
|
Discount rates
|
|
|
|
|
||||
Incremental (decrease) increase in:
|
|
|
|
|
||||
Net periodic pension & other benefits costs for 2020
|
|
$
|
(16
|
)
|
|
$
|
17
|
|
(Dollars in millions, excluding intersegment sales)
|
|
2019
|
|
2018
|
|
2017
|
||||||
Flat-Rolled
|
|
$
|
9,279
|
|
|
$
|
9,681
|
|
|
$
|
8,297
|
|
USSE
|
|
2,417
|
|
|
3,205
|
|
|
2,949
|
|
|||
Tubular
|
|
1,188
|
|
|
1,231
|
|
|
944
|
|
|||
Total sales from reportable segments
|
|
12,884
|
|
|
14,117
|
|
|
12,190
|
|
|||
Other Businesses
|
|
53
|
|
|
61
|
|
|
60
|
|
|||
Net sales
|
|
$
|
12,937
|
|
|
$
|
14,178
|
|
|
$
|
12,250
|
|
(a)
|
Excludes intersegment sales
|
(b)
|
Foreign currency translation effects
|
(c)
|
Includes sales of scrap inventory
|
|
|
Year Ended December 31,
|
||||||
(Dollars in millions)
|
|
2019
|
|
2018
|
||||
Allocated to segment results
|
|
$
|
12
|
|
|
$
|
92
|
|
|
|
Year Ended December 31,
|
||||||
(Dollars in Millions)
|
|
2019
|
|
2018
|
||||
Flat-Rolled
|
|
$
|
196
|
|
|
$
|
883
|
|
USSE
|
|
(57
|
)
|
|
359
|
|
||
Tubular
|
|
(67
|
)
|
|
(58
|
)
|
||
Total earnings (loss) from reportable segments
|
|
72
|
|
|
1,184
|
|
||
Other Businesses
|
|
23
|
|
|
55
|
|
||
Segment earnings (loss) before interest and income taxes
|
|
95
|
|
|
1,239
|
|
||
Other items not allocated to segments:
|
|
|
|
|
||||
December 24, 2018 Clairton coke making facility fire
|
|
(50
|
)
|
|
—
|
|
||
Restructuring and other charges (b)
|
|
(275
|
)
|
|
—
|
|
||
USW labor agreement signing bonus and related costs
|
|
—
|
|
|
(81
|
)
|
||
Granite City Works restart and related costs
|
|
—
|
|
|
(80
|
)
|
||
Granite City Works temporary idling charges
|
|
—
|
|
|
8
|
|
||
Gain on equity investee transactions (Note 12)
|
|
—
|
|
|
38
|
|
||
Total (loss) earnings before interest and income taxes
|
|
$
|
(230
|
)
|
|
$
|
1,124
|
|
|
|
Year Ended December 31,
|
||||
|
|
2019
|
|
2018
|
||
Flat-Rolled
|
|
8
|
%
|
|
15
|
%
|
USSE
|
|
3
|
%
|
|
15
|
%
|
Tubular
|
|
(1
|
)%
|
|
1
|
%
|
|
Average Realized Price Per Ton
|
|
Segment Earnings (Loss) before Interest and Income Taxes
|
|
|
Year Ended December 31,
|
||||||
(Dollars in millions)
|
|
2019
|
|
2018
|
||||
Interest income
|
|
$
|
(17
|
)
|
|
$
|
(23
|
)
|
Interest expense
|
|
142
|
|
|
168
|
|
||
Net periodic benefit cost (other than service cost)
|
|
91
|
|
|
69
|
|
||
Loss on debt extinguishment
|
|
—
|
|
|
98
|
|
||
Other financial costs
|
|
6
|
|
|
—
|
|
||
Net interest and other financial costs
|
|
$
|
222
|
|
|
$
|
312
|
|
|
|
Year Ended December 31,
|
||||
|
|
2019
|
|
2018
|
||
Accounts Receivable Turnover
|
|
9.1
|
|
|
9.3
|
|
Inventory Turnover
|
|
6.2
|
|
|
6.4
|
|
Cash Conversion Cycle
|
2019
|
|
|
2018
|
||||||||
|
$ millions
|
|
Days
|
|
|
$ millions
|
|
Days
|
||||
Accounts receivable, net (a)
|
$
|
1,177
|
|
|
42
|
|
|
$
|
1,659
|
|
|
42
|
|
|
|
|
|
|
|
|
|
||||
+ Inventories (b)
|
$
|
1,785
|
|
|
64
|
|
|
$
|
2,092
|
|
|
58
|
|
|
|
|
|
|
|
|
|
||||
- Accounts Payable and Other Accrued Liabilities (c)
|
$
|
1,970
|
|
|
69
|
|
|
$
|
2,477
|
|
|
72
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
||||
= Cash Conversion Cycle (d)
|
|
|
37
|
|
|
|
|
28
|
|
|
Year Ended December 31,
|
||||||
(Dollars in millions)
|
|
2019
|
|
2018
|
||||
Other employee benefits payments not funded by trusts
|
|
$
|
45
|
|
|
$
|
48
|
|
Payments to a multiemployer pension plan
|
|
77
|
|
|
60
|
|
||
Pension related payments not funded by trusts
|
|
8
|
|
|
20
|
|
||
Reductions in cash flows from operating activities
|
|
$
|
130
|
|
|
$
|
128
|
|
(Dollars in millions)
|
|
||
Cash and cash equivalents
|
$
|
749
|
|
Amount available under $2.0 Billion Credit Facility
|
1,380
|
|
|
Amounts available under USSK credit facilities
|
155
|
|
|
Total estimated liquidity
|
$
|
2,284
|
|
(Dollars in millions)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
Payments Due by Period
|
|
||||||||||||||
Contractual Obligations
|
|
Total
|
|
2020
|
|
2021
through 2022 |
|
2023 through
2024 |
|
Beyond
2024 |
|
||||||||||
Long-term debt (including interest) and finance leases(a)
|
|
$
|
5,751
|
|
|
$
|
226
|
|
|
$
|
450
|
|
|
$
|
1,463
|
|
|
$
|
3,612
|
|
|
Operating leases(b)
|
|
289
|
|
|
74
|
|
|
104
|
|
|
60
|
|
|
51
|
|
|
|||||
Contractual purchase commitments(c)
|
|
4,197
|
|
|
2,400
|
|
|
741
|
|
|
445
|
|
|
611
|
|
|
|||||
Capital commitments(d)
|
|
880
|
|
|
663
|
|
|
217
|
|
|
—
|
|
|
—
|
|
|
|||||
Environmental commitments(d)
|
|
186
|
|
|
53
|
|
|
—
|
|
|
—
|
|
|
133
|
|
(e)
|
|||||
Steelworkers Pension Trust(f)
|
|
430
|
|
|
79
|
|
|
172
|
|
|
179
|
|
|
—
|
|
|
|||||
Pensions(g)
|
|
264
|
|
|
—
|
|
|
—
|
|
|
101
|
|
|
163
|
|
|
|||||
Other benefits(h)
|
|
228
|
|
|
48
|
|
|
93
|
|
|
87
|
|
|
—
|
|
|
|||||
Total contractual obligations
|
|
$
|
12,225
|
|
|
$
|
3,543
|
|
|
$
|
1,777
|
|
|
$
|
2,335
|
|
|
$
|
4,570
|
|
|
(a)
|
See Note 17 to the Consolidated Financial Statements.
|
(b)
|
See Note 24 to the Consolidated Financial Statements. Amounts exclude subleases.
|
(c)
|
Reflects contractual purchase commitments under purchase orders and “take or pay” arrangements. “Take or pay” arrangements are primarily for purchases of gases and certain energy and utility services. Additionally, includes coke and steam purchase commitments related to a coke supply agreement with Gateway Energy & Coke Company LLC (See Note 26 to the Consolidated Financial Statements).
|
(d)
|
See Note 26 to the Consolidated Financial Statements.
|
(e)
|
Timing of potential cash flows is not reasonably determinable.
|
(f)
|
While it is difficult to make a prediction of cash requirements beyond the term of the 2018 Labor Agreements with the USW, which expire on September 1, 2022, projected amounts shown through 2023 assume the contribution rate per hour included in the 2018 Labor Agreements.
|
(g)
|
Projections are estimates of the minimum required contributions to the main domestic defined benefit pension plan which have been estimated assuming future asset performance consistent with our expected long-term earnings rate assumption, no voluntary contributions during the periods, and that the current low interest rate environment persists. Projections include the impacts of the November 2015 pension stabilization legislation, which further extended a revised interest rate formula to be used in calculating minimum required annual contributions. The legislation also increased the contribution rate of future Pension Benefit Guarantee Corporation (PBGC) premiums. After 2023, payments represent minimum contributions that may be needed over the next five years, and which would fully fund the plan.
|
(h)
|
The amounts reflect corporate cash outlays for expected benefit payments to be paid by the Company. (See Note 18 to the Consolidated Financial Statements). The accuracy of this forecast of future cash flows depends on future medical health care escalation rates and restrictions related to our trusts for retiree healthcare and life insurance (VEBA) that impact the timing of the use of trust assets. Projected amounts have been reduced to reflect withdrawals from the USW VEBA trust available under its agreements with the USW. Due to these factors, it is not possible to reliably estimate cash requirements beyond five years and actual amounts experienced may differ significantly from those shown.
|
(Dollars in millions)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
Scheduled Reductions by Period
|
|
||||||||||||||||
Commercial Commitments
|
|
Total
|
|
2020
|
|
2021
through 2022 |
|
2023
through 2024 |
|
Beyond
2024 |
|
||||||||||
Standby letters of credit(a)
|
|
$
|
36
|
|
|
$
|
25
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
10
|
|
(b)
|
Surety bonds(a)
|
|
109
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
109
|
|
(b)
|
|||||
Funded Trusts(a)
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
(b)
|
|||||
Total commercial commitments
|
|
$
|
148
|
|
|
$
|
25
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
122
|
|
|
(a)
|
Reflects a commitment or guarantee for which future cash outflow is not considered likely.
|
(b)
|
Timing of potential cash outflows is not determinable.
|
(Dollars in millions)
|
|
|
|
|
|
|
||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
North America:
|
|
|
|
|
|
|
||||||
Capital
|
|
$
|
96
|
|
|
$
|
105
|
|
|
$
|
6
|
|
Compliance
|
|
|
|
|
|
|
||||||
Operating & maintenance
|
|
213
|
|
|
198
|
|
|
176
|
|
|||
Remediation(a)
|
|
22
|
|
|
6
|
|
|
9
|
|
|||
Total North America
|
|
$
|
331
|
|
|
$
|
309
|
|
|
$
|
191
|
|
USSE:
|
|
|
|
|
|
|
||||||
Capital
|
|
$
|
27
|
|
|
$
|
20
|
|
|
$
|
46
|
|
Compliance
|
|
|
|
|
|
|
||||||
Operating & maintenance
|
|
10
|
|
|
12
|
|
|
11
|
|
|||
Remediation(a)
|
|
8
|
|
|
9
|
|
|
7
|
|
|||
Total USSE
|
|
$
|
45
|
|
|
$
|
41
|
|
|
$
|
64
|
|
Total U. S. Steel
|
|
$
|
376
|
|
|
$
|
350
|
|
|
$
|
255
|
|
(Dollars in millions)
|
|
2019
|
|
2018
|
||||
Beginning Balance
|
|
$
|
187
|
|
|
$
|
179
|
|
Plus: Additions
|
|
20
|
|
|
14
|
|
||
Less: Obligations settled
|
|
(21
|
)
|
|
(6
|
)
|
||
Ending Balance
|
|
$
|
186
|
|
|
$
|
187
|
|
(Dollars in millions)
|
|
2019
|
|
2018
|
||||||||||||
Non-Derivative Financial Instruments(a)
|
|
Fair Value(b)
|
|
Change in
Fair Value(c) |
|
Fair Value(b)
|
|
Change in
Fair Value(c) |
||||||||
Financial liabilities:
|
|
|
|
|
|
|
|
|
||||||||
Debt(d)(e)
|
|
$
|
3,576
|
|
|
$
|
138
|
|
|
$
|
2,182
|
|
|
$
|
102
|
|
(a)
|
Fair values of cash and cash equivalents, current accounts and notes receivable, accounts payable, bank checks outstanding and accrued interest approximate carrying value and are relatively insensitive to changes in interest rates due to the short-term maturity of the instruments. Accordingly, these instruments are excluded from the table.
|
(b)
|
See Note 20 to the Consolidated Financial Statements for carrying value of instruments.
|
(c)
|
Reflects, by class of financial instrument, the estimated incremental effect of a hypothetical 10 percent change in interest rates at December 31, 2019 and 2018, on the fair value of U. S. Steel’s non-derivative financial instruments. For financial liabilities, this assumes a 10 percent decrease in the weighted average yield to maturity of U. S. Steel’s long-term debt at December 31, 2019 and December 31, 2018.
|
(d)
|
Excludes finance lease obligations.
|
(e)
|
Fair value was determined using Level 2 inputs which were derived from quoted market prices and is based on the yield on public debt where available or current borrowing rates available for financings with similar terms and maturities.
|
|
PAGE
|
/S/ DAVID B. BURRITT
|
|
/S/ CHRISTINE S. BREVES
|
David B. Burritt
|
|
Christine S. Breves
|
President and
Chief Executive Officer
|
|
Senior Vice President and
Chief Financial Officer
|
/S/ KIMBERLY D. FAST
|
|
|
Kimberly D. Fast
|
|
|
Acting Controller
|
|
|
|
|
Year Ended December 31,
|
||||||||||
(Dollars in millions, except per share amounts)
|
|
2019
|
|
2018
|
|
2017
|
||||||
Net sales:
|
|
|
|
|
|
|
||||||
Net sales
|
|
$
|
11,506
|
|
|
$
|
12,758
|
|
|
$
|
11,046
|
|
Net sales to related parties (Note 23)
|
|
1,431
|
|
|
1,420
|
|
|
1,204
|
|
|||
Total (Note 6)
|
|
12,937
|
|
|
14,178
|
|
|
12,250
|
|
|||
Operating expenses (income):
|
|
|
|
|
|
|
||||||
Cost of sales (excludes items shown below)
|
|
12,082
|
|
|
12,305
|
|
|
10,858
|
|
|||
Selling, general and administrative expenses
|
|
289
|
|
|
336
|
|
|
320
|
|
|||
Depreciation, depletion and amortization (Notes 13 and 14)
|
|
616
|
|
|
521
|
|
|
501
|
|
|||
Earnings from investees (Note 12)
|
|
(79
|
)
|
|
(61
|
)
|
|
(44
|
)
|
|||
Gain on equity investee transactions (Note 12)
|
|
—
|
|
|
(38
|
)
|
|
(2
|
)
|
|||
Gain associated with U. S. Steel Canada Inc. (Note 5)
|
|
—
|
|
|
—
|
|
|
(72
|
)
|
|||
Restructuring and other charges (Note 25)
|
|
275
|
|
|
—
|
|
|
31
|
|
|||
Net gain on disposals of assets
|
|
(1
|
)
|
|
(6
|
)
|
|
(5
|
)
|
|||
Other income, net
|
|
(15
|
)
|
|
(3
|
)
|
|
(6
|
)
|
|||
Total
|
|
13,167
|
|
|
13,054
|
|
|
11,581
|
|
|||
(Loss) earnings before interest and income taxes
|
|
(230
|
)
|
|
1,124
|
|
|
669
|
|
|||
Interest expense
|
|
142
|
|
|
168
|
|
|
226
|
|
|||
Interest income
|
|
(17
|
)
|
|
(23
|
)
|
|
(17
|
)
|
|||
Loss on debt extinguishment (Note 7)
|
|
—
|
|
|
98
|
|
|
54
|
|
|||
Other financial costs
|
|
6
|
|
|
—
|
|
|
44
|
|
|||
Net periodic benefit cost (other than service cost) (Note 3) (a)
|
|
91
|
|
|
69
|
|
|
61
|
|
|||
Net interest and other financial costs (Note 7)
|
|
222
|
|
|
312
|
|
|
368
|
|
|||
(Loss) earnings before income taxes
|
|
(452
|
)
|
|
812
|
|
|
301
|
|
|||
Income tax provision (benefit) (Note 11)
|
|
178
|
|
|
(303
|
)
|
|
(86
|
)
|
|||
Net (loss) earnings
|
|
(630
|
)
|
|
1,115
|
|
|
387
|
|
|||
Less: Net earnings attributable to noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
(Loss) earnings attributable to United States Steel Corporation
|
|
$
|
(630
|
)
|
|
$
|
1,115
|
|
|
$
|
387
|
|
(Loss) earnings per common share (Note 8)
|
|
|
|
|
|
|
||||||
(Loss) earnings per share attributable to United States Steel Corporation stockholders:
|
|
|
|
|
|
|
||||||
— Basic
|
|
$
|
(3.67
|
)
|
|
$
|
6.31
|
|
|
$
|
2.21
|
|
— Diluted
|
|
$
|
(3.67
|
)
|
|
$
|
6.25
|
|
|
$
|
2.19
|
|
|
|
Year Ended December 31,
|
||||||||||
(Dollars in millions)
|
|
2019
|
|
2018
|
|
2017
|
||||||
Net (loss) earnings
|
|
$
|
(630
|
)
|
|
$
|
1,115
|
|
|
$
|
387
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
||||||
Changes in foreign currency translation adjustments (a)
|
|
(22
|
)
|
|
(60
|
)
|
|
189
|
|
|||
Changes in pension and other employee benefit accounts (a)
|
|
573
|
|
|
(107
|
)
|
|
462
|
|
|||
Changes in derivative financial instruments (a)
|
|
(3
|
)
|
|
(14
|
)
|
|
1
|
|
|||
Total other comprehensive income (loss), net of tax
|
|
548
|
|
|
(181
|
)
|
|
652
|
|
|||
Comprehensive income including noncontrolling interest
|
|
(82
|
)
|
|
934
|
|
|
1,039
|
|
|||
Comprehensive income attributable to noncontrolling interest
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Comprehensive income attributable to United States Steel Corporation
|
|
$
|
(82
|
)
|
|
$
|
934
|
|
|
$
|
1,039
|
|
Foreign currency translation adjustments (b)
|
|
$
|
6
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Pension and other benefits adjustments (b)
|
|
(191
|
)
|
|
—
|
|
|
—
|
|
|||
Derivative adjustments (b)
|
|
1
|
|
|
—
|
|
|
—
|
|
|
|
December 31,
|
||||||
(Dollars in millions)
|
|
2019
|
|
2018
|
||||
Assets
|
|
|
|
|
||||
Current assets:
|
|
|
|
|
||||
Cash and cash equivalents (Note 9)
|
|
$
|
749
|
|
|
$
|
1,000
|
|
Receivables, less allowance of $28 and $29
|
|
956
|
|
|
1,435
|
|
||
Receivables from related parties (Note 23)
|
|
221
|
|
|
224
|
|
||
Inventories (Note 10)
|
|
1,785
|
|
|
2,092
|
|
||
Other current assets
|
|
102
|
|
|
79
|
|
||
Total current assets
|
|
3,813
|
|
|
4,830
|
|
||
Long-term restricted cash (Note 9)
|
|
188
|
|
|
37
|
|
||
Investments and long-term receivables, less allowance of $5 in both periods (Note 12)
|
|
1,466
|
|
|
513
|
|
||
Operating lease assets (Note 24)
|
|
230
|
|
|
—
|
|
||
Property, plant and equipment, net (Note 13)
|
|
5,447
|
|
|
4,865
|
|
||
Intangibles — net (Note 14)
|
|
150
|
|
|
158
|
|
||
Deferred income tax benefits (Note 11)
|
|
19
|
|
|
445
|
|
||
Other noncurrent assets
|
|
295
|
|
|
134
|
|
||
Total assets
|
|
$
|
11,608
|
|
|
$
|
10,982
|
|
Liabilities
|
|
|
|
|
||||
Current liabilities:
|
|
|
|
|
||||
Accounts payable and other accrued liabilities
|
|
$
|
1,970
|
|
|
$
|
2,454
|
|
Accounts payable to related parties (Note 23)
|
|
84
|
|
|
81
|
|
||
Payroll and benefits payable
|
|
336
|
|
|
440
|
|
||
Accrued taxes
|
|
116
|
|
|
118
|
|
||
Accrued interest
|
|
45
|
|
|
39
|
|
||
Current operating lease liabilities (Note 24)
|
|
60
|
|
|
—
|
|
||
Short-term debt and current maturities of long-term debt (Note 17)
|
|
14
|
|
|
65
|
|
||
Total current liabilities
|
|
2,625
|
|
|
3,197
|
|
||
Noncurrent operating lease liabilities (Note 24)
|
|
177
|
|
|
—
|
|
||
Long-term debt, less unamortized discount and debt issuance costs (Note 17)
|
|
3,627
|
|
|
2,316
|
|
||
Employee benefits (Note 18)
|
|
532
|
|
|
980
|
|
||
Deferred income tax liabilities (Note 11)
|
|
4
|
|
|
14
|
|
||
Deferred credits and other noncurrent liabilities
|
|
550
|
|
|
272
|
|
||
Total liabilities
|
|
7,515
|
|
|
6,779
|
|
||
Contingencies and commitments (Note 26)
|
|
|
|
|
||||
Stockholders’ Equity
|
|
|
|
|
||||
Common stock issued — 178,555,206 and 177,386,430 shares issued (par value $1 per share, authorized 400,000,000 shares) (Note 8)
|
|
179
|
|
|
177
|
|
||
Treasury stock, at cost (8,509,337 shares and 2,857,578 shares)
|
|
(173
|
)
|
|
(78
|
)
|
||
Additional paid-in capital
|
|
4,020
|
|
|
3,917
|
|
||
Retained earnings
|
|
544
|
|
|
1,212
|
|
||
Accumulated other comprehensive loss (Note 21)
|
|
(478
|
)
|
|
(1,026
|
)
|
||
Total United States Steel Corporation stockholders’ equity
|
|
4,092
|
|
|
4,202
|
|
||
Noncontrolling interests
|
|
1
|
|
|
1
|
|
||
Total liabilities and stockholders’ equity
|
|
$
|
11,608
|
|
|
$
|
10,982
|
|
|
|
Year Ended December 31,
|
||||||||||
(Dollars in millions)
|
|
2019
|
|
2018
|
|
2017
|
||||||
Increase (decrease) in cash and cash equivalents
|
|
|
|
|
|
|
||||||
Operating activities:
|
|
|
|
|
|
|
||||||
Net (loss) earnings
|
|
$
|
(630
|
)
|
|
$
|
1,115
|
|
|
$
|
387
|
|
Adjustments to reconcile net cash provided by operating activities:
|
|
|
|
|
|
|
||||||
Depreciation, depletion and amortization (Notes 13 and 14)
|
|
616
|
|
|
521
|
|
|
501
|
|
|||
Gain associated with retained interest in U. S. Steel Canada Inc. (Note 5)
|
|
—
|
|
|
—
|
|
|
(72
|
)
|
|||
Gain on equity investee transactions (Note 12)
|
|
—
|
|
|
(38
|
)
|
|
(2
|
)
|
|||
Restructuring and other charges (Note 25)
|
|
275
|
|
|
—
|
|
|
31
|
|
|||
Loss on debt extinguishment (Note 7)
|
|
—
|
|
|
98
|
|
|
54
|
|
|||
Pensions and other post-employment benefits
|
|
101
|
|
|
77
|
|
|
(16
|
)
|
|||
Deferred income taxes (Note 11)
|
|
202
|
|
|
(329
|
)
|
|
(72
|
)
|
|||
Net gain on disposal of assets
|
|
(1
|
)
|
|
(6
|
)
|
|
(5
|
)
|
|||
Equity investees earnings, net of distributions received
|
|
(74
|
)
|
|
(47
|
)
|
|
(32
|
)
|
|||
Changes in:
|
|
|
|
|
|
|
||||||
Current receivables
|
|
453
|
|
|
(312
|
)
|
|
(36
|
)
|
|||
Inventories
|
|
296
|
|
|
(374
|
)
|
|
(117
|
)
|
|||
Current accounts payable and accrued expenses
|
|
(473
|
)
|
|
282
|
|
|
225
|
|
|||
Income taxes receivable/payable
|
|
13
|
|
|
(8
|
)
|
|
(52
|
)
|
|||
All other, net
|
|
(96
|
)
|
|
(41
|
)
|
|
32
|
|
|||
Net cash provided by operating activities
|
|
682
|
|
|
938
|
|
|
826
|
|
|||
Investing activities:
|
|
|
|
|
|
|
||||||
Capital expenditures
|
|
(1,252
|
)
|
|
(1,001
|
)
|
|
(505
|
)
|
|||
Investment in Big River Steel
|
|
(710
|
)
|
|
—
|
|
|
—
|
|
|||
Disposal of assets
|
|
4
|
|
|
10
|
|
|
5
|
|
|||
Proceeds from sale of ownership interests in equity investees
|
|
—
|
|
|
30
|
|
|
116
|
|
|||
Investments, net
|
|
—
|
|
|
(2
|
)
|
|
(2
|
)
|
|||
Net cash used in investing activities
|
|
(1,958
|
)
|
|
(963
|
)
|
|
(386
|
)
|
|||
Financing activities:
|
|
|
|
|
|
|
||||||
Revolving credit facilities - borrowings, net of financing costs
|
|
860
|
|
|
228
|
|
|
—
|
|
|||
Revolving credit facilities - repayments
|
|
(100
|
)
|
|
—
|
|
|
—
|
|
|||
Issuance of long-term debt, net of financing costs (Note 17)
|
|
702
|
|
|
640
|
|
|
737
|
|
|||
Repayment of long-term debt (Note 17)
|
|
(155
|
)
|
|
(1,299
|
)
|
|
(1,127
|
)
|
|||
Common stock repurchased (Note 27)
|
|
(88
|
)
|
|
(75
|
)
|
|
—
|
|
|||
Receipts from exercise of stock options (Note 15)
|
|
—
|
|
|
35
|
|
|
20
|
|
|||
Taxes paid for equity compensation plans (Note 15)
|
|
(7
|
)
|
|
(8
|
)
|
|
(10
|
)
|
|||
Dividends paid
|
|
(35
|
)
|
|
(36
|
)
|
|
(35
|
)
|
|||
Net cash provided by (used in) financing activities
|
|
1,177
|
|
|
(515
|
)
|
|
(415
|
)
|
|||
Effect of exchange rate changes on cash
|
|
(2
|
)
|
|
(17
|
)
|
|
17
|
|
|||
Net (decrease) increase in cash, cash equivalents and restricted cash
|
|
(101
|
)
|
|
(557
|
)
|
|
42
|
|
|||
Cash, cash equivalents and restricted cash at beginning of year (Note 9)
|
|
1,040
|
|
|
1,597
|
|
|
1,555
|
|
|||
Cash, cash equivalents and restricted cash at end of year (Note 9)
|
|
$
|
939
|
|
|
$
|
1,040
|
|
|
$
|
1,597
|
|
|
|
Dollars in Millions
|
|
Shares in Thousands
|
|||||||||||||||||
|
|
2019
|
|
2018
|
|
2017
|
|
2019
|
|
2018
|
|
2017
|
|||||||||
Common stock:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Balance at beginning of year
|
|
$
|
177
|
|
|
$
|
176
|
|
|
$
|
176
|
|
|
177,386
|
|
|
176,425
|
|
|
176,425
|
|
Common stock issued
|
|
2
|
|
|
1
|
|
|
—
|
|
|
1,169
|
|
|
961
|
|
|
—
|
|
|||
Balance at end of year
|
|
$
|
179
|
|
|
$
|
177
|
|
|
$
|
176
|
|
|
178,555
|
|
|
177,386
|
|
|
176,425
|
|
Treasury stock:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Balance at beginning of year
|
|
$
|
(78
|
)
|
|
$
|
(76
|
)
|
|
$
|
(182
|
)
|
|
(2,858
|
)
|
|
(1,203
|
)
|
|
(2,614
|
)
|
Common stock repurchased
|
|
(88
|
)
|
|
(75
|
)
|
|
—
|
|
|
(5,289
|
)
|
|
(2,760
|
)
|
|
—
|
|
|||
Common stock (repurchased) reissued for employee/non-employee director stock plans
|
|
(7
|
)
|
|
73
|
|
|
106
|
|
|
(362
|
)
|
|
1,105
|
|
|
1,411
|
|
|||
Balance at end of year
|
|
$
|
(173
|
)
|
|
$
|
(78
|
)
|
|
$
|
(76
|
)
|
|
(8,509
|
)
|
|
(2,858
|
)
|
|
(1,203
|
)
|
Additional paid-in capital:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Balance at beginning of year
|
|
$
|
3,917
|
|
|
$
|
3,932
|
|
|
$
|
4,027
|
|
|
|
|
|
|
|
|||
Dividends on common stock
|
|
—
|
|
|
—
|
|
|
(26
|
)
|
|
|
|
|
|
|
||||||
Issuance of conversion option in 2026 Senior Convertible Notes, net of tax
|
|
77
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
||||||
Employee stock plans
|
|
26
|
|
|
(15
|
)
|
|
(69
|
)
|
|
|
|
|
|
|
||||||
Balance at end of year
|
|
$
|
4,020
|
|
|
$
|
3,917
|
|
|
$
|
3,932
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive (Loss) Income
|
||||||||||||||||||||
(Dollars in millions)
|
|
2019
|
|
2018
|
|
2017
|
|
2019
|
|
2018
|
|
2017
|
||||||||||||
Retained earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance at beginning of year
|
|
$
|
1,212
|
|
|
$
|
133
|
|
|
$
|
(250
|
)
|
|
|
|
|
|
|
||||||
Net (loss) earnings attributable to United States Steel Corporation
|
|
(630
|
)
|
|
1,115
|
|
|
387
|
|
|
$
|
(630
|
)
|
|
$
|
1,115
|
|
|
$
|
387
|
|
|||
Dividends on common stock
|
|
(35
|
)
|
|
(36
|
)
|
|
(9
|
)
|
|
|
|
|
|
|
|||||||||
Other
|
|
(3
|
)
|
|
—
|
|
|
5
|
|
|
|
|
|
|
|
|||||||||
Balance at end of year
|
|
$
|
544
|
|
|
$
|
1,212
|
|
|
$
|
133
|
|
|
|
|
|
|
|
||||||
Accumulated other comprehensive (loss) income:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Pension and other benefit adjustments (Note 18):
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance at beginning of year
|
|
$
|
(1,416
|
)
|
|
$
|
(1,309
|
)
|
|
$
|
(1,771
|
)
|
|
|
|
|
|
|
||||||
Changes during year, net of taxes (a)
|
|
580
|
|
|
(108
|
)
|
|
454
|
|
|
580
|
|
|
(108
|
)
|
|
454
|
|
||||||
Changes during year, equity investee net of taxes (a)
|
|
(7
|
)
|
|
1
|
|
|
8
|
|
|
(7
|
)
|
|
1
|
|
|
8
|
|
||||||
Balance at end of year
|
|
$
|
(843
|
)
|
|
$
|
(1,416
|
)
|
|
$
|
(1,309
|
)
|
|
|
|
|
|
|
||||||
Foreign currency translation adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance at beginning of year
|
|
$
|
403
|
|
|
$
|
463
|
|
|
$
|
274
|
|
|
|
|
|
|
|
||||||
Changes during year, net of taxes (a)
|
|
(22
|
)
|
|
(60
|
)
|
|
189
|
|
|
(22
|
)
|
|
(60
|
)
|
|
189
|
|
||||||
Balance at end of year
|
|
$
|
381
|
|
|
$
|
403
|
|
|
$
|
463
|
|
|
|
|
|
|
|
||||||
Derivative financial instruments:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance at beginning of year
|
|
$
|
(13
|
)
|
|
$
|
1
|
|
|
$
|
—
|
|
|
|
|
|
|
|
||||||
Changes during year, net of taxes (a)
|
|
(3
|
)
|
|
(14
|
)
|
|
1
|
|
|
(3
|
)
|
|
(14
|
)
|
|
1
|
|
||||||
Balance at end of year
|
|
$
|
(16
|
)
|
|
$
|
(13
|
)
|
|
$
|
1
|
|
|
|
|
|
|
|
||||||
Total balances at end of year
|
|
$
|
(478
|
)
|
|
$
|
(1,026
|
)
|
|
$
|
(845
|
)
|
|
|
|
|
|
|
||||||
Total stockholders’ equity
|
|
$
|
4,092
|
|
|
$
|
4,202
|
|
|
$
|
3,320
|
|
|
|
|
|
|
|
||||||
Noncontrolling interests:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance at beginning of year
|
|
$
|
1
|
|
|
$
|
1
|
|
|
$
|
1
|
|
|
|
|
|
|
|
||||||
Net loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Balance at end of year
|
|
$
|
1
|
|
|
$
|
1
|
|
|
$
|
1
|
|
|
|
|
|
|
|
||||||
Total comprehensive (loss) income
|
|
|
|
|
|
|
|
$
|
(82
|
)
|
|
$
|
934
|
|
|
$
|
1,039
|
|
Foreign currency translation adjustments (b)
|
|
$
|
6
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Pension and other benefits adjustments (b)
|
|
(191
|
)
|
|
—
|
|
|
—
|
|
|||
Derivative adjustments (b)
|
|
1
|
|
|
—
|
|
|
—
|
|
|
Year Ended December 31, 2017
|
|||||||||||
Statement of Operations (In millions)
|
|
As Revised
|
|
Previously Reported
|
|
Effect of Change Higher/(Lower)
|
||||||
Cost of Sales
|
|
$
|
10,858
|
|
|
$
|
10,864
|
|
|
$
|
(6
|
)
|
Selling, general and administrative expenses
|
|
320
|
|
|
375
|
|
|
(55
|
)
|
|||
Net periodic benefit cost (other than service cost)
|
|
61
|
|
|
—
|
|
|
61
|
|
Effective Date
|
Accounting Standard Update
|
|
January 1, 2017
|
2015-11
|
Simplifying the Measurement of Inventory
|
January 1, 2017
|
2016-09
|
Compensation - Stock Compensation
|
January 1, 2018
|
2014-09
|
Revenue from Contracts with Customers
|
January 1, 2018
|
2017-09
|
Compensation - Stock Compensation: Scope of Modification Accounting
|
January 1, 2018
|
2017-12
|
Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities
|
July 1, 2018
|
2018-02
|
Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income
|
January 1, 2019
|
2018-07
|
Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting
|
January 1, 2019
|
2018-15
|
Intangibles - Goodwill and Other - Internal Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs in a Cloud Computing Arrangement That is a Service Contract
|
(In millions)
|
|
Customer
Sales |
|
Intersegment
Sales |
|
Net
Sales |
|
Earnings
(loss) from investees |
|
Earnings (Loss) before Interest and Income Taxes
|
|
Depreciation,
depletion & amortization |
|
Capital
expenditures |
||||||||||||||
2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Flat-Rolled
|
|
$
|
9,279
|
|
|
$
|
281
|
|
|
$
|
9,560
|
|
|
$
|
84
|
|
|
$
|
196
|
|
|
$
|
456
|
|
|
$
|
943
|
|
USSE
|
|
2,417
|
|
|
3
|
|
|
2,420
|
|
|
—
|
|
|
(57
|
)
|
|
92
|
|
|
153
|
|
|||||||
Tubular
|
|
1,188
|
|
|
3
|
|
|
1,191
|
|
|
5
|
|
|
(67
|
)
|
|
46
|
|
|
145
|
|
|||||||
Total reportable segments
|
|
12,884
|
|
|
287
|
|
|
13,171
|
|
|
89
|
|
|
72
|
|
|
594
|
|
|
1,241
|
|
|||||||
Other Businesses
|
|
53
|
|
|
115
|
|
|
168
|
|
|
(10
|
)
|
|
23
|
|
|
22
|
|
|
11
|
|
|||||||
Reconciling Items and Eliminations
|
|
—
|
|
|
(402
|
)
|
|
(402
|
)
|
|
—
|
|
|
(325
|
)
|
|
—
|
|
|
—
|
|
|||||||
Total
|
|
$
|
12,937
|
|
|
$
|
—
|
|
|
$
|
12,937
|
|
|
$
|
79
|
|
|
$
|
(230
|
)
|
|
$
|
616
|
|
|
$
|
1,252
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Flat-Rolled
|
|
$
|
9,681
|
|
|
$
|
231
|
|
|
$
|
9,912
|
|
|
$
|
54
|
|
|
$
|
883
|
|
|
$
|
367
|
|
|
$
|
820
|
|
USSE
|
|
3,205
|
|
|
23
|
|
|
3,228
|
|
|
—
|
|
|
359
|
|
|
87
|
|
|
104
|
|
|||||||
Tubular
|
|
1,231
|
|
|
5
|
|
|
1,236
|
|
|
7
|
|
|
(58
|
)
|
|
47
|
|
|
45
|
|
|||||||
Total reportable segments
|
|
14,117
|
|
|
259
|
|
|
14,376
|
|
|
61
|
|
|
1,184
|
|
|
501
|
|
|
969
|
|
|||||||
Other Businesses
|
|
61
|
|
|
125
|
|
|
186
|
|
|
—
|
|
|
55
|
|
|
20
|
|
|
32
|
|
|||||||
Reconciling Items and Eliminations
|
|
—
|
|
|
(384
|
)
|
|
(384
|
)
|
|
—
|
|
|
(115
|
)
|
|
—
|
|
|
—
|
|
|||||||
Total
|
|
$
|
14,178
|
|
|
$
|
—
|
|
|
$
|
14,178
|
|
|
$
|
61
|
|
|
$
|
1,124
|
|
|
$
|
521
|
|
|
$
|
1,001
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Flat-Rolled
|
|
$
|
8,297
|
|
|
$
|
194
|
|
|
$
|
8,491
|
|
|
$
|
38
|
|
|
$
|
375
|
|
|
$
|
352
|
|
|
$
|
388
|
|
USSE
|
|
2,949
|
|
|
25
|
|
|
2,974
|
|
|
—
|
|
|
327
|
|
|
76
|
|
|
83
|
|
|||||||
Tubular
|
|
944
|
|
|
1
|
|
|
945
|
|
|
8
|
|
|
(99
|
)
|
|
51
|
|
|
28
|
|
|||||||
Total reportable segments
|
|
12,190
|
|
|
220
|
|
|
12,410
|
|
|
46
|
|
|
603
|
|
|
479
|
|
|
499
|
|
|||||||
Other Businesses
|
|
60
|
|
|
119
|
|
|
179
|
|
|
(2
|
)
|
|
44
|
|
|
22
|
|
|
6
|
|
|||||||
Reconciling Items and Eliminations
|
|
—
|
|
|
(339
|
)
|
|
(339
|
)
|
|
—
|
|
|
22
|
|
|
—
|
|
|
—
|
|
|||||||
Total
|
|
$
|
12,250
|
|
|
$
|
—
|
|
|
$
|
12,250
|
|
|
$
|
44
|
|
|
$
|
669
|
|
|
$
|
501
|
|
|
$
|
505
|
|
|
|
December 31,
|
||||||
(In millions)
|
|
2019
|
|
2018
|
||||
Flat-Rolled (a)
|
|
$
|
7,267
|
|
|
$
|
6,977
|
|
USSE (b)
|
|
5,360
|
|
|
5,607
|
|
||
Tubular
|
|
1,150
|
|
|
1,076
|
|
||
Total reportable segments
|
|
$
|
13,777
|
|
|
$
|
13,660
|
|
Other Businesses
|
|
$
|
1,267
|
|
|
$
|
329
|
|
Corporate, reconciling items, and eliminations(c)
|
|
(3,436
|
)
|
|
(3,007
|
)
|
||
Total assets
|
|
$
|
11,608
|
|
|
$
|
10,982
|
|
(a)
|
Included in the Flat-Rolled segment assets is goodwill of $3 million as of December 31, 2018.
|
(b)
|
Included in the USSE segment assets is goodwill of $4 million as of both December 31, 2019 and 2018.
|
(c)
|
The majority of Corporate, reconciling items, and eliminations total assets is comprised of cash and the elimination of intersegment amounts.
|
(In millions)
|
|
2019
|
|
2018
|
|
2017
|
||||||
Items not allocated to segments:
|
|
|
|
|
|
|
||||||
December 24, 2018 Clairton coke making facility fire
|
|
(50
|
)
|
|
—
|
|
|
—
|
|
|||
United Steelworkers labor agreement signing bonus and related costs
|
|
—
|
|
|
(81
|
)
|
|
—
|
|
|||
Granite City Works restart and related costs
|
|
—
|
|
|
(80
|
)
|
|
—
|
|
|||
Loss on shutdown of certain tubular pipe mill assets (Note 25)
|
|
—
|
|
|
—
|
|
|
(35
|
)
|
|||
Gain associated with U. S. Steel Canada Inc. (Note 5)
|
|
—
|
|
|
—
|
|
|
72
|
|
|||
Restructuring and other charges (Note 25)
|
|
(275
|
)
|
|
—
|
|
|
—
|
|
|||
Granite City Works temporary idling charges
|
|
—
|
|
|
8
|
|
|
(17
|
)
|
|||
Gain on equity investee transactions (Note 12)
|
|
—
|
|
|
38
|
|
|
2
|
|
|||
Total reconciling items
|
|
$
|
(325
|
)
|
|
$
|
(115
|
)
|
|
$
|
22
|
|
(In millions)
|
|
Year
|
|
External
Sales |
|
Assets
|
|
||||
North America
|
|
2019
|
|
$
|
10,520
|
|
|
$
|
5,772
|
|
(a)
|
|
|
2018
|
|
10,973
|
|
|
4,432
|
|
(a)
|
||
|
|
2017
|
|
9,301
|
|
|
3,831
|
|
(a)
|
||
Europe
|
|
2019
|
|
2,417
|
|
|
947
|
|
|
||
|
|
2018
|
|
3,205
|
|
|
919
|
|
|
||
|
|
2017
|
|
2,949
|
|
|
906
|
|
|
||
Total
|
|
2019
|
|
12,937
|
|
|
6,719
|
|
|
||
|
|
2018
|
|
14,178
|
|
|
5,351
|
|
|
||
|
|
2017
|
|
12,250
|
|
|
4,737
|
|
|
(a)
|
Assets with a book value of $5,772 million, $4,432 million and $3,817 million were located in the United States at December 31, 2019, 2018 and 2017, respectively.
|
(In millions)
|
Consolidated Balance Sheet Classification
|
December 31, 2019
|
||
U. S. Steel Call Option
|
Investments and other long-term receivables
|
$
|
166
|
|
|
|
|
||
Class B Put Option
|
Deferred credits and other long-term liabilities
|
$
|
192
|
|
Class B Call Option
|
Deferred credits and other long-term liabilities
|
$
|
2
|
|
Customer Sales by Product:
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
||||||||||
(In millions) Year Ended December 31, 2019
|
|
Flat-Rolled
|
USSE
|
Tubular
|
Other Businesses
|
Total
|
||||||||||
Semi-finished
|
|
$
|
305
|
|
$
|
11
|
|
$
|
—
|
|
$
|
—
|
|
$
|
316
|
|
Hot-rolled sheets
|
|
2,504
|
|
997
|
|
—
|
|
—
|
|
3,501
|
|
|||||
Cold-rolled sheets
|
|
2,512
|
|
283
|
|
—
|
|
—
|
|
2,795
|
|
|||||
Coated sheets
|
|
2,993
|
|
1,006
|
|
—
|
|
—
|
|
3,999
|
|
|||||
Tubular products
|
|
—
|
|
40
|
|
1,166
|
|
—
|
|
1,206
|
|
|||||
All Other (a)
|
|
965
|
|
80
|
|
22
|
|
53
|
|
1,120
|
|
|||||
Total
|
|
$
|
9,279
|
|
$
|
2,417
|
|
$
|
1,188
|
|
$
|
53
|
|
$
|
12,937
|
|
|
|
|
|
|
|
|
||||||||||
(In millions) Year Ended December 31, 2018
|
|
Flat-Rolled
|
USSE
|
Tubular
|
Other Businesses
|
Total
|
||||||||||
Semi-finished
|
|
$
|
156
|
|
$
|
174
|
|
$
|
—
|
|
$
|
—
|
|
$
|
330
|
|
Hot-rolled sheets
|
|
2,816
|
|
1,313
|
|
—
|
|
—
|
|
4,129
|
|
|||||
Cold-rolled sheets
|
|
2,709
|
|
384
|
|
—
|
|
—
|
|
3,093
|
|
|||||
Coated sheets
|
|
3,090
|
|
1,164
|
|
—
|
|
—
|
|
4,254
|
|
|||||
Tubular products
|
|
—
|
|
48
|
|
1,195
|
|
—
|
|
1,243
|
|
|||||
All Other (a)
|
|
910
|
|
122
|
|
36
|
|
61
|
|
1,129
|
|
|||||
Total
|
|
$
|
9,681
|
|
$
|
3,205
|
|
$
|
1,231
|
|
$
|
61
|
|
$
|
14,178
|
|
|
|
|
|
|
|
|
||||||||||
(In millions) Year Ended December 31, 2017
|
|
Flat-Rolled
|
USSE
|
Tubular
|
Other Businesses
|
Total
|
||||||||||
Semi-finished
|
|
$
|
72
|
|
$
|
232
|
|
$
|
—
|
|
$
|
—
|
|
$
|
304
|
|
Hot-rolled sheets
|
|
2,045
|
|
1,210
|
|
—
|
|
—
|
|
3,255
|
|
|||||
Cold-rolled sheets
|
|
2,355
|
|
328
|
|
—
|
|
—
|
|
2,683
|
|
|||||
Coated sheets
|
|
2,902
|
|
1,038
|
|
—
|
|
—
|
|
3,940
|
|
|||||
Tubular products
|
|
—
|
|
39
|
|
909
|
|
—
|
|
948
|
|
|||||
All Other (a)
|
|
923
|
|
102
|
|
35
|
|
60
|
|
1,120
|
|
|||||
Total
|
|
$
|
8,297
|
|
$
|
2,949
|
|
$
|
944
|
|
$
|
60
|
|
$
|
12,250
|
|
(In millions)
|
|
2019
|
|
2018
|
|
2017
|
||||||
Interest income:
|
|
|
|
|
|
|
||||||
Interest income
|
|
$
|
(17
|
)
|
|
$
|
(23
|
)
|
|
$
|
(17
|
)
|
Interest expense and other financial costs:
|
|
|
|
|
|
|
||||||
Interest incurred
|
|
162
|
|
|
175
|
|
|
229
|
|
|||
Less interest capitalized
|
|
20
|
|
|
7
|
|
|
3
|
|
|||
Total interest expense
|
|
142
|
|
|
168
|
|
|
226
|
|
|||
Loss on debt extinguishment (a)
|
|
—
|
|
|
98
|
|
|
54
|
|
|||
Net periodic benefit costs (other than service cost) (b)
|
|
91
|
|
|
69
|
|
|
61
|
|
|||
Foreign currency net (gain) loss (c)
|
|
(17
|
)
|
|
(19
|
)
|
|
23
|
|
|||
Financial costs on:
|
|
|
|
|
|
|
||||||
Amended Credit Agreement
|
|
5
|
|
|
5
|
|
|
6
|
|
|||
USSK credit facilities
|
|
1
|
|
|
3
|
|
|
3
|
|
|||
Other (d)
|
|
10
|
|
|
3
|
|
|
2
|
|
|||
Amortization of discounts and deferred financing costs
|
|
7
|
|
|
8
|
|
|
10
|
|
|||
Total other financial costs
|
|
6
|
|
|
—
|
|
|
44
|
|
|||
Net interest and other financial costs
|
|
$
|
222
|
|
|
$
|
312
|
|
|
$
|
368
|
|
(a)
|
Represents a net pretax charge of $98 million during 2018 related to the retirement of our 2020 Senior Notes and 2021 Senior Secured Notes, and a net pretax charge of $54 million during 2017 related to the retirement of our 2018, 2021, and 2022 Senior Notes, partial redemption of our 2021 Senior Secured Notes, and redemption of the Lorain Recovery Zone Facility Bonds.
|
(b)
|
Represents postretirement benefit expense as a result of the adoption of Accounting Standards Update 2017-07, Compensation - Retirement Benefits on January 1, 2018. See Note 3 to the Consolidated Financial Statements.
|
(c)
|
The functional currency for USSE is the euro. Foreign currency net (gain) loss is a result of transactions denominated in currencies other than the euro.
|
(d)
|
2019 includes a $7 million change in fair value of certain call and put options related to U. S. Steel's purchase of its 49.9% ownership interest in Big River Steel during 2019. See Note 5 and Note 20 for further details.
|
(Dollars in millions, except per share amounts)
|
|
2019
|
|
2018
|
|
2017
|
||||||
Net (loss) earnings attributable to United States Steel Corporation stockholders
|
|
$
|
(630
|
)
|
|
$
|
1,115
|
|
|
$
|
387
|
|
Weighted-average shares outstanding (in thousands):
|
|
|
|
|
|
|
||||||
Basic
|
|
171,418
|
|
|
176,633
|
|
|
174,793
|
|
|||
Effect of convertible notes
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Effect of stock options, restricted stock units and performance awards
|
|
—
|
|
|
1,828
|
|
|
1,727
|
|
|||
Adjusted weighted-average shares outstanding, diluted
|
|
171,418
|
|
|
178,461
|
|
|
176,520
|
|
|||
Basic (loss) earnings per common share
|
|
$
|
(3.67
|
)
|
|
$
|
6.31
|
|
|
$
|
2.21
|
|
Diluted (loss) earnings per common share
|
|
$
|
(3.67
|
)
|
|
$
|
6.25
|
|
|
$
|
2.19
|
|
(In thousands)
|
|
2019
|
|
2018
|
|
2017
|
|||
Securities granted under the 2005 Stock Incentive Plan
|
|
4,459
|
|
|
1,631
|
|
|
1,579
|
|
Securities convertible under the Senior Convertible Notes
|
|
650
|
|
|
—
|
|
|
—
|
|
Total
|
|
5,109
|
|
|
1,631
|
|
|
1,579
|
|
|
|
December 31,
|
||||||||||
(In millions)
|
|
2019
|
|
2018
|
|
2017
|
||||||
Cash and cash equivalents
|
|
$
|
749
|
|
|
$
|
1,000
|
|
|
$
|
1,553
|
|
Restricted cash in other current assets
|
|
2
|
|
|
3
|
|
|
6
|
|
|||
Long-term restricted cash
|
|
188
|
|
|
37
|
|
|
38
|
|
|||
Total cash, cash equivalents and restricted cash
|
|
$
|
939
|
|
|
$
|
1,040
|
|
|
$
|
1,597
|
|
(In millions)
|
|
December 31, 2019
|
|
December 31, 2018
|
||||
Raw materials
|
|
$
|
628
|
|
|
$
|
605
|
|
Semi-finished products
|
|
720
|
|
|
1,021
|
|
||
Finished products
|
|
376
|
|
|
404
|
|
||
Supplies and sundry items
|
|
61
|
|
|
62
|
|
||
Total
|
|
$
|
1,785
|
|
|
$
|
2,092
|
|
(In millions)
|
|
2019
|
|
2018
|
|
2017
|
||||||
United States
|
|
$
|
(381
|
)
|
|
$
|
434
|
|
|
$
|
75
|
|
Foreign
|
|
(71
|
)
|
|
378
|
|
|
226
|
|
|||
(Loss) earnings before income taxes
|
|
$
|
(452
|
)
|
|
$
|
812
|
|
|
$
|
301
|
|
|
|
2019
|
|
2018
|
|
2017
|
||||||||||||||||||||||||||||||
(In millions)
|
|
Current
|
|
Deferred
|
|
Total
|
|
Current
|
|
Deferred
|
|
Total
|
|
Current
|
|
Deferred
|
|
Total
|
||||||||||||||||||
Federal
|
|
$
|
(18
|
)
|
|
$
|
196
|
|
|
$
|
178
|
|
|
$
|
(40
|
)
|
|
$
|
(283
|
)
|
|
$
|
(323
|
)
|
|
$
|
(66
|
)
|
|
$
|
(81
|
)
|
|
$
|
(147
|
)
|
State and local
|
|
—
|
|
|
23
|
|
|
23
|
|
|
2
|
|
|
(58
|
)
|
|
(56
|
)
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|||||||||
Foreign
|
|
(6
|
)
|
|
(17
|
)
|
|
(23
|
)
|
|
64
|
|
|
12
|
|
|
76
|
|
|
53
|
|
|
9
|
|
|
62
|
|
|||||||||
Total
|
|
$
|
(24
|
)
|
|
$
|
202
|
|
|
$
|
178
|
|
|
$
|
26
|
|
|
$
|
(329
|
)
|
|
$
|
(303
|
)
|
|
$
|
(14
|
)
|
|
$
|
(72
|
)
|
|
$
|
(86
|
)
|
(In millions)
|
|
2019
|
|
2018
|
|
2017
|
||||||
Statutory rate applied to earnings (loss) before income taxes
|
|
$
|
(95
|
)
|
|
$
|
171
|
|
|
$
|
105
|
|
Valuation allowance
|
|
334
|
|
|
(412
|
)
|
|
36
|
|
|||
Excess percentage depletion
|
|
(46
|
)
|
|
(48
|
)
|
|
(68
|
)
|
|||
State and local income taxes after federal income tax effects
|
|
(36
|
)
|
|
8
|
|
|
(28
|
)
|
|||
Effects of foreign operations
|
|
(23
|
)
|
|
74
|
|
|
62
|
|
|||
U.S. impact of foreign operations
|
|
25
|
|
|
(21
|
)
|
|
(6
|
)
|
|||
Impact of tax credits
|
|
5
|
|
|
(71
|
)
|
|
(56
|
)
|
|||
Effect of tax reform
|
|
—
|
|
|
—
|
|
|
(81
|
)
|
|||
Alternative minimum tax credit refund
|
|
—
|
|
|
—
|
|
|
(48
|
)
|
|||
Adjustment of prior years' federal income taxes
|
|
7
|
|
|
—
|
|
|
—
|
|
|||
Other
|
|
7
|
|
|
(4
|
)
|
|
(2
|
)
|
|||
Total provision (benefit)
|
|
$
|
178
|
|
|
$
|
(303
|
)
|
|
$
|
(86
|
)
|
|
|
December 31,
|
||||||
(In millions)
|
|
2019
|
|
2018
|
||||
Deferred tax assets:
|
|
|
|
|
||||
Federal tax loss carryforwards (expiring in 2035 through 2036)
|
|
$
|
176
|
|
|
$
|
220
|
|
Federal capital loss carryforwards (expiring 2021)
|
|
27
|
|
|
33
|
|
||
State tax credit carryforwards (expiring in 2020 through 2028)
|
|
18
|
|
|
16
|
|
||
State tax loss carryforwards (expiring in 2020 through 2039)
|
|
130
|
|
|
137
|
|
||
Minimum tax credit carryforwards
|
|
19
|
|
|
38
|
|
||
General business credit carryforwards (expiring in 2027 through 2039)
|
|
85
|
|
|
85
|
|
||
Foreign tax loss and credit carryforwards (expiring in 2024 through 2029)
|
|
170
|
|
|
173
|
|
||
Employee benefits
|
|
173
|
|
|
337
|
|
||
Contingencies and accrued liabilities
|
|
71
|
|
|
62
|
|
||
Investments in subsidiaries and equity investees
|
|
49
|
|
|
59
|
|
||
Inventory
|
|
32
|
|
|
—
|
|
||
Other temporary differences
|
|
35
|
|
|
26
|
|
||
Valuation allowance
|
|
(563
|
)
|
|
(214
|
)
|
||
Total deferred tax assets
|
|
422
|
|
|
972
|
|
||
Deferred tax liabilities:
|
|
|
|
|
||||
Property, plant and equipment
|
|
368
|
|
|
468
|
|
||
Inventory
|
|
—
|
|
|
22
|
|
||
Receivables, payables and debt
|
|
17
|
|
|
33
|
|
||
Indefinite-lived intangible assets
|
|
19
|
|
|
18
|
|
||
Other temporary differences
|
|
3
|
|
|
—
|
|
||
Total deferred tax liabilities
|
|
407
|
|
|
541
|
|
||
Net deferred tax asset
|
|
$
|
15
|
|
|
$
|
431
|
|
(In millions)
|
|
2019
|
|
2018
|
|
2017
|
||||||
Unrecognized tax benefits, beginning of year
|
|
$
|
35
|
|
|
$
|
42
|
|
|
$
|
72
|
|
Increases – tax positions taken in prior years
|
|
—
|
|
|
—
|
|
|
1
|
|
|||
Decreases – tax positions taken in prior years
|
|
—
|
|
|
(2
|
)
|
|
(26
|
)
|
|||
Settlements
|
|
(32
|
)
|
|
—
|
|
|
(4
|
)
|
|||
Lapse of statute of limitations
|
|
—
|
|
|
(5
|
)
|
|
(1
|
)
|
|||
Unrecognized tax benefits, end of year
|
|
$
|
3
|
|
|
$
|
35
|
|
|
$
|
42
|
|
|
|
December 31,
|
||||||
(In millions)
|
|
2019
|
|
2018
|
||||
Equity method investments
|
|
$
|
1,272
|
|
|
$
|
485
|
|
Receivables due after one year, less allowance of $5 and $11
|
|
191
|
|
|
24
|
|
||
Other
|
|
3
|
|
|
4
|
|
||
Total
|
|
$
|
1,466
|
|
|
$
|
513
|
|
(In millions)
|
|
2019
|
|
2018
|
|
2017
|
||||||
Income data – year ended December 31:(a)
|
|
|
|
|
|
|
||||||
Net Sales
|
|
$
|
2,528
|
|
|
$
|
2,193
|
|
|
$
|
2,485
|
|
Operating income
|
|
253
|
|
|
157
|
|
|
132
|
|
|||
Net earnings
|
|
235
|
|
|
134
|
|
|
109
|
|
|||
Balance sheet date – December 31:
|
|
|
|
|
|
|
||||||
Current Assets
|
|
$
|
1,144
|
|
|
$
|
642
|
|
|
$
|
633
|
|
Noncurrent Assets
|
|
2,976
|
|
|
853
|
|
|
710
|
|
|||
Current liabilities
|
|
573
|
|
|
348
|
|
|
441
|
|
|||
Noncurrent Liabilities
|
|
2,542
|
|
|
516
|
|
|
335
|
|
(a)
|
Former equity affiliates, Swan Point Development Company, Inc., Tilden Mining Company (Tilden) and Apolo Tubulars S.A. were sold on February 6, 2017, September 29, 2017 and December 22, 2017, respectively. We exited Leeds Retail Center, LLC and sold Acero Prime, S.R.L. de CV on May 31, 2018, and October 23, 2018, respectively. The former equity affiliates are included in the income data through the month prior to the date of sale.
|
Investee
|
December 31, 2019 Interest
|
|
Big River Steel(a)
|
49.9
|
%
|
Chrome Deposit Corporation
|
50
|
%
|
Daniel Ross Bridge, LLC
|
50
|
%
|
Double G Coatings Company, Inc.
|
50
|
%
|
Feralloy Processing Company
|
49
|
%
|
Hibbing Development Company
|
24.1
|
%
|
Hibbing Taconite Company(b)
|
14.7
|
%
|
Patriot Premium Threading Services, LLC
|
50
|
%
|
PRO-TEC Coating Company, LLC
|
50
|
%
|
Strategic Investment Fund Partners II(c)
|
5.2
|
%
|
USS-POSCO Industries
|
50
|
%
|
Worthington Specialty Processing
|
49
|
%
|
(a)
|
U. S. Steel's 49.9% ownership in Big River Steel consists of 47.7535% interests in Big River Steel Holdings LLC and BRS Stock Holdco LLC. U. S. Steel Blocker LLC, a wholly-owned subsidiary of U. S. Steel, holds a 2.1465% interest in both of those entities.
|
(b)
|
Hibbing Taconite Company (Hibbing) is an unincorporated joint venture that is owned, in part, by Hibbing Development Company (HDC), which is accounted for using the equity method. Through HDC we are able to influence the activities of HTC, and as such, its activities are accounted for using the equity method.
|
(c)
|
Strategic Investment Fund Partners II is a limited partnership and in accordance with ASC Topic 323, the financial activities are accounted for using the equity method.
|
|
|
|
|
December 31,
|
|||||||
(In millions)
|
|
Useful Lives
|
|
2019
|
|
2018
|
|||||
Land and depletable property
|
|
—
|
|
|
$
|
202
|
|
|
$
|
207
|
|
Buildings
|
|
35 years
|
|
|
1,105
|
|
|
1,098
|
|
||
Machinery and equipment
|
|
|
|
|
|
|
|||||
Steel producing
|
|
2-30 years
|
|
|
13,658
|
|
|
12,784
|
|
||
Transportation
|
|
3-40 years
|
|
|
280
|
|
|
268
|
|
||
Other
|
|
5-30 years
|
|
|
129
|
|
|
123
|
|
||
Information technology
|
|
5-6 years
|
|
|
787
|
|
|
786
|
|
||
Assets under finance lease
|
|
5-15 years
|
|
|
83
|
|
|
36
|
|
||
Construction in process
|
|
—
|
|
|
833
|
|
|
706
|
|
||
Total
|
|
|
|
17,077
|
|
|
16,008
|
|
|||
Less accumulated depreciation and depletion
|
|
|
|
11,630
|
|
|
11,143
|
|
|||
Net
|
|
|
|
$
|
5,447
|
|
|
$
|
4,865
|
|
|
|
|
|
As of December 31, 2019
|
|
As of December 31, 2018
|
||||||||||||||||||||
(In millions)
|
|
Useful
Lives |
|
Gross
Carrying Amount |
|
Accumulated
Amortization |
|
Net
Amount |
|
Gross
Carrying Amount |
|
Accumulated
Amortization |
|
Net
Amount |
||||||||||||
Customer relationships
|
|
22 Years
|
|
$
|
132
|
|
|
$
|
76
|
|
|
$
|
56
|
|
|
$
|
132
|
|
|
$
|
70
|
|
|
$
|
62
|
|
Patents
|
|
10-15 Years
|
|
22
|
|
|
8
|
|
|
14
|
|
|
22
|
|
|
7
|
|
|
15
|
|
||||||
Other
|
|
4-20 Years
|
|
14
|
|
|
9
|
|
|
5
|
|
|
14
|
|
|
8
|
|
|
6
|
|
||||||
Total amortizable intangible assets
|
|
|
|
$
|
168
|
|
|
$
|
93
|
|
|
$
|
75
|
|
|
$
|
168
|
|
|
$
|
85
|
|
|
$
|
83
|
|
|
|
Stock Options
|
|
Restricted Stock Units
|
|
TSR Performance Awards
|
|
ROCE Performance Awards
|
||||
2019 Grants
|
|
—
|
|
|
1,005,500
|
|
|
210,520
|
|
|
527,470
|
|
2018 Grants
|
|
—
|
|
|
824,195
|
|
|
79,190
|
|
|
247,510
|
|
2017 Grants
|
|
647,780
|
|
|
348,040
|
|
|
169,850
|
|
|
—
|
|
(In millions, except per share amounts)
|
|
Year Ended December 31, 2019
|
|
Year Ended December 31, 2018
|
|
Year Ended December 31, 2017
|
||||||
Stock-based compensation expense recognized:
|
|
|
|
|
|
|
||||||
Cost of sales
|
|
$
|
9
|
|
|
$
|
11
|
|
|
$
|
10
|
|
Selling, general and administrative expenses
|
|
17
|
|
|
21
|
|
|
17
|
|
|||
Decrease in net income
|
|
26
|
|
|
32
|
|
|
27
|
|
|||
Decrease in basic earnings per share
|
|
0.15
|
|
|
0.14
|
|
|
0.15
|
|
|||
Decrease in diluted earnings per share
|
|
0.15
|
|
|
0.13
|
|
|
0.15
|
|
Black-Scholes Assumptions (a)
|
|
2017 Grants
|
||
Grant date price per share of option award
|
|
$
|
36.94
|
|
Exercise price per share of option award
|
|
$
|
36.94
|
|
Expected annual dividends per share
|
|
$
|
0.20
|
|
Expected life in years
|
|
5.0
|
|
|
Expected volatility
|
|
57
|
%
|
|
Risk-free interest rate
|
|
2.0
|
%
|
|
Average grant date fair value per share of unvested option awards as calculated from above
|
|
$
|
17.28
|
|
|
|
Shares
|
|
Weighted-
Average Exercise Price (per share) |
|
Weighted-
Average Remaining Contractual Term (in years) |
|
Aggregate
Intrinsic Value (in millions) |
|||||
Outstanding at January 1, 2019
|
|
2,746,520
|
|
|
$
|
27.73
|
|
|
|
|
|
||
Granted
|
|
—
|
|
|
$
|
—
|
|
|
|
|
|
||
Exercised
|
|
(10,435
|
)
|
|
$
|
16.05
|
|
|
|
|
|
||
Forfeited or expired
|
|
(384,254
|
)
|
|
$
|
32.00
|
|
|
|
|
|
||
Outstanding at December 31, 2019
|
|
2,351,831
|
|
|
$
|
27.08
|
|
|
4.43
|
|
$
|
—
|
|
Exercisable at December 31, 2019
|
|
2,209,073
|
|
|
$
|
26.50
|
|
|
4.28
|
|
$
|
—
|
|
Exercisable and expected to vest at December 31, 2019
|
|
2,323,996
|
|
|
$
|
26.97
|
|
|
4.40
|
|
$
|
—
|
|
Performance Period
|
|
Fair Value
(in millions) |
|
Minimum
Shares |
|
Target
Shares |
|
Maximum
Shares |
|||||
2019 - 2021
|
|
$
|
17
|
|
|
—
|
|
|
653,194
|
|
|
1,306,388
|
|
2018 - 2020
|
|
$
|
14
|
|
|
—
|
|
|
288,379
|
|
|
576,758
|
|
2017 - 2019
|
|
$
|
4
|
|
|
—
|
|
|
101,587
|
|
|
203,174
|
|
|
|
Restricted
Stock Units |
|
TSR Performance
Awards (a) |
|
ROCE Performance
Awards (a) |
|
Total
|
|
Weighted-
Average Grant-Date Fair Value |
||||||
Nonvested at January 1, 2018
|
|
1,496,272
|
|
|
375,787
|
|
|
235,898
|
|
|
2,107,957
|
|
|
$
|
30.92
|
|
Granted
|
|
1,005,500
|
|
|
210,520
|
|
|
527,470
|
|
|
1,743,490
|
|
|
24.46
|
|
|
Vested
|
|
(771,677
|
)
|
|
(384,664
|
)
|
|
—
|
|
|
(1,156,341
|
)
|
|
18.26
|
|
|
Performance adjustment factor (b)
|
|
—
|
|
|
192,332
|
|
|
—
|
|
|
192,332
|
|
|
10.02
|
|
|
Forfeited or expired
|
|
(140,271
|
)
|
|
(43,658
|
)
|
|
(70,525
|
)
|
|
(254,454
|
)
|
|
30.45
|
|
|
Nonvested at December 31, 2019
|
|
1,589,824
|
|
|
350,317
|
|
|
692,843
|
|
|
2,632,984
|
|
|
$
|
30.72
|
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
Number of awards granted
|
|
1,743,490
|
|
|
1,150,895
|
|
|
517,890
|
|
|||
Weighted-average grant-date fair value per share
|
|
$
|
24.46
|
|
|
$
|
41.65
|
|
|
$
|
37.68
|
|
Hedge Contracts
|
Classification
|
|
December 31, 2019
|
|
December 31, 2018
|
||||
Natural gas (in mmbtus)
|
Commodity purchase swaps
|
|
56,613,200
|
|
|
33,951,016
|
|
||
Tin (in metric tons)
|
Commodity purchase swaps
|
|
145
|
|
|
585
|
|
||
Zinc (in metric tons)
|
Commodity purchase swaps
|
|
9,819
|
|
|
3,471
|
|
||
Hot-rolled coils (in tons)
|
Sales swaps
|
|
—
|
|
|
9,000
|
|
||
Foreign currency (in millions of euros)
|
Foreign exchange forwards
|
|
€
|
282
|
|
|
€
|
286
|
|
Foreign currency (in millions of CAD)
|
Foreign exchange forwards
|
|
C$
|
25
|
|
|
C$
|
50
|
|
(In millions) Designated as Hedging Instruments
|
Balance Sheet Location
|
|
December 31, 2019
|
|
December 31, 2018
|
||||
Sales swaps
|
Accounts payable
|
|
$
|
—
|
|
|
$
|
1
|
|
Commodity purchase swaps
|
Accounts receivable
|
|
1
|
|
|
2
|
|
||
Commodity purchase swaps
|
Accounts payable
|
|
17
|
|
|
17
|
|
||
Commodity purchase swaps
|
Investments and long-term receivables
|
|
1
|
|
|
—
|
|
||
Commodity purchase swaps
|
Other long-term liabilities
|
|
7
|
|
|
1
|
|
||
Foreign exchange forwards
|
Accounts payable
|
|
1
|
|
|
1
|
|
||
Foreign exchange forwards
|
Other long-term liabilities
|
|
—
|
|
|
1
|
|
||
|
|
|
|
|
|
||||
Not Designated as Hedging Instruments
|
|
|
|
|
|
||||
Foreign exchange forwards
|
Accounts receivable
|
|
4
|
|
|
12
|
|
|
|
Gain (Loss) on Derivatives in AOCI
|
|
|
|
Amount of Gain (Loss) Recognized in Income
|
||||||||||||||||||||
(In millions)
|
|
2019
|
|
2018
|
|
2017
|
|
Location of Reclassification from AOCI (a)
|
|
2019
|
|
2018
|
|
2017
|
||||||||||||
Sales swaps
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Net sales (b)
|
|
$
|
(1
|
)
|
|
$
|
(13
|
)
|
|
$
|
—
|
|
Commodity purchase swaps
|
|
(6
|
)
|
|
(15
|
)
|
|
1
|
|
|
Cost of sales (c)
|
|
(19
|
)
|
|
(8
|
)
|
|
(2
|
)
|
||||||
Foreign exchange forwards
|
|
1
|
|
|
(2
|
)
|
|
—
|
|
|
Cost of sales
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
December 31,
|
||||||
(In millions)
|
|
Interest
Rates % |
|
Maturity
|
|
2019
|
|
2018
|
||||
2037 Senior Notes
|
|
6.650
|
|
2037
|
|
$
|
350
|
|
|
$
|
350
|
|
2026 Senior Notes
|
|
6.250
|
|
2026
|
|
650
|
|
|
650
|
|
||
2026 Senior Convertible Notes
|
|
5.000
|
|
2026
|
|
350
|
|
|
—
|
|
||
2025 Senior Notes
|
|
6.875
|
|
2025
|
|
750
|
|
|
750
|
|
||
Environmental Revenue Bonds
|
|
4.875 - 6.750
|
|
2024 - 2049
|
|
620
|
|
|
400
|
|
||
Fairfield Caster Lease
|
|
|
|
2022
|
|
18
|
|
|
22
|
|
||
Other finance leases and all other obligations
|
|
|
|
2020-2029
|
|
48
|
|
|
6
|
|
||
Amended Credit Facility, $2.0 billion
|
|
Variable
|
|
2024
|
|
600
|
|
|
—
|
|
||
USSK Credit Agreement
|
|
Variable
|
|
2023
|
|
393
|
|
|
229
|
|
||
USSK credit facilities
|
|
Variable
|
|
2021
|
|
—
|
|
|
—
|
|
||
Total debt
|
|
|
|
|
|
3,779
|
|
|
2,407
|
|
||
Less unamortized discount and debt issuance costs
|
|
|
|
|
|
138
|
|
|
26
|
|
||
Less short-term debt and long-term debt due within one year
|
|
|
|
|
|
14
|
|
|
65
|
|
||
Long-term debt
|
|
|
|
|
|
$
|
3,627
|
|
|
$
|
2,316
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
2024
|
|
Later
Years |
|
Total
|
||||||||||||||
$
|
14
|
|
|
$
|
12
|
|
|
$
|
17
|
|
|
$
|
399
|
|
|
$
|
664
|
|
|
$
|
2,673
|
|
|
$
|
3,779
|
|
|
|
Pension Benefits
|
|
Other Benefits
|
||||||||||||
(In millions)
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Change in benefit obligations
|
|
|
|
|
|
|
|
|
||||||||
Benefit obligations at January 1
|
|
$
|
5,626
|
|
|
$
|
6,107
|
|
|
$
|
2,121
|
|
|
$
|
2,379
|
|
Service cost
|
|
44
|
|
|
49
|
|
|
13
|
|
|
17
|
|
||||
Interest cost
|
|
237
|
|
|
233
|
|
|
91
|
|
|
92
|
|
||||
Plan amendments
|
|
—
|
|
|
26
|
|
|
—
|
|
|
—
|
|
||||
Actuarial (gains) losses
|
|
416
|
|
|
(223
|
)
|
|
(195
|
)
|
|
(185
|
)
|
||||
Exchange rate loss
|
|
1
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
||||
Settlements, curtailments and termination benefits
|
|
—
|
|
|
(18
|
)
|
|
—
|
|
|
—
|
|
||||
Benefits paid
|
|
(502
|
)
|
|
(545
|
)
|
|
(154
|
)
|
|
(182
|
)
|
||||
Benefit obligations at December 31
|
|
$
|
5,822
|
|
|
$
|
5,626
|
|
|
$
|
1,876
|
|
|
$
|
2,121
|
|
Change in plan assets
|
|
|
|
|
|
|
|
|
||||||||
Fair value of plan at January 1
|
|
$
|
4,960
|
|
|
$
|
5,732
|
|
|
$
|
1,860
|
|
|
$
|
2,042
|
|
Actual return on plan assets
|
|
948
|
|
|
(228
|
)
|
|
274
|
|
|
(49
|
)
|
||||
Employer contributions
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Benefits paid from plan assets
|
|
(502
|
)
|
|
(544
|
)
|
|
(109
|
)
|
|
(133
|
)
|
||||
Fair value of plan assets at December 31
|
|
$
|
5,406
|
|
|
$
|
4,960
|
|
|
$
|
2,025
|
|
|
$
|
1,860
|
|
Funded status of plans at December 31
|
|
(416
|
)
|
|
(666
|
)
|
|
149
|
|
|
(261
|
)
|
|
|
|
|
2019
|
|
|
||||||||||
(In millions)
|
|
12/31/2018
|
|
Amortization
|
|
Activity
|
|
12/31/2019
|
||||||||
Pensions
|
|
|
|
|
||||||||||||
Prior Service Cost
|
|
$
|
18
|
|
|
$
|
(2
|
)
|
|
$
|
—
|
|
|
$
|
16
|
|
Actuarial Losses
|
|
2,442
|
|
|
(134
|
)
|
|
(207
|
)
|
|
2,101
|
|
||||
Other Benefits
|
|
|
|
|
|
|
|
|
||||||||
Prior Service Cost
|
|
(80
|
)
|
|
(29
|
)
|
|
—
|
|
|
(109
|
)
|
||||
Actuarial Gains
|
|
(17
|
)
|
|
(3
|
)
|
|
(391
|
)
|
|
(411
|
)
|
|
|
Pension Benefits
|
|
Other Benefits
|
||||||||||||
(In millions)
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Noncurrent assets (a)
|
|
—
|
|
|
—
|
|
|
158
|
|
|
—
|
|
||||
Current liabilities
|
|
(3
|
)
|
|
(2
|
)
|
|
(1
|
)
|
|
(52
|
)
|
||||
Noncurrent liabilities
|
|
(413
|
)
|
|
(664
|
)
|
|
(8
|
)
|
|
(209
|
)
|
||||
Accumulated other comprehensive loss (b)
|
|
2,117
|
|
|
2,460
|
|
|
(520
|
)
|
|
(97
|
)
|
||||
Net amount recognized
|
|
$
|
1,701
|
|
|
$
|
1,794
|
|
|
$
|
(371
|
)
|
|
$
|
(358
|
)
|
(a)
|
Included in Noncurrent assets are $49 million of expected retiree medical and life insurance payments for the next twelve months.
|
(b)
|
Accumulated other comprehensive loss effects associated with accounting for pensions and other benefits in accordance with ASC Topic 715 at December 31, 2019 and December 31, 2018, respectively, are reflected net of tax of $800 million and $991 million respectively, on the Consolidated Statements of Stockholders’ Equity.
|
|
|
December 31,
|
||||||
(In millions)
|
|
2019
|
|
2018
|
||||
Information for pension plans with an accumulated benefit obligation in excess of plan assets:
|
|
|
|
|
||||
Aggregate accumulated benefit obligations (ABO)
|
|
$
|
(5,636
|
)
|
|
$
|
(5,454
|
)
|
Aggregate projected benefit obligations (PBO)
|
|
(5,822
|
)
|
|
(5,626
|
)
|
||
Aggregate fair value of plan assets
|
|
5,406
|
|
|
4,960
|
|
|
|
Pension Benefits
|
|
Other Benefits
|
||||||||||||||||||||
(In millions)
|
|
2019
|
|
2018
|
|
2017
|
|
2019
|
|
2018
|
|
2017
|
||||||||||||
Components of net periodic benefit cost:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Service cost
|
|
$
|
44
|
|
|
$
|
49
|
|
|
$
|
50
|
|
|
$
|
13
|
|
|
$
|
17
|
|
|
$
|
17
|
|
Interest cost
|
|
237
|
|
|
233
|
|
|
235
|
|
|
91
|
|
|
92
|
|
|
94
|
|
||||||
Expected return on plan assets
|
|
(324
|
)
|
|
(361
|
)
|
|
(390
|
)
|
|
(79
|
)
|
|
(82
|
)
|
|
(65
|
)
|
||||||
Amortization - prior service costs
|
|
2
|
|
|
—
|
|
|
—
|
|
|
29
|
|
|
29
|
|
|
29
|
|
||||||
- actuarial losses
|
|
132
|
|
|
152
|
|
|
148
|
|
|
3
|
|
|
4
|
|
|
3
|
|
||||||
Net periodic benefit cost, excluding below
|
|
91
|
|
|
73
|
|
|
43
|
|
|
57
|
|
|
60
|
|
|
78
|
|
||||||
Multiemployer plans (a)
|
|
77
|
|
|
60
|
|
|
59
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Settlement, termination and curtailment losses
|
|
11
|
|
|
10
|
|
|
7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Net periodic benefit cost
|
|
$
|
179
|
|
|
$
|
143
|
|
|
$
|
109
|
|
|
$
|
57
|
|
|
$
|
60
|
|
|
$
|
78
|
|
(a)
|
Primarily represents pension expense for the SPT covering USW employees hired from National Steel Corporation and new USW employees hired after May 21, 2003.
|
|
|
Pension Benefits
|
|
Other Benefits
|
||||||||
|
|
2019
|
2018
|
|
2019
|
2018
|
||||||
|
|
U.S. and Europe
|
|
U.S. and Europe
|
|
U.S.
|
|
U.S.
|
||||
Actuarial assumptions used to determine benefit obligations at December 31:
|
|
|
|
|
|
|
|
|
||||
Discount rate
|
|
3.35
|
%
|
|
4.41
|
%
|
|
3.43
|
%
|
|
4.47
|
%
|
Increase in compensation rate
|
|
2.60
|
%
|
|
2.60
|
%
|
|
N/A
|
|
|
N/A
|
|
|
|
Pension Benefits
|
|||||||
|
|
2019
|
2018
|
|
2017
|
||||
|
|
U.S. and Europe
|
|
U.S. and Europe
|
|
U.S. and Europe
|
|||
Actuarial assumptions used to determine net periodic benefit cost for the year ended December 31:
|
|
|
|
|
|
|
|||
Discount rate
|
|
4.41
|
%
|
|
4.00
|
%
|
|
4.00
|
%
|
Expected annual return on plan assets
|
|
6.50
|
%
|
|
6.85
|
%
|
|
7.25
|
%
|
Increase in compensation rate
|
|
2.60
|
%
|
|
2.60
|
%
|
|
2.60
|
%
|
|
|
Other Benefits
|
|||||||
|
|
2019
|
2018
|
2017
|
|||||
|
|
U.S.
|
|
U.S.
|
|
U.S.
|
|||
Discount rate
|
|
4.47
|
%
|
|
4.03
|
%
|
|
4.00
|
%
|
Expected annual return on plan assets
|
|
4.25
|
%
|
|
4.25
|
%
|
|
3.25
|
%
|
Increase in compensation rate
|
|
N/A
|
|
|
N/A
|
|
|
3.50
|
%
|
|
|
2019
|
|
2018
|
Assumed health care cost trend rates at December 31:
|
|
U.S.
|
|
U.S.
|
Health care cost trend rate assumed for next year
|
|
6.50%
|
|
7.00%
|
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)
|
|
4.50%
|
|
5.00%
|
Year that the rate reaches the ultimate trend rate
|
|
2028
|
|
2023
|
•
|
Level 1 – Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Plan has the ability to access.
|
•
|
Level 2 – Inputs to the valuation methodology include:
|
•
|
Level 3 – Inputs to the valuation methodology are unobservable and significant to the fair value measurement.
|
Level 1
|
|
Level 2
|
|
Level 3
|
Short-term Investments
|
|
Corporate Bonds - U.S. & Non U.S.
|
|
Private Equities
|
Equity Securities - U.S. & Non U.S.
|
|
Government Bonds - U.S. & Non U.S.
|
|
Real Estate
|
Exchange-traded Funds
|
|
Mortgage and asset-backed securities
|
|
Mineral Interests
|
Investment Trusts
|
|
|
|
Timberlands
|
|
|
Fair Value Measurements at December 31, 2019 (in millions)
|
||||||||||||||
|
|
Total
|
|
Quoted Prices in
Active Markets (Level 1) |
|
Other Significant Observable Inputs
(Level 2) |
|
Significant
Unobservable Inputs (Level 3) |
||||||||
Asset Classes
|
|
|
|
|
|
|
|
|
||||||||
Equity Securities (a)
|
|
130
|
|
|
130
|
|
|
—
|
|
|
—
|
|
||||
Corporate & Government Bonds (b)
|
|
2,277
|
|
|
—
|
|
|
2,277
|
|
|
—
|
|
||||
Mineral Interests
|
|
2
|
|
|
—
|
|
|
—
|
|
|
2
|
|
||||
Timberlands
|
|
283
|
|
|
—
|
|
|
—
|
|
|
283
|
|
||||
Real Estate (c)
|
|
32
|
|
|
—
|
|
|
—
|
|
|
32
|
|
||||
All Other (d)
|
|
34
|
|
|
34
|
|
|
—
|
|
|
—
|
|
||||
Total assets in the fair value hierarchy
|
|
$
|
2,758
|
|
|
$
|
164
|
|
|
$
|
2,277
|
|
|
$
|
317
|
|
Investments measured at net asset value (e)
|
|
2,648
|
|
|
|
|
|
|
|
|||||||
Investments at fair value
|
|
$
|
5,406
|
|
|
|
|
|
|
|
Corporate Bonds – U.S.
|
$
|
1,004
|
|
Corporate Bonds - Non U.S.
|
160
|
|
|
Government Bonds – U.S.
|
771
|
|
|
Government Bonds - Non U.S.
|
77
|
|
|
Mortgage and asset-backed securities
|
265
|
|
|
Total
|
$
|
2,277
|
|
|
|
Net Asset Value at December 31, 2019
|
|
Unfunded Commitments
|
|
Redemption Frequency
|
|
Redemption Notice Period
|
||||
Private Equity Funds (a)
|
|
$
|
238
|
|
|
$
|
48
|
|
|
Not redeemable
|
|
N/A
|
Real Estate Funds (a)
|
|
240
|
|
|
62
|
|
|
Not redeemable
|
|
N/A
|
||
Commingled Funds
|
|
2,170
|
|
|
N/A
|
|
|
N/A
|
|
N/A
|
||
Investments measured at net asset value
|
|
$
|
2,648
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements at December 31, 2018 (in millions)
|
||||||||||||||
|
|
Total
|
|
Quoted Prices in
Active Markets (Level 1) |
|
Other Significant Observable Inputs
(Level 2)
|
|
Significant
Unobservable Inputs (Level 3) |
||||||||
Asset Classes
|
|
|
|
|
|
|
|
|
||||||||
Short-term investments
|
|
$
|
7
|
|
|
$
|
7
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Equity Securities (a)
|
|
101
|
|
|
101
|
|
|
—
|
|
|
—
|
|
||||
Corporate & Government Bonds (b)
|
|
2,143
|
|
|
—
|
|
|
2,143
|
|
|
—
|
|
||||
Mineral Interests
|
|
2
|
|
|
—
|
|
|
—
|
|
|
2
|
|
||||
Timberlands
|
|
294
|
|
|
—
|
|
|
—
|
|
|
294
|
|
||||
Private equities (c)
|
|
2
|
|
|
—
|
|
|
—
|
|
|
2
|
|
||||
Real Estate (d)
|
|
33
|
|
|
—
|
|
|
—
|
|
|
33
|
|
||||
All Other (e)
|
|
14
|
|
|
14
|
|
|
—
|
|
|
—
|
|
||||
Total assets in the fair value hierarchy
|
|
$
|
2,596
|
|
|
$
|
122
|
|
|
2,143
|
|
|
$
|
331
|
|
|
Investments measured at net asset value (f)
|
|
2,364
|
|
|
|
|
|
|
|
|||||||
Investments at fair value
|
|
$
|
4,960
|
|
|
|
|
|
|
|
Corporate Bonds – U.S.
|
$
|
933
|
|
Corporate Bonds – Non U.S.
|
149
|
|
|
Government Bonds – U.S.
|
858
|
|
|
Government Bonds – Non U.S.
|
67
|
|
|
Mortgage and asset-backed securities
|
136
|
|
|
Total
|
$
|
2,143
|
|
|
|
Net Asset Value at December 31, 2018
|
|
Unfunded Commitments
|
|
Redemption Frequency
|
|
Redemption Notice Period
|
||||
Private Equity Funds (a)
|
|
$
|
254
|
|
|
$
|
68
|
|
|
Not redeemable
|
|
N/A
|
Real Estate Funds (a)
|
|
236
|
|
|
93
|
|
|
Not redeemable
|
|
N/A
|
||
Commingled Funds
|
|
1,874
|
|
|
N/A
|
|
|
N/A
|
|
N/A
|
||
Investments measured at net asset value
|
|
$
|
2,364
|
|
|
|
|
|
|
|
|
|
Level 3 assets only |
||||||
(In millions)
|
|
2019
|
|
2018
|
||||
Balance at beginning of period
|
|
$
|
331
|
|
|
$
|
340
|
|
Transfers in and/or out of Level 3
|
|
—
|
|
|
—
|
|
||
Actual return on plan assets:
|
|
|
|
|
||||
Realized gain
|
|
8
|
|
|
11
|
|
||
Net unrealized loss
|
|
(21
|
)
|
|
(8
|
)
|
||
Purchases, sales, issuances and settlements:
|
|
|
|
|
||||
Purchases
|
|
1
|
|
|
—
|
|
||
Sales
|
|
(2
|
)
|
|
(12
|
)
|
||
Balance at end of period
|
|
$
|
317
|
|
|
$
|
331
|
|
|
|
Fair Value Measurements at December 31, 2019 (in millions)
|
||||||||||||||
|
|
Total
|
|
Quoted Prices in
Active Markets (Level 1) |
|
Other Significant Observable Inputs (Level 2)
|
|
Significant
Unobservable Inputs (Level 3) |
||||||||
Asset Classes
|
|
|
|
|
|
|
|
|
||||||||
Short-term investments
|
|
$
|
31
|
|
|
$
|
31
|
|
|
—
|
|
|
$
|
—
|
|
|
Equity Securities (a)
|
|
49
|
|
|
49
|
|
|
—
|
|
|
—
|
|
||||
Corporate & Government Bonds (b)
|
|
1,799
|
|
|
—
|
|
|
1,799
|
|
|
—
|
|
||||
Timberlands
|
|
35
|
|
|
—
|
|
|
—
|
|
|
35
|
|
||||
All Other (c)
|
|
25
|
|
|
25
|
|
|
—
|
|
|
—
|
|
||||
Total assets in the fair value hierarchy
|
|
$
|
1,939
|
|
|
$
|
105
|
|
|
$
|
1,799
|
|
|
$
|
35
|
|
Investments measured at net asset value (d)
|
|
86
|
|
|
|
|
|
|
|
|||||||
Investments at fair value
|
|
$
|
2,025
|
|
|
|
|
|
|
|
Corporate Bonds – U.S.
|
|
$
|
1,132
|
|
Corporate Bonds - Non U.S.
|
|
287
|
|
|
Government Bonds – U.S.
|
|
329
|
|
|
Government Bonds - Non U.S.
|
|
13
|
|
|
Mortgage and asset-backed Securities
|
|
38
|
|
|
Total
|
|
$
|
1,799
|
|
|
|
Net Asset Value at December 31, 2019
|
|
Unfunded Commitments
|
|
Redemption Frequency
|
|
Redemption Notice Period
|
||||
Private Equity Funds (a)
|
|
$
|
54
|
|
|
$
|
8
|
|
|
Not redeemable
|
|
NA
|
Real Estate Funds (a)
|
|
32
|
|
|
10
|
|
|
Not redeemable
|
|
NA
|
||
Investments measured at net asset value
|
|
$
|
86
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements at December 31, 2018 (in millions)
|
|||||||||||||
|
|
Total
|
|
Quoted Prices in
Active Markets (Level 1) |
|
Other Significant Observable Inputs (Level 2)
|
|
Significant
Unobservable Inputs (Level 3) |
|||||||
Asset Classes
|
|
|
|
|
|
|
|
|
|||||||
Short-term investments
|
|
42
|
|
|
42
|
|
|
—
|
|
|
—
|
|
|||
Equity Securities (a)
|
|
45
|
|
|
45
|
|
|
—
|
|
|
—
|
|
|||
Corporate & Government Bonds (b)
|
|
1,631
|
|
|
—
|
|
|
1,631
|
|
|
—
|
|
|||
Timberlands
|
|
35
|
|
|
—
|
|
|
—
|
|
|
35
|
|
|||
All Other (c)
|
|
13
|
|
|
13
|
|
|
—
|
|
|
—
|
|
|||
Total assets in the fair value hierarchy
|
|
$
|
1,766
|
|
|
$
|
100
|
|
|
1,631
|
|
|
$
|
35
|
|
Investments measured at net asset value (d)
|
|
94
|
|
|
|
|
|
|
|
||||||
Investments at fair value
|
|
$
|
1,860
|
|
|
|
|
|
|
|
Corporate Bonds – U.S.
|
|
$
|
1,052
|
|
Corporate Bonds - Non U.S.
|
|
271
|
|
|
Government Bonds – U.S.
|
|
270
|
|
|
Government Bonds - Non U.S.
|
|
8
|
|
|
Mortgage and asset-backed Securities
|
|
30
|
|
|
Total
|
|
$
|
1,631
|
|
|
|
Net Asset Value at December 31, 2018
|
|
Unfunded Commitments
|
|
Redemption Frequency
|
|
Redemption Notice Period
|
||||
Private Equity Funds (a)
|
|
$
|
61
|
|
|
$
|
10
|
|
|
Not redeemable
|
|
N/A
|
Real Estate Funds (a)
|
|
33
|
|
|
12
|
|
|
Not redeemable
|
|
N/A
|
||
Investments measured at net asset value
|
|
$
|
94
|
|
|
|
|
|
|
|
|
|
Level 3 assets only |
||||||
(In millions)
|
|
2019
|
|
2018
|
||||
Balance at beginning of period
|
|
$
|
35
|
|
|
$
|
35
|
|
Transfers in and/or out of Level 3
|
|
—
|
|
|
—
|
|
||
Actual return on plan assets:
|
|
|
|
|
||||
Realized gain
|
|
—
|
|
|
1
|
|
||
Net unrealized loss
|
|
—
|
|
|
(1
|
)
|
||
Purchases, sales, issuances and settlements:
|
|
|
|
|
||||
Sales
|
|
—
|
|
|
—
|
|
||
Balance at end of period
|
|
$
|
35
|
|
|
$
|
35
|
|
(a)
|
The zone status is based on information that U. S. Steel received from the plan and is certified by the plan’s actuary. Among other factors, plans in the green zone are at least 80 percent funded, while plans in the yellow zone are less than 80 percent funded and plans in the red zone are less than 65 percent funded.
|
(b)
|
Indicates if a financial improvement plan (FIP) or a rehabilitation plan (RP) is either pending or has been implemented.
|
(c)
|
Indicates whether there were charges to U. S. Steel from the plan.
|
(In millions)
|
|
Pension
Benefits |
|
Other
Benefits |
||||
2020
|
|
$
|
483
|
|
|
$
|
153
|
|
2021
|
|
465
|
|
|
152
|
|
||
2022
|
|
442
|
|
|
151
|
|
||
2023
|
|
418
|
|
|
149
|
|
||
2024
|
|
406
|
|
|
146
|
|
||
Years 2025 - 2028
|
|
1,850
|
|
|
680
|
|
|
|
December 31,
|
||||||
(In millions)
|
|
2019
|
|
2018
|
||||
Balance at beginning of year
|
|
$
|
60
|
|
|
$
|
69
|
|
Additional obligations incurred
|
|
4
|
|
|
—
|
|
||
Obligations settled
|
|
(9
|
)
|
|
(12
|
)
|
||
Accretion expense
|
|
3
|
|
|
3
|
|
||
Balance at end of period
|
|
$
|
58
|
|
|
$
|
60
|
|
(In millions)
|
|
Balance Sheet Location
|
|
Fair Value asset/(liability)
at Purchase Date (a) |
|
Fair Value
Mark to Market gain/(loss) |
|
Fair Value asset/(liability)
at December 31, 2019 |
||||||
U. S. Steel Call Option
|
|
Investments and Long-Term Receivables
|
|
$
|
162
|
|
|
$
|
4
|
|
|
$
|
166
|
|
Class B Common
Put Option |
|
Deferred credits and other noncurrent liabilities
|
|
$
|
(181
|
)
|
|
$
|
(11
|
)
|
|
$
|
(192
|
)
|
Class B Common
Call Option |
|
Deferred credits and other noncurrent liabilities
|
|
$
|
(2
|
)
|
|
$
|
—
|
|
|
$
|
(2
|
)
|
Net Mark to Market Impact
|
|
|
|
|
|
$
|
(7
|
)
|
|
|
|
Fair Value asset/(liability)
|
|
Big River Steel Equity Value
|
|
Volatility
|
|
Risk Free Interest Rate
|
|
U. S. Steel's Credit Spread
|
||||
(In millions)
|
|
5%
|
(5)%
|
|
10%
|
(10)%
|
|
1%
|
(1)%
|
|
1%
|
(1)%
|
|
U. S. Steel Call Option
|
$166
|
|
$19
|
$(17)
|
|
$34
|
$(34)
|
|
$3
|
$(3)
|
|
N/A
|
N/A
|
Class B Common Put Option
|
$(192)
|
|
$15
|
$(16)
|
|
$(25)
|
$25
|
|
$13
|
$(14)
|
|
$7
|
$(8)
|
Class B Common Call Option
|
$(2)
|
|
$—
|
$—
|
|
$—
|
$—
|
|
$—
|
$—
|
|
N/A
|
N/A
|
|
|
At December 31, 2019
|
||
Big River Steel Equity Value (in approximate billions)
|
|
$
|
1.4
|
|
Volatility
|
|
54.1
|
%
|
|
Risk Free Interest Rate
|
|
1.6
|
%
|
|
Credit Spread
|
|
7.9
|
%
|
|
|
December 31, 2019
|
|
December 31, 2018
|
||||||||||||
(In millions)
|
|
Fair Value
|
|
Carrying
Amount |
|
Fair Value
|
|
Carrying
Amount |
||||||||
Financial liabilities:
|
|
|
|
|
|
|
|
|
||||||||
Long-term debt (a)
|
|
$
|
3,576
|
|
|
$
|
3,575
|
|
|
$
|
2,182
|
|
|
$
|
2,353
|
|
(In millions)
|
|
Pension and
Other Benefit
Items
|
|
Foreign
Currency
Items
|
|
Unrealized Gain (Loss) on Derivatives
|
|
Total
|
||||||||
Balance at December 31, 2017
|
|
$
|
(1,309
|
)
|
|
$
|
463
|
|
|
$
|
1
|
|
|
$
|
(845
|
)
|
Other comprehensive loss before reclassifications (b)
|
|
(255
|
)
|
|
(60
|
)
|
|
—
|
|
|
(315
|
)
|
||||
Amounts reclassified from AOCI (a)(b)
|
|
148
|
|
|
—
|
|
|
(14
|
)
|
|
134
|
|
||||
Net current-period other comprehensive loss
|
|
(107
|
)
|
|
(60
|
)
|
|
(14
|
)
|
|
(181
|
)
|
||||
Balance at December 31, 2018
|
|
$
|
(1,416
|
)
|
|
$
|
403
|
|
|
$
|
(13
|
)
|
|
$
|
(1,026
|
)
|
Other comprehensive income (loss) before reclassifications
|
|
446
|
|
|
(22
|
)
|
|
(19
|
)
|
|
405
|
|
||||
Amounts reclassified from AOCI (a)
|
|
127
|
|
|
—
|
|
|
16
|
|
|
143
|
|
||||
Net current-period other comprehensive income (loss)
|
|
573
|
|
|
(22
|
)
|
|
(3
|
)
|
|
548
|
|
||||
Balance at December 31, 2019
|
|
$
|
(843
|
)
|
|
$
|
381
|
|
|
$
|
(16
|
)
|
|
$
|
(478
|
)
|
|
|
|
|
Amount reclassified from AOCI (c)
|
||||||||||
(In millions) (a)
|
|
Details about AOCI components
|
|
2019
|
|
2018
|
|
2017
|
||||||
|
|
Amortization of pension and other benefit items
|
|
|
|
|
|
|
||||||
|
|
Prior service costs (a)
|
|
$
|
31
|
|
|
$
|
29
|
|
|
$
|
29
|
|
|
|
Actuarial losses (a)
|
|
135
|
|
|
156
|
|
|
151
|
|
|||
|
|
Settlements, termination and curtailment losses (a)
|
|
3
|
|
|
10
|
|
|
7
|
|
|||
|
|
Total pensions and other benefits items
|
|
169
|
|
|
195
|
|
|
187
|
|
|||
|
|
Derivative reclassifications to Consolidated Statements of Operations
|
|
22
|
|
|
(19
|
)
|
|
(4
|
)
|
|||
|
|
Total before tax
|
|
191
|
|
|
176
|
|
|
183
|
|
|||
|
|
Tax provision (b)
|
|
(48
|
)
|
|
(42
|
)
|
|
—
|
|
|||
|
|
Net of tax
|
|
$
|
143
|
|
|
$
|
134
|
|
|
$
|
183
|
|
(a)
|
These AOCI components are included in the computation of net periodic benefit cost (see Note 18 for additional details).
|
|
|
Year Ended December 31,
|
||||||||||
(In millions)
|
|
2019
|
|
2018
|
|
2017
|
||||||
Net cash (used in) provided by operating activities included:
|
|
|
|
|
|
|
||||||
Interest and other financial costs paid (net of amount capitalized)
|
|
$
|
(151
|
)
|
|
$
|
(207
|
)
|
|
$
|
(242
|
)
|
Income taxes refunded (paid)
|
|
$
|
38
|
|
|
$
|
(39
|
)
|
|
$
|
(40
|
)
|
Non-cash investing and financing activities:
|
|
|
|
|
|
|
||||||
Change in accrued capital expenditures
|
|
$
|
(70
|
)
|
|
$
|
135
|
|
|
$
|
208
|
|
U. S. Steel common stock issued for employee/non-employee director stock plans
|
|
$
|
19
|
|
|
$
|
21
|
|
|
$
|
49
|
|
Capital expenditures funded by finance lease borrowings
|
|
$
|
46
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Big River Steel put and call options (a)
|
|
$
|
21
|
|
|
$
|
—
|
|
|
$
|
—
|
|
(In millions)
|
Balance Sheet Location
|
December 31, 2019
|
||
Assets
|
|
|
||
Operating
|
Operating lease assets (a) (c)
|
$
|
230
|
|
Finance
|
Property, plant and equipment (b)
|
56
|
|
|
Total Lease Assets
|
|
$
|
286
|
|
|
|
|
||
Liabilities
|
|
|
||
Current
|
|
|
||
Operating
|
Current operating lease liabilities (c)
|
$
|
60
|
|
Finance
|
Current portion of long-term debt
|
11
|
|
|
Non-Current
|
|
|
||
Operating
|
Noncurrent operating lease liabilities (c)
|
177
|
|
|
Finance
|
Long-term debt less unamortized discount and issue costs
|
51
|
|
|
Total Lease Liabilities
|
|
$
|
299
|
|
(In millions)
|
Classification
|
Year Ended December 31, 2019
|
||
Operating Lease Cost (a)
|
Cost of sales
|
$
|
81
|
|
Operating Lease Cost
|
Selling, general and administrative expenses
|
11
|
|
|
Finance Lease Cost
|
|
|
||
Amortization
|
Depreciation, depletion and amortization
|
7
|
|
|
Interest
|
Interest expense
|
3
|
|
|
Total Lease Cost
|
|
$
|
102
|
|
(In millions)
|
Operating
|
|
Finance
|
|
Total
|
||||||
2020
|
$
|
74
|
|
|
$
|
15
|
|
|
$
|
89
|
|
2021
|
58
|
|
|
14
|
|
|
72
|
|
|||
2022
|
46
|
|
|
18
|
|
|
64
|
|
|||
2023
|
34
|
|
|
7
|
|
|
41
|
|
|||
2024
|
26
|
|
|
6
|
|
|
32
|
|
|||
After 2024
|
51
|
|
|
12
|
|
|
63
|
|
|||
Total Lease Payments
|
$
|
289
|
|
|
$
|
72
|
|
|
$
|
361
|
|
Less: Interest
|
52
|
|
|
10
|
|
|
62
|
|
|||
Present value of lease liabilities
|
$
|
237
|
|
|
$
|
62
|
|
|
$
|
299
|
|
(In millions)
|
|
Capital
Leases |
|
Operating
Leases |
||||
2019
|
|
$
|
5
|
|
|
$
|
66
|
|
2020
|
|
5
|
|
|
55
|
|
||
2021
|
|
5
|
|
|
45
|
|
||
2022
|
|
11
|
|
|
37
|
|
||
2023
|
|
—
|
|
|
28
|
|
||
After 2023
|
|
—
|
|
|
72
|
|
||
Total minimum lease payments
|
|
$
|
26
|
|
|
$
|
303
|
|
Less imputed interest costs
|
|
4
|
|
|
|
|||
Present value of net minimum lease payments included in long-term debt
|
|
$
|
22
|
|
|
|
|
December 31, 2019
|
|
Weighted average lease term
|
|
|
Finance
|
5 years
|
|
Operating
|
5 years
|
|
|
|
|
Weighted average discount rate
|
|
|
Finance
|
6.05
|
%
|
Operating
|
7.76
|
%
|
(In millions)
|
Year Ended December 31, 2019
|
||
Cash paid for amounts included in the measurement of lease liabilities:
|
|
||
Operating cash flows from operating leases
|
$
|
72
|
|
Operating cash flows from finance leases
|
3
|
|
|
Financing cash flows from finance leases
|
7
|
|
|
Right-of-use assets exchanged for lease liabilities:
|
|
||
Operating leases
|
53
|
|
|
Finance leases
|
46
|
|
(in millions)
|
|
Employee Related Costs
|
|
Exit Costs
|
|
Non-cash Charges (a)
|
|
Total
|
||||||||
Balance at December 31, 2017
|
|
$
|
4
|
|
|
$
|
34
|
|
|
$
|
—
|
|
|
$
|
38
|
|
Cash payments/utilization
|
|
(4
|
)
|
|
(17
|
)
|
|
—
|
|
|
(21
|
)
|
||||
Balance at December 31, 2018
|
|
$
|
—
|
|
|
$
|
17
|
|
|
$
|
—
|
|
|
$
|
17
|
|
Additional charges
|
|
111
|
|
|
119
|
|
|
45
|
|
|
275
|
|
||||
Cash payments/utilization
|
|
(24
|
)
|
|
(11
|
)
|
|
(45
|
)
|
|
(80
|
)
|
||||
Balance at December 31, 2019
|
|
$
|
87
|
|
|
$
|
125
|
|
|
$
|
—
|
|
|
$
|
212
|
|
(in millions)
|
|
December 31, 2019
|
|
December 31, 2018
|
||||
Accounts payable
|
|
$
|
46
|
|
|
$
|
11
|
|
Payroll and benefits payable
|
|
64
|
|
|
—
|
|
||
Employee benefits
|
|
23
|
|
|
—
|
|
||
Deferred credits and other noncurrent liabilities
|
|
79
|
|
|
6
|
|
||
Total
|
|
$
|
212
|
|
|
$
|
17
|
|
Period ended
|
|
Opening
Number of Claims |
|
Claims
Dismissed, Settled and Resolved (a) |
|
New
Claims |
|
Closing
Number of Claims |
December 31, 2017
|
|
3,340
|
|
275
|
|
250
|
|
3,315
|
December 31, 2018
|
|
3,315
|
|
1,285
|
|
290
|
|
2,320
|
December 31, 2019
|
|
2,320
|
|
195
|
|
265
|
|
2,390
|
|
|
Year Ended December 31,
|
||||||
(In millions)
|
|
2019
|
|
2018
|
||||
Beginning of period
|
|
$
|
187
|
|
|
$
|
179
|
|
Accruals for environmental remediation deemed probable and reasonably estimable
|
|
20
|
|
|
14
|
|
||
Obligations settled
|
|
(21
|
)
|
|
(6
|
)
|
||
End of period
|
|
$
|
186
|
|
|
$
|
187
|
|
(In millions)
|
|
December 31, 2019
|
|
December 31, 2018
|
||||
Accounts payable
|
|
$
|
53
|
|
|
$
|
37
|
|
Deferred credits and other noncurrent liabilities
|
|
133
|
|
|
150
|
|
||
Total
|
|
$
|
186
|
|
|
$
|
187
|
|
(1)
|
Projects with Ongoing Study and Scope Development – Projects which are still in the development phase. For these projects, the extent of remediation that may be required is not yet known, the remediation methods and plans are not yet developed, and/or cost estimates cannot be determined. Therefore, significant costs, in addition to the accrued liabilities for these projects, are reasonably possible. There are six environmental remediation projects where additional costs for completion are not currently estimable, but could be material. These projects are at Fairfield Works, Lorain Tubular, USS-POSCO Industries (UPI), the Fairless Plant, Gary Works and the former steelmaking plant at Joliet, Illinois. As of December 31, 2019, accrued liabilities for these projects totaled $2 million for the costs of studies, investigations, interim measures, design and/or remediation. It is reasonably possible that additional liabilities associated with future requirements regarding studies, investigations, design and remediation for these projects could be as much as $30 million to $45 million.
|
(2)
|
Significant Projects with Defined Scope – Projects with significant accrued liabilities with a defined scope. As of December 31, 2019, there are four significant projects with defined scope greater than or equal to $5 million each, with a total accrued liability of $128 million. These projects are: Gary Resource Conservation and Recovery Act (RCRA) (accrued liability of $25 million), the former Geneva facility (accrued liability of $48 million), the Cherryvale Zinc site (accrued liability of $10 million) and the former Duluth facility St. Louis River Estuary (accrued liability of $45 million).
|
(3)
|
Other Projects with a Defined Scope – Projects with relatively small accrued liabilities for which we believe that, while additional costs are possible, they are not likely to be significant, and also include those projects for which we do not yet possess sufficient information to estimate potential costs to U. S. Steel. There are
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
2024
|
|
Later years
|
|
Total
|
$430
|
|
$404
|
|
$337
|
|
$338
|
|
$107
|
|
$611
|
|
$2,227
|
|
|
2019
|
|
2018
|
||||||||||||||||||||||||||||
(In millions, except per share data)
|
|
4th Qtr. (a)
|
|
3rd Qtr.
|
|
2nd Qtr.
|
|
1st Qtr.
|
|
4th Qtr.
|
|
3rd Qtr.
|
|
2nd Qtr.
|
|
1st Qtr.
|
||||||||||||||||
Net sales
|
|
$
|
2,824
|
|
|
$
|
3,069
|
|
|
$
|
3,545
|
|
|
$
|
3,499
|
|
|
$
|
3,691
|
|
|
$
|
3,729
|
|
|
$
|
3,609
|
|
|
$
|
3,149
|
|
Segment (loss) earnings before interest and income taxes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Flat-rolled
|
|
(79
|
)
|
|
46
|
|
|
134
|
|
|
95
|
|
|
321
|
|
|
305
|
|
|
224
|
|
|
33
|
|
||||||||
USSE
|
|
(30
|
)
|
|
(46
|
)
|
|
(10
|
)
|
|
29
|
|
|
62
|
|
|
72
|
|
|
115
|
|
|
110
|
|
||||||||
Tubular
|
|
(46
|
)
|
|
(25
|
)
|
|
(6
|
)
|
|
10
|
|
|
(3
|
)
|
|
7
|
|
|
(35
|
)
|
|
(27
|
)
|
||||||||
Total reportable segments
|
|
$
|
(155
|
)
|
|
$
|
(25
|
)
|
|
$
|
118
|
|
|
$
|
134
|
|
|
$
|
380
|
|
|
$
|
384
|
|
|
$
|
304
|
|
|
$
|
116
|
|
Other Businesses
|
|
(3
|
)
|
|
8
|
|
|
10
|
|
|
8
|
|
|
11
|
|
|
16
|
|
|
17
|
|
|
11
|
|
||||||||
Items not allocated to segments
|
|
(218
|
)
|
|
(63
|
)
|
|
(13
|
)
|
|
(31
|
)
|
|
(78
|
)
|
|
(27
|
)
|
|
(20
|
)
|
|
10
|
|
||||||||
Total (loss) earnings before interest and income taxes
|
|
$
|
(376
|
)
|
|
$
|
(80
|
)
|
|
$
|
115
|
|
|
$
|
111
|
|
|
$
|
313
|
|
|
$
|
373
|
|
|
$
|
301
|
|
|
$
|
137
|
|
Net (loss) earnings
|
|
(668
|
)
|
|
(84
|
)
|
|
68
|
|
|
54
|
|
|
592
|
|
|
291
|
|
|
214
|
|
|
18
|
|
||||||||
Net (loss) earnings attributable to United States Steel Corporation
|
|
$
|
(668
|
)
|
|
$
|
(84
|
)
|
|
$
|
68
|
|
|
$
|
54
|
|
|
$
|
592
|
|
|
$
|
291
|
|
|
$
|
214
|
|
|
$
|
18
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Gross profit
|
|
$
|
43
|
|
|
$
|
167
|
|
|
$
|
318
|
|
|
$
|
327
|
|
|
$
|
487
|
|
|
$
|
557
|
|
|
$
|
488
|
|
|
$
|
341
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Common stock data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net (loss) earnings per share attributable to United States Steel Corporation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
- Basic
|
|
$
|
(3.93
|
)
|
|
$
|
(0.49
|
)
|
|
$
|
0.39
|
|
|
$
|
0.31
|
|
|
$
|
3.36
|
|
|
$
|
1.64
|
|
|
$
|
1.21
|
|
|
$
|
0.10
|
|
- Diluted
|
|
$
|
(3.93
|
)
|
|
$
|
(0.49
|
)
|
|
$
|
0.39
|
|
|
$
|
0.31
|
|
|
$
|
3.34
|
|
|
$
|
1.62
|
|
|
$
|
1.20
|
|
|
$
|
0.10
|
|
Dividends paid per share
|
|
$
|
0.05
|
|
|
$
|
0.05
|
|
|
$
|
0.05
|
|
|
$
|
0.05
|
|
|
$
|
0.05
|
|
|
$
|
0.05
|
|
|
$
|
0.05
|
|
|
$
|
0.05
|
|
|
|
Proven and Probable Reserves
As of December 31, 2019 |
|
Production
|
||||||||||||||
(Millions of short tons)
|
|
Owned
|
|
Leased
|
|
Total
|
|
2019
|
|
2018
|
|
2017
|
||||||
Iron ore pellets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Minntac Mine and Pellet Plant
|
|
116
|
|
|
298
|
|
|
414
|
|
|
14.4
|
|
|
15.9
|
|
|
16.0
|
|
Keetac Mine and Pellet Plant
|
|
19
|
|
|
349
|
|
|
368
|
|
|
5.8
|
|
|
5.9
|
|
|
5.1
|
|
Tilden Mining Company, L.C.(1)( 2)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.8
|
|
Hibbing Taconite Company(1)
|
|
—
|
|
|
5
|
|
|
5
|
|
|
1.2
|
|
|
1.3
|
|
|
1.3
|
|
Total
|
|
135
|
|
|
652
|
|
|
787
|
|
|
21.4
|
|
|
23.1
|
|
|
23.2
|
|
(1)
|
Represents U. S. Steel’s proportionate share of proven and probable reserves and production as these investments are unconsolidated equity affiliates.
|
(2)
|
On September 29, 2017, a subsidiary of U. S. Steel completed the sale of its 15% ownership interest in Tilden Mining Company, L.C.
|
(Thousands of tons, unless otherwise noted)
|
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
Raw Steel Production
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Gary, IN
|
|
4,974
|
|
|
5,958
|
|
|
5,755
|
|
|
5,608
|
|
|
5,172
|
|
|||||
Great Lakes, MI
|
|
1,964
|
|
|
2,369
|
|
|
2,592
|
|
|
2,543
|
|
|
2,257
|
|
|||||
Mon Valley, PA
|
|
2,331
|
|
|
2,640
|
|
|
2,473
|
|
|
2,555
|
|
|
2,266
|
|
|||||
Granite City, IL
|
|
2,140
|
|
|
926
|
|
|
0
|
|
|
0
|
|
|
1,162
|
|
|||||
Fairfield, AL(a)
|
|
0
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
480
|
|
|||||
Total Flat-Rolled facilities
|
|
11,409
|
|
|
11,893
|
|
|
10,820
|
|
|
10,706
|
|
|
11,337
|
|
|||||
U. S. Steel Košice
|
|
3,903
|
|
|
5,023
|
|
|
5,091
|
|
|
4,967
|
|
|
4,669
|
|
|||||
Total
|
|
15,312
|
|
|
16,916
|
|
|
15,911
|
|
|
15,673
|
|
|
16,006
|
|
|||||
Raw Steel Capability
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Flat-Rolled(a)
|
|
17,000
|
|
|
17,000
|
|
|
17,000
|
|
|
17,000
|
|
|
17,000
|
|
|||||
USSE
|
|
5,000
|
|
|
5,000
|
|
|
5,000
|
|
|
5,000
|
|
|
5,000
|
|
|||||
Total
|
|
22,000
|
|
|
22,000
|
|
|
22,000
|
|
|
22,000
|
|
|
22,000
|
|
|||||
Production as % of total capability:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Flat-Rolled
|
|
67
|
%
|
|
70
|
%
|
|
64
|
%
|
|
63
|
%
|
|
60
|
%
|
|||||
USSE
|
|
78
|
%
|
|
100
|
%
|
|
102
|
%
|
|
99
|
%
|
|
93
|
%
|
|||||
Coke Production
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Flat-Rolled(a)
|
|
3,485
|
|
|
3,718
|
|
|
3,416
|
|
|
2,961
|
|
|
3,957
|
|
|||||
USSE
|
|
1,328
|
|
|
1,514
|
|
|
1,497
|
|
|
1,545
|
|
|
1,600
|
|
|||||
Total
|
|
4,813
|
|
|
5,232
|
|
|
4,913
|
|
|
4,506
|
|
|
5,557
|
|
|||||
Iron Ore Pellet Production(b)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total
|
|
21,450
|
|
|
23,054
|
|
|
23,246
|
|
|
17,635
|
|
|
17,422
|
|
|||||
Steel Shipments by Segment(c)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Flat-Rolled(a)
|
|
10,700
|
|
|
10,510
|
|
|
9,887
|
|
|
10,094
|
|
|
10,595
|
|
|||||
USSE
|
|
3,590
|
|
|
4,457
|
|
|
4,585
|
|
|
4,496
|
|
|
4,357
|
|
|||||
Tubular
|
|
769
|
|
|
780
|
|
|
688
|
|
|
400
|
|
|
593
|
|
|||||
Total steel shipments
|
|
15,059
|
|
|
15,747
|
|
|
15,160
|
|
|
14,990
|
|
|
15,545
|
|
|||||
Average Realized Price (dollars per net ton)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Flat-Rolled
|
|
$
|
753
|
|
|
$
|
811
|
|
|
$
|
726
|
|
|
$
|
666
|
|
|
$
|
695
|
|
USSE
|
|
$
|
652
|
|
|
$
|
693
|
|
|
$
|
622
|
|
|
$
|
483
|
|
|
$
|
516
|
|
Tubular
|
|
$
|
1,450
|
|
|
$
|
1,483
|
|
|
$
|
1,253
|
|
|
$
|
1,071
|
|
|
$
|
1,464
|
|
(a)
|
As a result of the permanent shutdown of the blast furnace and associated steelmaking operations, along with most of the flat-rolled finishing operations at Fairfield Works late in the third quarter of 2015, Flat-Rolled's annual raw steel capability was reduced to 17.0 million tons. In 2015, coke operations at Gary Works and Granite City Works were permanently shutdown.
|
(b)
|
Includes our share of production from Hibbing and Tilden. As a result of the sale of our ownership interest, iron ore pellet production amounts do not include Tilden after September 29, 2017.
|
(c)
|
Does not include intersegment shipments or shipments by joint ventures and other equity investees of U. S. Steel. Includes shipments from U. S. Steel to joint ventures and equity investees of substrate materials, primarily hot-rolled and cold-rolled sheets.
|
(Thousands of net tons)
|
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
Steel Shipments by Market - North American Facilities(a) (c)
|
|
|
|
|
|
|
|
|
|
|
Steel service centers
|
|
1,902
|
|
1,904
|
|
1,953
|
|
2,094
|
|
1,946
|
Further conversion:
|
|
|
|
|
|
|
|
|
|
|
Trade customers
|
|
2,823
|
|
2,273
|
|
1,738
|
|
1,420
|
|
2,146
|
Joint ventures (b)
|
|
819
|
|
810
|
|
715
|
|
414
|
|
260
|
Transportation and automotive (b)
|
|
2,620
|
|
2,874
|
|
2,982
|
|
2,228
|
|
3,536
|
Construction and construction products
|
|
1,120
|
|
991
|
|
951
|
|
1,025
|
|
948
|
Containers and packaging
|
|
652
|
|
768
|
|
715
|
|
2,107
|
|
982
|
Appliances and electrical equipment
|
|
570
|
|
599
|
|
594
|
|
600
|
|
611
|
Oil, gas and petrochemicals
|
|
725
|
|
742
|
|
647
|
|
360
|
|
538
|
All other
|
|
238
|
|
329
|
|
280
|
|
246
|
|
221
|
Total
|
|
11,469
|
|
11,290
|
|
10,575
|
|
10,494
|
|
11,188
|
Steel Shipments by Market - USSE
|
|
|
|
|
|
|
|
|
|
|
Steel service centers
|
|
740
|
|
799
|
|
761
|
|
801
|
|
718
|
Further conversion:
|
|
|
|
|
|
|
|
|
|
|
Trade customers
|
|
214
|
|
287
|
|
284
|
|
274
|
|
304
|
Transportation and automotive
|
|
676
|
|
728
|
|
708
|
|
660
|
|
705
|
Construction and construction products
|
|
1,048
|
|
1,637
|
|
1,831
|
|
1,811
|
|
1,703
|
Containers and packaging
|
|
440
|
|
439
|
|
438
|
|
436
|
|
424
|
Appliances and electrical equipment
|
|
220
|
|
261
|
|
247
|
|
236
|
|
236
|
Oil, gas and petrochemicals
|
|
0
|
|
11
|
|
10
|
|
4
|
|
0
|
All other
|
|
252
|
|
295
|
|
306
|
|
274
|
|
267
|
Total
|
|
3,590
|
|
4,457
|
|
4,585
|
|
4,496
|
|
4,357
|
(a)
|
Does not include shipments by joint ventures and other equity investees of U. S. Steel, but instead reflects the shipments of substrate materials, primarily hot-rolled and cold-rolled sheets, to those entities.
|
(b)
|
PRO-TEC automotive substrate shipments are included in the Transportation and Automotive category.
|
(c)
|
Shipments previously reported in 2018, 2017, 2016 and 2015 as Exports have been reclassified to one of the other categories to which they relate.
|
(Dollars in millions, except per share amounts)
|
|
2019 (c)
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
Net sales by segment:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Flat-Rolled
|
|
$
|
9,560
|
|
|
$
|
9,912
|
|
|
$
|
8,491
|
|
|
$
|
7,532
|
|
|
$
|
8,561
|
|
USSE
|
|
2,420
|
|
|
3,228
|
|
|
2,974
|
|
|
2,246
|
|
|
2,326
|
|
|||||
Tubular
|
|
1,191
|
|
|
1,236
|
|
|
945
|
|
|
451
|
|
|
898
|
|
|||||
Total reportable segments
|
|
$
|
13,171
|
|
|
$
|
14,376
|
|
|
$
|
12,410
|
|
|
$
|
10,229
|
|
|
$
|
11,785
|
|
Other Businesses
|
|
168
|
|
|
186
|
|
|
179
|
|
|
169
|
|
|
165
|
|
|||||
Intersegment sales
|
|
(402
|
)
|
|
(384
|
)
|
|
(339
|
)
|
|
(137
|
)
|
|
(376
|
)
|
|||||
Total
|
|
$
|
12,937
|
|
|
$
|
14,178
|
|
|
$
|
12,250
|
|
|
$
|
10,261
|
|
|
$
|
11,574
|
|
Segment earnings (loss) before interest and income taxes:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Flat-Rolled
|
|
$
|
196
|
|
|
$
|
883
|
|
|
$
|
375
|
|
|
$
|
22
|
|
|
$
|
(249
|
)
|
USSE
|
|
(57
|
)
|
|
359
|
|
|
327
|
|
|
185
|
|
|
81
|
|
|||||
Tubular
|
|
(67
|
)
|
|
(58
|
)
|
|
(99
|
)
|
|
(303
|
)
|
|
(181
|
)
|
|||||
Total reportable segments
|
|
$
|
72
|
|
|
$
|
1,184
|
|
|
$
|
603
|
|
|
$
|
(96
|
)
|
|
$
|
(349
|
)
|
Other Businesses
|
|
23
|
|
|
55
|
|
|
44
|
|
|
63
|
|
|
33
|
|
|||||
Items not allocated to segments(b)
|
|
(325
|
)
|
|
(115
|
)
|
|
22
|
|
|
(168
|
)
|
|
(826
|
)
|
|||||
Total (loss) earnings before interest and income taxes (a)
|
|
$
|
(230
|
)
|
|
$
|
1,124
|
|
|
$
|
669
|
|
|
$
|
(201
|
)
|
|
$
|
(1,142
|
)
|
Net interest and other financial costs (a)
|
|
222
|
|
|
312
|
|
|
368
|
|
|
215
|
|
|
317
|
|
|||||
Income tax provision (benefit)
|
|
178
|
|
|
(303
|
)
|
|
(86
|
)
|
|
24
|
|
|
183
|
|
|||||
Net (loss) earnings attributable to United States Steel Corporation
|
|
$
|
(630
|
)
|
|
$
|
1,115
|
|
|
$
|
387
|
|
|
$
|
(440
|
)
|
|
$
|
(1,642
|
)
|
Per common share:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
- Basic
|
|
$
|
(3.67
|
)
|
|
$
|
6.31
|
|
|
$
|
2.21
|
|
|
$
|
(2.81
|
)
|
|
$
|
(11.24
|
)
|
- Diluted
|
|
$
|
(3.67
|
)
|
|
$
|
6.25
|
|
|
$
|
2.19
|
|
|
$
|
(2.81
|
)
|
|
$
|
(11.24
|
)
|
(a)
|
Amounts have been adjusted to include $61 million, ($36) million and $60 million in 2017, 2016 and 2015, respectively, of postretirement benefit expense (other than service cost) related to the retrospective presentation change of net periodic benefit cost of our defined benefit pension and other post-employment benefits as a result of the adoption of Accounting Standards Update 2017-07, Compensation - Retirement Benefits on January 1, 2018.
|
(b)
|
See Note 4 to the Consolidated Financial Statements.
|
(c)
|
Fourth quarter and full year 2019 results have been revised from the Company's earnings release issued on January 30, 2020 for an adjustment to the deferred tax asset valuation allowance.
|
|
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
Balance Sheet Position at Year-End (dollars in millions)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Current assets
|
|
$
|
3,813
|
|
|
$
|
4,830
|
|
|
$
|
4,755
|
|
|
$
|
4,356
|
|
|
$
|
3,917
|
|
Net property, plant & equipment
|
|
5,447
|
|
|
4,865
|
|
|
4,280
|
|
|
3,979
|
|
|
4,411
|
|
|||||
Total assets (a)
|
|
11,608
|
|
|
10,982
|
|
|
9,862
|
|
|
9,160
|
|
|
9,167
|
|
|||||
Short-term debt and current maturities of long-term debt
|
|
14
|
|
|
65
|
|
|
3
|
|
|
50
|
|
|
45
|
|
|||||
Other current liabilities
|
|
2,611
|
|
|
3,132
|
|
|
2,770
|
|
|
2,281
|
|
|
2,103
|
|
|||||
Long-term debt (a)
|
|
3,627
|
|
|
2,316
|
|
|
2,700
|
|
|
2,981
|
|
|
3,093
|
|
|||||
Employee benefits
|
|
532
|
|
|
980
|
|
|
759
|
|
|
1,216
|
|
|
1,101
|
|
|||||
Total United States Steel Corporation stockholders’ equity
|
|
4,092
|
|
|
4,202
|
|
|
3,320
|
|
|
2,274
|
|
|
2,436
|
|
|||||
Cash Flow Data (dollars in millions)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net cash provided by operating activities (b) (c)
|
|
$
|
682
|
|
|
$
|
938
|
|
|
$
|
826
|
|
|
$
|
754
|
|
|
$
|
360
|
|
Capital expenditures
|
|
1,252
|
|
|
1,001
|
|
|
505
|
|
|
306
|
|
|
500
|
|
|||||
Dividends paid
|
|
35
|
|
|
36
|
|
|
35
|
|
|
31
|
|
|
29
|
|
|||||
Employee Data
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total employment costs (dollars in millions)
|
|
$
|
2,870
|
|
|
$
|
2,824
|
|
|
$
|
2,477
|
|
|
$
|
2,342
|
|
|
$
|
2,780
|
|
Average North America employment costs (dollars per hour)
|
|
$
|
65.70
|
|
|
$
|
65.97
|
|
|
$
|
62.32
|
|
|
$
|
61.75
|
|
|
$
|
65.64
|
|
Average number of North America employees
|
|
16,633
|
|
|
16,258
|
|
|
15,326
|
|
|
15,048
|
|
|
19,391
|
|
|||||
Average number of USSE employees
|
|
11,314
|
|
|
11,993
|
|
|
11,948
|
|
|
11,927
|
|
|
12,052
|
|
|||||
Number of pensioners at year-end
|
|
41,198
|
|
|
43,573
|
|
|
45,837
|
|
|
47,765
|
|
|
49,802
|
|
|||||
Stockholder Data at Year-End
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Common shares outstanding, net of treasury shares (millions)
|
|
170.0
|
|
|
174.5
|
|
|
175.2
|
|
|
173.8
|
|
|
146.3
|
|
|||||
Registered stockholders (thousands)
|
|
12.1
|
|
|
13.0
|
|
|
13.8
|
|
|
14.8
|
|
|
15.4
|
|
|||||
Market price of common stock
|
|
$
|
11.41
|
|
|
$
|
18.24
|
|
|
$
|
35.19
|
|
|
$
|
33.01
|
|
|
$
|
7.98
|
|
(a)
|
2015 amounts have been adjusted to retroactively adopt Accounting Standards Update 2015-03, Interest-Imputation of Interest (Subtopic 835-30) - Simplifying the Presentation of Debt Issuance Costs, which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability.
|
(b)
|
2016 and 2015 amounts have been adjusted to retroactively adopt Accounting Standards Update 2016-09, Compensation - Stock Compensation, which requires that cash taxes paid by the Company when directly withholding shares for tax withholding purposes be classified as a cash flow from financing activity.
|
(c)
|
2017, 2016 and 2015 amounts have been adjusted to retroactively adopt Accounting Standards Update 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments, which requires that all payments to extinguish debt now be presented as cash outflows from financing activities on our Consolidated Statement of Cash Flows.
|
Plan Category
|
(1) Number of securities
to be issued upon exercise of outstanding options, warrants and rights |
(2) Weighted-average
exercise price of outstanding options, warrants and rights |
(3) Number of securities
remaining available for future issuance under equity compensation plans [excluding securities reflected in Column (1)] (b) |
Equity compensation plans approved by security holders (a)
|
6,491,060
|
$27.08
|
7,464,779
|
Equity compensation plans not approved by security holders(c)
|
5,000
|
(one for one)
|
—
|
Total
|
6,496,060
|
—
|
7,464,779
|
(a)
|
The numbers in columns (1) and (2) of this row contemplate all shares that could potentially be issued as a result of outstanding grants under the 2005 Stock Incentive Plan and the 2016 Omnibus Incentive Compensation Plan as of December 31, 2019. (For more information, see Note 15 to the Consolidated Financial Statements. Column (1) includes (i) 463,085 shares of common stock that could be issued for the Common Stock Units outstanding under the Deferred Compensation Program for Non-Employee Directors and (ii) 2,086,320 shares that could be issued for the 1,043,160 performance awards outstanding under the Long-Term Incentive Compensation Program (a program under the 2016 Omnibus Incentive Compensation Plan). The calculation in column (2) does not include the Common Stock Units since the weighted average exercise price for Common Stock Units is one for one; that is, one share of common stock will be given in exchange for each unit of such phantom stock accumulated through the date of the director’s retirement. Also, the calculation in column (2) does not include the performance awards since the weighted average exercise price for performance awards can range from zero for one to two for one; that is, performance awards may result in up to 2,086,320 of common stock being issued (two for one), or some lesser number of shares (including zero shares of common stock issued), depending upon the Corporation’s common stock performance versus that of a peer group of companies or the Corporation's return on capital employed performance over a performance period.
|
(b)
|
Represents shares available under the 2016 Omnibus Incentive Compensation Plan.
|
(c)
|
At December 31, 2019, U. S. Steel had no securities remaining for future issuance under equity compensation plans that had not been approved by security holders. Column (1) represents Common Stock Units that were issued pursuant to the Deferred Compensation Plan for Non-Employee Directors prior to its being amended to make it a program under the 2005 Stock Incentive Plan and 2016 Omnibus Incentive Compensation Plan. The weighted average exercise price for Common Stock Units in column (2) is one for one; that is, one share of common stock will be given in exchange for each unit of phantom stock upon the director’s retirement from the Board of Directors. All future grants under this amended plan/program will count as shares issued under to the 2016 Omnibus Incentive Compensation Plan, a stockholder approved plan.
|
(a)
|
|
Incorporated by reference to Exhibit 3.1 to United States Steel Corporation's Form 8-K filed on April 28, 2017, Commission File Number 1-16811.
|
|
|
|
|
|
(b)
|
|
Incorporated by reference to Exhibit 3.1 to United States Steel Corporation's Form 8-K filed on November 2, 2016, Commission File Number 1-16811.
|
(a)
|
|
Incorporated by reference to Exhibit 4.1 to United States Steel Corporation’s Form 8-K filed on May 22, 2007, Commission File Number 1-16811.
|
|
|
|
|
|
(b)
|
|
Incorporated by reference to Exhibit 4.2 to United States Steel Corporation’s Form 8-K filed on May 22, 2007, Commission File Number 1-16811.
|
|
|
|
|
|
(c)
|
|
Incorporated by reference to Exhibit 4.1 to United States Steel Corporation’s Form 8-K filed on March 23, 2010, Commission File Number 1-16811.
|
|
|
|
|
|
(d)
|
|
Incorporated by reference to Exhibit 3.1 to United States Steel Corporation's Form 8-K filed on December 6, 2007, Commission File Number 1-16811.
|
|
|
|
|
|
(e)
|
|
Incorporated by reference to Exhibit 4.1 to United States Steel Corporation’s Form 8-K filed on August 4, 2017, Commission File Number 1-16811.
|
|
|
|
|
|
(f)
|
|
Incorporated by reference to Exhibit 4.1 to United States Steel Corporation’s Form 8-K filed on March 15, 2018, Commission File Number 1-16811.
|
|
|
|
|
|
(g)
|
|
Incorporated by reference to Exhibit 4.1 to United States Steel Corporation’s Form 8-K filed on October 21, 2019, Commission File Number 1-16811.
|
(a)
|
|
Incorporated by reference to Exhibit 10.1 to United States Steel Corporation’s Form 10-Q for the quarter ended September 30, 2015, Commission File Number 1-16811.
|
|
|
|
|
|
(b)
|
|
Incorporated by reference to Exhibit 10.2 to United States Steel Corporation’s Form 8-K filed on August 21, 2015, Commission File Number 1-16811.
|
|
|
|
|
|
(c)
|
|
Incorporated by reference to Exhibit 10.7 to United States Steel Corporation’s Form 10-Q for the quarter ended September 30, 2013, Commission File Number 1-16811.
|
|
|
|
|
|
(d)
|
|
Incorporated by reference to Exhibit 10(d) to United States Steel Corporation’s Form 10-K for the year ended December 31, 2011, Commission File Number 1-16811.
|
|
|
|
|
|
(e)
|
|
Incorporated by reference to Exhibit 10.2 to United States Steel Corporation's Form 8-K filed on August 20, 2013, Commission File Number 1-16811.
|
|
|
|
|
|
(f)
|
|
Incorporated by reference to Exhibit 99.5 to United States Steel Corporation’s Form 8-K filed on January 3, 2002, Commission File Number 1-16811.
|
|
|
|
|
|
(g)
|
|
Incorporated by reference to Exhibit 10.1 to United States Steel Corporation’s Form 10-Q for the quarter ended June 30, 2015, Commission File Number 1-16811.
|
|
|
|
|
|
(h)
|
|
Incorporated by reference to Exhibit 10(L) to United States Steel Corporation’s Form 10-K for the year ended December 31, 2015, Commission File Number 1-16811.
|
|
|
|
|
|
(i)
|
|
Incorporated by reference to Exhibit 10.2 to United States Steel Corporation’s Form 10-Q for the quarter ended June 30, 2015, Commission File Number 1-16811.
|
|
|
|
|
|
(j)
|
|
Incorporated by reference to Exhibit 10.1 to United States Steel Corporation’s Form 8-K filed on February 24, 2016, Commission File Number 1-16811.
|
|
|
|
|
|
(k)
|
|
Incorporated by reference to Exhibit 10.1 to United States Steel Corporation’s Form 8-K filed on August 21, 2015, Commission File Number 1-16811.
|
|
|
|
|
|
(l)
|
|
Incorporated by reference to Exhibit 10(dd) to United States Steel Corporation’s Form 10-K for the year ended December 31, 2013, Commission File Number 1-16811.
|
|
|
|
|
(m)
|
|
Incorporated by reference to Appendix B to United States Steel Corporation’s Definitive Proxy Statement on Schedule 14A filed on March 11, 2005, Commission File Number 1-16811.
|
|
|
|
|
|
(n)
|
|
Incorporated by reference to Appendix A to United States Steel Corporation’s Definitive Proxy Statement on Schedule 14A filed on March 12, 2010, Commission File Number 1-16811.
|
|
|
|
|
|
(o)
|
|
|
Incorporated by reference to Appendix A to United States Steel Corporation’s Definitive Proxy Statement on Schedule 14A filed on March 14, 2014, Commission File Number 1-16811.
|
|
|
|
|
(p)
|
|
Incorporated by reference to Exhibit 10.1 to United States Steel Corporation’s Form 8-K filed on May 30, 2013, Commission File Number 1-16811.
|
|
|
|
|
|
(q)
|
|
Incorporated by reference to Exhibit 10.1 to United States Steel Corporation’s Form 8-K filed on March 3, 2014, Commission File Number 1-16811.
|
|
|
|
|
|
(r)
|
|
Incorporated by reference to Exhibit 10.3 to United States Steel Corporation’s Form 10-Q for the quarter ended March 31, 2015, Commission File Number 1-16811.
|
|
|
|
|
|
(s)
|
|
Incorporated by reference to Exhibit 10(x) to United States Steel Corporation’s Form 10-K for the year ended December 31, 2006, Commission File Number 1-16811.
|
|
|
|
|
|
(t)
|
|
Incorporated by reference to Exhibit 10.3 to United States Steel Corporation’s Form 10-Q for the quarter ended March 31, 2011, Commission File Number 1-16811.
|
|
|
|
|
|
(u)
|
|
Incorporated by reference to Exhibit 10.2 to United States Steel Corporation’s Form 10-Q for the quarter ended March 31, 2011, Commission File Number 1-16811.
|
|
|
|
|
|
(v)
|
|
Incorporated by reference to Exhibit 10.5 to United States Steel Corporation’s Form 10-Q for the quarter ended March 31, 2011, Commission File Number 1-16811.
|
|
|
|
|
|
(w)
|
|
Incorporated by reference to Exhibit 10.4 to United States Steel Corporation’s Form 10-Q for the quarter ended March 31, 2011, Commission File Number 1-16811.
|
|
|
|
|
|
(x)
|
|
Incorporated by reference to Exhibit 10.5 to United States Steel Corporation’s Form 8-K filed on July 2, 2012, Commission File Number 1-16811.
|
|
|
|
|
(y)
|
|
|
Incorporated by reference to Exhibit 10.1 to United States Steel Corporation’s Form 10-Q for the quarter ended March 31, 2015, Commission File Number 1-16811.
|
|
|
|
|
(z)
|
|
Incorporated by reference to Exhibit 10.2 to United States Steel Corporation’s Form 10-Q for the quarter ended March 31, 2015, Commission File Number 1-16811.
|
|
|
|
|
|
(aa)
|
|
Incorporated by reference to Appendix B to United States Steel Corporation’s Definitive Proxy Statement on Schedule 14A filed on March 12, 2010, Commission File Number 1-16811.
|
|
|
|
|
|
(bb)
|
|
Incorporated by reference to Exhibit 10.1 to United States Steel Corporation’s Form 8-K filed on January 31, 2014, Commission File Number 1-16811.
|
|
|
|
|
|
(cc)
|
|
Incorporated by reference to Exhibit 10.4 to United States Steel Corporation’s Form 10-Q for the quarter ended March 31, 2015, Commission File Number 1-16811.
|
|
|
|
|
|
(dd)
|
|
Incorporated by reference to Exhibit 10.1 to United States Steel Corporation’s Form 8-K filed on November 6, 2015, Commission File Number 1-16811.
|
|
|
|
|
|
(ee)
|
|
Incorporated by reference to Exhibit 10(kk) to United States Steel Corporation’s Form 10-K for the year ended December 31, 2015, Commission File Number 1-16811.
|
|
|
|
|
|
(ff)
|
|
Incorporated by reference to Exhibit 10(ll) to United States Steel Corporation’s Form 10-K for the year ended December 31, 2015, Commission File Number 1-16811.
|
|
|
|
|
|
(gg)
|
|
Incorporated by reference to Exhibit 10.1 to United States Steel Corporation’s Form 10-Q for the quarter ended March 31, 2016, Commission File Number 1-16811.
|
|
|
|
|
|
(hh)
|
|
Incorporated by reference to Exhibit 10.1 to United States Steel Corporation’s Form 10-Q for the quarter ended June 30, 2016, Commission File Number 1-16811.
|
|
|
|
|
|
(ii)
|
|
Incorporated by reference to Exhibit 10.2 to United States Steel Corporation’s Form 10-Q for the quarter ended June 30, 2016, Commission File Number 1-16811.
|
|
|
|
|
|
(jj)
|
|
Incorporated by reference to Exhibit 10.3 to United States Steel Corporation’s Form 10-Q for the quarter ended June 30, 2016, Commission File Number 1-16811.
|
|
|
|
|
(kk)
|
|
Incorporated by reference to Exhibit 10.1 to United States Steel Corporation’s Form 10-Q for the quarter ended September 30, 2016, Commission File Number 1-16811.
|
|
|
|
|
|
(ll)
|
|
Incorporated by reference to Exhibit 10.2 to United States Steel Corporation’s Form 10-Q for the quarter ended September 30, 2016, Commission File Number 1-16811.
|
|
|
|
|
|
(mm)
|
|
Incorporated by reference to Exhibit 10.3 to United States Steel Corporation’s Form 10-Q for the quarter ended September 30, 2016, Commission File Number 1-16811.
|
|
|
|
|
|
(nn)
|
|
Incorporated by reference to Exhibit 10.1 to United States Steel Corporation’s Form 10-Q filed on April 26, 2017, Commission File Number 1-16811.
|
|
|
|
|
|
(oo)
|
|
Incorporated by reference to Exhibit 10.1 to United States Steel Corporation’s Form 8-K filed on March 2, 2018, Commission File Number 1-16811.
|
|
|
|
|
|
(pp)
|
|
Incorporated by reference to Exhibit 10.2 to United States Steel Corporation’s Form 8-K filed on March 2, 2018, Commission File Number 1-16811.
|
|
|
|
|
|
(qq)
|
|
Incorporated by reference to Exhibit 10.3 to United States Steel Corporation’s Form 8-K filed on March 2, 2018, Commission File Number 1-16811.
|
|
|
|
|
|
(rr)
|
|
Incorporated by reference to Exhibit 10.1 to United States Steel Corporation’s Form 8-K filed on March 15, 2018, Commission File Number 1-16811.
|
|
|
|
|
|
(ss)
|
|
Incorporated by reference to Exhibit 10.1 to United States Steel Corporation’s Form 10-Q filed on April 27, 2018, Commission File Number 1-16811.
|
|
|
|
|
|
(tt)
|
|
Incorporated by reference to Exhibit 10.2 to United States Steel Corporation’s Form 10-Q filed on April 27, 2018, Commission File Number 1-16811.
|
|
|
|
|
|
(uu)
|
|
Incorporated by reference to Exhibit 10.3 to United States Steel Corporation’s Form 10-Q filed on April 27, 2018, Commission File Number 1-16811.
|
|
|
|
|
|
(vv)
|
|
Incorporated by reference to Exhibit 10.4 to United States Steel Corporation’s Form 10-Q filed on April 27, 2018, Commission File Number 1-16811.
|
|
|
|
|
|
(ww)
|
|
Incorporated by reference to Exhibit 10.5 to United States Steel Corporation’s Form 10-Q filed on April 27, 2018, Commission File Number 1-16811.
|
|
|
|
|
|
(xx)
|
|
Incorporated by reference to Exhibit 10.1 to United States Steel Corporation’s Form 8-K filed on October 2, 2018, Commission File Number 1-16811.
|
|
|
|
|
|
(yy)
|
|
Incorporated by reference to Exhibit 10.1 to United States Steel Corporation’s Form 10-K filed on February 15, 2019, Commission File Number 1-16811.
|
|
|
|
|
|
(zz)
|
|
Incorporated by reference to Exhibit 10.2 to United States Steel Corporation’s Form 10-K filed on February 15, 2019, Commission File Number 1-16811.
|
|
|
|
|
|
(aaa)
|
|
Incorporated by reference to Exhibit 10.3 to United States Steel Corporation’s Form 10-K filed on February 15, 2019, Commission File Number 1-16811.
|
|
|
|
|
|
(bbb)
|
|
Incorporated by reference to Exhibit 10.4 to United States Steel Corporation’s Form 10-K filed on February 15, 2019, Commission File Number 1-16811.
|
|
|
|
|
|
(ccc)
|
|
Incorporated by reference to Exhibit 10.5 to United States Steel Corporation’s Form 10-K filed on February 15, 2019, Commission File Number 1-16811.
|
|
|
|
|
|
(ddd)
|
|
Incorporated by reference to Exhibit 10.1 to United States Steel Corporation’s Form 10-Q filed on May 3, 2019, Commission File Number 1-16811.
|
|
|
|
|
|
(eee)
|
|
Incorporated by reference to Exhibit 10.2 to United States Steel Corporation’s Form 10-Q filed on May 3, 2019, Commission File Number 1-16811.
|
|
|
|
|
|
(fff)
|
|
Incorporated by reference to Exhibit 10.3 to United States Steel Corporation’s Form 10-Q filed on May 3, 2019, Commission File Number 1-16811.
|
|
|
|
|
|
(ggg)
|
|
Incorporated by reference to Exhibit 10.4 to United States Steel Corporation’s Form 10-Q filed on May 3, 2019, Commission File Number 1-16811.
|
|
|
|
|
|
(hhh)
|
|
Incorporated by reference to Exhibit 10.5 to United States Steel Corporation’s Form 10-Q filed on May 3, 2019, Commission File Number 1-16811.
|
|
|
|
|
|
(iii)
|
|
Incorporated by reference to Exhibit 10.1 to United States Steel Corporation’s Form 8-K filed on October 1, 2019, Commission File Number 1-16811.
|
|
|
|
|
|
(jjj)
|
|
Incorporated by reference to Exhibit 10.2 to United States Steel Corporation’s Form 8-K filed on October 1, 2019, Commission File Number 1-16811.
|
|
|
|
|
|
(kkk)
|
|
Incorporated by reference to Exhibit 10.1 to United States Steel Corporation’s Form 8-K filed on October 21, 2019, Commission File Number 1-16811.
|
|
|
|
|
|
(lll)
|
|
Incorporated by reference to Exhibit 10.1 to United States Steel Corporation’s Form 8-K filed on October 28, 2019, Commission File Number 1-16811.
|
|
|
|
|
|
(mmm)
|
|
Incorporated by reference to Exhibit 10.2 to United States Steel Corporation’s Form 8-K filed on October 28, 2019, Commission File Number 1-16811.
|
|
|
|
|
|
(nnn)
|
|
Incorporated by reference to Exhibit 10.3 to United States Steel Corporation’s Form 8-K filed on October 28, 2019, Commission File Number 1-16811.
|
|
|
|
|
|
(ooo)
|
|
Incorporated by reference to Exhibit 10.4 to United States Steel Corporation’s Form 8-K filed on October 28, 2019, Commission File Number 1-16811.
|
|
|
|
|
|
(ppp)
|
|
Incorporated by reference to Exhibit 10.5 to United States Steel Corporation’s Form 8-K filed on October 28, 2019, Commission File Number 1-16811.
|
|
|
|
|
|
(qqq)
|
|
Incorporated by reference to Exhibit 10.1 to United States Steel Corporation’s Form 8-K filed on December 23, 2019, Commission File Number 1-16811.
|
|
|
|
|
Additions
|
|
Deductions
|
|
|
||||||||||||||||
Description
|
|
Balance at
Beginning of Period |
|
Charged to
Costs and Expenses |
|
Charged
to Other Accounts |
|
Charged to
Costs and Expenses |
|
Charged
to Other Accounts |
|
Balance
at End of Period |
||||||||||||
Year ended December 31, 2019:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Reserves deducted in the balance sheet from the assets to which they apply:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Allowance for doubtful accounts
|
|
$
|
29
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
28
|
|
Investments and long-term receivables reserve
|
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
||||||
Deferred tax valuation allowance:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Domestic
|
|
211
|
|
|
349
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
560
|
|
||||||
Foreign
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
||||||
Year ended December 31, 2018:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Reserves deducted in the balance sheet from the assets to which they apply:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Allowance for doubtful accounts
|
|
$
|
28
|
|
|
$
|
5
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4
|
|
|
$
|
29
|
|
Investments and long-term receivables reserve
|
|
11
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6
|
|
|
5
|
|
||||||
Deferred tax valuation allowance:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Domestic
|
|
604
|
|
|
—
|
|
|
—
|
|
|
393
|
|
|
—
|
|
|
211
|
|
||||||
Foreign
|
|
4
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
3
|
|
||||||
Year ended December 31, 2017:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Reserves deducted in the balance sheet from the assets to which they apply:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Allowance for doubtful accounts
|
|
$
|
25
|
|
|
$
|
2
|
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
28
|
|
Allowance for related party doubtful accounts
|
|
265
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
265
|
|
|
—
|
|
||||||
Investments and long-term receivables reserve
|
|
10
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
11
|
|
||||||
Long-term receivables from related parties reserve
|
|
1,627
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,627
|
|
|
—
|
|
||||||
Deferred tax valuation allowance:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Domestic
|
|
1,109
|
|
|
42
|
|
|
—
|
|
|
373
|
|
|
174
|
|
|
604
|
|
||||||
Foreign
|
|
4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4
|
|
By:
|
|
/s/ Kimberly D. Fast
|
|
|
Kimberly D. Fast
|
|
|
Acting Controller
|
Signature
|
|
Title
|
|
|
|
/s/ David B. Burritt
|
|
President & Chief Executive Officer & Director
|
David B. Burritt
|
|
(Principal Executive Officer)
|
|
|
|
/s/ Christine S. Breves
|
|
Senior Vice President & Chief Financial Officer
|
Christine S. Breves
|
|
(Principal Financial Officer)
|
|
|
|
/s/ Kimberly D. Fast
|
|
Acting Controller
|
Kimberly D. Fast
|
|
(Principal Accounting Officer)
|
|
|
|
*
|
|
Director
|
Patricia Diaz Dennis
|
|
|
|
|
|
*
|
|
Director
|
Dan O. Dinges
|
|
|
|
|
|
*
|
|
Director
|
John J. Engel
|
|
|
|
|
|
*
|
|
Director
|
John V. Faraci
|
|
|
|
|
|
*
|
|
Director
|
Murry S. Gerber
|
|
|
|
|
|
*
|
|
Director
|
Stephen J. Girsky
|
|
|
|
|
|
*
|
|
Director
|
Paul A. Mascarenas
|
|
|
|
|
|
*
|
|
Director
|
Michael H. McGarry
|
|
|
|
|
|
*
|
|
Director
|
Eugene B. Sperling
|
|
|
|
|
|
*
|
|
Chairman of the Board
|
David S. Sutherland
|
|
|
|
|
|
*
|
|
Director
|
Patricia A. Tracey
|
|
*
|
|
BY:
|
|
/s/ Kimberly D. Fast
|
|
|
|
|
Kimberly D. Fast
|
|
|
|
|
Attorney-in-Fact
|
2019 Environmental Revenue Bonds
|
|
two series of environmental revenue bonds that will mature between 2024 and 2049
|
2026 Senior Convertible Notes
|
|
Senior Convertible Notes due November 1, 2026
|
401(k) plans
|
|
defined contribution plans
|
ABO
|
|
Accumulated Benefit Obligation
|
ACHD
|
|
Allegheny County Health Department
|
AD
|
|
antidumping
|
AHSS
|
|
advanced high-strength steels
|
AMT
|
|
Alternative Minimum Tax
|
AOCI
|
|
Accumulated Other Comprehensive Income
|
ARO
|
|
Asset Retirement Obligation
|
ASC
|
|
Accounting Standards Codification
|
ASU
|
|
Accounting Standards Update
|
BART
|
|
Best Available Retrofit Technology
|
BAT
|
|
Best Available Technique
|
BGE
|
|
Butch Gilliam Enterprises, Inc.
|
BOF
|
|
Basic Oxygen Furnace Steelmaking
|
CAA
|
|
Clean Air Act
|
CAD
|
|
Canadian dollars
|
CAFC
|
|
U.S. Court of Appeals for the Federal Circuit
|
CAFE
|
|
Corporate Average Fuel Economy
|
CAL
|
|
continuous annealing line
|
CAMU
|
|
Corrective Action Management Unit
|
CDC
|
|
Chrome Deposit Corporation
|
CERCLA
|
|
Comprehensive Environmental Response, Compensation and Liability Act
|
CGL
|
|
continuous galvanizing line
|
CIT
|
|
U.S. Court of International Trade
|
CMS
|
|
Corrective Measure Study
|
CO2
|
|
carbon dioxide
|
COSO
|
|
Committee of Sponsoring Organizations of the Treadway Commission
|
CVD
|
|
countervailing duties
|
CWA
|
|
Clean Water Act
|
DEC
|
|
Department of Environmental Conservation
|
DESCO
|
|
Double Eagle Steel Coating Company
|
DOC
|
|
U.S. Department of Commerce
|
DOJ
|
|
The United States Department of Justice
|
Double G
|
|
Double G Coatings Company LLC
|
EAF
|
|
Electric Arc Furnace
|
EBITDA
|
|
earnings before interest, taxes, depreciation and amortization
|
EC
|
|
European Commission
|
ECA
|
|
Export Credit Agreement
|
ECT
|
|
East Chicago Tin
|
EGLE
|
|
Environment, Great Lakes and Energy
|
ERISA
|
|
Employee Retirement Income Security Act of 1974
|
ERW
|
|
electric resistance welded
|
ETS
|
|
Emissions Trading System
|
EU
|
|
European Union
|
EUA
|
|
European Union Allowances
|
FASB
|
|
Financial Accounting Standards Board
|
FIFO
|
|
first in, first out
|
Fifth Credit Facility Agreement
|
|
$2.0 billion five-year senior secured asset-based revolving credit facility
|
FIP
|
|
Federal Implementation Plan
|
Flat-Rolled
|
|
North American Flat-Rolled segment
|
FPC
|
|
Feralloy Processing Company
|
FX
|
|
foreign exchange
|
GBC
|
|
general business credits
|
GDPR
|
|
General Data Protection Regulation
|
GHG
|
|
greenhouse gas
|
GLNPO
|
|
Great Lakes National Program Office
|
HDC
|
|
Hibbing Development Company
|
Hibbing
|
|
Hibbing Taconite Company
|
IEPA
|
|
Illinois Environmental Protection Agency
|
IM
|
|
interim measures
|
IRS
|
|
Internal Revenue Service
|
ISO
|
|
International Organization for Standardization
|
ITC
|
|
U.S. International Trade Commission
|
KDHE
|
|
Kansas Department of Health & Environment
|
Keetac
|
|
U. S. Steel’s iron ore operations at Keewatin, Minnesota
|
LIFO
|
|
last in, first out
|
LMF
|
|
ladle metallurgy facility
|
MACT
|
|
Maximum Achievable Control Technology
|
Midwest
|
|
Midwest Plant
|
Minntac
|
|
U. S. Steel’s iron ore operations at Mt. Iron, Minnesota
|
MPCA
|
|
Minnesota Pollution Control Agency
|
NAAQS
|
|
National Ambient Air Quality Standards
|
NAV
|
|
net asset value
|
NESHAP
|
|
National Emission Standards for Hazardous Air Pollutants
|
NFR
|
|
No Further Remediation
|
NGO
|
|
non-grain oriented
|
non-GAAP
|
|
Non-Generally Accepted Accounting Principles
|
NOV
|
|
Notice of Violation
|
NOx
|
|
nitrogen oxide
|
O.D.
|
|
outer diameter
|
OCTG
|
|
oil country tubular goods
|
OEPA
|
|
Ohio Environmental Protection Agency
|
OPEB
|
|
other post-employment benefits
|
Other Benefits
|
|
defined benefit retiree health care and life insurance plans
|
PADEP
|
|
Pennsylvania Department of Environmental Protection
|
PATH Act
|
|
Protecting Americans from Tax Hikes Act
|
Patriot
|
|
Patriot Premium Threading Services, LLC
|
PBGC
|
|
Pension Benefit Guarantee Corporation
|
PBO
|
|
Projected Benefit Obligations
|
PCAOB
|
|
Public Company Accounting Oversight Board (United States)
|
PII
|
|
Personally Identifiable Information
|
PM
|
|
Particulate Matter
|
POSCAL
|
|
POSCO-California Corporation, a subsidiary of POSCO
|
PPA
|
|
Pension Protection Act of 2006
|
ppb
|
|
parts per billion
|
PRO-TEC
|
|
PRO-TEC Coating Company, U. S. Steel and Kobe Steel Ltd. joint venture
|
PRP
|
|
potentially responsible party
|
PSU
|
|
Performance Share Awards
|
RCRA
|
|
Resource Conservation and Recovery Act
|
RFI
|
|
RCRA Facility Investigation
|
ROCE
|
|
Return On Capital Employed
|
RP
|
|
Rehabilitation plan
|
RSU
|
|
Restricted Stock Units
|
RTR
|
|
Residual Risk and Technology Review
|
S&P’s
|
|
Standard & Poor’s
|
SEC
|
|
Securities and Exchange Commission
|
SIP
|
|
State Implementation Plan
|
SO2
|
|
Sulfur dioxide
|
SPT
|
|
Steelworkers Pension Trust
|
SSB
|
|
Salomon Smith Barney Holdings, Inc.
|
SWMU
|
|
Solid Waste Management Units
|
the 2018 Labor Agreements
|
|
collective bargaining agreements with United Steelworkers effective September 1, 2018
|
the Committee
|
|
Compensation & Organization Committee of the Board of Directors
|
the Exchange Act
|
|
the Securities Exchange Act of 1934
|
the Omnibus Plan
|
|
2016 Omnibus Incentive Compensation Plan
|
the USSK Credit Agreement
|
|
USSK €460 million revolving credit facility
|
Tilden
|
|
Tilden Mining Company, L.C.
|
TRQ
|
|
tariff rate quotas
|
TSR
|
|
Total Shareholder Return
|
Tubular
|
|
Tubular Products segment
|
U. S. Steel
|
|
United States Steel Corporation
|
U.S. EPA
|
|
United States Environmental Protection Agency
|
U.S. GAAP
|
|
accounting standards generally accepted in the United States
|
UDEQ
|
|
Utah Department of Environmental Quality
|
ug/m3
|
|
micrograms per cubic meter
|
UPI
|
|
USS-POSCO Industries, U. S. Steel and POSCO joint venture
|
USD
|
|
U.S. dollars
|
USSC
|
|
U. S. Steel Canada Inc.
|
USSE
|
|
U. S. Steel Europe segment
|
USSK
|
|
U. S. Steel Košice
|
USSTP
|
|
U. S. Steel Tubular Products
|
USW
|
|
United Steelworkers
|
Worthington
|
|
Worthington Specialty Processing, U. S. Steel and Worthington Industries, Inc. joint venture
|
WTO
|
|
World Trade Organization
|