United States Steel Corporation Reports Third Quarter 2019 Results
October 31 2019 - 4:21PM
United States Steel Corporation (NYSE: X) reported third
quarter 2019 net loss of $(84) million, or $(0.49) per diluted
share. Adjusted net loss was $(35) million, or $(0.21) per
diluted share. This compares to third quarter 2018 net
earnings of $291 million, or $1.62 per diluted share.
Adjusted net earnings for third quarter 2018 were $321 million, or
$1.79 per diluted
share.
Earnings Highlights |
|
|
Quarter Ended |
|
Nine Months Ended |
|
September 30, |
|
September 30, |
(Dollars in millions, except per share amounts) |
2019 |
|
2018 |
|
2019 |
|
2018 |
Net Sales |
$ |
3,069 |
|
|
$ |
3,729 |
|
|
$ |
10,113 |
|
|
$ |
10,487 |
|
Segment (loss) earnings before interest and income
taxes |
|
|
|
|
|
|
|
Flat-Rolled |
$ |
46 |
|
|
$ |
305 |
|
|
$ |
275 |
|
|
$ |
562 |
|
U. S. Steel Europe |
(46 |
) |
|
72 |
|
|
(27 |
) |
|
297 |
|
Tubular |
(25 |
) |
|
7 |
|
|
(21 |
) |
|
(55 |
) |
Other Businesses |
8 |
|
|
16 |
|
|
26 |
|
|
44 |
|
Total segment (loss) earnings before interest and income
taxes |
$ |
(17 |
) |
|
$ |
400 |
|
|
$ |
253 |
|
|
$ |
848 |
|
Other items not allocated to segments |
(63 |
) |
|
(27 |
) |
|
(107 |
) |
|
(37 |
) |
(Loss) earnings before interest and income
taxes |
$ |
(80 |
) |
|
$ |
373 |
|
|
$ |
146 |
|
|
$ |
811 |
|
Net interest and other financial costs |
48 |
|
|
59 |
|
|
151 |
|
|
252 |
|
Income tax (benefit) provision |
(44 |
) |
|
23 |
|
|
(43 |
) |
|
36 |
|
Net (loss) earnings |
$ |
(84 |
) |
|
$ |
291 |
|
|
$ |
38 |
|
|
$ |
523 |
|
(Loss) earnings per diluted share |
$ |
(0.49 |
) |
|
$ |
1.62 |
|
|
$ |
0.22 |
|
|
$ |
2.92 |
|
|
|
|
|
|
|
|
|
Adjusted net (loss) earnings (a) |
$ |
(35 |
) |
|
$ |
321 |
|
|
$ |
124 |
|
|
$ |
640 |
|
Adjusted net (loss) earnings per diluted share
(a) |
$ |
(0.21 |
) |
|
$ |
1.79 |
|
|
$ |
0.71 |
|
|
$ |
3.58 |
|
Adjusted earnings before interest, income taxes,
depreciation and amortization (EBITDA) (a) |
$ |
144 |
|
|
$ |
526 |
|
|
$ |
707 |
|
|
$ |
1,232 |
|
(a) Please refer to the non-GAAP Financial Measures section of
this document for the reconciliation of these amounts.
"The team delivered better than expected results
from solid cost performance and higher than forecasted shipments in
Flat-Rolled. While market headwinds persist, we
continue to focus on what we can control, including re-scoping our
asset revitalization investments and reducing fixed costs,"
commented President and Chief Executive Officer David B.
Burritt. "We also completed three financing activities since
the quarter ended, which delivered approximately $1.1 billion of
incremental capital to further support our strategy."
Burritt added, “We are using today's market
environment as a catalyst to improve our business model with
our 'best of both' strategy. Our investment in Big River
Steel is strategic priority number one and we are already
purposefully re-prioritizing our uses of cash towards investments
most closely aligned with the business we are becoming. We
will be flexible managing the pace of our strategic investments to
ensure we demonstrate the resiliency required to achieve the cost
and capability differentiation of our world competitive
strategy."
The Company will conduct a conference call on
third quarter 2019 earnings on Friday, November 1, at 8:30 a.m.
Eastern Daylight Time. To listen to the webcast of the
conference call, and to access the company's slide presentation,
visit the U. S. Steel website, www.ussteel.com, and click
on the “Investors” section. Replays of the conference call will be
available on the website after 10:30 a.m. on November 1.
|
UNITED STATES STEEL CORPORATION |
|
PRELIMINARY SUPPLEMENTAL STATISTICS (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
Nine Months Ended |
|
|
September 30, |
|
September 30, |
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
OPERATING
STATISTICS |
|
|
|
|
|
|
|
Average realized
price: ($/net ton unless otherwise noted)(a) |
|
|
|
|
|
|
|
|
Flat-Rolled |
732 |
|
|
859 |
|
|
771 |
|
|
807 |
|
|
U. S. Steel
Europe |
656 |
|
|
669 |
|
|
660 |
|
|
695 |
|
|
U. S. Steel Europe
(€/net ton) |
590 |
|
|
575 |
|
|
587 |
|
|
582 |
|
|
Tubular |
1,417 |
|
|
1,602 |
|
|
1,501 |
|
|
1,477 |
|
Steel shipments
(thousands of net tons):(a) |
|
|
|
|
|
|
|
|
Flat-Rolled |
2,654 |
|
|
2,659 |
|
|
8,183 |
|
|
7,777 |
|
|
U. S. Steel
Europe |
765 |
|
|
1,101 |
|
|
2,833 |
|
|
3,384 |
|
|
Tubular |
174 |
|
|
184 |
|
|
576 |
|
|
564 |
|
|
Total Steel Shipments |
3,593 |
|
|
3,944 |
|
|
11,592 |
|
|
11,725 |
|
|
|
|
|
|
|
|
|
|
Intersegment steel
(unless otherwise noted) shipments (thousands of net tons): |
|
|
|
|
|
|
|
|
Flat-Rolled to Tubular |
79 |
|
|
26 |
|
|
212 |
|
|
158 |
|
|
Flat-Rolled to U. S. Steel
Europe (iron ore pellets and fines) |
235 |
|
|
— |
|
|
424 |
|
|
— |
|
|
U. S. Steel Europe
to Flat-Rolled |
— |
|
|
— |
|
|
— |
|
|
22 |
|
Raw steel
production (thousands of net tons): |
|
|
|
|
|
|
|
|
Flat-Rolled |
2,783 |
|
|
2,933 |
|
|
8,842 |
|
|
8,558 |
|
|
U. S. Steel
Europe |
823 |
|
|
1,210 |
|
|
3,130 |
|
|
3,810 |
|
Raw steel
capability utilization:(b) |
|
|
|
|
|
|
|
|
Flat-Rolled |
65 |
% |
|
68 |
% |
|
70 |
% |
|
67 |
% |
|
U. S. Steel Europe |
65 |
% |
|
96 |
% |
|
84 |
% |
|
102 |
% |
|
|
|
|
|
|
|
|
|
CAPITAL
EXPENDITURES (dollars in millions) |
|
|
|
|
|
|
|
Flat-Rolled |
$ |
263 |
|
|
$ |
213 |
|
|
$ |
764 |
|
|
$ |
531 |
|
U. S. Steel Europe |
36 |
|
|
25 |
|
|
111 |
|
|
63 |
|
Tubular |
49 |
|
|
9 |
|
|
97 |
|
|
33 |
|
Other
Businesses |
2 |
|
|
18 |
|
|
6 |
|
|
19 |
|
|
Total |
$ |
350 |
|
|
$ |
265 |
|
|
$ |
978 |
|
|
$ |
646 |
|
(a) Excludes intersegment shipments.(b) Based on
annual raw steel production capability of 17.0 million net tons for
Flat-Rolled and 5.0 million net tons for U. S. Steel Europe.
|
UNITED STATES STEEL CORPORATION |
CONDENSED STATEMENT OF OPERATIONS (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
Nine Months Ended |
|
|
September 30, |
|
September 30, |
(Dollars in
millions, except per share amounts) |
2019 |
|
2018 |
|
2019 |
|
2018 |
NET SALES |
|
$ |
3,069 |
|
|
$ |
3,729 |
|
|
$ |
10,113 |
|
|
$ |
10,487 |
|
|
|
|
|
|
|
|
|
|
Operating expenses
(income): |
|
|
|
|
|
|
|
|
Cost of sales (excludes items shown below) |
|
2,902 |
|
|
3,172 |
|
|
9,301 |
|
|
9,101 |
|
Selling, general and administrative expenses |
|
63 |
|
|
81 |
|
|
223 |
|
|
251 |
|
Depreciation, depletion and amortization |
|
161 |
|
|
126 |
|
|
454 |
|
|
384 |
|
Earnings from investees |
|
(31 |
) |
|
(17 |
) |
|
(68 |
) |
|
(39 |
) |
Gain on equity investee transactions |
|
— |
|
|
— |
|
|
— |
|
|
(18 |
) |
Restructuring charges |
|
54 |
|
|
— |
|
|
54 |
|
|
— |
|
Net (gain) loss on disposal of assets |
|
(1 |
) |
|
(5 |
) |
|
3 |
|
|
(3 |
) |
Other expenses (income), net |
|
1 |
|
|
(1 |
) |
|
— |
|
|
— |
|
Total operating expenses |
|
3,149 |
|
|
3,356 |
|
|
9,967 |
|
|
9,676 |
|
|
|
|
|
|
|
|
|
|
(LOSS) EARNINGS BEFORE
INTEREST AND INCOME TAXES |
|
(80 |
) |
|
373 |
|
|
146 |
|
|
811 |
|
Net interest and other
financial costs |
|
48 |
|
|
59 |
|
|
151 |
|
|
252 |
|
|
|
|
|
|
|
|
|
|
(LOSS) EARNINGS BEFORE INCOME
TAXES |
|
(128 |
) |
|
314 |
|
|
(5 |
) |
|
559 |
|
Income tax (benefit)
provision |
|
(44 |
) |
|
23 |
|
|
(43 |
) |
|
36 |
|
|
|
|
|
|
|
|
|
|
Net (loss) earnings |
|
(84 |
) |
|
291 |
|
|
38 |
|
|
523 |
|
Less: Net earnings (loss)
attributable to noncontrolling interests |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
NET (LOSS) EARNINGS
ATTRIBUTABLE TO UNITED STATES STEEL CORPORATION |
|
$ |
(84 |
) |
|
$ |
291 |
|
|
$ |
38 |
|
|
$ |
523 |
|
|
|
|
|
|
|
|
|
|
COMMON
STOCK DATA: |
|
|
|
|
|
|
|
|
Net earnings per share
attributable to |
|
|
|
|
|
|
|
|
United States Steel Corporation stockholders: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.49 |
) |
|
$ |
1.64 |
|
|
$ |
0.22 |
|
|
$ |
2.96 |
|
Diluted |
|
$ |
(0.49 |
) |
|
$ |
1.62 |
|
|
$ |
0.22 |
|
|
$ |
2.92 |
|
Weighted average shares, in thousands |
|
|
|
|
|
|
|
|
Basic |
|
170,801 |
|
|
177,250 |
|
|
171,882 |
|
|
176,815 |
|
Diluted |
|
170,801 |
|
|
179,126 |
|
|
172,511 |
|
|
178,734 |
|
Dividends paid per common share |
|
$ |
0.05 |
|
|
$ |
0.05 |
|
|
$ |
0.15 |
|
|
$ |
0.15 |
|
UNITED STATES STEEL CORPORATION |
CONDENSED CASH FLOW STATEMENT (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
|
|
|
September 30, |
(Dollars in millions) |
|
2019 |
|
2018 |
Cash provided by
(used in) operating activities: |
|
|
|
|
Net earnings |
|
$ |
38 |
|
|
$ |
523 |
|
|
Depreciation,
depletion and amortization |
454 |
|
|
384 |
|
|
Gain on equity
investee transactions |
— |
|
|
(18 |
) |
|
Restructuring
charges |
54 |
|
|
— |
|
|
Loss on debt
extinguishment |
— |
|
|
77 |
|
|
Pensions and other
postretirement benefits |
76 |
|
|
57 |
|
|
Deferred income
taxes |
(38 |
) |
|
1 |
|
|
Net loss (gain) on
disposal of assets |
3 |
|
|
(3 |
) |
|
Working capital
changes |
(120 |
) |
|
(300 |
) |
|
Income taxes
receivable/payable |
27 |
|
|
53 |
|
|
Other operating
activities |
(98 |
) |
|
(52 |
) |
|
|
Total |
|
396 |
|
|
722 |
|
|
|
|
|
|
|
|
Cash used in
investing activities: |
|
|
|
|
Capital
expenditures |
|
(978 |
) |
|
(646 |
) |
|
Disposal of
assets |
|
4 |
|
|
10 |
|
|
Other investing
activities |
|
— |
|
|
(1 |
) |
|
|
Total |
|
(974 |
) |
|
(637 |
) |
|
|
|
|
|
|
|
Cash provided by
(used in) financing activities: |
|
|
|
|
Revolving and
other credit facilities - borrowings, net |
165 |
|
|
— |
|
|
Issuance of
long-term debt, net of financing costs |
|
— |
|
|
640 |
|
|
Repayment of
long-term debt |
|
(4 |
) |
|
(922 |
) |
|
Common stock
repurchased |
|
(88 |
) |
|
— |
|
|
Dividends
paid |
|
(26 |
) |
|
(27 |
) |
|
Receipt from
exercise of stock options |
|
— |
|
|
34 |
|
|
Taxes paid for
equity compensation plans |
|
(7 |
) |
|
(9 |
) |
|
|
Total |
|
40 |
|
|
(284 |
) |
|
|
|
|
|
|
|
Effect of exchange
rate changes on cash |
(6 |
) |
|
(13 |
) |
|
|
|
|
|
|
|
Net decrease in
cash, cash equivalents and restricted cash |
(544 |
) |
|
(212 |
) |
Cash, cash
equivalents and restricted cash at beginning of the year |
1,040 |
|
|
1,597 |
|
|
|
|
|
|
|
|
Cash,
cash equivalents and restricted cash at end of the period |
$ |
496 |
|
|
$ |
1,385 |
|
UNITED STATES STEEL CORPORATION |
CONDENSED BALANCE SHEET (Unaudited) |
|
|
|
|
|
|
|
|
|
Sept. 30, |
|
Dec. 31, |
(Dollars in millions) |
|
2019 |
|
2018 |
Cash and cash
equivalents |
$ |
476 |
|
|
$ |
1,000 |
|
Receivables,
net |
1,400 |
|
|
1,659 |
|
Inventories |
2,071 |
|
|
2,092 |
|
Other current
assets |
95 |
|
|
79 |
|
|
Total current
assets |
4,042 |
|
|
4,830 |
|
Operating lease
assets |
239 |
|
|
— |
|
Property, plant
and equipment, net |
5,310 |
|
|
4,865 |
|
Investments and
long-term receivables, net |
576 |
|
|
513 |
|
Intangible assets,
net |
152 |
|
|
158 |
|
Deferred income
tax benefits |
460 |
|
|
445 |
|
Other noncurrent
assets |
138 |
|
|
171 |
|
|
|
|
|
|
|
|
Total assets |
|
$ |
10,917 |
|
|
$ |
10,982 |
|
|
|
|
|
|
|
Accounts payable
and other accrued liabilities |
2,249 |
|
|
2,535 |
|
Payroll and
benefits payable |
345 |
|
|
440 |
|
Short-term debt
and current maturities of long-term debt |
67 |
|
|
65 |
|
Other current
liabilities |
189 |
|
|
157 |
|
|
Total current
liabilities |
2,850 |
|
|
3,197 |
|
Noncurrent
operating lease liabilities |
189 |
|
|
— |
|
Long-term debt,
less unamortized discount and debt issuance costs |
2,500 |
|
|
2,316 |
|
Employee
benefits |
905 |
|
|
980 |
|
Other long-term
liabilities |
273 |
|
|
286 |
|
United States
Steel Corporation stockholders' equity |
4,199 |
|
|
4,202 |
|
Noncontrolling
interests |
1 |
|
|
1 |
|
|
|
|
|
|
|
|
Total
liabilities and stockholders' equity |
$ |
10,917 |
|
|
$ |
10,982 |
|
UNITED STATES STEEL CORPORATION |
NON-GAAP FINANCIAL MEASURES |
RECONCILIATION OF ADJUSTED EBITDA |
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
Nine Months Ended |
|
|
September 30, |
|
September 30, |
(Dollars in millions) |
2019 |
|
2018 |
|
2019 |
|
2018 |
Reconciliation to
Adjusted EBITDA |
|
|
|
|
|
|
|
|
Net (loss) earnings attributable to United States Steel
Corporation |
$ |
(84 |
) |
|
$ |
291 |
|
|
$ |
38 |
|
|
$ |
523 |
|
|
Income tax (benefit)
provision |
(44 |
) |
|
23 |
|
|
(43 |
) |
|
36 |
|
|
Net interest and other
financial costs |
48 |
|
|
59 |
|
|
151 |
|
|
252 |
|
|
Depreciation, depletion and
amortization expense |
161 |
|
|
126 |
|
|
454 |
|
|
384 |
|
|
EBITDA |
81 |
|
|
499 |
|
|
600 |
|
|
1,195 |
|
|
December 24, 2018 Clairton
coke making facility fire |
9 |
|
|
— |
|
|
53 |
|
|
— |
|
|
Restructuring charges |
54 |
|
|
— |
|
|
54 |
|
|
— |
|
|
Gain on equity investee
transactions |
— |
|
|
— |
|
|
— |
|
|
(18 |
) |
|
Granite City Works restart
costs |
— |
|
|
27 |
|
|
— |
|
|
63 |
|
|
Granite City Works adjustment
to temporary idling charges |
— |
|
|
— |
|
|
— |
|
|
(8 |
) |
|
Adjusted EBITDA |
$ |
144 |
|
|
$ |
526 |
|
|
$ |
707 |
|
|
$ |
1,232 |
|
UNITED STATES STEEL CORPORATION |
NON-GAAP FINANCIAL MEASURES |
RECONCILIATION OF ADJUSTED NET (LOSS) EARNINGS |
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
Nine Months Ended |
|
|
September 30, |
|
September 30, |
(Dollars in millions, except per share amounts) (a) |
2019 |
|
2018 |
|
2019 |
|
2018 |
Reconciliation to adjusted net (loss) earnings attributable
to United States Steel Corporation |
|
|
|
|
|
|
|
|
Net (loss) earnings attributable to United States Steel
Corporation |
$ |
(84 |
) |
|
$ |
291 |
|
|
$ |
38 |
|
|
$ |
523 |
|
|
December 24, 2018 Clairton
coke making facility fire |
7 |
|
|
— |
|
|
44 |
|
|
— |
|
|
Restructuring charges |
42 |
|
|
— |
|
|
42 |
|
|
— |
|
|
Gain on equity investee
transactions |
— |
|
|
— |
|
|
— |
|
|
(18 |
) |
|
Granite City Works restart
costs |
— |
|
|
27 |
|
|
— |
|
|
63 |
|
|
Granite City Works adjustment
to temporary idling charges |
— |
|
|
— |
|
|
— |
|
|
(8 |
) |
|
Loss on debt extinguishment
and other related costs |
— |
|
|
3 |
|
|
— |
|
|
80 |
|
|
Total adjustments |
49 |
|
|
30 |
|
|
86 |
|
|
117 |
|
|
Adjusted net (loss) earnings
attributable to United States Steel Corporation |
$ |
(35 |
) |
|
$ |
321 |
|
|
$ |
124 |
|
|
$ |
640 |
|
|
|
|
|
|
|
|
|
|
Reconciliation to adjusted diluted net (loss) earnings per
share |
|
|
|
|
|
|
|
|
Diluted net (loss) earnings
per share |
$ |
(0.49 |
) |
|
$ |
1.62 |
|
|
$ |
0.22 |
|
|
$ |
2.92 |
|
|
December 24, 2018 Clairton
coke making facility fire |
0.04 |
|
|
— |
|
|
0.25 |
|
|
— |
|
|
Restructuring charges |
0.24 |
|
|
— |
|
|
0.24 |
|
|
— |
|
|
Gain on equity investee
transactions |
— |
|
|
— |
|
|
— |
|
|
(0.10 |
) |
|
Granite City Works restart
costs |
— |
|
|
0.15 |
|
|
— |
|
|
0.35 |
|
|
Granite City Works adjustment
to temporary idling charges |
— |
|
|
— |
|
|
— |
|
|
(0.04 |
) |
|
Loss on debt extinguishment
and other related costs |
— |
|
|
0.02 |
|
|
— |
|
|
0.45 |
|
|
Total adjustments |
0.28 |
|
|
0.17 |
|
|
0.49 |
|
|
0.66 |
|
|
Adjusted diluted net (loss) earnings per share |
$ |
(0.21 |
) |
|
$ |
1.79 |
|
|
$ |
0.71 |
|
|
$ |
3.58 |
|
(a) The adjustments included in this table for the three and nine
months ended September 30, 2019 have been tax effected. The
adjustments for the three and nine months ended September 30, 2018
have not been tax effected due to the full valuation allowance on
our domestic deferred tax assets in 2018. |
We present adjusted net earnings (loss),
adjusted net earnings (loss) per diluted share, earnings (loss)
before interest, income taxes, depreciation and amortization
(EBITDA) and adjusted EBITDA, which are non-GAAP measures, as
additional measurements to enhance the understanding of our
operating performance. We believe that EBITDA, considered
along with net earnings (loss), is a relevant indicator of trends
relating to our operating performance and provides management and
investors with additional information for comparison of our
operating results to the operating results of other companies.
Adjusted net earnings (loss) and adjusted net
earnings (loss) per diluted share are non-GAAP measures that
exclude the financial effects of items such as the December 24,
2018 Clairton coke making facility fire, restructuring, the effects
of gains on equity investee transactions, facility restart costs,
significant temporary idling charges and adjustments to those
charges and debt extinguishment and other related costs that are
not part of the Company's core operations (Adjustment Items).
Adjusted EBITDA is also a non-GAAP measure that excludes the
financial effects of the Adjustment Items. We present adjusted net
earnings (loss), adjusted net earnings (loss) per diluted share and
adjusted EBITDA to enhance the understanding of our ongoing
operating performance and established trends affecting our core
operations, by excluding the Adjustment Items. U. S. Steel's
management considers adjusted net earnings (loss), adjusted net
earnings (loss) per diluted share and adjusted EBITDA as
alternative measures of operating performance and not alternative
measures of the Company's liquidity. U. S. Steel’s management
considers adjusted net earnings (loss), adjusted net earnings
(loss) per diluted share and adjusted EBITDA useful to investors by
facilitating a comparison of our operating performance to the
operating performance of our competitors. Additionally, the
presentation of adjusted net earnings (loss), adjusted net earnings
(loss) per diluted share and adjusted EBITDA provides insight into
management’s view and assessment of the Company’s ongoing operating
performance, because management does not consider the adjusting
items when evaluating the Company’s financial performance.
Adjusted net earnings (loss), adjusted net earnings (loss) per
diluted share and adjusted EBITDA should not be considered a
substitute for net earnings (loss), earnings (loss) per diluted
share or other financial measures as computed in accordance with
U.S. GAAP and is not necessarily comparable to similarly titled
measures used by other companies. A condensed consolidated
statement of operations (unaudited), condensed consolidated cash
flow statement (unaudited), condensed consolidated balance sheet
(unaudited) and preliminary supplemental statistics (unaudited) for
U. S. Steel are attached.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTSThis release contains information that may constitute
“forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. We intend the
forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements in those sections.
Generally, we have identified such forward-looking statements by
using the words “believe,” “expect,” “intend,” “estimate,”
“anticipate,” “project,” “target,” “forecast,” “aim,” “should,”
“will” and similar expressions or by using future dates in
connection with any discussion of, among other things, operating
performance, trends, events or developments that we expect or
anticipate will occur in the future, statements relating to volume
changes, share of sales and earnings per share changes, and
statements expressing general views about future operating
results. However, the absence of these words or similar
expressions does not mean that a statement is not
forward-looking. Forward-looking statements are not
historical facts, but instead represent only the Company’s beliefs
regarding future events, many of which, by their nature, are
inherently uncertain and outside of the Company’s control. It
is possible that the Company’s actual results and financial
condition may differ, possibly materially, from the anticipated
results and financial condition indicated in these forward-looking
statements. Management believes that these forward-looking
statements are reasonable as of the time made. However,
caution should be taken not to place undue reliance on any such
forward-looking statements because such statements speak only as of
the date when made. Our Company undertakes no obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise, except
as required by law. In addition, forward-looking statements
are subject to certain risks and uncertainties that could cause
actual results to differ materially from our Company's historical
experience and our present expectations or projections. These
risks and uncertainties include, but are not limited to the risks
and uncertainties described in “Item 1A. Risk Factors” in our
Annual Report on Form 10-K for the year ended
December 31, 2018, our Quarterly Report on Form 10-Q for the
quarter ended September 30, 2019, and those described from time to
time in our future reports filed with the Securities and Exchange
Commission. References to "we," "us," "our," the "Company,"
and "U. S. Steel," refer to United States Steel Corporation and its
consolidated subsidiaries.
CONTACTS:
Media
Amanda Malkowski
Analyst
Corporate Communications
T - (412) 433-2512
E - almalkowski@uss.com
Investors/Analysts
Kevin Lewis
General Manager
Investor Relations
T - (412) 433-6935
E - KLewis@uss.com
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