United States Steel Corporation (NYSE: X) reported second
quarter 2018 net earnings of $214 million, or $1.20 per diluted
share. Adjusted net earnings were $262 million, or $1.46 per
diluted share. This compares to second quarter 2017 net
earnings of $261 million, or $1.48 per diluted share.
Adjusted net earnings for second quarter 2017 were $189 million, or
$1.07 per diluted
share.
|
Earnings Highlights |
|
|
Quarter Ended |
|
Six Months Ended |
|
June 30, |
|
June 30, |
(Dollars in millions, except per share amounts) |
2018 |
2017 |
|
2018 |
2017 |
Net Sales |
$ |
3,609 |
$ |
3,144 |
|
$ |
6,758 |
$ |
5,869 |
Segment earnings (loss) before interest and
income taxes |
|
|
|
|
|
Flat-Rolled |
$ |
224 |
$ |
220 |
|
$ |
257 |
$ |
132 |
U. S. Steel Europe |
115 |
55 |
|
225 |
142 |
Tubular |
(35) |
(29) |
|
(62) |
(86) |
Other Businesses |
17 |
9 |
|
28 |
22 |
Total segment earnings before interest and
income taxes |
$ |
321 |
$ |
255 |
|
$ |
448 |
$ |
210 |
Other items not allocated to segments |
(20) |
72 |
|
(10) |
37 |
Earnings before interest and income
taxes |
$ |
301 |
$ |
327 |
|
$ |
438 |
$ |
247 |
Net interest and other financial
costs |
75 |
82 |
|
193 |
163 |
Income tax provision (benefit) |
12 |
(16) |
|
13 |
3 |
Net earnings |
$ |
214 |
$ |
261 |
|
$ |
232 |
$ |
81 |
Earnings per diluted share |
$ |
1.20 |
$ |
1.48 |
|
$ |
1.30 |
$ |
0.46 |
|
|
|
|
|
|
Adjusted net earnings (a) |
$ |
262 |
$ |
189 |
|
$ |
319 |
$ |
44 |
Adjusted net earnings per diluted share
(a) |
$ |
1.46 |
$ |
1.07 |
|
$ |
1.79 |
$ |
0.25 |
Adjusted earnings before interest, income
taxes, depreciation and amortization (EBITDA) (a) |
$ |
451 |
$ |
376 |
|
$ |
706 |
$ |
468 |
(a) Please refer to the non-GAAP Financial Measures section of
this document for the reconciliation of these amounts.
Commenting on U. S. Steel's results, President
and Chief Executive Officer David B. Burritt said, "In the second
quarter, our team performed well by responding quickly to customer
demand. We restarted steelmaking at Granite City ahead of schedule
and safely ramped up production and shipments faster than planned.
In addition, a very strong shipping performance in late June
enabled us to deliver higher than expected earnings."
2018 Guidance
Commenting on U. S. Steel’s guidance for 2018,
Burritt said, "The success to date of our ongoing $2 billion asset
revitalization program, as well as our earnings power in the
current market, makes us increasingly optimistic about future
investments that will drive long-term profitable growth.”
We currently expect that third quarter 2018
adjusted EBITDA will be approximately $525 million. We expect our
Flat-rolled segment results to continue to improve as more of our
adjustable contract and spot shipments realize the benefit of
second quarter increases in index prices, partially offset by
higher planned outage costs. We expect results for our Tubular
segment to turn positive as selling price increases catch up to the
rising substrate costs we saw in the first half of the year. We
expect results for our European segment to be lower in the third
quarter, primarily due to planned outages that coincide with normal
seasonal customer demand patterns.
Based on our progress to date, we are increasing
full-year 2018 adjusted EBITDA guidance to approximately $1.85 -
$1.90 billion.The Company will conduct a conference call on second
quarter 2018 earnings on Thursday, August 2, at 8:30 a.m. Eastern
Daylight. To listen to the webcast of the conference call,
and to access the company's slide presentation and prepared
remarks, visit the U. S. Steel website, www.ussteel.com,
and click on the “Investors” section. Replays of the conference
call will be available on the website after 10:30 a.m. on August
2.
Please refer to the non-GAAP Financial Measures
section of this document for the reconciliation of Guidance net
earnings to consolidated Guidance adjusted EBITDA.
|
|
UNITED STATES STEEL
CORPORATION |
PRELIMINARY SUPPLEMENTAL STATISTICS
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
Six Months Ended |
|
|
|
|
June 30, |
|
June 30, |
|
|
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
OPERATING STATISTICS |
|
|
|
|
|
|
|
|
Average realized price: (a) |
|
|
|
|
|
|
|
|
|
Flat-Rolled ($/net ton) |
819 |
|
742 |
|
780 |
|
731 |
|
|
U. S. Steel Europe ($/net ton) |
707 |
|
620 |
|
707 |
|
607 |
|
|
U. S. Steel Europe (euro/net ton) |
593 |
|
563 |
|
584 |
|
561 |
|
|
Tubular ($/net ton) |
1,449 |
|
1,234 |
|
1,420 |
|
1,173 |
|
Steel Shipments (thousands of net tons): (a) |
|
|
|
|
|
|
|
|
|
Flat-Rolled |
2,584 |
|
2,497 |
|
5,118 |
|
4,901 |
|
|
U. S. Steel Europe |
1,156 |
|
1,157 |
|
2,283 |
|
2,266 |
|
|
Tubular |
201 |
|
180 |
|
382 |
|
324 |
|
|
|
Total Steel
Shipments |
3,941 |
|
3,834 |
|
7,783 |
|
7,491 |
|
|
|
|
|
|
|
|
|
|
|
|
Intersegment Shipments (thousands of net tons): |
|
|
|
|
|
|
|
|
|
Flat-Rolled to Tubular |
65 |
|
94 |
|
132 |
|
94 |
|
|
U. S. Steel Europe to Flat-Rolled |
22 |
|
25 |
|
22 |
|
47 |
|
Raw Steel Production (thousands of net tons): |
|
|
|
|
|
|
|
|
|
Flat-Rolled |
2,841 |
|
2,711 |
|
5,626 |
|
5,425 |
|
|
U. S. Steel Europe |
1,308 |
|
1,285 |
|
2,600 |
|
2,543 |
|
Raw Steel Capability Utilization: (b) |
|
|
|
|
|
|
|
|
|
Flat-Rolled |
67% |
|
64% |
|
67% |
|
64% |
|
|
U. S. Steel Europe |
105% |
|
103% |
|
105% |
|
103% |
|
|
|
|
|
|
|
|
|
|
|
CAPITAL EXPENDITURES |
|
|
|
|
|
|
|
|
Flat-Rolled |
$ |
142 |
|
$ |
47 |
|
$ |
318 |
|
$ |
72 |
|
U. S. Steel Europe |
17 |
|
20 |
|
38 |
|
34 |
|
Tubular |
13 |
|
4 |
|
24 |
|
11 |
|
Other Businesses |
1 |
|
2 |
|
1 |
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
$ |
173 |
|
$ |
73 |
|
$ |
381 |
|
$ |
120 |
(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 |
STATEMENT OF OPERATIONS (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
Six Months Ended |
|
|
|
June 30, |
|
June 30, |
(Dollars in millions, except per share
amounts) |
2018 |
|
2017 |
|
2018 |
|
2017 |
NET SALES |
|
$ |
3,609 |
|
|
$ |
3,144 |
|
|
$ |
6,758 |
|
|
$ |
5,869 |
|
|
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES (INCOME): |
|
|
|
|
|
|
|
|
Cost of sales (excludes items shown below) |
3,121 |
|
|
2,723 |
|
|
5,929 |
|
|
5,282 |
|
|
Selling, general and administrative expenses |
92 |
|
|
67 |
|
|
170 |
|
|
148 |
|
|
Depreciation, depletion and amortization |
130 |
|
|
121 |
|
|
258 |
|
|
258 |
|
|
Earnings from investees |
(19) |
|
|
(16) |
|
|
(22) |
|
|
(20) |
|
|
Gain associated with retained interest in U. S. Steel Canada
Inc. |
— |
|
|
(72) |
|
|
— |
|
|
(72) |
|
|
Restructuring and other charges |
— |
|
|
(1) |
|
|
— |
|
|
32 |
|
|
Net gain on disposal of assets |
(17) |
|
|
— |
|
|
(16) |
|
|
(1) |
|
|
Other expense (income), net |
1 |
|
|
(5) |
|
|
1 |
|
|
(5) |
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses |
3,308 |
|
|
2,817 |
|
|
6,320 |
|
|
5,622 |
|
|
|
|
|
|
|
|
|
|
|
EARNINGS BEFORE INTEREST AND INCOME TAXES |
301 |
|
|
327 |
|
|
438 |
|
|
247 |
|
Net interest and other financial costs (a) |
75 |
|
|
82 |
|
|
193 |
|
|
163 |
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS BEFORE INCOME TAXES |
226 |
|
|
245 |
|
|
245 |
|
|
84 |
|
Income tax provision (benefit) |
12 |
|
|
(16) |
|
|
13 |
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
Net earnings |
214 |
|
|
261 |
|
|
232 |
|
|
81 |
|
|
Less: Net earnings (loss) attributable to noncontrolling
interests |
— |
|
|
— |
|
|
— |
|
|
— |
|
NET EARNINGS ATTRIBUTABLE TO |
|
|
|
|
|
|
|
|
UNITED STATES STEEL CORPORATION |
$ |
214 |
|
|
$ |
261 |
|
|
$ |
232 |
|
|
$ |
81 |
|
|
|
|
|
|
|
|
|
|
|
COMMON STOCK DATA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings per share attributable to |
|
|
|
|
|
|
|
United States Steel Corporation stockholders: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
1.21 |
|
|
$ |
1.49 |
|
|
$ |
1.32 |
|
|
$ |
0.46 |
|
|
Diluted |
|
$ |
1.20 |
|
|
$ |
1.48 |
|
|
$ |
1.30 |
|
|
$ |
0.46 |
|
Weighted average shares, in thousands |
|
|
|
|
|
|
|
|
Basic |
|
177,027 |
|
|
174,797 |
|
|
176,594 |
|
|
174,521 |
|
|
Diluted |
|
178,903 |
|
|
176,028 |
|
|
178,485 |
|
|
176,319 |
|
Dividends paid per common share |
$ |
0.05 |
|
|
$ |
0.05 |
|
|
$ |
0.10 |
|
|
$ |
0.10 |
|
(a) Includes $17 million and $14 million for the
three months ended June 30, 2018 and 2017, respectively, and $34
million and $32 million for the six months ended June 30, 2018 and
2017, 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.
|
|
UNITED STATES STEEL
CORPORATION |
CASH FLOW STATEMENT (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended |
|
|
|
|
June 30, |
(Dollars in millions) |
|
2018 |
|
2017 |
Cash provided by (used in) operating activities: |
|
|
|
|
Net earnings |
|
$ |
232 |
|
|
$ |
81 |
|
|
Depreciation, depletion and amortization |
258 |
|
|
258 |
|
|
Gain associated with retained interest in U. S. Steel Canada
Inc. |
— |
|
|
(72) |
|
|
Restructuring and other charges |
— |
|
|
32 |
|
|
Loss on debt extinguishment |
74 |
|
|
1 |
|
|
Pensions and other postretirement benefits |
37 |
|
|
31 |
|
|
Deferred income taxes |
(1) |
|
|
2 |
|
|
Net gain on disposal of assets |
(16) |
|
|
(1) |
|
|
Working capital changes |
(242) |
|
|
(199) |
|
|
Income taxes receivable/payable |
(2) |
|
|
20 |
|
|
Other operating activities |
(47) |
|
|
90 |
|
|
|
Total |
|
293 |
|
|
243 |
|
|
|
|
|
|
|
|
Cash used in investing activities: |
|
|
|
|
Capital expenditures |
|
(381) |
|
|
(120) |
|
|
Disposal of assets |
|
1 |
|
|
— |
|
|
Other investing activities |
|
(1) |
|
|
— |
|
|
|
Total |
|
(381) |
|
|
(120) |
|
|
|
|
|
|
|
|
Cash provided by (used in) financing activities: |
|
|
|
|
Issuance of long-term debt, net of financing costs |
|
640 |
|
|
— |
|
|
Repayment of long-term debt |
|
(874) |
|
|
(108) |
|
|
Receipts from exercise of stock options |
|
33 |
|
|
13 |
|
|
Dividends paid |
|
(18) |
|
|
(18) |
|
|
Taxes paid for equity compensation plans |
|
(8) |
|
|
(10) |
|
|
|
Total |
|
(227) |
|
|
(123) |
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash |
(10) |
|
|
10 |
|
|
|
|
|
|
|
|
Net (decrease) increase in cash, cash equivalents and
restricted cash |
(325) |
|
|
10 |
|
Cash, cash equivalents and restricted cash at beginning of
the year (a) |
1,597 |
|
|
1,555 |
|
|
|
|
|
|
|
|
Cash, cash equivalents and restricted cash
at end of the period (a) |
$ |
1,272 |
|
|
$ |
1,565 |
|
(a) Includes restricted cash in the
beginning-of-period and end-of-period amounts as a result of the
retrospective adoption of Accounting Standards Update 2016-18,
Statement of Cash Flows (Topic 230): Restricted Cash on January 1,
2018.
|
|
UNITED STATES STEEL
CORPORATION |
CONDENSED BALANCE SHEET (Unaudited) |
|
|
|
|
|
|
|
|
|
June 30 |
|
Dec. 31 |
(Dollars in millions) |
|
2018 |
|
2017 |
Cash and cash equivalents |
$ |
1,231 |
|
$ |
1,553 |
|
Receivables, net |
1,656 |
|
1,379 |
|
Inventories |
1,848 |
|
1,738 |
|
Other current assets |
77 |
|
85 |
|
|
Total current assets |
4,812 |
|
4,755 |
|
Property, plant and equipment, net |
4,401 |
|
4,280 |
|
Investments and long-term receivables, net |
498 |
|
480 |
|
Intangible assets, net |
162 |
|
167 |
|
Other assets |
185 |
|
180 |
|
|
|
|
|
|
|
|
Total
assets |
|
$ |
10,058 |
|
$ |
9,862 |
|
|
|
|
|
|
|
Accounts payable and other accrued liabilities |
$ |
2,331 |
|
$ |
2,170 |
|
Payroll and benefits payable |
386 |
|
347 |
|
Short-term debt and current maturities of long-term debt |
4 |
|
3 |
|
Other current liabilities |
181 |
|
201 |
|
|
Total current liabilities |
2,902 |
|
2,721 |
|
Long-term debt, less unamortized discount and debt issuance
costs |
2,541 |
|
2,700 |
|
Employee benefits |
692 |
|
759 |
|
Other long-term liabilities |
317 |
|
361 |
|
United States Steel Corporation stockholders' equity |
3,605 |
|
3,320 |
|
Noncontrolling interests |
1 |
|
1 |
|
|
|
|
|
|
|
|
Total liabilities and stockholders'
equity |
$ |
10,058 |
|
$ |
9,862 |
|
|
UNITED STATES STEEL
CORPORATION |
NON-GAAP FINANCIAL MEASURES |
RECONCILIATION OF ADJUSTED EBITDA |
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
Six Months Ended |
|
|
June 30, |
|
June 30, |
(Dollars in millions) |
2018 |
|
2017 |
|
2018 |
|
2017 |
Reconciliation to Adjusted EBITDA |
|
|
|
|
|
|
|
|
Net
earnings attributable to United States Steel Corporation |
$ |
214 |
|
|
$ |
261 |
|
|
$ |
232 |
|
|
$ |
81 |
|
|
Income tax
provision (benefit) |
12 |
|
|
(16) |
|
|
13 |
|
|
3 |
|
|
Net
interest and other financial costs |
75 |
|
|
82 |
|
|
193 |
|
|
163 |
|
|
Depreciation, depletion and amortization expense |
130 |
|
|
121 |
|
|
258 |
|
|
258 |
|
|
EBITDA |
431 |
|
|
448 |
|
|
696 |
|
|
505 |
|
|
Gain on
equity investee transactions |
(18) |
|
|
— |
|
|
(18) |
|
|
— |
|
|
Granite
City Works restart costs |
36 |
|
|
— |
|
|
36 |
|
|
— |
|
|
Granite
City Works adjustment to temporary idling charges |
2 |
|
|
— |
|
|
(8) |
|
|
— |
|
|
Gain
associated with retained interest in U. S. Steel Canada Inc. |
— |
|
|
(72) |
|
|
— |
|
|
(72) |
|
|
Loss on
shutdown of certain tubular assets |
— |
|
|
— |
|
|
— |
|
|
35 |
|
|
Adjusted EBITDA |
$ |
451 |
|
|
$ |
376 |
|
|
$ |
706 |
|
|
$ |
468 |
|
|
UNITED STATES STEEL
CORPORATION |
NON-GAAP FINANCIAL MEASURES |
RECONCILIATION OF ADJUSTED NET
EARNINGS |
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
Six Months Ended |
|
|
June 30, |
|
June 30, |
(Dollars in millions, except per share
amounts) (a) |
2018 |
|
2017 |
|
2018 |
|
2017 |
Reconciliation to adjusted net earnings (loss)
attributable to United States Steel Corporation |
|
|
|
|
|
|
|
|
Net
earnings attributable to United States Steel Corporation |
$ |
214 |
|
|
$ |
261 |
|
|
$ |
232 |
|
|
$ |
81 |
|
|
Gain on
equity investee transactions |
(18) |
|
|
— |
|
|
(18) |
|
|
— |
|
|
Granite
City Works restart costs |
36 |
|
|
— |
|
|
36 |
|
|
— |
|
|
Granite
City Works adjustment to temporary idling charges |
2 |
|
|
— |
|
|
(8) |
|
|
— |
|
|
Loss on
debt extinguishment and other related costs |
28 |
|
|
— |
|
|
77 |
|
|
— |
|
|
Gain
associated with retained interest in U. S. Steel Canada Inc. |
— |
|
|
(72) |
|
|
— |
|
|
(72) |
|
|
Loss on
shutdown of certain tubular assets |
— |
|
|
— |
|
|
— |
|
|
35 |
|
|
Total
adjustments |
48 |
|
|
(72) |
|
|
87 |
|
|
(37) |
|
|
Adjusted
net earnings attributable to United States Steel Corporation |
$ |
262 |
|
|
$ |
189 |
|
|
$ |
319 |
|
|
$ |
44 |
|
|
|
|
|
|
|
|
|
|
Reconciliation to adjusted diluted net earnings
(loss) per share |
|
|
|
|
|
|
|
|
Diluted net
earnings per share |
$ |
1.20 |
|
|
$ |
1.48 |
|
|
$ |
1.30 |
|
|
$ |
0.46 |
|
|
Gain on
equity investee transactions |
(0.10) |
|
|
— |
|
|
(0.10) |
|
|
— |
|
|
Granite
City Works restart costs |
0.20 |
|
|
— |
|
|
0.20 |
|
|
— |
|
|
Granite
City Works adjustment to temporary idling charges |
0.01 |
|
|
— |
|
|
(0.04) |
|
|
— |
|
|
Loss on
debt extinguishment and other related costs |
0.15 |
|
|
— |
|
|
0.43 |
|
|
— |
|
|
Gain
associated with retained interest in U. S. Steel Canada Inc. |
— |
|
|
(0.41) |
|
|
— |
|
|
(0.41) |
|
|
Loss on
shutdown of certain tubular assets |
— |
|
|
— |
|
|
— |
|
|
0.20 |
|
|
Total
adjustments |
0.26 |
|
|
(0.41) |
|
|
0.49 |
|
|
(0.21) |
|
|
Adjusted diluted net earnings per share |
$ |
1.46 |
|
|
$ |
1.07 |
|
|
$ |
1.79 |
|
|
$ |
0.25 |
|
(a) The adjustments included in this table have
been tax effected at a 0% tax rate due to the recognition of a full
valuation allowance.
|
|
UNITED STATES STEEL
CORPORATION |
RECONCILIATION OF ADJUSTED EBITDA
GUIDANCE |
|
|
|
Year Ended |
Year Ended |
|
|
Quarter Ended |
Dec. 31 |
Dec. 31 |
|
|
Sept. 30 |
2018 |
2018 |
(Dollars in millions) |
2018 |
(Low end of range) |
(High end of range) |
Reconciliation to Projected Adjusted EBITDA Included
in Guidance |
|
|
|
|
Projected
net earnings attributable to United States Steel Corporation
included in Guidance |
$ |
288 |
|
$ |
925 |
|
$ |
975 |
|
|
Estimated
income tax expense |
22 |
|
50 |
|
50 |
|
|
Estimated
net interest and other financial costs |
61 |
|
315 |
|
315 |
|
|
Estimated
depreciation, depletion and amortization |
129 |
|
520 |
|
520 |
|
|
Gain on
equity investee transactions |
— |
|
(18) |
|
(18) |
|
|
Granite
City Works blast furnace B restart costs |
— |
|
36 |
|
36 |
|
|
Estimated
Granite City Works blast furnace A restart costs |
25 |
|
30 |
|
30 |
|
|
Granite City Works adjustment to temporary idling
charges |
— |
|
(8) |
|
(8) |
|
|
Projected adjusted EBITDA included in Guidance |
$ |
525 |
|
$ |
1,850 |
|
$ |
1,900 |
|
|
|
|
|
|
|
|
|
|
|
|
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. EBITDA is also used by analysts to refine and
improve the accuracy of their financial models that utilize
enterprise value.
Adjusted net earnings (loss) and adjusted net
earnings (loss) per diluted share are non-GAAP measures that
exclude the effects of gains (losses) on the sale of ownership
interests in equity investees, facility restart costs, gains
(losses) associated with our retained interest in U. S. Steel
Canada Inc., restructuring charges, significant temporary idling
charges and debt extinguishment and other related costs that are
not part of the Company's core operations. Adjusted EBITDA is
also a non-GAAP measure that excludes the effects of gains (losses)
on the sale of ownership interests in equity investees, facility
restart costs, gains (losses) associated with our retained interest
in U. S. Steel Canada Inc., restructuring charges and significant
temporary idling charges. 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 effects of gains (losses) on the sale of ownership
interests in equity investees, facility restart costs, gains
(losses) associated with our retained interest in U. S. Steel
Canada Inc., restructuring charges, significant temporary idling
charges and debt extinguishment and other related costs that can
obscure underlying trends. 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 or in preparing the Company’s
annual financial guidance. 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 consolidated statement of operations
(unaudited), consolidated cash flow statement (unaudited),
condensed consolidated balance sheet (unaudited) and preliminary
supplemental statistics (unaudited) for U. S. Steel are
attached.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS
This release contains information that may
constitute “forward-looking statements” within the meaning of
Section 27 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
growth, share of sales and earnings per share growth, 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, 2017, in our Quarterly Report on Form 10-Q for
the quarter ended June 30, 2018, 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.
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CONTACT: |
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Media |
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Investors/Analysts |
Meghan Cox |
|
|
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|
|
Dan Lesnak |
Manager |
|
|
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|
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|
|
General Manager |
Corporate
Communications |
|
|
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|
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|
|
|
Investor Relations |
T - (412) 433-6777 |
|
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|
T - (412) 433-1184 |
E - mmcox@uss.com |
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|
E -
dtlesnak@uss.com |
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