UNITED STATES STEEL CORP

CIK:0001163302|SEC Filings

CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Net sales:
Net sales	$ 3,727	$ 4,160
Total (Note 6)	3,727	4,160
Operating expenses (income):
Cost of sales	3,493	3,665
Selling, general and administrative expenses	120	119
Depreciation, depletion and amortization	249	210
Earnings from investees	(3)	(14)
Asset impairment charges	0	7
Restructuring and other charges (Note 20)	0	6
Other (gains) losses, net	(10)	13
Total	3,849	4,006
(Loss) earnings before interest and income taxes	(122)	154
Interest expense	45	2
Interest income	(10)	(32)
Loss on debt extinguishment	0	1
Other financial costs	1	11
Net periodic benefit income	(4)	(33)
Net gain from investments related to active employee benefits (Note 16)	(7)	(4)
Net interest and other financial costs (income)	25	(55)
(Loss) earnings before income taxes	(147)	209
Income tax (benefit) expense (Note 12)	(31)	38
Net (loss) earnings	(116)	171
Less: Net earnings attributable to noncontrolling interests	0	0
Net (loss) earnings attributable to United States Steel Corporation	$ (116)	$ 171
(Loss) earnings per share attributable to United States Steel Corporation stockholders:
-Basic (in dollars per share)	$ (0.52)	$ 0.76
-Diluted (in dollars per share)	$ (0.52)	$ 0.68
Nonrelated Party
Net sales:
Net sales	$ 3,157	$ 3,500
Related Party
Net sales:
Net sales	$ 570	$ 660

CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Operating activities:
Net (loss) earnings	$ (116)	$ 171
Adjustments to reconcile to net cash used in operating activities:
Depreciation, depletion and amortization	249	210
Asset impairment charges	0	7
Restructuring and other charges (Note 20)	0	6
Loss on debt extinguishment	0	1
Pensions and other postretirement benefits	(1)	(28)
Active employee benefit investments	(12)	(30)
Deferred income taxes (Note 12)	(32)	36
Net gain on sale of assets	(1)	0
Equity investee earnings, net of distributions received	(3)	(18)
Changes in:
Current receivables	(276)	(191)
Inventories	(184)	(43)
Current accounts payable and accrued expenses	51	(78)
Income taxes receivable/payable	42	5
All other, net	(115)	(136)
Net cash used in operating activities	(374)	(28)
Investing activities:
Capital expenditures	(359)	(640)
Proceeds from sale of assets	1	0
Other investing activities	0	5
Net cash used in investing activities	(358)	(645)
Financing activities:
Repayment of long-term debt (Note 15)	(18)	(14)
Other financing activities	(32)	(32)
Net cash used in financing activities	(50)	(46)
Effect of exchange rate changes on cash	7	(7)
Net decrease in cash, cash equivalents and restricted cash	(775)	(726)
Cash, cash equivalents and restricted cash at beginning of year (Note 7)	1,413	2,988
Cash, cash equivalents and restricted cash at end of period (Note 7)	638	2,262
Noncash Investing and Financing Items [Abstract]
Change in accrued capital expenditures	(55)	(102)
U. S. Steel common stock issued for employee/non-employee director stock plans	50	35
Capital expenditures funded by finance lease borrowings	$ 2	$ 32

CONSOLIDATED BALANCE SHEET (Unaudited) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents (Note 7)	$ 594	$ 1,367
Inventories (Note 8)	2,372	2,168
Other current assets	323	299
Total current assets	4,936	5,232
Long-term restricted cash (Note 7)	35	35
Operating lease assets	68	72
Property, plant and equipment	26,649	26,239
Less accumulated depreciation and depletion	14,536	14,266
Total property, plant and equipment, net	12,113	11,973
Investments and long-term receivables, less allowance of $3 in both periods	762	757
Intangibles, net (Note 9)	411	416
Goodwill (Note 9)	920	920
Other noncurrent assets	838	830
Total assets	20,083	20,235
Current liabilities:
Payroll and benefits payable	272	295
Accrued taxes	129	131
Accrued interest	56	70
Current operating lease liabilities	33	35
Short-term debt and current maturities of long-term debt (Note 15)	109	95
Total current liabilities	3,399	3,373
Noncurrent operating lease liabilities	41	44
Long-term debt, less unamortized discount and debt issuance costs (Note 15)	4,047	4,078
Employee benefits	97	117
Deferred income tax liabilities (Note 12)	635	657
Deferred credits and other noncurrent liabilities	533	526
Total liabilities	8,752	8,795
Contingencies and commitments (Note 21)
Stockholders’ Equity (Note 17):
Common stock (289,923,474 and 288,088,141 shares issued) (Note 13)	289	288
Treasury stock, at cost (63,507,166 shares and 62,907,930 shares)	(1,469)	(1,446)
Additional paid-in capital	5,324	5,307
Retained earnings	7,091	7,219
Accumulated other comprehensive income (loss) (Note 18)	3	(21)
Total United States Steel Corporation stockholders’ equity	11,238	11,347
Noncontrolling interests	93	93
Total liabilities and stockholders’ equity	20,083	20,235
Nonrelated Party
Current assets:
Receivables, less allowance of $24 and $26	1,470	1,236
Current liabilities:
Accounts payable and other accrued liabilities	2,605	2,601
Related Party
Current assets:
Receivables, less allowance of $24 and $26	177	162
Current liabilities:
Accounts payable and other accrued liabilities	$ 195	$ 146