 | 聯繫方式： 企業通訊 T - (412) 433-1300 E - media@uss.com | Emily Chieng 投資者關係官員 T - (412) 618-9554 E - ecchieng@uss.com | 資訊發佈 | ||||||||||||||
即時新聞稿：
美國鋼鐵公司報告2024年第三季度業績
•2024年第三季度淨收入爲11900萬美元，每股稀釋收益爲0.48美元。
•2024年第三季度調整後淨收入爲14000萬美元，每股攤薄收益爲0.56美元。
•2024年第三季度調整後的EBITDA爲31900萬美元。
匹茲堡，2024年10月31日 - 美國鋼鐵公司（紐交所：X）報告2024年第三季度淨收益爲11900萬美元，每股稀釋收益爲0.48美元。調整後的淨收益爲14000萬美元，每股稀釋收益爲0.56美元。與2023年第三季度的淨收益29900萬美元，每股稀釋收益爲1.20美元相比。調整後的2023年第三季度淨收益爲35000萬美元，每股稀釋收益爲1.40美元。
美國鋼鐵總統兼首席執行官David b. Burritt在對公司第三季度業績發表意見時表示，「第三季度調整後的EBITDA爲31900萬美元，表明儘管我們各個業務板塊所經歷的平均銷售價格下降，但我們的業務模式仍具有韌性。北美平板軋製業務板塊繼續受益於強大的商業策略，利用多樣化產品組合和有計劃地增加我們服務的最終市場的合同銷量。我們的迷你鍊鐵廠業務板塊雖然受到市場定價下降的影響，在調整4000萬美元的一次性開支項目後，實現了11%的EBITDA利潤率。USSE盈利受益於一次性有利的CO分配調整，抵消了歐洲需求環境帶來的壓力。管材板塊的盈利在第三季度表現疲軟，低於預期，反映了較低的基準價格。」2 盈利較弱的第三季度，如預期所示，顯示了歐洲需求環境的壓力，對管材的盈利表現較差。”
在談到公司的戰略舉措時，伯裏特繼續表示:“我們非常高興地宣佈，在Big River 2（「BR2」）獲得了首捆鋼卷，Big River團隊預計將在第四季度開始向客戶發貨。我們很興奮地在今天發佈的投資者介紹中展示了BR2的照片。祝賀Big River團隊安全交付超過40億美元的增長資本投資，其中包括非取向（「NGO」）電工鋼線和雙Galvalume線。® 同時搭配我們增強的商業策略和最近的投資
©2024 美國鋼鐵。保留所有權利 www.ussteel.com 600 Grant Street
新聞稿
在北美平板軋製部門生產，我們期待通過增加自由現金流打下更堅實的盈利基礎。
關於與日本鋼鐵公司的交易，Burritt指出：「我們仍在努力爭取年底前完成交易。重要的是，在九月份，仲裁委員會裁定支持U.S. 鋼鐵公司在我們的基本勞資協議下。我們也很高興看到日本鋼鐵公司作出額外承諾，將擴大現有的收益，包括從日本鋼鐵公司每年50000萬美元的研發支出中轉移技術和進一步創新，以進一步增強交易的優勢。我們期待將這些好處傳遞給所有的利益相關者，特別是我們莫恩山谷和蓋瑞工廠辛勤工作的男女，日本鋼鐵公司已承諾至少投資13億美元，將總資本承諾提高至至少27億美元。」
Q4 2024 Outlook
我們預計第四季度調整後的EBITDA在22500萬美元和27500萬美元之間。 我們的北美平板軋製部門業績應該會略有下降，主要是由於該季度平均售價預期較低。 我們預計迷你厂部門業績將有所改善，即使考慮到BR2的2500萬美元的相關啓動和一次性施工成本，預計平均銷售價格會有所提高。 在歐洲，由於缺乏正面CO對結果的影響，以及需求和價格條件疲軟，預計業績會下降。 我們的管材部門結果應該與第三季度基本一致。2 分配且基礎需求和定價條件疲軟。 我們的管材部門結果應該與第三季度基本一致。
| 收益亮點 | ||||||||||||||
| 截至9月30日的三個月 | 截至9月30日的九個月 | |||||||||||||
| （金額單位爲百萬美元，每股金額除外） | 2024 | 2023 | 2024 | 2023 | ||||||||||
| 淨銷售額 | $ | 3,853 | $ | 4,431 | $ | 12,131 | $ | 13,909 | ||||||
| 利息和所得稅前段利潤（損失） | ||||||||||||||
| 平軋 | $ | 106 | $ | 225 | $ | 323 | $ | 449 | ||||||
| 迷你廠 | (28) | 42 | 99 | 186 | ||||||||||
| 美國鋼鐵歐洲 | 7 | (13) | 13 | 25 | ||||||||||
| 管材 | (4) | 87 | 82 | 476 | ||||||||||
| 其他 | 3 | 7 | (3) | (2) | ||||||||||
| 利息和所得稅前的總部門收益 | $ | 84 | $ | 348 | $ | 514 | $ | 1,134 | ||||||
| 未分配給部門的其他項目 | (36) | (71) | (131) | (104) | ||||||||||
| 利息和所得稅前收益 | $ | 48 | $ | 277 | $ | 383 | $ | 1,030 | ||||||
| 淨利息和其他財務益處 | (61) | (64) | (174) | (182) | ||||||||||
| 所得稅（收益）費用 | (10) | 42 | 84 | 237 | ||||||||||
| 淨收益 | $ | 119 | $ | 299 | $ | 473 | $ | 975 | ||||||
| 每股稀釋收益 | $ | 0.48 | $ | 1.20 | $ | 1.88 | $ | 3.86 | ||||||
調整後的淨收益 (a) | $ | 140 | $ | 350 | $ | 557 | $ | 1,028 | ||||||
每股調整後淨收益 (a) | $ | 0.56 | $ | 1.40 | $ | 2.21 | $ | 4.07 | ||||||
利息、稅項、折舊和攤銷前調整後盈利（EBITDA） (a) | $ | 319 | $ | 578 | $ | 1,176 | $ | 1,809 | ||||||
(a) 請參閱本文件的非通用會計準則財務指標部分，以了解這些金額的調解情況。 | ||||||||||||||
©2024美國鋼鐵保留所有權利 www.ussteel.com 600 Grant Street
新聞稿
| 美國鋼鐵公司 | ||||||||||||||||||||
| 初步補充 統計 (未經審計) | ||||||||||||||||||||
| 截至9月30日的三個月 | 截至9月30日的九個月 | |||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||||||
| 運營統計數據 | ||||||||||||||||||||
平均實現價格: (美元/淨噸，除非另有說明) (a) | ||||||||||||||||||||
| 平板軋製 | 993 | 1,036 | 1,030 | 1,045 | ||||||||||||||||
| 迷你廠 | 800 | 901 | 880 | 898 | ||||||||||||||||
| 美國鋼鐵歐洲 | 802 | 852 | 818 | 910 | ||||||||||||||||
| 美國鋼鐵歐洲（€/淨噸） | 730 | 783 | 753 | 840 | ||||||||||||||||
| 管材 | 1,805 | 2,927 | 2,062 | 3,422 | ||||||||||||||||
鋼鐵出貨量（淨噸數）： (a) | ||||||||||||||||||||
| 平板軋製 | 1,905 | 2,159 | 5,999 | 6,672 | ||||||||||||||||
| 微型鋼廠 | 602 | 561 | 1,732 | 1,807 | ||||||||||||||||
| 美國鋼鐵歐洲 | 899 | 958 | 2,846 | 2,875 | ||||||||||||||||
| 管材 | 110 | 104 | 333 | 346 | ||||||||||||||||
| 總鋼鐵出貨量 | 3,516 | 3,782 | 10,910 | 11,700 | ||||||||||||||||
| 除非另有說明，否則各部門之間的鋼鐵出貨量（淨噸數）： | ||||||||||||||||||||
| 迷你軋鋼廠到平板軋製廠 | 84 | 145 | 288 | 370 | ||||||||||||||||
| 平板軋製廠到迷你軋鋼廠 | 2 | 2 | 3 | 2 | ||||||||||||||||
| 平板軋製廠到迷你軋鋼廠（生鐵） | 83 | 95 | 248 | 210 | ||||||||||||||||
| 平板軋製廠到美國鋼鐵（煤 ） | — | 174 | 258 | 632 | ||||||||||||||||
| 原鋼生產（淨噸數）： | ||||||||||||||||||||
| 平板軋製 | 2,107 | 2,390 | 6,290 | 7,312 | ||||||||||||||||
| 小型軋鋼廠 | 732 | 693 | 2,174 | 2,201 | ||||||||||||||||
| 美國鋼鐵歐洲 | 970 | 990 | 3,029 | 3,295 | ||||||||||||||||
| 管材 | 159 | 111 | 422 | 411 | ||||||||||||||||
熟鋼生產能力利用率： (b) | ||||||||||||||||||||
| 平板軋鋼 | 63 | % | 72 | % | 63 | % | 74 | % | ||||||||||||
| 小型軋鋼廠 | 88 | % | 83 | % | 88 | % | 89 | % | ||||||||||||
| 美國鋼鐵歐洲 | 77 | % | 79 | % | 81 | % | 88 | % | ||||||||||||
| 管材 | 70 | % | 49 | % | 62 | % | 61 | % | ||||||||||||
資本支出 （單位：百萬美元） | ||||||||||||||||||||
| 平板軋製 | 114 | 132 | 378 | 375 | ||||||||||||||||
| 迷你軋鋼廠 | 364 | 423 | 1,302 | 1,474 | ||||||||||||||||
| 美國鋼鐵歐洲 | 27 | 24 | 82 | 66 | ||||||||||||||||
| 管材 | 6 | 7 | 20 | 24 | ||||||||||||||||
| 其他業務 | — | — | — | — | ||||||||||||||||
| 10,500,000 | $ | 511 | $ | 586 | $ | 1,782 | $ | 1,939 | ||||||||||||
(a) 不包括部門間的運輸。 | ||||||||||||||||||||
(b) 基於平板軋製1320萬淨噸、迷你軋機330萬淨噸、美國鋼鐵歐洲500萬淨噸和管材90萬淨噸的年度原鋼生產能力。 | ||||||||||||||||||||
©2024 U. S. Steel All Rights Reserved www.ussteel.com United States Steel Corporation
News Release
| UNITED STATES STEEL CORPORATION | |||||||||||||||||
| CONDENSED STATEMENT OF OPERATIONS (Unaudited) | |||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
| (Dollars in millions, except per share amounts) | 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Net Sales | $ | 3,853 | $ | 4,431 | $ | 12,131 | $ | 13,909 | |||||||||
| Operating expenses (income): | |||||||||||||||||
| Cost of sales | 3,448 | 3,838 | 10,742 | 11,952 | |||||||||||||
| Selling, general and administrative expenses | 104 | 118 | 328 | 320 | |||||||||||||
| Depreciation, depletion and amortization | 235 | 230 | 662 | 675 | |||||||||||||
| Earnings from investees | (17) | (51) | (76) | (76) | |||||||||||||
| Asset impairment charges | — | — | 19 | 4 | |||||||||||||
| Restructuring and other charges | 5 | 18 | 11 | 21 | |||||||||||||
| Other losses (gains), net | 30 | 1 | 62 | (17) | |||||||||||||
| Total operating expenses | 3,805 | 4,154 | 11,748 | 12,879 | |||||||||||||
| Earnings before interest and income taxes | 48 | 277 | 383 | 1,030 | |||||||||||||
| Net interest and other financial benefits | (61) | (64) | (174) | (182) | |||||||||||||
| Earnings before income taxes | 109 | 341 | 557 | 1,212 | |||||||||||||
| Income tax (benefit) expense | (10) | 42 | 84 | 237 | |||||||||||||
| Net earnings | 119 | 299 | 473 | 975 | |||||||||||||
| Less: Net earnings attributable to noncontrolling interests | — | — | — | — | |||||||||||||
| Net earnings attributable to United States Steel Corporation | $ | 119 | $ | 299 | $ | 473 | $ | 975 | |||||||||
| COMMON STOCK DATA: | |||||||||||||||||
| Net earnings per share attributable to United States Steel Corporation Stockholders | |||||||||||||||||
| Basic | $ | 0.53 | $ | 1.34 | $ | 2.10 | $ | 4.33 | |||||||||
| Diluted | $ | 0.48 | $ | 1.20 | $ | 1.88 | $ | 3.86 | |||||||||
| Weighted average shares, in thousands | |||||||||||||||||
| Basic | 225,095 | 223,109 | 224,697 | 225,311 | |||||||||||||
| Diluted | 254,060 | 253,070 | 254,124 | 255,080 | |||||||||||||
| Dividends paid per common share | $ | 0.05 | $ | 0.05 | $ | 0.15 | $ | 0.15 | |||||||||
©2024 U. S. Steel All Rights Reserved www.ussteel.com United States Steel Corporation
News Release
| UNITED STATES STEEL CORPORATION | |||||||||||
| CONDENSED CASH FLOW STATEMENT (Unaudited) | |||||||||||
| Nine Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
| (Dollars in millions) | 2024 | 2023 | |||||||||
| Increase (decrease) in cash, cash equivalents and restricted cash | |||||||||||
| Operating activities: | |||||||||||
| Net earnings | $ | 473 | $ | 975 | |||||||
| Depreciation, depletion and amortization | 662 | 675 | |||||||||
| Asset impairment charges | 19 | 4 | |||||||||
| Restructuring and other charges | 11 | 21 | |||||||||
| Pensions and other postretirement benefits | (99) | (124) | |||||||||
| Active employee benefit investments | 51 | 20 | |||||||||
| Deferred income taxes | 141 | 275 | |||||||||
| Working capital changes | (204) | 227 | |||||||||
| Income taxes receivable/payable | (127) | (86) | |||||||||
| Other operating activities | (216) | (276) | |||||||||
| Net cash provided by operating activities | 711 | 1,711 | |||||||||
| Investing activities: | |||||||||||
| Capital expenditures | (1,782) | (1,939) | |||||||||
| Proceeds from sale of assets | 3 | 4 | |||||||||
| Other investing activities | (5) | — | |||||||||
| Net cash used in investing activities | (1,784) | (1,935) | |||||||||
| Financing activities: | |||||||||||
| Issuance of long-term debt, net of financing costs | — | 241 | |||||||||
| Repayment of long-term debt | (46) | (69) | |||||||||
| Common stock repurchased | — | (175) | |||||||||
| Other financing activities | (58) | (50) | |||||||||
| Net cash used in financing activities | (104) | (53) | |||||||||
| Effect of exchange rate changes on cash | 4 | (3) | |||||||||
| Net decrease in cash, cash equivalents and restricted cash | (1,173) | (280) | |||||||||
| Cash, cash equivalents and restricted cash at beginning of year | 2,988 | 3,539 | |||||||||
| Cash, cash equivalents and restricted cash at end of period | $ | 1,815 | $ | 3,259 | |||||||
©2024 U. S. Steel All Rights Reserved www.ussteel.com United States Steel Corporation
News Release
| UNITED STATES STEEL CORPORATION | |||||||||||
| CONDENSED BALANCE SHEET (Unaudited) | |||||||||||
| September 30, | December 31, | ||||||||||
| (Dollars in millions) | 2024 | 2023 | |||||||||
| Cash and cash equivalents | $ | 1,773 | $ | 2,948 | |||||||
| Receivables, net | 1,649 | 1,548 | |||||||||
| Inventories | 2,039 | 2,128 | |||||||||
| Other current assets | 305 | 319 | |||||||||
| Total current assets | 5,766 | 6,943 | |||||||||
| Operating lease assets | 82 | 109 | |||||||||
| Property, plant and equipment, net | 11,665 | 10,393 | |||||||||
| Investments and long-term receivables, net | 830 | 761 | |||||||||
| Intangibles, net | 421 | 436 | |||||||||
| Goodwill | 920 | 920 | |||||||||
| Other noncurrent assets | 949 | 889 | |||||||||
| Total assets | $ | 20,633 | $ | 20,451 | |||||||
| Accounts payable and other accrued liabilities | 2,745 | 3,028 | |||||||||
| Payroll and benefits payable | 321 | 442 | |||||||||
| Short-term debt and current maturities of long-term debt | 163 | 142 | |||||||||
| Other current liabilities | 223 | 336 | |||||||||
| Total current liabilities | 3,452 | 3,948 | |||||||||
| Noncurrent operating lease liabilities | 51 | 73 | |||||||||
| Long-term debt, less unamortized discount and debt issuance costs | 4,068 | 4,080 | |||||||||
| Employee benefits | 124 | 126 | |||||||||
| Deferred income tax liabilities | 732 | 587 | |||||||||
| Other long-term liabilities | 535 | 497 | |||||||||
| United States Steel Corporation stockholders' equity | 11,578 | 11,047 | |||||||||
| Noncontrolling interests | 93 | 93 | |||||||||
| Total liabilities and stockholders' equity | $ | 20,633 | $ | 20,451 | |||||||
©2024 U. S. Steel All Rights Reserved www.ussteel.com United States Steel Corporation
News Release
| UNITED STATES STEEL CORPORATION | |||||||||||||||||||||||||||||
| NON-GAAP FINANCIAL MEASURES | |||||||||||||||||||||||||||||
| RECONCILIATION OF ADJUSTED NET EARNINGS | |||||||||||||||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
| (Dollars in millions) | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||||
| Net earnings and diluted net earnings per share attributable to United States Steel Corporation, as reported | $ | 119 | $ | 0.48 | $ | 299 | $ | 1.20 | $ | 473 | $ | 1.88 | $ | 975 | $ | 3.86 | |||||||||||||
| Restructuring and other charges | 5 | 18 | 11 | 21 | |||||||||||||||||||||||||
| Stock-based compensation expense | 10 | 14 | 37 | 37 | |||||||||||||||||||||||||
| Asset impairment charges | — | — | 19 | 4 | |||||||||||||||||||||||||
| VEBA asset surplus adjustment | (9) | (6) | (21) | (36) | |||||||||||||||||||||||||
| Environmental remediation charges | 1 | 9 | 4 | 11 | |||||||||||||||||||||||||
| Strategic alternatives review process costs | 18 | 16 | 59 | 16 | |||||||||||||||||||||||||
| Granite City idling costs | — | 14 | — | 14 | |||||||||||||||||||||||||
| Other charges, net | 2 | 1 | 1 | 2 | |||||||||||||||||||||||||
| Adjusted pre-tax net earnings to United States Steel Corporation | 146 | 365 | 583 | 1,044 | |||||||||||||||||||||||||
Tax impact of adjusted items (a) | (6) | (15) | (26) | (16) | |||||||||||||||||||||||||
| Adjusted net earnings and diluted net earnings per share attributable to United States Steel Corporation | $ | 140 | $ | 0.56 | $ | 350 | $ | 1.40 | $ | 557 | $ | 2.21 | $ | 1,028 | $ | 4.07 | |||||||||||||
| Weighted average diluted ordinary shares outstanding, in millions | 254.1 | 253.1 | 254.1 | 255.1 | |||||||||||||||||||||||||
(a) The tax impact of adjusted items for both the three and nine months ended September 30, 2024, and 2023 were calculated using a blended tax rate of 24%. | |||||||||||||||||||||||||||||
| UNITED STATES STEEL CORPORATION | |||||||||||||||||
| NON-GAAP FINANCIAL MEASURES | |||||||||||||||||
| RECONCILIATION OF ADJUSTED EBITDA | |||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
| (Dollars in millions) | 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Reconciliation to Adjusted EBITDA | |||||||||||||||||
| Net earnings attributable to United States Steel Corporation | $ | 119 | $ | 299 | $ | 473 | 975 | ||||||||||
| Income tax (benefit) expense | (10) | 42 | 84 | 237 | |||||||||||||
| Net interest and other financial benefits | (61) | (64) | (174) | (182) | |||||||||||||
| Depreciation, depletion and amortization expense | 235 | 230 | 662 | 675 | |||||||||||||
| EBITDA | 283 | 507 | 1,045 | 1,705 | |||||||||||||
| Restructuring and other charges | 5 | 18 | 11 | 21 | |||||||||||||
| Stock-based compensation expense | 10 | 14 | 37 | 37 | |||||||||||||
| Asset impairment charges | — | — | 19 | 4 | |||||||||||||
| Environmental remediation charges | 1 | 9 | 4 | 11 | |||||||||||||
| Strategic alternatives review process costs | 18 | 16 | 59 | 16 | |||||||||||||
| Granite City idling costs | — | 14 | — | 14 | |||||||||||||
| Other charges, net | 2 | — | 1 | 1 | |||||||||||||
| Adjusted EBITDA | $ | 319 | $ | 578 | $ | 1,176 | $ | 1,809 | |||||||||
Net earnings margin (a) | 3.1 | % | 6.7 | % | 3.9 | % | 7.0 | % | |||||||||
Adjusted EBITDA margin (a) | 8.3 | % | 13.0 | % | 9.7 | % | 13.0 | % | |||||||||
(a) The net earnings and adjusted EBITDA margins represent net earnings or adjusted EBITDA divided by net sales. | |||||||||||||||||
©2024 U. S. Steel All Rights Reserved www.ussteel.com United States Steel Corporation
News Release
| UNITED STATES STEEL CORPORATION | |||||||||||||||||
| NON-GAAP FINANCIAL MEASURES | |||||||||||||||||
| RECONCILIATION OF PAST TWELVE MONTHS OF FREE AND INVESTABLE CASH FLOW | |||||||||||||||||
| 4th | 1st | 2nd | 3rd | ||||||||||||||
| Quarter | Quarter | Quarter | Quarter | Total of the | |||||||||||||
| (Dollars in millions) | 2023 | 2024 | 2024 | 2024 | Four Quarters | ||||||||||||
| Net cash provided (used) by operating activities | $ | 389 | $ | (28) | $ | 474 | $ | 265 | $ | 1,100 | |||||||
| Net cash used in investing activities | (633) | (645) | (630) | (509) | (2,417) | ||||||||||||
| Free cash flow | (244) | (673) | (156) | (244) | (1,317) | ||||||||||||
| Strategic capital expenditures | 425 | 468 | 468 | 346 | 1,707 | ||||||||||||
| Investable free cash flow | $ | 181 | $ | (205) | $ | 312 | $ | 102 | $ | 390 | |||||||
©2024 U. S. Steel All Rights Reserved www.ussteel.com United States Steel Corporation
News Release
We present adjusted net earnings, adjusted net earnings per diluted share, earnings before interest, income taxes, depreciation and amortization (EBITDA), adjusted EBITDA and adjusted EBITDA margin, which are non-GAAP measures, as additional measurements to enhance the understanding of our operating performance. We believe that EBITDA, considered along with net earnings, is a relevant indicator of trends relating to our operating performance and provides management and investors with additional information for comparison of our operating results to the operating results of other companies.
Adjusted net earnings and adjusted net earnings per diluted share are non-GAAP measures that exclude the effects of items that include: restructuring and other charges, stock-based compensation expense, asset impairment charges, VEBA asset surplus adjustment, environmental remediation charges, strategic alternatives review process costs, Granite City idling costs, tax impact of adjusted items and other charges, net (Adjustment Items). Adjusted EBITDA and adjusted EBITDA margins are also non-GAAP measures that exclude the effects of certain Adjustment Items. We present adjusted net earnings, adjusted net earnings per diluted share, adjusted EBITDA and adjusted EBITDA margin to enhance the understanding of our ongoing operating performance and established trends affecting our core operations by excluding the effects of events that can obscure underlying trends. U. S. Steel's management considers adjusted net earnings, adjusted net earnings per diluted share, adjusted EBITDA, and adjusted EBITDA margin as alternative measures of operating performance and not alternative measures of the Company's liquidity. U. S. Steel’s management considers adjusted net earnings, adjusted net earnings per diluted share, adjusted EBITDA, and adjusted EBITDA margin useful to investors by facilitating a comparison of our operating performance to the operating performance of our competitors. Additionally, the presentation of adjusted net earnings, adjusted net earnings per diluted share, adjusted EBITDA, and adjusted EBITDA margin provides insight into management’s view and assessment of the Company’s ongoing operating performance because management does not consider the Adjustment Items when evaluating the Company’s financial performance. Adjusted net earnings, adjusted net earnings per diluted share, adjusted EBITDA, and adjusted EBITDA margin should not be considered a substitute for net earnings, earnings per diluted share or other financial measures as computed in accordance with U.S. GAAP and are not necessarily comparable to similarly titled measures used by other companies.
We also present free cash flow, a non-GAAP measure of cash generated from operations after any investing activity and investable free cash flow, a non-GAAP measure of cash generated from operations after any investing activity adjusted for strategic capital expenditures. We believe that free cash flow and investable free cash flow provide further insight into the Company's overall utilization of cash. A condensed consolidated statement of operations (unaudited), condensed consolidated cash flow statement (unaudited), condensed consolidated balance sheet (unaudited) and preliminary supplemental statistics (unaudited) for U. S. Steel are attached.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This release contains information regarding the Company and Nippon Steel Corporation ("NSC") that may constitute “forward-looking statements,” as that term is defined under the Private Securities Litigation Reform Act of 1995 and other securities laws, that are subject to risks and uncertainties. We intend the forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in those sections. Generally, we have identified such forward-looking statements by using the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “target,” “forecast,” “aim,” “should,” “plan,” “goal,” “future,” “will,” “may” and similar expressions or by using future dates in connection with any discussion of, among other things, statements expressing general views about future operating or financial results, operating or financial performance, trends, events or developments that we expect or anticipate will occur in the future, anticipated cost savings, potential capital and operational cash improvements and changes in the global economic environment, the construction or operation of new or existing facilities or capabilities, statements regarding our greenhouse gas emissions reduction goals, as well as statements regarding the proposed transaction between the Company and NSC, including the timing of the completion of the transaction. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. Forward-looking statements include all statements that are not historical facts, but instead represent only the Company’s beliefs regarding
©2024 U. S. Steel All Rights Reserved www.ussteel.com United States Steel Corporation
News Release
future goals, plans and expectations about our prospects for the future and other events, many of which, by their nature, are inherently uncertain and outside of the Company’s or NSC’s control. It is possible that the Company’s or NSC’s actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Management of the Company believes that these forward-looking statements are reasonable as of the time made. However, caution should be taken not to place undue reliance on any such forward-looking statements because such statements speak only as of the date when made. In addition, forward looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the Company’s or NSC's historical experience and our present expectations or projections. Risks and uncertainties include without limitation: the ability of the parties to consummate the proposed transaction on a timely basis or at all; the timing, receipt and terms and conditions of any required governmental and regulatory approvals of the proposed transaction; the occurrence of any event, change or other circumstances that could give rise to the termination of the definitive agreement and plan of merger relating to the proposed transaction (the “Merger Agreement”); the risk that the parties to the Merger Agreement may not be able to satisfy the conditions to the proposed transaction in a timely manner or at all; risks related to disruption of management time from ongoing business operations due to the proposed transaction; certain restrictions during the pendency of the proposed transaction that may impact the Company’s ability to pursue certain business opportunities or strategic transactions; the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of the Company’s common stock; the risk of any unexpected costs or expenses resulting from the proposed transaction; the risk of any litigation relating to the proposed transaction; the risk that the proposed transaction and its announcement could have an adverse effect on the ability of the Company or NSC to retain customers and retain and hire key personnel and maintain relationships with customers, suppliers, employees, stockholders and other business relationships and on its operating results and business generally; and the risk the pending proposed transaction could distract management of the Company. The Company directs readers to its Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 and Form 10-K for the year ended December 31, 2023, and the other documents it files with the SEC for other risks associated with the Company’s future performance. These documents contain and identify important factors that could cause actual results to differ materially from those contained in the forward-looking statements. All information in this report is as of the date above. The Company does not undertake any duty to update any forward-looking statement to conform the statement to actual results or changes in the Company’s expectations whether as a result of new information, future events or otherwise, except as required by law.
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2024-042
Founded in 1901, United States Steel Corporation is a leading steel producer. With an unwavering focus on safety, the Company’s customer-centric Best for All® strategy is advancing a more secure, sustainable future for U. S. Steel and its stakeholders. With a renewed emphasis on innovation, U. S. Steel serves the automotive, construction, appliance, energy, containers, and packaging industries with high value-added steel products such as U. S. Steel’s proprietary XG3® advanced high-strength steel. The Company also maintains competitively advantaged iron ore production and has an annual raw steelmaking capability of 25.4 million net tons. U. S. Steel is headquartered in Pittsburgh, Pennsylvania, with world-class operations across the United States and in Central Europe. For more information, please visit www.ussteel.com.
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