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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended March 31, 2024
Or
 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     

Commission file number 1-16811
ussclogosignature2955.jpg
United States Steel Corporation
(Exact name of registrant as specified in its charter)
Delaware 25-1897152
(State or other jurisdiction of incorporation)  (IRS Employer Identification No.)
600 Grant Street,Pittsburgh,PA15219-2800
(Address of principal executive offices)(Zip Code)
(412) 433-1121
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
United States Steel Corporation Common StockXNew York Stock Exchange
United States Steel Corporation Common StockXChicago Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company”, and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer
x
Accelerated filer
o
Non-accelerated filer
o
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No x
Common stock outstanding at April 29, 2024 – 224,849,607 shares



INDEX
Page
PART I – FINANCIAL INFORMATION
Item 1.Financial Statements:
Item 2.
Item 3.
Item 4.
PART II – OTHER INFORMATION
Item 1.
Item 1A.
Item 2
Item 3
Item 4.
Item 5.
Item 6.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This report contains information regarding the Company and 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, 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 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 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 September 30, 2023 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.

References in this Quarterly Report on Form 10-Q to (i) "U. S. Steel," "the Company," "we," "us," and "our" refer to United States Steel Corporation and its consolidated subsidiaries unless otherwise indicated by the context and (ii) “Big River Steel” refer to Big River Steel Holdings LLC and its direct and indirect subsidiaries unless otherwise indicated by the context.





UNITED STATES STEEL CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
Three Months Ended March 31,
(Dollars in millions, except per share amounts)20242023
Net sales:
Net sales$3,500 $3,912 
Net sales to related parties (Note 19)660 558 
Total (Note 6)4,160 4,470 
Operating expenses (income):
Cost of sales (excludes items shown below)3,665 3,953 
Selling, general and administrative expenses119 99 
Depreciation, depletion and amortization210 221 
(Earnings) loss from investees(14)13 
Asset impairment charges7 4 
Restructuring and other charges (Note 20)6 1 
Other losses (gains), net13 (10)
Total4,006 4,281 
Earnings before interest and income taxes154 189 
Interest expense2 27 
Interest income(32)(30)
Loss on debt extinguishment1  
Other financial costs11 6 
Net periodic benefit income(33)(42)
Net gain from investments related to active employee benefits (Note 16)(4)(22)
Net interest and other financial benefits(55)(61)
Earnings before income taxes209 250 
Income tax expense (Note 12)38 51 
Net earnings171 199 
Less: Net earnings attributable to noncontrolling interests  
Net earnings attributable to United States Steel Corporation$171 $199 
Earnings per common share (Note 13):
Earnings per share attributable to United States Steel Corporation stockholders:
'-Basic
$0.76 $0.87 
'-Diluted
$0.68 $0.78 

The accompanying notes are an integral part of these condensed consolidated financial statements.
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UNITED STATES STEEL CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(Unaudited)
Three Months Ended March 31,
(Dollars in millions)20242023
Net earnings$171 $199 
Other comprehensive income (loss), net of tax:
Changes in foreign currency translation adjustments(36)32 
Changes in pension and other employee benefit accounts(7)(10)
Changes in derivative financial instruments43 (44)
Changes in fair value of active employee benefit investments 3 
Total other comprehensive income (loss), net of tax (19)
Comprehensive income including noncontrolling interest171 180 
Comprehensive income attributable to noncontrolling interest  
Comprehensive income attributable to United States Steel
Corporation
$171 $180 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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UNITED STATES STEEL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET
(Unaudited)
(Dollars in millions)March 31, 2024December 31, 2023
Assets
Current assets:
Cash and cash equivalents (Note 7)$2,221 $2,948 
Receivables, less allowance of $39 and $38
1,530 1,390 
Receivables from related parties (Note 19)192 158 
Inventories (Note 8)2,157 2,128 
Other current assets321 319 
Total current assets6,421 6,943 
Long-term restricted cash (Note 7)32 32 
Operating lease assets99 109 
Property, plant and equipment24,557 23,975 
Less accumulated depreciation and depletion13,750 13,582 
Total property, plant and equipment, net10,807 10,393 
Investments and long-term receivables, less allowance of $3 in both periods
785 761 
Intangibles, net (Note 9)431 436 
Deferred income tax benefits (Note 12)12 19 
Goodwill (Note 9)920 920 
Other noncurrent assets941 838 
Total assets$20,448 $20,451 
Liabilities
Current liabilities:
Accounts payable and other accrued liabilities$2,749 $2,889 
Accounts payable to related parties (Note 19)199 139 
Payroll and benefits payable322 442 
Accrued taxes223 222 
Accrued interest55 70 
Current operating lease liabilities41 44 
Short-term debt and current maturities of long-term debt (Note 15)159 142 
Total current liabilities3,748 3,948 
Noncurrent operating lease liabilities65 73 
Long-term debt, less unamortized discount and debt issuance costs (Note 15)4,082 4,080 
Employee benefits116 126 
Deferred income tax liabilities (Note 12)629 587 
Deferred credits and other noncurrent liabilities516 497 
Total liabilities9,156 9,311 
Contingencies and commitments (Note 21)
Stockholders’ Equity (Note 17):
Common stock (287,604,696 and 285,959,739 shares issued) (Note 13)
288 286 
Treasury stock, at cost (62,771,459 shares and 62,288,523 shares)
(1,441)(1,418)
Additional paid-in capital5,266 5,253 
Retained earnings7,040 6,880 
Accumulated other comprehensive income (Note 18)46 46 
Total United States Steel Corporation stockholders’ equity11,199 11,047 
Noncontrolling interests93 93 
Total liabilities and stockholders’ equity$20,448 $20,451 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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UNITED STATES STEEL CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
Three Months Ended March 31,
(Dollars in millions)20242023
Increase (decrease) in cash, cash equivalents and restricted cash
Operating activities:
Net earnings$171 $199 
Adjustments to reconcile to net cash (used in) provided by operating activities:
Depreciation, depletion and amortization210 221 
Asset impairment charges7 4 
Restructuring and other charges (Note 20)6 1 
Loss on debt extinguishment1  
Pensions and other postretirement benefits(28)(41)
Active employee benefit investments30 (3)
Deferred income taxes (Note 12)36 38 
Net gain on sale of assets (2)
Equity investee (earnings) loss, net of distributions received(18)13 
Changes in:
Current receivables(191)(178)
Inventories(43)(167)
Current accounts payable and accrued expenses(78)298 
Income taxes receivable/payable5 10 
All other, net(136)(212)
Net cash (used in) provided by operating activities(28)181 
Investing activities:
Capital expenditures(640)(740)
Proceeds from sale of assets 2 
Other investing activities(5) 
Net cash used in investing activities(645)(738)
Financing activities:
Repayment of long-term debt (Note 15)(14)(10)
Common stock repurchased (Note 22) (75)
Other financing activities(32)(32)
Net cash used in financing activities(46)(117)
Effect of exchange rate changes on cash(7)8 
Net decrease in cash, cash equivalents and restricted cash(726)(666)
Cash, cash equivalents and restricted cash at beginning of year (Note 7)2,988 3,539 
Cash, cash equivalents and restricted cash at end of period (Note 7)$2,262 $2,873 
Non-cash investing and financing activities:
Change in accrued capital expenditures$(102)$(226)
U. S. Steel common stock issued for employee/non-employee director stock plans35 28 
Capital expenditures funded by finance lease borrowings32 24 
Export Credit Agreement (ECA) financing 1 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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Notes to Condensed Consolidated Financial Statements (Unaudited)
1.     Basis of Presentation and Significant Accounting Policies
The year-end Consolidated Balance Sheet data was derived from audited statements but does not include all disclosures required for complete financial statements by accounting principles generally accepted in the United States of America (U.S. GAAP). The other information in these condensed financial statements is unaudited but, in the opinion of management, reflects all adjustments necessary for a fair statement of the results for the periods covered, including assessment of certain accounting matters using all available information such as consideration of forecasted financial information in context with other information reasonably available to us. However, our future assessment of our current expectations could result in material impacts to our consolidated financial statements in future reporting periods. All such adjustments are of a normal recurring nature unless disclosed otherwise. These condensed financial statements, including notes, have been prepared in accordance with the applicable rules of the SEC and do not include all of the information and disclosures required by U.S. GAAP for complete financial statements. Additional information is contained in the United States Steel Corporation Annual Report on Form 10-K for the fiscal year ended December 31, 2023, which should be read in conjunction with these condensed financial statements.
Agreement and Plan of Merger with Nippon Steel Corporation

On December 18, 2023, the Company entered into an Agreement and Plan of Merger (such agreement, as it may be amended, modified or supplemented from time to time, the “Merger Agreement”) by and among the Company, Nippon Steel North America, Inc., a New York corporation (“Purchaser”), 2023 Merger Subsidiary, Inc., a Delaware corporation and a wholly owned subsidiary of Purchaser (“Merger Sub”), and solely as provided in Section 9.13 therein, Nippon Steel Corporation, a Japanese corporation (“NSC”). Pursuant to the Merger Agreement, and upon the terms and subject to the conditions described therein, Merger Sub will merge with and into the Company, with the Company continuing as the surviving corporation and a wholly owned subsidiary of Purchaser (the “Merger”). On April 12, 2024, the Company obtained the approval of its stockholders required to adopt the Merger Agreement. U. S. Steel stockholders approved the Merger with 98.8% approval of shares voted, satisfying a significant condition to closing. Subject to the terms and conditions set forth in the Merger Agreement, each share of the Company's common stock, par value $1.00 per share, outstanding immediately prior to the effective time of the Merger (the "Effective Time") will, at the Effective Time, automatically be converted into the right to receive $55.00 per share in cash, without interest, subject to any required tax withholding.

The Merger Agreement requires us to operate in the ordinary course of business and restricts us, without the consent of Purchaser, from taking certain specified actions agreed by the parties to be outside the ordinary course of business until the pending Merger occurs or the Merger Agreement terminates.

2.    New Accounting Standards

During the three months ended March 31, 2024 and the twelve months ended December 31, 2023, there were no accounting standards and interpretations issued which are expected to have a material impact on the Company's financial position, operations or cash flows.

In March 2024, the Securities and Exchange Commission (SEC) adopted final rules that will require certain climate related disclosures. Certain disclosures will be required in a footnote to the audited financial statements beginning in fiscal year 2025. The audited financial statement disclosures include capitalized costs and expenses related to severe weather events and other natural conditions subject to certain materiality thresholds. Beginning in annual disclosures for fiscal year 2026, certain greenhouse gas emission disclosures will also be required. In April 2024, the SEC issued a stay on the rules until legal challenges to the rule are addressed. U. S. Steel is monitoring the legal challenges and assessing the impact of the rules on its disclosures.

In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2023-09, Improvements to Income Tax Disclosures (ASU 2023-09). ASU 2023-09 includes requirements that an entity disclose specific categories in the rate reconciliation, provide additional information for reconciling items that are greater than 5 percent of the amount computed by multiplying pretax income (or loss) by the applicable statutory income tax rate, and income taxes paid by jurisdiction that are greater than 5 percent of total income taxes paid. The standard also requires that entities disclose income (or loss) from continuing operations before income tax expense (or benefit) and income tax expense (or benefit) each disaggregated between domestic and foreign. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. U. S. Steel is currently assessing the impact of ASU 2023-09 on its disclosures.

In November 2023, the FASB issued Accounting Standards Update 2023-07, Improvements to Reportable Segment Disclosures (ASU 2023-07). ASU 2023-07 includes requirements that an entity disclose the title of the chief operating decision maker (CODM) and on an interim and annual basis, significant segment expenses and the composition of other segment items for each segment's reported profit. The standard also permits disclosure of additional measures of segment profit. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within
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fiscal years beginning after December 15, 2024. U. S. Steel is currently assessing the impact of ASU 2023-07 on its disclosures.
3.    Recently Adopted Accounting Standards
In September 2022, the FASB issued Accounting Standards Update 2022-04, Disclosure of Supplier Finance Program Obligations (ASU 2022-04). ASU 2022-04 requires that an entity disclose certain information about supplier finance programs used in connection with the purchase of goods and services. ASU 2022-04 is effective for all entities with fiscal years beginning after December 15, 2022, and interim periods within those fiscal years, except for the amendment on annual roll-forward information, which is effective for fiscal years beginning after December 15, 2023. U. S. Steel adopted this guidance effective January 1, 2023, with the exception of the amendment on roll-forward information, which will be adopted in our fiscal year beginning on January 1, 2024.
The Company has a SCF arrangement with a third-party administrator which allows participating suppliers, at their sole discretion, to make offers to sell payment obligations of the Company prior to their scheduled due dates at a discounted price to a participating financial institution. The third-party administrator entered into a separate agreement with the Export Import Bank of the United States to guarantee 90 percent of supplier obligations sold for up to $200 million. No guarantees or collateral are provided by the Company or any of its subsidiaries under the SCF program, and the Company does not benefit from any preferential payment terms or discounts as a result of supplier participation.
The Company’s goal is to capture overall supplier savings and improve working capital efficiency. The agreements facilitate the suppliers’ ability to sell payment obligations, while providing them with greater working capital flexibility. The Company has no economic interest in the sale of the suppliers’ receivables and no direct financial relationship with the financial institution concerning these services. The Company’s obligations to its suppliers, including amounts due and scheduled payment dates, are not impacted by suppliers’ decisions to sell amounts under the arrangements. The SCF program requires the Company to pay the third-party administrator the stated amount of the confirmed participating supplier invoices. The payment terms for confirmed invoices range from 75 to 90 days after the end of the month in which the invoice was issued.
The underlying costs from suppliers that elected to participate in the SCF program are generally recorded in cost of sales in the Company’s Condensed Consolidated Statement of Operations. Amounts due to suppliers who participate in the SCF program are reflected in accounts payable and accrued expenses on the Company’s Condensed Consolidated Balance Sheet and payments on the obligations by our suppliers are included in cash used in operating activities in the Condensed Consolidated Statement of Cash Flows. As of March 31, 2024, accounts payable and accrued expenses included $63 million of outstanding payment obligations which suppliers elected to sell to participating financial institutions.
In October 2021, the FASB issued Accounting Standards Update 2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (ASU 2021-08). ASU 2021-08 requires that an entity recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, Revenue from Contracts with Customers. ASU 2021-08 is effective for public companies with fiscal years beginning after December 15, 2022, and interim periods within those fiscal years, with early adoption of all amendments in the same period permitted. U. S. Steel adopted this guidance effective January 1, 2023, and will apply it to any future business combinations.
4.    Segment Information
U. S. Steel has four reportable segments: North American Flat-Rolled (Flat-Rolled), Mini Mill, U. S. Steel Europe (USSE), and Tubular Products (Tubular). The results of our real estate businesses are disclosed in the Other category.
The chief operating decision maker evaluates performance and determines resource allocations based on a number of factors, the primary measure being earnings (loss) before interest and income taxes. Earnings (loss) before interest and income taxes for reportable segments and the Other category does not include net interest and other financial costs (income), income taxes, stock-based compensation expense, and certain other items that management believes are not indicative of future results.

The accounting principles applied at the operating segment level in determining earnings (loss) before interest and income taxes are generally the same as those applied at the consolidated financial statement level. Intersegment sales and transfers are accounted for at market-based prices and are eliminated at the corporate consolidation level. Corporate-level selling, general and administrative expenses and costs related to certain former businesses are allocated to the reportable segments and Other based on measures of activity that management believes are reasonable.

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The results of segment operations for the three months ended March 31, 2024, and 2023 are:
(In millions) Three Months Ended March 31, 2024Customer
Sales
Intersegment
Sales
Net
Sales
Earnings (loss)
from
investees
Earnings (loss) before interest and income taxes
Flat-Rolled$2,391 $62 $2,453 $5 $34 
Mini Mill578 125 703  99 
USSE918 7 925  16 
Tubular271 4 275 9 57 
Total reportable segments4,158 198 4,356 14 206 
Other2  2  (2)
Reconciling Items and Eliminations (198)(198) (50)
Total$4,160 $ $4,160 $14 $154 
Three Months Ended March 31, 2023
Flat-Rolled$2,570 $90 $2,660 $(16)$(7)
Mini Mill553 70 623  12 
USSE838 6 844  (34)
Tubular505 1 506 3 232 
Total reportable segments4,466 167 4,633 (13)203 
Other4  4  3 
Reconciling Items and Eliminations— (167)(167)— (17)
Total$4,470 $— $4,470 $(13)$189 
A summary of total assets by segment is as follows:
(In millions)March 31, 2024December 31, 2023
Flat-Rolled$7,443 $7,546 
Mini Mill (a)
8,059 7,569 
USSE2,351 2,229 
Tubular1,001 1,002 
Total reportable segments$18,854 $18,346 
Other$132 $140 
Corporate, reconciling items, and eliminations (b)
1,462 1,965 
Total assets$20,448 $20,451 
(a) Includes assets of $3.4 billion and $3.0 billion at March 31, 2024, and December 31, 2023, respectively, related to a new technologically advanced flat rolled steelmaking facility, Big River 2 (BR2), currently under construction near Osceola, Arkansas.
(b) The majority of corporate, reconciling items, and eliminations is comprised of cash and the elimination of intersegment amounts.
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The following is a schedule of reconciling items to consolidated earnings before interest and income taxes:
Three Months Ended March 31,
(In millions)20242023
Items not allocated to segments:
Restructuring and other charges (Note 20)$(6)$(1)
Stock-based compensation expense (Note 11)(11)(11)
Asset impairment charges(7)(4)
Environmental remediation charges(2) 
Strategic alternatives review process costs(23) 
Granite City idling costs(1) 
Other charges, net (1)
Total reconciling items$(50)$(17)

5.    Disposition

In January 2022, the Company informed its employees, customers, and other key stakeholders that the Company would be idling its subsidiary in Pittsburg, California, USS-UPI, LLC ("UPI"), at the end of 2023. UPI primarily produces galvanized sheet and tin mill products. In September 2023, the Company issued WARN notices to employees at UPI to notify them of employment losses resulting from the idling of operations and production was indefinitely idled in December 2023. The Company had accrued a total of $66 million and $108 million for severance, exit costs and employee benefits as of March 31, 2024 and December 31, 2023, respectively. Payments of $40 million for these items were made during the three months ended March 31, 2024. The Company has previously committed to, and continues to intend to, pursue the disposition of certain assets related to the UPI facility.
6.     Revenue

Revenue is generated primarily from contracts to produce, ship and deliver steel products, and to a lesser extent, raw materials sales such as iron ore pellets and coke by-products and real estate sales. Generally, U. S. Steel’s performance obligations are satisfied and revenue is recognized when title transfers to our customer for product shipped or services are provided. Revenues are recorded net of any sales incentives. Shipping and other transportation costs charged to customers are treated as fulfillment activities and are recorded in both revenue and cost of sales at the time control is transferred to the customer. Costs related to obtaining sales contracts are incidental and are expensed when incurred. Because customers are invoiced at the time title transfers and U. S. Steel’s right to consideration is unconditional at that time, U. S. Steel does not maintain contract asset balances. Additionally, U. S. Steel does not maintain contract liability balances, as performance obligations are satisfied prior to customer payment for product. U. S. Steel offers industry standard payment terms.

The following tables disaggregate our revenue by product for each of the reportable business segments for the three months ended March 31, 2024, and 2023, respectively (Net Sales by Product, in millions, excluding intersegment sales):

Three Months Ended March 31, 2024Flat-RolledMini MillUSSETubularOtherTotal
Semi-finished$28 $ $25 $ $ $53 
Hot-rolled sheets492 314 475   1,281 
Cold-rolled sheets945 98 77   1,120 
Coated sheets760 165 300   1,225 
Tubular products  12 268  280 
All Other (a)
166 1 29 3 2 201 
Total$2,391 $578 $918 $271 $2 $4,160 
(a) Consists primarily of sales of raw materials and coke making by-products.

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Three Months Ended March 31, 2023Flat-RolledMini MillUSSETubularOtherTotal
Semi-finished$59 $ $32 $ $ $91 
Hot-rolled sheets554 332 348   1,234 
Cold-rolled sheets901 72 71   1,044 
Coated sheets853 148 340   1,341 
Tubular products  12 500  512 
All Other (a)
203 1 35 5 4 248 
Total$2,570 $553 $838 $505 $4 $4,470 
(a) Consists primarily of sales of raw materials and coke making by-products.
7.     Cash, Cash Equivalents and Restricted Cash
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within U. S. Steel's Condensed Consolidated Balance Sheets that sum to the total of the same amounts shown in the Condensed Consolidated Statement of Cash Flows:
(In millions)March 31, 2024December 31, 2023March 31, 2023
Cash and cash equivalents$2,221 $2,948 $2,837 
Restricted cash in other current assets9 8 4 
Long-term restricted cash32 32 32 
      Total cash, cash equivalents and restricted cash$2,262 $2,988 $2,873 

Amounts included in restricted cash represent cash balances which are legally or contractually restricted, primarily for insurance purposes, environmental liabilities and certain capital projects.
8.    Inventories
The last-in, first-out (LIFO) method is the predominant method of inventory costing for our Flat-Rolled and Tubular segments. The first-in, first-out (FIFO) and moving average methods are the predominant inventory costing methods for our Mini Mill segment and the FIFO method is the predominant inventory costing method for our USSE segment. At March 31, 2024, and December 31, 2023, the LIFO method accounted for 52 percent and 53 percent of total inventory values, respectively.
(In millions)March 31, 2024December 31, 2023
Raw materials$925 $773 
Semi-finished products834 877 
Finished products351 428 
Supplies and sundry items47 50 
Total$2,157 $2,128 
Current acquisition costs for LIFO inventories were estimated to exceed the above inventory values by $1.3 billion and $1.2 billion at March 31, 2024, and December 31, 2023, respectively. As a result of the liquidation of LIFO inventories, cost of sales decreased and earnings before interest and income taxes increased by $1 million and $9 million for the three months ended March 31, 2024 and 2023, respectively.
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9.     Intangible Assets and Goodwill
Intangible assets that are being amortized on a straight-line basis over their estimated useful lives are detailed below:
As of March 31, 2024As of December 31, 2023
(In millions)Useful
Lives
Gross
Carrying
Amount
Accumulated
Amortization
Net
Amount
Gross
Carrying
Amount
Accumulated
Amortization
Net
Amount
Customer relationships
22 Years
$413 $60 $353 $413 $56 $357 
Patents
5-15 Years
17 14 3 17 13 4 
Energy Contract
2 Years
   54 54  
Total amortizable intangible assets$430 $74 $356 $484 $123 $361 
Amortization expense was $5 million and $11 million for the three months ended March 31, 2024 and 2023, respectively.
Total estimated amortization expense for the remainder of 2024 is $15 million. We expect approximately $97 million in total amortization expense from 2025 through 2029 and approximately $244 million in remaining amortization expense thereafter.
The carrying amount of acquired water rights with indefinite lives as of March 31, 2024, and December 31, 2023, totaled $75 million.
Below is a summary of goodwill by segment for the three months ended March 31, 2024:
Flat-RolledMini MillUSSETubularTotal
Balance at December 31, 2023$ $916 $4 $ $920 
Additions     
Balance at March 31, 2024$ $916 $4 $ $920 
10.    Pensions and Other Benefits
The following table reflects the components of net periodic benefit cost (income) for the three months ended March 31, 2024, and 2023:
Pension BenefitsOther Benefits
(In millions)2024202320242023
Service cost$7 $8 $1 $1 
Interest cost53 55 15 17 
Expected return on plan assets(74)(82)(18)(15)
Amortization of prior service cost (credit)4 5 (7)(6)
Amortization of actuarial net loss (gain)11 3 (16)(18)
Net periodic benefit cost (income), excluding below1 (11)(25)(21)
Multiemployer plans20 21   
Net periodic benefit cost (income)$21 $10 $(25)$(21)
Employer Contributions
During the first three months of 2024, U. S. Steel made cash payments of $21 million to the Steelworkers Pension Trust and $0.3 million of pension payments not funded by trusts.

During the first three months of 2024, cash payments of $4 million were made for other postretirement benefit payments not funded by trusts.

Company contributions to defined contribution plans totaled $11 million and $12 million for the three months ended March 31, 2024, and 2023, respectively.

11.    Stock-Based Compensation Plans

U. S. Steel has outstanding stock-based compensation awards that were granted by the Compensation & Organization Committee (the Committee) of the Board of Directors, or its designee, under the 2005 Stock Incentive Plan (the 2005
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Plan) and the 2016 Omnibus Incentive Compensation Plan, as amended and restated (the Omnibus Plan). On April 26, 2016, the Company's stockholders approved the Omnibus Plan and, between 2016 and the present, authorized the Company to issue up to 32,700,000 shares in the aggregate of U. S. Steel common stock under the Omnibus Plan. While the awards that were previously granted under the 2005 Plan remain outstanding, all future awards will be granted under the Omnibus Plan. As of March 31, 2024, there were 3,520,973 shares available for future grants under the Omnibus Plan.

Recent grants of stock-based compensation consist of restricted stock units, total stockholder return (TSR) performance awards and return on capital employed (ROCE) performance awards. Shares of common stock under the Omnibus Plan are issued from authorized, but unissued stock. The following table is a summary of the awards made under the Omnibus Plan during the first three months of 2024 and 2023.
20242023
Grant Details
Shares(a)
Fair Value(b)
Shares(a)
Fair Value(b)
Restricted Stock Units796,820 $47.36 1,274,520 $29.90 
Performance Awards (c)
     TSR $ 185,120 $37.41 
     ROCE (d)
230,350 $46.96 357,020 $29.35 
(a) The share amounts shown in this table do not reflect an adjustment for estimated forfeitures.
(b) Represents the per share weighted average for all grants during the period.
(c) The number of performance awards shown represents the target share grant of the award.
(d) A portion of ROCE awards granted in 2024 and 2023 are not shown in the table because they were granted in cash.

U. S. Steel recognized pretax stock-based compensation expense in the amount of $11 million in both the three-month periods ended March 31, 2024, and 2023.

As of March 31, 2024, total future compensation expense related to nonvested stock-based compensation arrangements was $75 million, and the weighted average period over which this expense is expected to be recognized is approximately 28 months.

Stock Options
There have been no stock options granted since 2017 other than the 171,000 performance-based stock options granted in December 2021, which are further described below.

The 171,000 performance-based stock options granted in December 2021, which were valued using a lattice model, do not become vested and exercisable until the Company's 20-trading day average closing stock price meets or exceeds the following stock price hurdles during the seven-year period beginning on the grant date, as follows:

20-trading day Average Closing Stock Price Achievement During 7-Year Period Beginning on Grant Date(a)
Percentage of Performance-Based Stock Options Exercisable
$35.00 33.33 %
$45.00 33.33 %
$55.00 33.34 %
(a) The $35.00 tranche vested in April 2022 and the $45.00 tranche vested in January 2024.

Stock Awards
Restricted stock units awarded as part of annual grants generally vest ratably over three years. Their fair value is the average market price of the underlying common stock on the date of grant. Restricted stock units granted in connection with new-hire or retention grants generally cliff vest three years from the date of the grant.

TSR performance awards may vest at varying levels at the end of a three-year performance period if U. S. Steel’s total shareholder return compared to the total shareholder return of a peer group of companies meets performance criteria during the three-year performance period. TSR is calculated as follows: 20 percent for each year in the three-year performance period and 40 percent for the full three-year period. TSR performance awards may vest and pay out 50 percent at the threshold level, 100 percent at the target level and 200 percent at the maximum level. Payment for performance in between the threshold percentages will be interpolated. The fair value of the performance awards is calculated using a Monte-Carlo simulation.

ROCE performance awards may vest at the end of a three-year performance period contingent upon meeting ROCE performance goals approved by the Committee. For the ROCE performance awards, each year in the three-year performance period is weighted at 20 percent and the full three-year period is weighted at 40 percent of the total award. ROCE performance awards may vest and pay out 50 percent at the threshold level, 100 percent at the target level and 200 percent at the maximum level. Payment for performance in between the threshold percentages will be interpolated.
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The fair value of the ROCE performance awards is the average market price of the underlying common stock on the date of grant.

In December 2021, and August 2022, special performance-based restricted stock unit awards (PSUs) were granted to members of the Company’s executive leadership team. Shares are earned based on the achievement of certain pre-set quantitative performance criteria during the four-year performance period, January 1, 2022, through December 31, 2025. Shares may vest following the expiration of the Performance Period if the Company satisfies the performance criteria.

The Chief Executive Officer was granted PSUs that vest with the following, equally weighted, performance metrics: (i) EBITDA margin expansion, (ii) greenhouse gas emissions intensity reduction, (iii) asset portfolio optimization, (iv) leverage metrics and (v) corporate relative valuation. Other members of the executive leadership team were granted PSUs that vest with performance criteria related to: (i) on time and on budget completion of BR2 (30% of the grant), (ii) EBITDA margin expansion (40% of the grant) and (iii) greenhouse gas emissions intensity reduction (30% of the grant).

For the PSU awards, a payout is achievable at threshold (50% of target), target (100% of target) or maximum (200% of target) performance achievement. Payout amounts will be interpolated between the threshold, target and maximum amounts.
12.    Income Taxes
Tax provision
For the three months ended March 31, 2024, and 2023, the Company recorded a tax provision of $38 million and $51 million, respectively. The tax provisions for the first three months of 2024 and 2023 were based on an estimated annual effective rate, which requires management to make its best estimate of annual pretax income or loss and discrete items recognized during the period, if applicable.

Throughout the year, management regularly updates forecasted annual pretax results for the various countries in which we operate based on changes in factors such as prices, shipments, product mix, plant operating performance and cost estimates. To the extent that actual 2024 pretax results for U.S. and foreign income or loss vary from estimates applied herein, the actual tax provision or benefit recognized in 2024 could be materially different from the forecasted amount used to estimate the tax provision for the three months ended March 31, 2024.

In March 2022, the Company and the Arkansas Economic Development Commission entered into the Recycling Tax Credit Incentive Agreement, whereby the Company may earn state income tax credits in an amount equal to 30 percent of the cost of waste reduction, reuse, or recycling equipment, subject to meeting the requirements of the Arkansas Code Ann. Section 26-51-506, for BR2 which is currently under construction near Osceola, Arkansas. Documentation supporting the Company's investment in qualifying equipment must be submitted as part of an application for certification expected to be completed on or before 2025. In March 2022, the Company received a lump-sum payment of approximately $82 million as proceeds from the sale of a portion of expected future tax credits to be earned by the Company (see Note 21 for additional information). The Company estimates that it could earn tax credits in excess of $700 million, exclusive of the amount sold in March 2022, which the Company will recognize in the year the assets are placed into service and meet the requirements of Arkansas Code Ann. Section 26-51-506. Any unused tax credit that cannot be claimed in a tax year may be carried forward indefinitely by the Company and applied to its future state tax liability.

On August 16, 2022, H.R. 5376 (commonly called the Inflation Reduction Act of 2022) was signed into law, which, among other things, implemented a corporate alternative minimum tax (CAMT) of 15 percent on net book income of certain large corporations adjusted for certain items prescribed by the legislation.

The Organization for Economic Co-operation and Development (the “OECD”), an international association of 38 countries including the U.S., has proposed changes to numerous long-standing tax principles, including a global minimum tax initiative. On December 12, 2022, the European Union member states agreed to implement the OECD’s Pillar 2 global corporate minimum tax rate of 15 percent on companies with revenues of at least €750 million, which went into effect in 2024. The law on minimum top-up tax for multinational enterprise groups and large-scale domestic groups in Slovakia was approved by the parliament on December 8, 2023 and signed by the President on December 21, 2023, with an effective date of December 31, 2023.

The tax provision for the three months ended March 31, 2024, reflects the impact of CAMT and Pillar 2, which were not material to the Condensed Consolidated Financial Statements.

13.    Earnings and Dividends Per Common Share
Earnings Per Share Attributable to United States Steel Corporation Stockholders
The effect of dilutive securities on weighted average common shares outstanding included in the calculation of diluted earnings per common share for the three months ended March 31, 2024, and March 31, 2023, were as follows.
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Three Months Ended March 31,
(Dollars in millions, except per share amounts)20242023
Earnings attributable to United States Steel Corporation stockholders:
Basic$171 $199 
Interest expense on Senior Convertible Notes, net of tax3 3 
Diluted$174 $202 
Weighted-average shares outstanding (in thousands):
Basic224,099 227,332 
Effect of Senior Convertible Notes26,168 26,194 
Effect of stock options, restricted stock units and performance awards4,317 3,921 
Diluted254,584 257,447 
Earnings per share attributable to United States Steel Corporation stockholders:
Basic$0.76 $0.87 
Diluted$0.68 $0.78 
Excluded from the computation of diluted earnings per common share due to their anti-dilutive effect were 0.3 million and 0.9 million outstanding securities granted under the Omnibus Plan for the three months ended March 31, 2024, and 2023 respectively.

The dividend for each of the first quarter of 2024 and 2023 was five cents per common share.
14.    Derivative Instruments
U. S. Steel uses foreign exchange forward sales contracts (foreign exchange forwards) with maturities up to 11 months to manage our currency requirements and exposure to foreign currency exchange rate fluctuations. The USSE and Flat-Rolled segments use hedge accounting for their foreign exchange forwards.

U. S. Steel also uses financial swaps to protect from the commodity price risk associated with purchases of natural gas, zinc, tin, electricity and iron ore (commodity purchase swaps). We elected cash flow hedge accounting for commodity purchase swaps for natural gas, zinc, tin, iron ore, and electricity. The commodity purchase swaps where hedge accounting was elected have maturities of up to 9 months.

U. S. Steel has entered into financial swaps that are used to partially manage the sales price risk of certain hot-rolled coil sales and iron ore sales (sales swaps). The sales swaps are accounted for using hedge accounting and have maturities of up to 9 months.

The table below shows the outstanding swap quantities used to hedge forecasted purchases and sales as of March 31, 2024, and March 31, 2023:

Hedge ContractsClassificationMarch 31, 2024March 31, 2023
Natural gas (in mmbtus)Commodity purchase swaps15,688,00032,976,000
Tin (in metric tons)Commodity purchase swaps1,045
Zinc (in metric tons)Commodity purchase swaps18,93323,783
Electricity (in megawatt hours)Commodity purchase swaps110,880367,200
Iron ore (in metric tons)Commodity purchase swaps280,000
Iron ore (in metric tons)Sales swaps408,2331,087,500
Hot-rolled coils (in tons)Sales swaps202,000215,000
Foreign currency (in millions of euros)Foreign exchange forwards428 383 
Foreign currency (in millions of dollars)Foreign exchange forwards$16 $85 

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The following summarizes the fair value amounts included in our Condensed Consolidated Balance Sheets as of March 31, 2024, and December 31, 2023:

Balance Sheet Location (in millions)March 31, 2024December 31, 2023
Designated as Hedging Instruments
Accounts receivable$15 $4 
Accounts payable30 81 
Other long-term liabilities 2 
The table below summarizes the effect of hedge accounting on Accumulated Other Comprehensive Income (AOCI) and amounts reclassified from AOCI into earnings for the three months ended March 31, 2024, and 2023:
Gain (Loss) on Derivatives in AOCIAmount of Gain (Loss) Recognized in Income
(In millions)Three Months Ended March 31, 2024Three Months Ended March 31, 2023Location of Reclassification from AOCIThree Months Ended March 31, 2024Three Months Ended March 31, 2023
Sales swaps$50 $(31)Net sales$(30)$3 
Commodity purchase swaps(3)(18)
Cost of sales (a)
(16)(9)
Foreign exchange forwards12 (8)Cost of sales1 4 
(a) Costs for commodity purchase swaps are recognized in cost of sales as products are sold.
At current contract values, $20 million currently in AOCI as of March 31, 2024, will be recognized as an increase in cost of sales over the next year and $4 million currently in AOCI as of March 31, 2024, will be recognized an increase in net sales over the next year.
Foreign exchange forwards and commodity purchase swaps where hedge accounting was not elected generated a net loss of $1 million and $10 million for the three months ended March 31, 2024, and 2023, respectively.
15.    Debt
(In millions)Issuer/BorrowerInterest
Rates %
MaturityMarch 31, 2024December 31, 2023
2037 Senior NotesU. S. Steel6.6502037274 274 
2026 Senior Convertible NotesU. S. Steel5.0002026349 350 
2029 Senior NotesU. S. Steel6.8752029475 475 
2029 Senior Secured NotesBig River Steel6.6252029720 720 
Environmental Revenue BondsU. S. Steel
4.125 - 6.750
2024 - 20531,164 1,164 
Environmental Revenue BondsBig River Steel
4.500 - 4.750
2049752 752 
Finance leases and all other obligationsU. S. SteelVarious2024 - 2029177 157 
Finance leases and all other obligationsBig River SteelVarious2024 - 2027167 167 
Export Credit AgreementU. S. SteelVariable203197 97 
Credit Facility AgreementU. S. SteelVariable2027  
Big River Steel ABL FacilityBig River SteelVariable2026  
USSK Credit AgreementU. S. Steel KosiceVariable2026  
USSK Credit FacilityU. S. Steel KosiceVariable2024  
Total Debt4,175 4,156 
Less unamortized discount, premium, and debt issuance costs(66)(66)
Less short-term debt, long-term debt due within one year, and short-term issuance costs159 142 
Long-term debt$4,082 $4,080 
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Arkansas Development Finance Authority Environmental Improvement Revenue Bonds, Series 2023

On May 18, 2023, U. S. Steel closed on an offering consisting of an aggregate principal amount of $240 million unsecured Arkansas Development Finance Authority environmental improvement revenue bonds, which carry a green bond designation. The bonds, issued through Arkansas Development Finance Authority, have a coupon rate of 5.700% and carry a final maturity of 2053 (2053 ADFA Green Bonds). U. S. Steel received net proceeds of approximately $238 million after fees of approximately $2 million related to the underwriting and third-party expenses, and will pay semiannual interest. The net proceeds from the issuance of the 2053 ADFA Green Bonds were used to partially fund work related to BR2, currently under construction near Osceola, Arkansas.

On and after May 1, 2026, the Company may redeem the 2053 ADFA Green Bonds at its option, at any time in whole or from time to time in part at the redemption prices (expressed in percentages of principal amount) listed below, plus accrued and unpaid interest on the 2053 ADFA Green Bonds, if any, to, but excluding, the applicable redemption date, if redeemed during the twelve-month period beginning on May 1 of each of the years indicated below.

YearRedemption Price
2026105.000 %
2027104.000 %
2028103.000 %
2029102.000 %
2030101.000 %
2031 and thereafter100.000 %

At any time prior to May 1, 2026, U. S. Steel may also redeem the 2053 ADFA Green Bonds, at our option, in whole or in part, or from time to time, at a price equal to the greater of 100 percent of the principal amount of the 2053 ADFA Green Bonds plus accrued and unpaid interest, if any, or the sum of the present value of the redemption price of the 2053 ADFA Green Bonds if they were redeemed on May 1, 2026, plus interest payments due through May 1, 2026, discounted to the date of redemption on a semi-annual basis at the applicable tax-exempt municipal bond rate, plus accrued and unpaid interest, if any.


2026 Senior Convertible Notes
In October 2019, U. S. Steel issued $350 million of 5.00% Senior Convertible Notes due November 1, 2026 (2026 Senior Convertible Notes). Interest on the 2026 Senior Convertible Notes is payable semi-annually on May 1 and November 1 of each year. The initial conversion rate for the 2026 Senior Convertible Notes is 74.8391 shares of U. S. Steel common stock per $1,000 principal amount, equivalent to an initial conversion price of approximately $13.36 per share of common stock, subject to adjustment pursuant to the 2026 Senior Convertible Notes indenture. Based on the initial conversion rate, the 2026 Senior Convertible Notes are convertible into 26,155,592 shares of U. S. Steel common stock and we reserved for the possible issuance of 33,348,361 shares, which is the maximum amount that could be issued upon conversion at maturity. Prior to August 1, 2026, holders of notes may convert all or a portion of their notes at their option only upon the satisfaction of specified conditions and during certain periods. On or after August 1, 2026, holders may convert all or a portion of their notes prior to the maturity date. Upon conversion, we will satisfy the obligation with cash, common stock, or a combination thereof, at our election. Anytime prior to August 1, 2026, if the price per share of U. S. Steel's common stock has been at least 130% of the conversion price for specified periods, U. S. Steel may redeem all or a portion of the 2026 Senior Convertible Notes at a cash redemption price of 100% of the principal amount, plus accrued and unpaid interest.

If U. S. Steel undergoes a fundamental change, as defined in the 2026 Senior Convertible Notes, holders may require us to repurchase the 2026 Senior Convertible Notes in whole or in part for cash at a price equal to 100% of the principal amount of the 2026 Senior Convertible Notes to be purchased plus any accrued and unpaid interest up to, but excluding the repurchase date.
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Big River Steel - Sustainability Linked ABL Facility
Big River Steel's amended senior secured asset-based revolving credit facility (Big River Steel ABL Facility) matures on July 23, 2026. The facility is secured by first-priority liens on accounts receivable and inventory and certain other assets and second priority liens on most tangible and intangible assets of Big River Steel in each case subject to permitted liens. Additionally, the amendment includes sustainability targets related to greenhouse gas emissions intensity reduction, safety performance and facility certification by ResponsibleSteel™.

The Big River Steel ABL Facility provides for borrowings for working capital and general corporate purposes in an amount equal up to the lesser of (a) $350 million and (b) a borrowing base calculated based on specified percentages of eligible accounts receivables and inventory, subject to certain adjustments and reserves.

Big River Steel LLC must maintain a fixed charge coverage ratio of at least 1.00 to 1.00 for the most recent twelve consecutive months when availability under the Big River Steel ABL Facility is less than the greater of ten percent of the borrowing base availability and $13 million. Based on the most recent four quarters as of March 31, 2024, Big River Steel would have met the fixed charge coverage ratio test. The facility includes affirmative and negative covenants and events of default that are customary for facilities of this type.

There were no loans outstanding under the Big River Steel ABL Facility at March 31, 2024. Availability under the Big River Steel ABL Facility, pursuant to the available borrowing base was $350 million at March 31, 2024.

U. S. Steel - Sustainability Linked Credit Facility Agreement
On May 27, 2022, U. S. Steel entered into the Sixth Amended and Restated Credit Facility Agreement (Credit Facility Agreement) to replace the existing Fifth Amended and Restated Credit Facility Agreement (Fifth Credit Facility Agreement). The Credit Facility Agreement has substantially the same terms as the Fifth Credit Facility Agreement, except the Credit Facility Agreement references the Secured Overnight Financing Rate instead of the London Interbank Offered Rate, adjusts the individual lenders' commitments, and renews the five-year maturity to May 27, 2027. The Credit Facility Agreement also adjusts the threshold for the fixed charge coverage ratio. The total availability under the facility remained the same at $1,750 million, and the financial impact from replacing the Fifth Credit Facility Agreement was immaterial. Consistent with the Fifth Credit Facility Agreement, the Credit Facility Agreement is secured by first-priority liens on certain accounts receivable and inventory and includes targets related to greenhouse gas emissions intensity reduction, safety performance and facility certification by ResponsibleSteel™.

The Credit Facility Agreement provides for borrowings for working capital and general corporate purchases in an amount equal to the lesser of (a) $1,750 million or (b) a borrowing base calculated based on specified percentages of eligible accounts receivable and inventory, subject to certain adjustments and reserves. As of March 31, 2024, there were approximately $4 million of letters of credit issued and no amounts drawn under the Credit Facility Agreement. U. S. Steel must maintain a fixed charge coverage ratio of at least 1.00 to 1.00 for the most recent four consecutive quarters when availability under the Credit Facility Agreement is less than the greater of ten percent of the maximum facility availability and $140 million. Based on the most recent four quarters as of March 31, 2024, the Company would have met the fixed charge coverage ratio test.

U. S. Steel Košice (USSK) Credit Facilities
On September 28, 2023, the Company elected to reduce the size of the USSK Credit Agreement from €300 million to €