United States Steel Earnings 2020-12-31

Balance Sheet	Income Statement	Cash Flow
Assets, Equity	Rev, G Profit, Net Income	Ops, Inv, Fin

x-20201231

2020

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark One)


			☒			ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Fiscal Year Ended December 31, 2020


			☐			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

United States Steel Corporation

(Exact name of registrant as specified in its charter)


Delaware						25-1897152
(State of Incorporation)						(I.R.S. Employer Identification No.)

600 Grant Street, Pittsburgh, PA 15219-2800

(Address of principal executive offices)

Tel. No. (412) 433-1121

Securities registered pursuant to Section 12 (b) of the Act:


Title of Each Class	Trading Symbol	Name of Exchange on which Registered
United States Steel Corporation Common Stock, par value $1.00	X	New York Stock Exchange
United States Steel Corporation Common Stock, par value $1.00	X	Chicago Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark whether the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☑ No

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes No ☑

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 at least the past 90 days. Yes ☑ No

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 ☑ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or emerging growth company. See the definition of “large accelerated filer,” “accelerated filer," “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

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. ___

☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. Yes ☑ No

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

Aggregate market value of Common Stock held by non-affiliates as of June 30, 2020 (the last business day of the registrant’s most recently completed second fiscal quarter): $1.6 billion. The amount shown is based on the closing price of the registrant’s Common Stock on the New York Stock Exchange composite tape on that date. Shares of Common Stock held by executive officers and directors of the registrant are not included in the computation. However, the registrant has made no determination that such individuals are “affiliates” within the meaning of Rule 405 under the Securities Act of 1933.

There were 262,471,855 shares of United States Steel Corporation Common Stock outstanding as of February 8, 2021.

Documents Incorporated By Reference:

Portions of the Proxy Statement for the 2021 Annual Meeting of Stockholders are incorporated into Part III.

INDEX


	FORWARD-LOOKING STATEMENTS	3
	10-K SUMMARY	4

PART I
Item 1.	BUSINESS	21
Item 1A	RISK FACTORS	43
Item 1B	UNRESOLVED STAFF COMMENTS	52
Item 2.	PROPERTIES	53
Item 3.	LEGAL PROCEEDINGS	53
Item 4.	MINE SAFETY DISCLOSURE	57

PART II
Item 5.	MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES	59
Item 6.	SELECTED FINANCIAL DATA	60
Item 7.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	61
Item 7A	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	79
Item 8.	FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA	81
Item 9.	CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE	144
Item 9A	CONTROLS AND PROCEDURES	144
Item 9B	OTHER INFORMATION	144

PART III
Item 10.	DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE	145
Item 11.	EXECUTIVE COMPENSATION	145
Item 12.	SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS	146
Item 13.	CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE	146
Item 14.	PRINCIPAL ACCOUNTANT FEES AND SERVICES	146

PART IV
Item 15.	EXHIBITS AND FINANCIAL STATEMENT SCHEDULE	147

Item 16.	10-K SUMMARY	158

SIGNATURES		159

GLOSSARY OF CERTAIN DEFINED TERMS		160

TOTAL NUMBER OF PAGES		162

Price	11.30	EPS	0
Shares	173	P/E	51
MCap	1,949	P/FCF	5
Net Debt	2,004	EBIT	92
TEV	3,953	TEV/EBIT	43
TTM 2019-09-30, in MM, except price, ratios

10-K	2020-12-31	Filed 2021-02-12
10-Q	2020-09-30	Filed 2020-10-30
10-Q	2020-06-30	Filed 2020-07-31
10-Q	2020-03-31	Filed 2020-05-01
10-K	2019-12-31	Filed 2020-02-14
10-Q	2019-09-30	Filed 2019-11-01
10-Q	2019-06-30	Filed 2019-08-02
10-Q	2019-03-31	Filed 2019-05-03
10-K	2018-12-31	Filed 2019-02-15
10-Q	2018-09-30	Filed 2018-11-02
10-Q	2018-06-30	Filed 2018-08-02
10-Q	2018-03-31	Filed 2018-04-27
10-K	2017-12-31	Filed 2018-02-21
10-Q	2017-09-30	Filed 2017-11-01
10-Q	2017-06-30	Filed 2017-07-26
10-Q	2017-03-31	Filed 2017-04-26
10-K	2016-12-31	Filed 2017-02-28
10-Q	2016-09-30	Filed 2016-11-02
10-Q	2016-06-30	Filed 2016-07-27
10-Q	2016-03-31	Filed 2016-04-27
10-K	2015-12-31	Filed 2016-02-29
10-Q	2015-09-30	Filed 2015-11-04
10-Q	2015-06-30	Filed 2015-07-29
10-Q	2015-03-31	Filed 2015-04-29
10-K	2014-12-31	Filed 2015-02-24
10-Q	2014-09-30	Filed 2014-10-29
10-Q	2014-06-30	Filed 2014-07-30
10-Q	2014-03-31	Filed 2014-04-30
10-K	2013-12-31	Filed 2014-02-25
10-Q	2013-09-30	Filed 2013-10-29
10-Q	2013-06-30	Filed 2013-07-30
10-Q	2013-03-31	Filed 2013-04-30
10-K	2012-12-31	Filed 2013-02-15
10-Q	2012-09-30	Filed 2012-10-30
10-Q	2012-06-30	Filed 2012-07-31
10-Q	2012-03-31	Filed 2012-04-25
10-Q	2011-09-30	Filed 2011-10-25
10-Q	2011-06-30	Filed 2011-07-26
10-Q	2011-03-31	Filed 2011-04-26
10-K	2010-12-31	Filed 2011-02-22
10-Q	2010-09-30	Filed 2010-10-26
10-Q	2010-06-30	Filed 2010-07-27
10-Q	2010-03-31	Filed 2010-04-27
10-K	2009-12-31	Filed 2010-02-24

8-K	2020-11-24
8-K	2020-10-30
8-K	2020-10-29
8-K	2020-10-29
8-K	2020-09-30
8-K	2020-09-21
8-K	2020-09-18
8-K	2020-07-31
8-K	2020-07-30
8-K	2020-07-30
8-K	2020-07-26
8-K	2020-06-17
8-K	2020-06-17
8-K	2020-06-17
8-K	2020-05-29
8-K	2020-05-21
8-K	2020-05-20
8-K	2020-05-01
8-K	2020-04-30
8-K	2020-04-30
8-K	2020-04-30
8-K	2020-04-28
8-K	2020-03-23
8-K	2020-03-20
8-K	2020-03-10
8-K	2020-01-31
8-K	2020-01-30
8-K	2020-01-30
8-K	2019-12-23
8-K	2019-12-19
8-K	2019-12-10
8-K	2019-11-01
8-K	2019-10-31
8-K	2019-10-31
8-K	2019-10-25
8-K	2019-10-17
8-K	2019-10-16
8-K	2019-10-15
8-K	2019-10-10
8-K	2019-10-07
8-K	2019-09-30
8-K	2019-09-18
8-K	2019-08-02
8-K	2019-08-01
8-K	2019-08-01
8-K	2019-07-28
8-K	2019-06-18
8-K	2019-05-03
8-K	2019-05-02
8-K	2019-05-02
8-K	2019-05-02
8-K	2019-04-30
8-K	2019-03-20
8-K	2019-01-30
8-K	2019-01-30
8-K	2018-12-21
8-K	2018-11-01
8-K	2018-11-01
8-K	2018-11-01
8-K	2018-10-30
8-K	2018-09-26
8-K	2018-08-31
8-K	2018-08-01
8-K	2018-08-01
8-K	2018-04-26
8-K	2018-04-26
8-K	2018-04-25
8-K	2018-03-19
8-K	2018-03-13
8-K	2018-03-13
8-K	2018-03-12
8-K	2018-03-05
8-K	2018-02-26
8-K	2018-01-31
8-K	2018-01-31

EX-10.1	ex101d201231.htm
EX-10.2	ex102d201231.htm
EX-10.3	ex103d201231.htm
EX-10.4	ex104d201231.htm
EX-21	ex21d201231.htm
EX-23	ex23d201231.htm
EX-24	ex24d201231.htm
EX-31.1	ex31p1d201231.htm
EX-31.2	ex31p2d201231.htm
EX-32.1	ex32p1d201231.htm
EX-32.2	ex32p2d201231.htm
EX-95	ex95d201231.htm


RECONCILIATION TO ADJUSTED NET (LOSS) EARNINGS (a)

		Year Ended December 31,
(Dollars in millions)		2020		2019		2018
Reconciliation to adjusted net (loss) earnings attributable to United States Steel Corporation
	Net (loss) earnings attributable to United States Steel Corporation, as reported	$	(1,165)	$	(630)	$	1,115
	Asset impairment charge	263		—		—
	Restructuring and other charges	131		263		—
	Tubular inventory impairment	24

X 10K Annual Report

United States Steel Earnings 2020-12-31