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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 September 30, 2021
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
x-20210930_g1.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,PA 15219-2800
(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 October 25, 2021 – 270,232,763 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 that may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend the forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in those sections. Generally, we have identified such forward-looking statements by using the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “target,” “forecast,” “aim,” “should,” “will,” "may" and similar expressions or by using future dates in connection with any discussion of, among other things, the construction or operation of new or existing facilities, operating performance, trends, events or developments that we expect or anticipate will occur in the future, statements relating to volume changes, share of sales and earnings per share changes, anticipated cost savings, potential capital and operational cash improvements, anticipated disruptions to our operations and industry due to the COVID-19 pandemic, changes in global supply and demand conditions and prices for our products, international trade duties and other aspects of international trade policy, the integration of Big River Steel in our existing business, business strategies related to the combined business and statements expressing general views about future operating results. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. Forward-looking statements are not historical facts, but instead represent only the Company’s beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of the Company’s control. It is possible that the Company’s actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Management believes that these forward-looking statements are reasonable as of the time made. However, caution should be taken not to place undue reliance on any such forward-looking statements because such statements speak only as of the date when made. Our Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our Company's historical experience and our present expectations or projections. These risks and uncertainties include, but are not limited to, the risks and uncertainties described in this report and in “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020 and those described from time to time in our future reports filed with the Securities and Exchange Commission.

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 September 30,Nine Months Ended September 30,
(Dollars in millions, except per share amounts)2021202020212020
Net sales:
Net sales$5,623 $2,072 $13,676 $6,469 
Net sales to related parties (Note 19)341 268 977 710 
Total (Note 6)5,964 2,340 14,653 7,179 
Operating expenses (income):
Cost of sales3,881 2,295 10,633 7,174 
Selling, general and administrative expenses108 65 316 199 
Depreciation, depletion and amortization196 162 587 481 
(Earnings) loss from investees(57)31 (106)78 
Gain on sale of Transtar (Note 5)(506) (506) 
Asset impairment charges (Note 1)  28 263 
Gain on equity investee transactions (Note 5)  (111)(31)
Restructuring and other charges (Note 20)  37 130 
Net loss (gain) on sale of assets7 (2)(8)(2)
Other (gains) losses, net(7) (18)5 
Total3,622 2,551 10,852 8,297 
Earnings (loss) before interest and income taxes2,342 (211)3,801 (1,118)
Interest expense75 84 251 198 
Interest income(1)(1)(3)(6)
Loss on debt extinguishment26  282  
Other financial costs (benefits)17 (30)39 (26)
Net periodic benefit income(37)(6)(97)(22)
     Net interest and other financial costs80 47 472 144 
Earnings (loss) before income taxes2,262 (258)3,329 (1,262)
Income tax expense (benefit) (Note 12)260 (24)224 (48)
Net earnings (loss)2,002 (234)3,105 (1,214)
Less: Net earnings attributable to noncontrolling interests    
Net earnings (loss) attributable to United States Steel Corporation$2,002 $(234)$3,105 $(1,214)
Earnings (loss) per common share (Note 13):
Earnings (loss) per share attributable to United States Steel Corporation stockholders:
-Basic$7.41 $(1.06)$11.80 $(6.43)
-Diluted$6.97 $(1.06)$11.13 $(6.43)
The accompanying notes are an integral part of these condensed consolidated financial statements.
-1-


UNITED STATES STEEL CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
(Dollars in millions)2021202020212020
Net earnings (loss)$2,002 $(234)$3,105 $(1,214)
Other comprehensive income (loss), net of tax:
Changes in foreign currency translation adjustments(26)34 (50)31 
Changes in pension and other employee benefit accounts15 16 244 97 
Changes in derivative financial instruments60 8 9 18 
Total other comprehensive income, net of tax49 58 203 146 
Comprehensive income (loss) including noncontrolling interest2,051 (176)3,308 (1,068)
Comprehensive income attributable to noncontrolling interest    
Comprehensive income (loss) attributable to United States Steel
Corporation
$2,051 $(176)$3,308 $(1,068)
The accompanying notes are an integral part of these condensed consolidated financial statements.
-2-


UNITED STATES STEEL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET
(Unaudited)
(Dollars in millions)September 30, 2021December 31, 2020
Assets
Current assets:
Cash and cash equivalents (Note 7)$2,044 $1,985 
Receivables, less allowance of $43 and $34
2,275 914 
Receivables from related parties (Note 19)128 80 
Inventories (Note 8)2,086 1,402 
Other current assets266 51 
Total current assets6,799 4,432 
Long-term restricted cash (Note 7)91 130 
Operating lease assets198 214 
Property, plant and equipment19,880 17,704 
Less accumulated depreciation and depletion12,500 12,260 
Total property, plant and equipment, net7,380 5,444 
Investments and long-term receivables, less allowance of $4 and $5
628 1,177 
Intangibles, net (Note 9)527 129 
Deferred income tax benefits (Note 12)46 22 
Goodwill (Note 9)909 4 
Other noncurrent assets755 507 
Total assets$17,333 $12,059 
Liabilities
Current liabilities:
Accounts payable and other accrued liabilities$2,870 $1,779 
Accounts payable to related parties (Note 19)130 105 
Payroll and benefits payable542 308 
Accrued taxes315 154 
Accrued interest52 59 
Current operating lease liabilities60 59 
Short-term debt and current maturities of long-term debt (Note 15)61 192 
Total current liabilities4,030 2,656 
Noncurrent operating lease liabilities148 163 
Long-term debt, less unamortized discount and debt issuance costs (Note 15)4,272 4,695 
Employee benefits202 322 
Deferred income tax liabilities (Note 12)200 11 
Deferred credits and other noncurrent liabilities473 333 
Total liabilities9,325 8,180 
Contingencies and commitments (Note 21)
Stockholders’ Equity (Note 17):
Common stock (279,350,782 and 229,105,589 shares issued) (Note 13)
279 229 
Treasury stock, at cost (9,133,393 shares and 8,673,131 shares)
(184)(175)
Additional paid-in capital5,185 4,402 
Retained earnings (accumulated deficit)2,480 (623)
Accumulated other comprehensive income (loss) (Note 18)156 (47)
Total United States Steel Corporation stockholders’ equity7,916 3,786 
Noncontrolling interests92 93 
Total liabilities and stockholders’ equity$17,333 $12,059 
The accompanying notes are an integral part of these condensed consolidated financial statements.
-3-


UNITED STATES STEEL CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
Nine Months Ended September 30,
(Dollars in millions)20212020
Increase (decrease) in cash, cash equivalents and restricted cash
Operating activities:
Net earnings (loss)$3,105 $(1,214)
Adjustments to reconcile to net cash provided by operating activities:
Depreciation, depletion and amortization587 481 
Gain on sale of Transtar (Note 5)(506) 
Asset impairment charges (Note 1)28 263 
Gain on equity investee transactions(111)(31)
Restructuring and other charges (Note 20)37 130 
Loss on debt extinguishment282  
Pensions and other postretirement benefits(88)(18)
Deferred income taxes (Note 12)59 (36)
Net gain on sale of assets(8)(2)
Equity investee (earnings) loss, net of distributions received(106)78 
Changes in:
Current receivables(1,281)(18)
Inventories(539)495 
Current accounts payable and accrued expenses968 (267)
Income taxes receivable/payable137 13 
All other, net41 (23)
Net cash provided by (used in) operating activities2,605 (149)
Investing activities:
Capital expenditures(460)(591)
Acquisition of Big River Steel, net of cash acquired (Note 5)(625) 
Investment in Big River Steel (3)
Proceeds from sale of Transtar (Note 5)627  
Proceeds from sale of assets25 3 
Proceeds from sale of ownership interests in equity investees 8 
Other investing activities(3)(4)
Net cash used in investing activities(436)(587)
Financing activities:
Issuance of short-term debt, net of financing costs (Note 15) 240 
Repayment of short-term debt (Note 15)(180) 
Revolving credit facilities - borrowings, net of financing costs (Note 15)50 1,474 
Revolving credit facilities - repayments (Note 15)(911)(1,633)
Issuance of long-term debt, net of financing costs (Note 15)862 1,043 
Repayment of long-term debt (Note 15)(2,719)(8)
Proceeds from public offering of common stock (Note 22)790 410 
Proceeds from Stelco Option Agreement 55 
Other financing activities(12)(7)
Net cash (used in) provided by financing activities(2,120)1,574 
Effect of exchange rate changes on cash(15)10 
Net increase in cash, cash equivalents and restricted cash34 848 
Cash, cash equivalents and restricted cash at beginning of year (Note 7)2,118 939 
Cash, cash equivalents and restricted cash at end of period (Note 7)$2,152 $1,787 
Non-cash investing and financing activities:
Change in accrued capital expenditures$58 $(109)
U. S. Steel common stock issued for employee/non-employee director stock plans28 18 
Capital expenditures funded by finance lease borrowings11 30 
Export Credit Agreement (ECA) financing23 34 
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 including consideration of forecasted financial information in context with other information reasonably available to us. However, our future assessment of our current expectations, including consideration of the unknown future impacts of the COVID-19 pandemic, 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 Securities and Exchange Commission 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, 2020, which should be read in conjunction with these condensed financial statements.
Asset Impairment
In May 2019, U. S. Steel announced that it planned to construct a new endless casting and rolling facility at its Edgar Thomson Plant in Braddock, Pennsylvania, and a cogeneration facility at its Clairton Plant in Clairton, Pennsylvania, both part of the Company's Mon Valley Works. The Company purchased certain equipment for this project before delaying groundbreaking in March 2020 in response to COVID-19. In April 2021, the Company determined not to pursue this project and is re-evaluating uses for the already purchased equipment, including at the Company's recently announced potential mini mill investment. An impairment of $28 million was recognized for this project during the three-month period ended June 30, 2021.
2.    New Accounting Standards
In August 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (ASU 2020-06). ASU 2020-06 simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. ASU 2020-06 requires entities to provide expanded disclosures about the terms and features of convertible instruments and amends certain guidance in ASC 260 on the computation of EPS for convertible instruments and contracts on an entity’s own equity. ASU 2020-06 is effective for public companies for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years, with early adoption of all amendments in the same period permitted. The Company is continuing to assess the impact of adoption of the ASU.
3.    Recently Adopted Accounting Standards
In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes (ASU 2019-12). ASU 2019-12 simplifies accounting for income taxes by removing certain exceptions from the general principles in Topic 740 including elimination of the exception to the incremental approach for intraperiod tax allocation when there is a loss from continuing operations and income or a gain from other items such as other comprehensive income. U. S. Steel adopted this guidance on January 1, 2021. The adoption of this guidance did not have a material impact on the Company's Condensed Consolidated Financial Statements.
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 Mini Mill segment reflects the acquisition of Big River Steel after the purchase of the remaining equity interest on January 15, 2021. See Note 5 for further details. Prior to the purchase, the equity earnings of Big River Steel were included in the Other segment. The Tubular Products segment includes the newly constructed electric arc furnace at our Fairfield Tubular Operations in Fairfield, Alabama. The results of our real estate business, the previously held equity method investment in Big River Steel, and of our former railroad business are combined and disclosed in the Other category.
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The results of segment operations for the three months ended September 30, 2021 and 2020 are:
(In millions) Three Months Ended September 30, 2021
Customer
Sales
Intersegment
Sales
Net
Sales
Earnings (loss)
from
investees
Earnings (loss) before interest and income taxes
Flat-Rolled$3,541 $36 $3,577 $53 $1,015 
Mini Mill949 156 1,105  424 
USSE1,246 2 1,248  394 
Tubular216 6 222 4  
Total reportable segments5,952 200 6,152 57 1,833 
Other12 9 21  (2)
Reconciling Items and Eliminations (209)(209) 511 
Total$5,964 $ $5,964 $57 $2,342 
Three Months Ended September 30, 2020
Flat-Rolled$1,728 $71 $1,799 $(3)$(159)
USSE495 1 496  13 
Tubular96  96  (52)
Total reportable segments2,319 72 2,391 (3)(198)
Other21 23 44 (28)(13)
Reconciling Items and Eliminations— (95)(95)  
Total$2,340 $— $2,340 $(31)$(211)
The results of segment operations for the nine months ended September 30, 2021 and 2020 are:
(In millions) Nine Months Ended September 30, 2021
Customer
Sales
Intersegment
Sales
Net
Sales
Earnings (Loss)
from
investees
Earnings (loss) before interest and income taxes
Flat-Rolled$8,804 $142 $8,946 $90 $1,740 
Mini Mill2,158 360 2,518  840 
USSE3,122 4 3,126  706 
Tubular534 13 547 10 (29)
Total reportable segments14,618 519 15,137 100 3,257 
Other35 65 100 6 20 
Reconciling Items and Eliminations (584)(584) 524 
Total$14,653 $ $14,653 $106 $3,801 
Nine Months Ended September 30, 2020
Flat-Rolled$5,199 $175 $5,374 $(15)$(523)
USSE1,403 3 1,406  (27)
Tubular533 6 539 3 (147)
Total reportable segments7,135 184 7,319 (12)(697)
Other44 70 114 (66)(33)
Reconciling Items and Eliminations— (254)(254) (388)
Total$7,179 $— $7,179 $(78)$(1,118)
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A summary of total assets by segment is as follows:
(In millions)September 30, 2021December 31, 2020
Flat-Rolled$7,846 $7,099 
Mini Mill4,314  
USSE6,116 5,502 
Tubular1,041 887 
Total reportable segments$19,317 $13,488 
Other$135 $911 
Corporate, reconciling items, and eliminations(a)
(2,119)(2,340)
Total assets$17,333 $12,059 
(a)The majority of Corporate, reconciling items, and eliminations total assets is comprised of cash and the elimination of intersegment amounts.
The following is a schedule of reconciling items to consolidated earnings before interest and income taxes:
Three Months Ended September 30,Nine Months Ended September 30,
(In millions)2021202020212020
Items not allocated to segments:
Gain on previously held investment in Big River Steel$ $ $111 $ 
Big River Steel - inventory step-up amortization  (24) 
Big River Steel - unrealized gains (losses) (a)
12  (3) 
Big River Steel - acquisition costs  (9)