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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 June 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
/sec-filings/all-sec-filings/content/0001163302-21-000087/x-20210630_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
ÁñÁ«ÊÓƵ Common StockXNew York Stock Exchange
ÁñÁ«ÊÓƵ 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 July 26, 2021 – 270,128,597 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, 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 ÁñÁ«ÊÓƵ 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 June 30,Six Months Ended June 30,
(Dollars in millions, except per share amounts)2021202020212020
Net sales:
Net sales$4,684 $2,000 $8,053 $4,397 
Net sales to related parties (Note 19)341 91 636 442 
Total (Note 6)5,025 2,091 8,689 4,839 
Operating expenses (income):
Cost of sales3,678 2,274 6,752 4,879 
Selling, general and administrative expenses106 62 208 134 
Depreciation, depletion and amortization202 159 391 319 
(Earnings) loss from investees(35)39 (49)47 
Asset impairment charges (Note 1)28  28 263 
Gain on equity investee transactions (Note 5)  (111)(31)
Restructuring and other charges (Note 20)31 89 37 130 
Net gain on sale of assets(15) (15) 
Other (gains) losses, net(4) (11)5 
Total3,991 2,623 7,230 5,746 
Earnings (loss) before interest and income taxes1,034 (532)1,459 (907)
Interest expense84 64 176 114 
Interest income(1)(1)(2)(5)
Loss on debt extinguishment1  256  
Other financial costs4 7 22 4 
Net periodic benefit income(29)(8)(60)(16)
     Net interest and other financial costs59 62 392 97 
Earnings (loss) before income taxes975 (594)1,067 (1,004)
Income tax benefit (Note 12)(37)(5)(36)(24)
Net earnings (loss)1,012 (589)1,103 (980)
Less: Net earnings attributable to noncontrolling interests    
Net earnings (loss) attributable to ÁñÁ«ÊÓƵ$1,012 $(589)$1,103 $(980)
Earnings (loss) per common share (Note 13):
Earnings (loss) per share attributable to ÁñÁ«ÊÓƵ stockholders:
-Basic$3.75 $(3.36)$4.25 $(5.67)
-Diluted$3.53 $(3.36)$4.02 $(5.67)
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 June 30,Six Months Ended June 30,
(Dollars in millions)2021202020212020
Net earnings (loss)$1,012 $(589)$1,103 $(980)
Other comprehensive income (loss), net of tax:
Changes in foreign currency translation adjustments23 20 (24)(3)
Changes in pension and other employee benefit accounts205 29 229 81 
Changes in derivative financial instruments(31)15 (51)10 
Total other comprehensive income, net of tax197 64 154 88 
Comprehensive income (loss) including noncontrolling interest1,209 (525)1,257 (892)
Comprehensive income attributable to noncontrolling interest    
Comprehensive income (loss) attributable to United States Steel
Corporation
$1,209 $(525)$1,257 $(892)
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)June 30, 2021December 31, 2020
Assets
Current assets:
Cash and cash equivalents (Note 7)$1,329 $1,985 
Receivables, less allowance of $43 and $34
1,903 914 
Receivables from related parties (Note 19)107 80 
Inventories (Note 8)1,914 1,402 
Assets held for sale154  
Other current assets231 51 
Total current assets5,638 4,432 
Long-term restricted cash (Note 7)95 130 
Operating lease assets192 214 
Property, plant and equipment19,757 17,704 
Less accumulated depreciation and depletion12,382 12,260 
Total property, plant and equipment, net7,375 5,444 
Investments and long-term receivables, less allowance of $4 and $5
572 1,177 
Intangibles, net (Note 9)533 129 
Deferred income tax benefits (Note 12)44 22 
Goodwill (Note 9)909 4 
Other noncurrent assets726 507 
Total assets$16,084 $12,059 
Liabilities
Current liabilities:
Accounts payable and other accrued liabilities$2,675 $1,779 
Accounts payable to related parties (Note 19)144 105 
Payroll and benefits payable425 308 
Accrued taxes208 154 
Accrued interest100 59 
Current operating lease liabilities56 59 
Short-term debt and current maturities of long-term debt (Note 15)763 192 
Liabilities held for sale80  
Total current liabilities4,451 2,656 
Noncurrent operating lease liabilities145 163 
Long-term debt, less unamortized discount and debt issuance costs (Note 15)4,803 4,695 
Employee benefits208 322 
Deferred income tax liabilities (Note 12)46 11 
Deferred credits and other noncurrent liabilities488 333 
Total liabilities10,141 8,180 
Contingencies and commitments (Note 21)
Stockholders’ Equity (Note 17):
Common stock (279,242,676 and 229,105,589 shares issued) (Note 13)
279 229 
Treasury stock, at cost (9,118,582 shares and 8,673,131 shares)
(183)(175)
Additional paid-in capital5,168 4,402 
Retained earnings (accumulated deficit)480 (623)
Accumulated other comprehensive income (loss) (Note 18)107 (47)
Total ÁñÁ«ÊÓƵ stockholders’ equity5,851 3,786 
Noncontrolling interests92 93 
Total liabilities and stockholders’ equity$16,084 $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)
Six Months Ended June 30,
(Dollars in millions)20212020
Increase (decrease) in cash, cash equivalents and restricted cash
Operating activities:
Net earnings (loss)$1,103 $(980)
Adjustments to reconcile to net cash provided by operating activities:
Depreciation, depletion and amortization391 319 
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 extinguishment256  
Pensions and other postretirement benefits(46)(10)
Deferred income taxes (Note 12)(77)(12)
Net gain on sale of assets(15) 
Equity investee (earnings) loss, net of distributions received(49)47 
Changes in:
Current receivables(875)134 
Inventories(343)244 
Current accounts payable and accrued expenses789 (420)
Income taxes receivable/payable47 10 
All other, net(32)(56)
Net cash provided by (used in) operating activities1,103 (362)
Investing activities:
Capital expenditures(284)(455)
Acquisition of Big River Steel, net of cash acquired (Note 5)(625) 
Investment in Big River Steel (3)
Proceeds from sale of assets25 1 
Proceeds from sale of ownership interests in equity investees 8 
Other investing activities(1)(4)
Net cash used in investing activities(885)(453)
Financing activities:
Repayment of short-term debt (Note 15)(180) 
Revolving credit facilities - borrowings, net of financing costs (Note 15)50 1,462 
Revolving credit facilities - repayments (Note 15)(911)(644)
Issuance of long-term debt, net of financing costs (Note 15)825 1,048 
Repayment of long-term debt (Note 15)(1,418)(6)
Proceeds from public offering of common stock (Note 22)790 410 
Proceeds from Stelco Option Agreement 40 
Other financing activities(11)(4)
Net cash (used in) provided by financing activities(855)2,306 
Effect of exchange rate changes on cash(9)(1)
Net (decrease) increase in cash, cash equivalents and restricted cash(646)1,490 
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)$1,472 $2,429 
Non-cash investing and financing activities:
Change in accrued capital expenditures$(26)$(98)
U. S. Steel common stock issued for employee/non-employee director stock plans27 18 
Capital expenditures funded by finance lease borrowings10 30 
Export Credit Agreement (ECA) financing23 34 
The accompanying notes are an integral part of these condensed consolidated financial statements.
-4-


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 ÁñÁ«ÊÓƵ 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. An impairment of $28 million was recognized for this project during the three-month period ended June 30, 2021.

There were no triggering events that required an impairment evaluation of our long-lived asset groups as of 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 (ÁñÁ«ÊÓƵE); 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 EAF at our Fairfield Tubular Operations in Fairfield, Alabama. The results of our railroad, real estate businesses and the previously held equity method investment in Big River Steel are combined and disclosed in the Other category.
-5-


The results of segment operations for the three months ended June 30, 2021 and 2020 are:
(In millions) Three Months Ended June 30, 2021
Customer
Sales
Intersegment
Sales
Net
Sales
Earnings (loss)
from
investees
Earnings (loss) before interest and income taxes
Flat-Rolled$2,991 $63 $3,054 $32 $579 
Mini Mill759 142 901  284 
ÁñÁ«ÊÓƵE1,078 1 1,079  207 
Tubular184 3 187 3  
Total reportable segments5,012 209 5,221 35 1,070 
Other13 27 40  14 
Reconciling Items and Eliminations (236)(236) (50)
Total$5,025 $ $5,025 $35 $1,034 
Three Months Ended June 30, 2020
Flat-Rolled$1,497 $42 $1,539 $(16)$(329)
ÁñÁ«ÊÓƵE403 1 404  (26)
Tubular182 3 185 2 (47)
Total reportable segments2,082 46 2,128 (14)(402)
Other9 19 28 (25)(21)
Reconciling Items and Eliminations— (65)(65) (109)
Total$2,091 $— $2,091 $(39)$(532)
The results of segment operations for the six months ended June 30, 2021 and 2020 are:
(In millions) Six Months Ended June 30, 2021
Customer
Sales
Intersegment
Sales
Net
Sales
Earnings (Loss)
from
investees
Earnings (loss) before interest and income taxes
Flat-Rolled$5,263 $106 $5,369 $37 $725 
Mini Mill1,209 204 1,413  416 
ÁñÁ«ÊÓƵE1,876 2 1,878  312 
Tubular318 7 325 6 (29)
Total reportable segments8,666 319 8,985 43 1,424 
Other23 56 79 6 22 
Reconciling Items and Eliminations (375)(375) 13 
Total$8,689 $ $8,689 $49 $1,459 
Six Months Ended June 30, 2020
Flat-Rolled$3,471 $104 $3,575 $(12)$(364)
ÁñÁ«ÊÓƵE908 2 910  (40)
Tubular437 6 443 3 (95)
Total reportable segments4,816 112 4,928 (9)(499)
Other23 47 70 (38)(20)
Reconciling Items and Eliminations— (159)(159) (388)
Total$4,839 $— $4,839 $(47)$(907)
-6-



A summary of total assets by segment is as follows:
(In millions)June 30, 2021December 31, 2020
Flat-Rolled$7,468 $7,099 
Mini Mill4,246  
ÁñÁ«ÊÓƵE5,871 5,502 
Tubular1,026 887 
Total reportable segments$18,611 $13,488 
Other$313 $911 
Corporate, reconciling items, and eliminations(a)
(2,840)(2,340)
Total assets$16,084 $12,059 
(a)The majority of Corporate, reconciling items, and eliminations total assets is comprised of cash and the elimination of intersegment amounts.
The following is a schedule of reconciling items to consolidated earnings before interest and income taxes:
Three Months Ended June 30,Six Months Ended June 30,
(In millions)2021202020212020
Items not allocated to segments:
Gain on previously held investment in Big River Steel$ $ $111 $ 
Big River Steel - inventory step-up amortization  (24) 
Big River Steel - unrealized losses (a)
(6) (15) 
Big River Steel - acquisition costs  (9) 
Restructuring and other charges (Note 20)(31)(89)(37)(130)
Asset impairment charges (Note 1)(28) (28)(263)
Property Sale15  15  
Gain on previously held investment in UPI   25 
Tubular inventory impairment charge (24) (24)
December 24, 2018 Clairton coke making facility fire 4  4 
Total reconciling items$(50)$(109)$13 $(388)
a) Big River Steel – unrealized losses represent the post-acquisition mark-to-market impacts of hedging instruments acquired with the purchase of the remaining equity interest in Big River Steel on January 15, 2021. See Note 14 for further details.
5.    Acquisitions and Disposition

Transtar Disposition
On July 28, 2021, U. S. Steel sold 100 percent of the equity interests in its wholly-owned short-line railroad, Transtar, LLC (Transtar) to an affiliate of Fortress Transportation and Infrastructure Investors, LLC for a cash purchase price of $640 million subject to certain customary adjustments as set forth in the Membership Interest Purchase Agreement. In connection with the closing of the transaction, the Company entered into certain ancillary agreements including a railway services agreement, providing for continued rail services for its Gary and Mon Valley Works facilities, and a transition services agreement. Because Transtar does not represent a significant component of U. S. Steel's business and does not constitute a reportable business segment, its results are reported in the Other category. See Note 4 for further details. The assets and liabilities that are included in the transaction are reported as assets held for sale and liabilities held for sale in the Condensed Consolidated Balance Sheet as of June 30, 2021. Assets held for sale consist primarily of property, plant and equipment and receivables of $129 million and $10 million, respectively. Liabilities held for sale primarily consist of accounts payable and employee benefits of $33 million and $28 million, respectively.

Big River Steel Acquisition
On January 15, 2021, U. S. Steel purchased the remaining equity interest in Big River Steel for approximately $625 million in cash net of $36 million and $62 million in cash and restricted cash received, respectively, and the assumption of liabilities of approximately $50 million. There were acquisition related costs of approximately $9 million during the six months ended June 30, 2021.

Prior to the closing of the acquisition on January 15, 2021, U. S. Steel accounted for its 49.9% equity interest in Big River Steel under the equity method as control and risk of loss were shared among the partnership members. Using step
-7-


acquisition accounting the Company increased the value of its previously held equity investment to its fair value of $770 million which resulted in a gain of approximately $111 million. The gain was recorded in gain on equity investee transactions in the Condensed Consolidated Statement of Operations.

The acquisition has been accounted for in accordance with ASC 805, Business combinations. There were step-ups to fair value of approximately $308 million, $194 million and $24 million for property, plant and equipment, debt and inventory, respectively. An intangible asset for customer relationships and goodwill of approximately $413 million and $905 million were also recorded, respectively. Goodwill represents the excess of purchase price over the fair market value of the net assets. Goodwill is primarily attributable to Big River Steel's operational abilities, workforce and the anticipated benefits from their recent expansion and will be partially tax deductible. The inventory step-up was fully amortized as of March 31, 2021, the intangible asset will be amortized over a 22-year period and the debt step-up will be amortized over the contractual life of the underlying debt. See Note 15 for further details.