- Fourth quarter 2021 net earnings of $1.069 billion, or $3.75
per diluted share; full-year 2021 net earnings of $4.174 billion,
or $14.88 per diluted share.
- Fourth quarter 2021 adjusted net earnings of $1.038 billion,
or $3.64 per diluted share; full-year 2021 adjusted net earnings of
$3.780 billion, or $13.48 per diluted share.
- Fourth quarter 2021 adjusted EBITDA of $1.728 billion;
full-year 2021 adjusted EBITDA of $5.592 billion.
- Liquidity of $4.971 billion, including cash of $2.522
billion.
United States Steel Corporation (NYSE: X) reported fourth
quarter 2021 net earnings of $1.069 billion, or $3.75 per diluted
share. Adjusted net earnings was $1.038 billion, or $3.64 per
diluted share. This compares to fourth quarter 2020 net earnings of
$49 million, or $0.22 per diluted share. Adjusted net loss for the
fourth quarter 2020 was $60 million, or $0.27 per diluted
share.
Full-year 2021 net earnings was $4.174 billion, or $14.88 per
diluted share. Adjusted net earnings was $3.780 billion, or $13.48
per diluted share. This compares to full-year 2020 net loss of
$1.165 billion, or $5.92 per diluted share. Adjusted net loss for
2020 were $920 million, or $4.67 per diluted share.
Earnings Highlights
Quarter Ended
Year Ended
December 31,
December 31,
(Dollars in millions, except per share
amounts)
2021
2020
2021
2020
Net Sales
$
5,622
$
2,562
$
20,275
$
9,741
Segment earnings (loss) before interest
and income taxes
Flat-Rolled
$
890
$
(73
)
$
2,630
$
(596
)
Mini Mill (a)
366
—
1,206
—
U. S. Steel Europe
269
36
975
9
Tubular (b)
30
(32
)
1
(179
)
Other
(31
)
(6
)
(11
)
(39
)
Total segment earnings (loss) before
interest and income taxes
$
1,524
$
(75
)
$
4,801
$
(805
)
Other items not allocated to segments
(379
)
118
145
(270
)
Earnings (loss) before interest and
income taxes
$
1,145
$
43
$
4,946
$
(1,075
)
Net interest and other financial
costs
130
88
602
232
Income tax (benefit) expense
(54
)
(94
)
170
(142
)
Net earnings (loss)
$
1,069
$
49
$
4,174
$
(1,165
)
Earnings (loss) per diluted
share
$
3.75
$
0.22
$
14.88
$
(5.92
)
Adjusted net earnings (loss)
(c)
$
1,038
$
(60
)
$
3,780
$
(920
)
Adjusted net earnings (loss) per
diluted share (c)
$
3.64
$
(0.27
)
$
13.48
$
(4.67
)
Adjusted earnings (loss) before
interest, income taxes, depreciation and amortization (EBITDA)
(c)
$
1,728
$
87
$
5,592
$
(162
)
(a) Mini Mill segment, added after January
15, 2021 with the purchase of the remaining equity interest in Big
River Steel, does not include the electric arc furnace (EAF) at our
Fairfield Tubular Operations in Fairfield, Alabama.
(b) The Fairfield EAF is included in the
Tubular segment.
(c) Please refer to the non-GAAP Financial
Measures section of this document for the reconciliation of these
amounts.
“2021 was a year of records and we delivered with record
earnings and free cash flow and record safety, environmental,
quality, and reliability performance,” commented U. S. Steel
President and CEO David B. Burritt. “We enter 2022 from a position
of strength and are relentlessly focused on continuing our
disciplined approach to creating stockholder value. Our balance
sheet has been transformed, record cash significantly de-risks
strategy execution, and our capital allocation priorities have
enhanced direct stockholder returns. We are a fundamentally
different company from a year ago and expect 2022 to be another
strong year.”
Commenting on the Company's Best for All℠ strategy, Burritt
continued, “Through our Best for All customer-centric strategy, U.
S. Steel continues to gain market share with our clear competitive
advantages: low-cost iron ore, mini mill steelmaking, and
best-in-class finishing capabilities. 2022 will be another year of
strategic progress and upon completion, our announced strategic
investments will deliver approximately $850 million of incremental
through-cycle earnings power with winning customer solutions while
reducing our capital and carbon intensity. We are becoming a
better, not bigger company as we continue to innovate and develop
the next generation of our sustainable steel solutions for our
people and our planet."
Capital Allocation
Update:
During the fourth quarter 2021, the Company repurchased $150
million of its common stock under the $300 million stock buyback
authorization announced in October 2021. In addition, the Board of
Directors has authorized a new $500 million stock repurchase
program to commence in the first quarter 2022 under which the
Company’s outstanding common stock may be repurchased from time to
time at the discretion of management.
“We have never been more confident in our Best for All
strategy,” concluded Burritt, “as we reward stockholders with a new
$500 million stock buyback authorization as part of a balanced
capital allocation approach. This is in addition to our previously
announced $300 million authorization and our continued $0.05 per
share quarterly dividend. We look forward to another year of
progress for investors, customers, employees, and the communities
where we live and work.”
*****
The Company will conduct a conference call on the fourth quarter
and full-year 2021 earnings on Friday, January 28, 2022, at 8:30
a.m. Eastern Standard. To listen to the webcast of the conference
call and to access the Company's slide presentation, visit the U.
S. Steel website, www.ussteel.com, and click on the “Investors”
section. Replays of the conference call will be available on the
website after 10:30 a.m. on January 28, 2022.
UNITED STATES STEEL
CORPORATION
PRELIMINARY SUPPLEMENTAL
STATISTICS (Unaudited)
Quarter Ended
Year Ended
December 31,
December 31,
2021
2020
2021
2020
OPERATING STATISTICS
Average realized price: ($/net ton unless
otherwise noted) (a)
Flat-Rolled
1,432
731
1,172
718
Mini Mill (b)
1,490
—
1,314
—
U. S. Steel Europe
1,075
652
966
626
U. S. Steel Europe (€/net ton)
940
547
816
549
Tubular
1,968
1,267
1,696
1,271
Steel shipments (thousands of net tons):
(a)
Flat-Rolled
2,032
2,257
9,018
8,711
Mini Mill (b)
559
—
2,230
—
U. S. Steel Europe
1,028
840
4,302
3,041
Tubular
127
74
444
464
Total Steel Shipments
3,746
3,171
15,994
12,216
Intersegment steel (unless otherwise
noted) shipments (thousands of net tons):
Flat-Rolled to Tubular
—
—
—
101
Flat-Rolled to U. S. Steel Europe (iron
ore pellets and fines)
—
506
439
1,418
Mini Mill (b) to Flat-Rolled
88
—
388
—
Raw steel production (thousands of net
tons):
Flat-Rolled
2,181
2,490
9,881
9,313
Mini Mill (b)
681
—
2,688
—
U. S. Steel Europe
1,181
966
4,931
3,366
Tubular (c)
140
16
464
16
Raw steel capability utilization:(d)
Flat-Rolled
51
%
58
%
58
%
55
%
Mini Mill (b)
82
%
—
%
81
%
—
%
U. S. Steel Europe
94
%
77
%
99
%
67
%
Tubular
62
%
7
%
52
%
7
%
CAPITAL EXPENDITURES (dollars in
millions)
Flat-Rolled
150
93
422
484
Mini Mill (b) (e)
229
—
331
—
U. S. Steel Europe
18
15
57
79
Tubular
5
26
51
159
Other
1
—
2
3
Total
$
403
$
134
$
863
$
725
(a) Excludes intersegment shipments.
(b) Mini Mill segment added after January
15, 2021 with purchase of the remaining equity interest in Big
River Steel.
(c) Tubular segment raw steel added in
October 2020 with the start-up of the new electric arc furnace.
(d) Based on annual raw steel production
capability of 17.0 million net tons for Flat-Rolled, 3.3 million
for Mini Mill, 5.0 million net tons for U. S. Steel Europe and 0.9
million net tons for Tubular.
(e) Includes Mini Mill #2 capital
expenditures of $144 million for the three and twelve months ended
December 31, 2021.
UNITED STATES STEEL
CORPORATION
CONDENSED STATEMENT OF OPERATIONS
(Unaudited)
Quarter Ended
Year Ended
December 31,
December 31,
(Dollars in millions, except per share
amounts)
2021
2020
2021
2020
NET SALES
$
5,622
$
2,562
$
20,275
$
9,741
Operating expenses (income):
Cost of sales (excludes items shown
below)
3,900
2,381
14,533
9,555
Selling, general and administrative
expenses
110
78
426
277
Depreciation, depletion and
amortization
204
162
791
643
(Earnings) Loss from investees
(64
)
39
(170
)
117
Gain on sale of Transtar
—
—
(506
)
—
Asset impairment charges
245
—
273
263
Gain on equity investee transactions
—
—
(111
)
(31
)
Restructuring and other charges
91
8
128
138
Net losses (gains) on sale of assets
1
(147
)
(7
)
(149
)
Other (gains) losses, net
(10
)
(2
)
(28
)
3
Total operating expenses
4,477
2,519
15,329
10,816
EARNINGS (LOSS) BEFORE INTEREST AND INCOME
TAXES
1,145
43
4,946
(1,075
)
Net interest and other financial costs
130
88
602
232
EARNINGS (LOSS) BEFORE INCOME TAXES
1,015
(45
)
4,344
(1,307
)
Income tax (benefit) expense
(54
)
(94
)
170
(142
)
Net earnings (loss)
1,069
49
4,174
(1,165
)
Less: Net earnings (loss) attributable to
noncontrolling interests
—
—
—
—
NET EARNINGS (LOSS) ATTRIBUTABLE TO UNITED
STATES STEEL CORPORATION
$
1,069
$
49
$
4,174
$
(1,165
)
COMMON STOCK DATA:
Net earnings (loss) per share attributable
to
United States Steel Corporation
stockholders:
Basic
$
3.97
$
0.22
$
15.77
$
(5.92
)
Diluted
$
3.75
$
0.22
$
14.88
$
(5.92
)
Weighted average shares, in thousands
Basic
268,995
220,412
264,667
196,721
Diluted
285,321
223,781
280,444
196,721
Dividends paid per common share
$
0.05
$
0.01
$
0.08
$
0.04
UNITED STATES STEEL
CORPORATION
CONDENSED CASH FLOW STATEMENT
(Unaudited)
Year Ended December 31,
(Dollars in millions)
2021
2020
Cash provided by operating activities:
Net earnings (loss)
$
4,174
$
(1,165
)
Depreciation, depletion and
amortization
791
643
Gain on sale of Transtar
(506
)
—
Asset impairment charges
273
263
Gain on equity investee transactions
(111
)
(31
)
Restructuring and other charges
128
138
Loss on debt extinguishment
292
—
Pensions and other post-employment
benefits
15
(21
)
Deferred income taxes
(52
)
(130
)
Net gain on sale of assets
(7
)
(149
)
Working capital changes
(849
)
575
Income taxes receivable/payable
161
20
Other operating activities
(219
)
(5
)
Total
4,090
138
Cash used in investing activities:
Capital expenditures
(863
)
(725
)
Acquisition of Big River Steel, net of
cash acquired
(625
)
—
Investment in Big River Steel
—
(9
)
Proceeds from sale of Transtar
627
—
Proceeds from sale of assets
26
167
Proceeds from sale of ownership interests
in equity investees
—
8
Other investing activities
(5
)
(4
)
Total
(840
)
(563
)
Cash provided by (used in) financing
activities:
Issuance of short-term debt, net of
financing costs
—
240
Repayment of short-term debt
(180
)
(70
)
Revolving credit facilities - borrowings,
net of financing costs
50
1,402
Revolving credit facilities -
repayments
(911
)
(1,621
)
Issuance of long-term debt, net of
financing costs
864
1,148
Repayment of long-term debt
(3,183
)
(13
)
Proceeds from public offering of common
stock
790
410
Proceed from Stelco Option Agreement
—
94
Common stock repurchased
(150
)
—
Other financing activities
(27
)
(9
)
Total
(2,747
)
1,581
Effect of exchange rate changes on
cash
(21
)
23
Net increase in cash, cash equivalents and
restricted cash
482
1,179
Cash, cash equivalents and restricted cash
at beginning of the year
2,118
939
Cash, cash equivalents and restricted cash
at end of the year
$
2,600
$
2,118
UNITED STATES STEEL
CORPORATION
CONDENSED BALANCE SHEET
(Unaudited)
December 31,
December 31,
(Dollars in millions)
2021
2020
Cash and cash equivalents
$
2,522
$
1,985
Receivables, net
2,089
994
Inventories
2,210
1,402
Other current assets
331
51
Total current assets
7,152
4,432
Operating lease assets
185
214
Property, plant and equipment, net
7,254
5,444
Investments and long-term receivables,
net
694
1,177
Intangible, net
519
129
Goodwill
920
4
Other noncurrent assets
1,092
659
Total assets
$
17,816
$
12,059
Accounts payable and other accrued
liabilities
2,908
1,884
Payroll and benefits payable
425
308
Short-term debt and current maturities of
long-term debt
28
192
Other current liabilities
491
272
Total current liabilities
3,852
2,656
Noncurrent operating lease liabilities
136
163
Long-term debt, less unamortized discount
and debt issuance costs
3,863
4,695
Employee benefits
235
322
Other long-term liabilities
627
344
United States Steel Corporation
stockholders' equity
9,010
3,786
Noncontrolling interests
93
93
Total liabilities and stockholders'
equity
$
17,816
$
12,059
UNITED STATES STEEL
CORPORATION
NON-GAAP FINANCIAL MEASURES
RECONCILIATION OF ADJUSTED NET
EARNINGS (LOSS)
Three Months Ended
Twelve Months Ended
(in millions of dollars)
2021
2020
2021
2020
Net earnings (loss) and diluted net
earnings (loss) per share attributable to United States Steel
Corporation, as reported
$
1,069
$
3.75
$
49
$
0.22
$
4,174
$
14.88
$
(1,165
)
$
(5.92
)
Debt extinguishment
10
18
291
18
Restructuring and other charges
91
8
128
131
Asset impairment charges
245
—
273
287
Big River Steel - acquisition-related
items (a)
(1
)
11
35
11
Losses (gains) on assets sold &
previously held investments (b)
1
(144
)
(118
)
(209
)
Gain on sale of Transtar
—
—
(506
)
—
Net reversal of tax valuation allowance
(c)
(513
)
—
(633
)
—
Pension de-risking
93
—
93
—
Environmental remediation charge
43
—
43
—
Other items
—
(2
)
—
7
Adjusted net earnings (loss) and diluted
net earnings (loss) per share attributable to United States Steel
Corporation
$
1,038
$
3.64
$
(60
)
$
(0.27
)
$
3,780
$
13.48
$
(920
)
$
(4.67
)
Weighted average diluted ordinary shares
outstanding, in millions
285.3
223.8
280.4
196.7
(a) The year ended December 31,
2021 includes the amortization of the step-up to fair value for
acquired inventory ($24 million), acquisition-related costs ($9
million), and a net loss of $2 million related to unrealized
mark-to-market movement from acquired derivatives.
(b) The three months ended
December 31, 2020 primarily consists of a gain of $145 million from
the sale of property at the Fairless facility. The year ended
December 31, 2021 consists of a gain of $111 million on the
previously held investment in Big River Steel, a gain of $15
million for the sale of property, partially offset by a loss of $8
million on the sale of a subsidiary of USSE. The year ended
December 31, 2020 consists of a gain of $145 million from the sale
of property at the Fairless facility, a net gain of $39 million
from the earnings impact of the change in fair value of options
related to our previous 49.9% ownership interest in Big River Steel
and the recognition of the contingent forward for the exercise of
the call option to purchase the remaining interest in Big River
Steel, and a gain of $25 million from the previously held
investment in UPI.
(c) The $513 million and $633
million adjustments recorded in the three and twelve months ended
December 31, 2021, respectively, were related to partial reversals
of the tax valuation allowance recorded against the Company's net
domestic deferred tax asset as a result of the Company's three-year
cumulative income position and a change in the projections of
income in future years. The adjustment of $513 million for the
three months ended December 31, 2021 includes the reversals of the
valuation allowance due to the finalization of current year
earnings.
UNITED STATES STEEL
CORPORATION
NON-GAAP FINANCIAL MEASURES
RECONCILIATION OF EBITDA AND
ADJUSTED EBITDA
Quarter Ended
Year Ended
December 31,
December 31,
(Dollars in millions)
2021
2020
2021
2020
Net earnings (loss) attributable to United
States Steel Corporation
1,069
49
4,174
(1,165
)
Income tax (benefit) provision
(54
)
(94
)
170
(142
)
Net interest and other financial costs
130
88
602
232
Depreciation, depletion and amortization
expense
204
162
791
643
EBITDA
1,349
205
5,737
(432
)
Restructuring and other charges
91
8
128
138
Asset impairment charges
245
—
273
287
Big River Steel - acquisition-related
items
(1
)
3
35
3
Losses (gains) on assets sold &
previously held investments
1
(145
)
(118
)
(170
)
Gain on sale of Transtar
—
—
(506
)
—
Environmental remediation charge
43
—
43
—
Other Items
—
16
—
12
Adjusted EBITDA
$
1,728
$
87
$
5,592
$
(162
)
We present adjusted net earnings (loss), adjusted net earnings
(loss) per diluted share, earnings (loss) before interest, income
taxes, depreciation and amortization (EBITDA) and adjusted EBITDA,
which are non-GAAP measures, as additional measurements to enhance
the understanding of our operating performance. We believe that
EBITDA, considered along with net earnings (loss), is a relevant
indicator of trends relating to our operating performance and
provides management and investors with additional information for
comparison of our operating results to the operating results of
other companies.
Adjusted net earnings (loss) and adjusted net earnings (loss)
per diluted share are non-GAAP measures that exclude the effects of
items that include: debt extinguishment, restructuring and other
charges, asset impairment charges, Big River Steel -
acquisition-related items, losses (gains) on assets sold &
previously held investments, gain on sale of Transtar, net reversal
of tax valuation allowance, pension de-risking, environmental
remediation charge and other items (Adjustment Items). Adjusted
EBITDA is also a non-GAAP measure that excludes the effects of
certain Adjustment Items. We present adjusted net earnings (loss),
adjusted net earnings (loss) per diluted share and adjusted EBITDA
to enhance the understanding of our ongoing operating performance
and established trends affecting our core operations by excluding
the effects of events that can obscure underlying trends. U. S.
Steel's management considers adjusted net earnings (loss), adjusted
net earnings (loss) per diluted share and adjusted EBITDA as
alternative measures of operating performance and not alternative
measures of the Company's liquidity. U. S. Steel’s management
considers adjusted net earnings (loss), adjusted net earnings
(loss) per diluted share and adjusted EBITDA useful to investors by
facilitating a comparison of our operating performance to the
operating performance of our competitors. Additionally, the
presentation of adjusted net earnings (loss), adjusted net earnings
(loss) per diluted share and adjusted EBITDA provides insight into
management’s view and assessment of the Company’s ongoing operating
performance because management does not consider the adjusting
items when evaluating the Company’s financial performance. Adjusted
net earnings (loss), adjusted net earnings (loss) per diluted share
and adjusted EBITDA should not be considered a substitute for net
earnings (loss), earnings (loss) per diluted share or other
financial measures as computed in accordance with U.S. GAAP and is
not necessarily comparable to similarly titled measures used by
other companies. A condensed consolidated statement of operations
(unaudited), condensed consolidated cash flow statement
(unaudited), condensed consolidated balance sheet (unaudited) and
preliminary supplemental statistics (unaudited) for U. S. Steel are
attached.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS
This release contains information 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, financial
performance, the construction or operation of new and existing
facilities, the timing, size and form of stock repurchase
transactions, 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, 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
“Item 1A. Risk Factors” in our Annual report on Form 10-K for the
year ended December 31, 2020 and those described from time to time
in our future reports filed with the Securities and Exchange
Commission.
References to "we," "us," "our," the "Company," and "U. S.
Steel," refer to United States Steel Corporation and its
consolidated subsidiaries, references to “Big River Steel” refer to
Big River Steel Holdings LLC and its direct and indirect
subsidiaries unless otherwise indicated by the context, and
“Transtar” refers to Transtar LLC and its direct and indirect
subsidiaries unless otherwise indicated by the context.
Founded in 1901, United States Steel Corporation is a leading
steel producer. With an unwavering focus on safety, the company’s
customer-centric Best for All℠ strategy is advancing a more secure,
sustainable future for U. S. Steel and its stakeholders. With a
renewed emphasis on innovation, U. S. Steel serves the automotive,
construction, appliance, energy, containers, and packaging
industries with high value-added steel products such as U. S.
Steel’s proprietary XG3™ advanced high-strength steel. The company
also maintains competitively advantaged iron ore production and has
an annual raw steelmaking capability of 22.4 million net tons. U.
S. Steel is headquartered in Pittsburgh, Pennsylvania, with
world-class operations across the United States and in Central
Europe. For more information, please visit www.ussteel.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220127005918/en/
John Ambler Vice President Corporate Communications T - (412)
433-2407 E - joambler@uss.com
Kevin Lewis Vice President Investor Relations T - (412) 433-6935
E - KLewis@uss.com
US Steel (NYSE:X)
Gráfico Histórico do Ativo
De Mar 2024 até Abr 2024
US Steel (NYSE:X)
Gráfico Histórico do Ativo
De Abr 2023 até Abr 2024