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| David B. Burritt | | | David S. Sutherland | |
| President & CEO | | | Board Chair | |
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Discount Rates
|
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Perpetuity Growth Rates
|
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Implied Equity Value per Share of
USS Common Stock |
|
|
11.5% – 13.5%
|
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(1.0)% – 1.0%
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$39 – $50
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EV/NTM
EBITDA Multiple Range |
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Implied Equity Value per Share of
USS Common Stock |
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4.5x – 6.0x
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$38 – $47
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Year Announced
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Production Method
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Acquiror
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Target
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2014
|
| | Electric Arc Furnace (“EAF”) | | | Steel Dynamics, Inc. (“Steel Dynamics”) | | | Severstal Columbus, LLC (“Columbus”) | |
2014
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| | Integrated | | | AK Steel Corporation (“AKS”) | | | Severstal Dearborn, LLC (“Dearborn”) | |
2014
|
| | EAF | | | Nucor Corporation (“Nucor”) | | | Gallatin Steel Company (“Gallatin”) | |
2015
|
| | EAF | | |
BlueScope Steel Limited
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| | North Star BlueScope Steel LLC (“North Star”) | |
2019
|
| | Integrated | | | Cleveland-Cliffs | | | AKS | |
2020
|
| | Integrated | | | Cleveland-Cliffs | | | ArcelorMittal USA LLC (“ArcelorMittal USA”) | |
2020
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| | EAF | | | USS | | | Big River Steel Holdings LLC (“BRS”) | |
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Multiple
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Total Average
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6.9x
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Total Median
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| | | | 6.4x | | |
EAF Average
|
| | | | 6.6x | | |
EAF Median
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| | | | 6.5x | | |
Integrated Average
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| | | | 7.3x | | |
Integrated Median
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| | | | 6.0x | | |
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EV/LTM
EBITDA Multiple Range |
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Implied Equity Value per Share of
USS Common Stock |
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6.0x – 7.0x
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$50 – $58
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Average Premia Paid
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L10Y
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L5Y
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L3Y
|
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Median
|
| | | | 31% | | | | | | 36% | | | | | | 36% | | |
25th Percentile
|
| | | | 18% | | | | | | 20% | | | | | | 23% | | |
75th Percentile
|
| | | | 52% | | | | | | 62% | | | | | | 54% | | |
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Average EV/NTM EBITDA
|
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Company
|
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L5Y
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L3Y
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L2Y
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LTM
|
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Undisturbed
|
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Current
|
| ||||||||||||||||||
USS
|
| | | | 3.6x | | | | | | 2.9x | | | | | | 2.7x | | | | | | 3.6x | | | | | | 3.8x | | | | | | 5.6x | | |
Cleveland-Cliffs
|
| | | | 5.7x | | | | | | 5.1x | | | | | | 5.2x | | | | | | 5.9x | | | | | | 5.2x | | | | | | 5.8x | | |
Steel Dynamics
|
| | | | 5.3x | | | | | | 5.1x | | | | | | 5.0x | | | | | | 6.1x | | | | | | 5.9x | | | | | | 8.3x | | |
Nucor
|
| | | | 6.0x | | | | | | 5.8x | | | | | | 5.9x | | | | | | 7.0x | | | | | | 7.1x | | | | | | 7.7x | | |
| | |
2H 2023E
|
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2024E
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2025E
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2026E
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2027E
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2028E
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2029E
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2030E
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2031E
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2032E
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2033E
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Revenue(1)
|
| | | $ | 8,079 | | | | | $ | 15,479 | | | | | $ | 17,301 | | | | | $ | 17,081 | | | | | $ | 16,965 | | | | | $ | 17,006 | | | | | $ | 16,757 | | | | | $ | 16,757 | | | | | $ | 12,342 | | | | | $ | 12,342 | | | | | $ | 12,342 | | |
Adj. EBITDA(2)
|
| | | $ | 602 | | | | | $ | 1,838 | | | | | $ | 3,012 | | | | | $ | 3,150 | | | | | $ | 3,094 | | | | | $ | 2,937 | | | | | $ | 2,724 | | | | | $ | 2,549 | | | | | $ | 2,530 | | | | | $ | 2,521 | | | | | $ | 2,512 | | |
Capital Expenditures
|
| | | $ | 1,104 | | | | | $ | 1,402 | | | | | $ | 679 | | | | | $ | 644 | | | | | $ | 648 | | | | | $ | 594 | | | | | $ | 551 | | | | | $ | 541 | | | | | $ | 491 | | | | | $ | 491 | | | | | $ | 491 | | |
Unlevered Free Cash Flow(3)
|
| | | $ | (495) | | | | | $ | 137 | | | | | $ | 1,677 | | | | | $ | 2,009 | | | | | $ | 1,970 | | | | | $ | 1,902 | | | | | $ | 1,801 | | | | | $ | 1,433 | | | | | $ | 2,321 | | | | | $ | 1,650 | | | | | $ | 1,642 | | |
| | |
2H
2023E |
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2024E
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2025E
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2026E
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2027E
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2028E
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2029E
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2030E
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2031E
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2032E
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2033E
|
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Revenue(1)
|
| | | $ | 8,393 | | | | | $ | 17,688 | | | | | $ | 18,189 | | | | | $ | 17,859 | | | | | $ | 17,743 | | | | | $ | 17,784 | | | | | $ | 17,535 | | | | | $ | 17,535 | | | | | $ | 13,120 | | | | | $ | 13,120 | | | | | $ | 13,120 | | |
Adj. EBITDA(2)
|
| | | $ | 820 | | | | | $ | 2,365 | | | | | $ | 2,985 | | | | | $ | 3,082 | | | | | $ | 3,061 | | | | | $ | 2,993 | | | | | $ | 2,780 | | | | | $ | 2,605 | | | | | $ | 2,586 | | | | | $ | 2,577 | | | | | $ | 2,569 | | |
Capital Expenditures
|
| | | $ | 1,161 | | | | | $ | 1,503 | | | | | $ | 803 | | | | | $ | 762 | | | | | $ | 692 | | | | | $ | 602 | | | | | $ | 557 | | | | | $ | 547 | | | | | $ | 497 | | | | | $ | 497 | | | | | $ | 497 | | |
Unlevered Free Cash Flow(3)
|
| | | $ | (132) | | | | | $ | 141 | | | | | $ | 1,599 | | | | | $ | 1,855 | | | | | $ | 1,838 | | | | | $ | 1,864 | | | | | $ | 1,770 | | | | | $ | 1,396 | | | | | $ | 2,284 | | | | | $ | 1,614 | | | | | $ | 1,606 | | |
| | |
2H
2023E |
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2024E
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2025E
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2026E
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2027E
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2028E
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2029E
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2030E
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2031E
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2032E
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2033E
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| |||||||||||||||||||||||||||||||||
Revenue(1)
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| | | $ | 8,393 | | | | | $ | 17,997 | | | | | $ | 18,691 | | | | | $ | 18,362 | | | | | $ | 18,246 | | | | | $ | 18,468 | | | | | $ | 18,415 | | | | | $ | 19,535 | | | | | $ | 14,204 | | | | | $ | 15,458 | | | | | $ | 15,460 | | |
Adj. EBITDA(2)
|
| | | $ | 836 | | | | | $ | 2,365 | | | | | $ | 2,985 | | | | | $ | 3,179 | | | | | $ | 3,255 | | | | | $ | 3,316 | | | | | $ | 3,267 | | | | | $ | 3,333 | | | | | $ | 3,245 | | | | | $ | 3,757 | | | | | $ | 3,753 | | |
Capital Expenditures
|
| | | $ | 1,161 | | | | | $ | 1,503 | | | | | $ | 2,039 | | | | | $ | 1,549 | | | | | $ | 1,418 | | | | | $ | 1,964 | | | | | $ | 2,091 | | | | | $ | 1,224 | | | | | $ | 454 | | | | | $ | 449 | | | | | $ | 449 | | |
Free Cash Flow(3)
|
| | | $ | (142) | | | | | $ | (38) | | | | | $ | 397 | | | | | $ | 1,173 | | | | | $ | 1,260 | | | | | $ | 783 | | | | | $ | 568 | | | | | $ | 1,289 | | | | | $ | 2,671 | | | | | $ | 2,572 | | | | | $ | 2,568 | | |
| | |
Q4
2023E |
| |
2024E
|
| |
2025E
|
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2026E
|
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2027E
|
| |
2028E
|
| |
2029E
|
| |
2030E
|
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2031E
|
| |
2032E
|
| |
2033E
|
| |||||||||||||||||||||||||||||||||
Revenue(1)
|
| | | $ | 4,103 | | | | | $ | 17,688 | | | | | $ | 18,189 | | | | | $ | 17,859 | | | | | $ | 17,743 | | | | | $ | 17,784 | | | | | $ | 17,535 | | | | | $ | 17,535 | | | | | $ | 13,120 | | | | | $ | 13,120 | | | | | $ | 13,120 | | |
Adj. EBITDA(2)
|
| | | $ | 223 | | | | | $ | 2,365 | | | | | $ | 2,985 | | | | | $ | 3,082 | | | | | $ | 3,061 | | | | | $ | 2,993 | | | | | $ | 2,780 | | | | | $ | 2,605 | | | | | $ | 2,586 | | | | | $ | 2,577 | | | | | $ | 2,569 | | |
Capital Expenditures
|
| | | $ | 572 | | | | | $ | 1,549 | | | | | $ | 803 | | | | | $ | 762 | | | | | $ | 692 | | | | | $ | 602 | | | | | $ | 557 | | | | | $ | 547 | | | | | $ | 497 | | | | | $ | 497 | | | | | $ | 497 | | |
Unlevered Free Cash Flow(3)
|
| | | $ | (418) | | | | | $ | 95 | | | | | $ | 1,599 | | | | | $ | 1,855 | | | | | $ | 1,838 | | | | | $ | 1,864 | | | | | $ | 1,770 | | | | | $ | 1,396 | | | | | $ | 2,284 | | | | | $ | 1,614 | | | | | $ | 1,606 | | |
Name
|
| |
Company
RSU Awards ($) |
| |
Company
PSU Awards ($) |
| |
Company
Option Awards ($) |
| |||||||||
Named Executive Officers(i) | | | | | | | | | | | | | | | | | | | |
David B. Burritt
|
| | | $ | 15,236,705 | | | | | $ | 32,195,020 | | | | | $ | 6,407,262 | | |
Jessica T. Graziano
|
| | | $ | 6,193,385 | | | | | $ | 9,627,255 | | | | | | — | | |
James E. Bruno
|
| | | $ | 2,535,885 | | | | | $ | 8,685,600 | | | | | $ | 85,913 | | |
Scott D. Buckiso
|
| | | $ | 2,535,885 | | | | | $ | 8,685,600 | | | | | $ | 789,447 | | |
Duane D. Holloway
|
| | | $ | 2,535,885 | | | | | $ | 8,685,600 | | | | | | — | | |
Executive Officers (excluding the named executive officers above)
as an Aggregated Group |
| | | $ | 11,658,295 | | | | | $ | 19,699,900 | | | | | $ | 73,325 | | |
Total
|
| | | $ | 40,696,040 | | | | | $ | 87,578,975 | | | | | $ | 7,355,947 | | |
| | |
Equity Awards
|
| |||||||||
Name
|
| |
Company
DSU Awards ($) |
| |
Unvested
Company RSU Awards ($) |
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Non-Employee Directors | | | | | | | | | | | | | |
Tracy A. Atkinson
|
| | | $ | 1,667,368 | | | | | | — | | |
Andrea J. Ayers
|
| | | $ | 902,539 | | | | | | — | | |
Alicia J. Davis
|
| | | | — | | | | | $ | 372,185 | | |
Terry L. Dunlap
|
| | | | — | | | | | $ | 473,660 | | |
John J. Engel
|
| | | $ | 4,806,524 | | | | | | — | | |
John V. Faraci
|
| | | $ | 1,950,886 | | | | | $ | 198,550 | | |
Murry S. Gerber
|
| | | $ | 3,689,943 | | | | | $ | 397,045 | | |
Jeh C. Johnson
|
| | | $ | 3,513,320 | | | | | | — | | |
Paul A. Mascarenas
|
| | | $ | 3,586,922 | | | | | $ | 203,005 | | |
Michael H. McGarry
|
| | | $ | 2,174,456 | | | | | | — | | |
David S. Sutherland
|
| | | $ | 11,777,625 | | | | | | — | | |