NEWS RELEASE
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CONTACTS:
Media                
Meghan Cox        
Manager                
Corporate Communications    
T - (412) 433-6777         
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Investors/Analysts
Dan Lesnak
General Manager
Investor Relations
T - (412) 433-1184
E - dtlesnak@uss.com


FOR IMMEDIATE RELEASE:
UNITED STATES STEEL CORPORATION REPORTS THIRD QUARTER 2017 RESULTS

Net earnings of $147 million, or $0.83 per diluted share; Adjusted net earnings of $161 million, or $0.92 per diluted share
Third quarter cash flow from operations of $299 million
Total liquidity of $3.5 billion, including $1.7 billion of cash
EBITDA of $363 million; Adjusted EBITDA of $342 million

PITTSBURGH, October 31, 2017 – United States Steel Corporation (NYSE: X) reported third quarter
2017 net earnings of $147 million, or $0.83 per diluted share. Adjusted net earnings were $161 million, or $0.92 per diluted share, which excluded a gain of $21 million, or $0.11 per diluted share, related to equity affiliate transactions, primarily due to the sale of our ownership interest in Tilden Mining Company L.C., and a debt extinguishment loss and other related costs of $35 million, or $0.20 per diluted share. Third quarter 2016 net earnings were $51 million, or $0.32 per diluted share.

Commenting on U. S. Steel’s results, President and Chief Executive Officer Dave Burritt said, “Our third quarter results were modestly better than we expected, with stable operating performance at each of our segments and our Tubular segment producing positive EBITDA in the quarter. Our results for the first nine months of 2017 improved over the first nine months of 2016, with all three of our segments improving compared with 2016.”


2


Earnings Highlights
 
 
 
 
 
Quarter Ended
 
Nine Months Ended
 
September 30,
 
September 30,
(Dollars in millions, except per share amounts)
2017
2016
 
2017
2016
Net Sales
$
3,248

$
2,686

 
$
9,117

$
7,611

Segment earnings (loss) before interest and income taxes



 




     Flat-Rolled
$
160

$
114

 
$
288

$
(68
)
     U. S. Steel Europe
73

81

 
215

122

     Tubular
(7
)
(75
)
 
(93
)
(217
)
     Other Businesses
12

18

 
34

42

Total segment earnings (loss) before interest and income taxes (a)
$
238

$
138

 
$
444

$
(121
)
Postretirement benefit (expense) income
(14
)
8

 
(42
)
36

Other items not allocated to segments
21

(14
)
 
58

(16
)
Earnings (loss) before interest and income taxes
$
245

$
132

 
$
460

$
(101
)
Net interest and other financial costs
98

62

 
229

208

Income tax provision

19

 
3

26

Less: Net earnings attributable to the noncontrolling interests


 


Net earnings (loss) attributable to United States Steel Corporation
$
147

$
51

 
$
228

$
(335
)
-Earnings (loss) per basic share
$
0.84

$
0.32

 
$
1.30

$
(2.22
)
-Earnings (loss) per diluted share
$
0.83

$
0.32

 
$
1.29

$
(2.22
)
 
 
 
 
 
 
Adjusted earnings before interest, income taxes, depreciation and amortization (EBITDA) (b)
$
342

$
272

 
$
778

$
299

(a)Third quarter and nine months 2017 results include favorable impacts of $95 million and $205 million, respectively, related to our previously disclosed change in accounting method for property, plant, and equipment.
(b) Please refer to the non-GAAP Financial Measures section of this document for the reconciliation of net earnings attributable to United States Steel Corporation to adjusted EBITDA.

Our balance sheet continues to improve, with net debt decreasing by $200 million in the third quarter, to $1.2 billion. Our total liquidity also increased during the quarter, which leaves us well positioned to continue the implementation of our asset revitalization program.

In addition to the increased focus on our operations, we also are continuing to develop the next generation of steel products for our customers. Our Generation 3 steels will provide superior formability and high-strength properties while using a low-alloyed approach for robust weldability. To expand our capabilities in Generation 3 steels, we announced last month that a new continuous galvanizing line will be constructed at our PRO-TEC Coating Company joint venture, which will allow PRO-TEC to produce these Generation 3 steels with a hot-dipped zinc coating. This line will be the first of its kind and utilizes proprietary technology capable of producing the high-quality, cutting-edge advanced high-strength steels that will meet our automotive customers’ needs and solve some of their most pressing challenges. Our Generation 3 steels continue to reinforce why steel will remain the lowest cost, strongest, safest, and most environmentally efficient material of choice.




3


2017 Outlook
Commenting on U. S. Steel’s outlook for 2017, President and Chief Executive Officer Dave Burritt said,
"We remain focused on our operations, revitalizing our assets, and developing our talent. We are seeing
operating improvements in the assets in which we are investing. This increases our confidence that we will achieve the 2020 improvement targets we have disclosed. We believe the attention to our assets and employees, with continued focus on improving safety, quality, delivery, and cost, will result in improved operating reliability and enable us to remain a strong business partner for our customers."

If market conditions remain at their current levels, we expect 2017 net earnings of approximately $323 million, or $1.83 per share, 2017 adjusted net earnings of approximately $300 million, or $1.70 per share, and consolidated adjusted EBITDA of approximately $1.075 billion.

We believe market conditions, which include spot prices, raw material costs, customer demand, import
volumes, supply chain inventories, rig counts and energy prices, will change, and as changes occur during the balance of 2017, we expect these changes to be reflected in our net earnings and adjusted EBITDA.
*****
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. Net debt is a non-GAAP measure calculated as total debt less cash and cash equivalents. We believe net debt is a useful measure in calculating enterprise value. Both EBITDA and net debt are used by analysts to refine and improve the accuracy of their financial models which utilize enterprise value.

Adjusted net earnings (loss) and adjusted net earnings (loss) per diluted share are non-GAAP measures that exclude the effects of gains associated with our retained interest in U. S. Steel Canada Inc., gains (losses) on the sale of ownership interests in equity investees, restructuring charges, impairment charges and debt extinguishment and other related costs that are not part of the Company's core operations. Adjusted EBITDA is also a non-GAAP measure that excludes the effects of gains (losses) associated with our retained interest in U. S. Steel Canada Inc., gains (losses) on the sale of ownership interests in equity investees, restructuring charges and impairment charges. 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 gains (losses) associated with our retained interest in U. S. Steel Canada Inc., gains (losses) on the sale of ownership interests in equity investees, restructuring charges, impairment charges and debt extinguishment and other related costs 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


4


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 or in preparing the Company’s annual financial Outlook. 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 consolidated statement of operations (unaudited), consolidated cash flow statement (unaudited), condensed consolidated balance sheet (unaudited) and preliminary supplemental statistics (unaudited) for U. S. Steel are attached.

The Company will conduct a conference call on third quarter earnings on Wednesday, November 1, at 8:30 a.m. Eastern Daylight. To listen to the webcast of the conference call, visit the U. S. Steel website, www.ussteel.com, and click on the “Investors” section. For more information on U. S. Steel, visit our website.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This release contains information that may constitute “forward-looking statements” within the meaning of Section 27 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” 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 growth, share of sales and earnings per share growth, 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, 2016, 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.
-oOo-
2017-033




UNITED STATES STEEL CORPORATION
STATEMENT OF OPERATIONS (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
 
Nine Months Ended
 
 
 
September 30,
 
September 30,
(Dollars in millions, except per share amounts)
2017
 
2016
 
2017
 
2016
NET SALES
 
$
3,248

 
$
2,686

 
$
9,117

 
$
7,611

 
 
 
 
 
 
 
 
 
 
OPERATING EXPENSES (INCOME):
 
 
 
 
 
 
 
 
Cost of sales (excludes items shown below)
2,829

 
2,360

 
8,115

 
7,193

 
Selling, general and administrative expenses
89

 
73

 
265

 
206

 
Depreciation, depletion and amortization
118

 
126

 
376

 
384

 
Earnings from investees
(9
)
 
(18
)
 
(29
)
 
(91
)
 
Gain associated with retained interest in U. S. Steel Canada Inc.

 

 
(72
)
 

 
Gain on equity investee transactions
(21
)
 

 
(21
)
 

 
Impairment of intangible assets

 
14

 

 
14

 
Restructuring and other charges
(2
)
 
(3
)
 
30

 
1

 
Net (gain) loss on disposal of assets
(1
)
 
3

 
(2
)
 
6

 
Other income, net

 
(1
)
 
(5
)
 
(1
)
 
 
 
 
 
 
 
 
 
 
 
           Total operating expenses
3,003

 
2,554

 
8,657

 
7,712

 
 
 
 
 
 
 
 
 
 
EARNINGS (LOSS) BEFORE INTEREST AND INCOME TAXES
245

 
132

 
460

 
(101
)
Net interest and other financial costs
98

 
62

 
229

 
208

 
 
 
 
 
 
 
 
 
 
 
EARNINGS (LOSS) BEFORE INCOME TAXES
147

 
70

 
231

 
(309
)
Income tax provision

 
19

 
3

 
26

 
 
 
 
 
 
 
 
 
 
Net earnings (loss)
147

 
51

 
228

 
(335
)
 
Less: Net earnings (loss) attributable to the
 
 
 
 
 
 
 
 
   noncontrolling interests

 

 

 

NET EARNINGS (LOSS) ATTRIBUTABLE TO
 
 
 
 
 
 
 
 
UNITED STATES STEEL CORPORATION
$
147

 
$
51

 
$
228

 
$
(335
)
 
 
 
 
 
 
 
 
 
 
COMMON STOCK DATA:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net earnings (loss) per share attributable to
 
 
 
 
 
 
 
   United States Steel Corporation stockholders:
 
 
 
 
 
 
 
 
Basic
 
$
0.84

 
$
0.32

 
$
1.30

 
$
(2.22
)
 
Diluted
 
$
0.83

 
$
0.32

 
$
1.29

 
$
(2.22
)
 
 
 
 
 
 
 
 
 
 
Weighted average shares, in thousands
 
 
 
 
 
 
 
 
Basic
 
175,003

 
160,513

 
174,684

 
151,199

 
Diluted
 
176,484

 
161,700

 
176,336

 
151,199

 
 
 
 
 
 
 
 
 
 
Dividends paid per common share
$
0.05

 
$
0.05

 
$
0.15

 
$
0.15







UNITED STATES STEEL CORPORATION
CASH FLOW STATEMENT (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
Nine Months Ended
 
 
 
 
September 30,
(Dollars in millions)
 
2017
 
2016
Cash provided by operating activities:
 
 
 
 
Net earnings (loss)
 
$
228

 
$
(335
)
 
Depreciation, depletion and amortization
376

 
384

 
Gain associated with retained interest in U. S. Steel Canada Inc.
(72
)
 

 
Gain on equity investee transactions
(21
)
 

 
Impairment of intangible assets

 
14

 
Restructuring and other charges
30

 
1

 
Pensions and other postretirement benefits
42

 
(38
)
 
Deferred income taxes
7

 
9

 
Net (gain) loss on disposal of assets
(2
)
 
6

 
Working capital changes
(216
)
 
491

 
Income taxes receivable/payable
15

 
14

 
Other operating activities
154

 
34

 
 
Total
 
541

 
580

 
 
 
 
 
 
 
Cash used in investing activities:
 
 
 
 
Capital expenditures
 
(291
)
 
(268
)
 
Disposal of assets
 

 
6

 
Proceeds from sale of ownership interest in equity investee
105

 

 
Other investing activities
 
(4
)
 
(20
)
 
 
Total
 
(190
)
 
(282
)
 
 
 
 
 
 
 
Cash (used in) provided by financing activities:
 
 
 
 
Issuance of long-term debt, net of financing costs
737

 
958

 
Repayment of long-term debt
 
(902
)
 
(1,019
)
 
Settlement of contingent consideration

 
(15
)
 
Common stock issued
 

 
482

 
Dividends paid
(26
)
 
(22
)
 
Receipts from exercise of stock options
 
14

 
4

 
Taxes paid for equity compensation plans (a)
 
(10
)
 
(3
)
 
 
Total
 
(187
)
 
385

 
 
 
 
 
 
 
Effect of exchange rate changes on cash
15

 
7

 
 
 
 
 
 
 
Net increase in cash and cash equivalents
179

 
690

Cash and cash equivalents at beginning of the year
1,515

 
755

 
 
 
 
 
 
 
Cash and cash equivalents at end of the period
$
1,694

 
$
1,445

(a) Effective January 1, 2017, the Company adopted Accounting Standards Update No. 2016-09, Compensation - Stock Compensation (ASU 2016-09). As a result of adopting ASU 2016-09, cash taxes paid by the Company when directly withholding shares for tax withholding purposes have been classified as a cash flow financing activity. The adoption of this component of ASU 2016-09 was applied retrospectively, and the impact is reflected in the cash flow statement for the nine months ended September 30, 2016 accordingly.




UNITED STATES STEEL CORPORATION
CONDENSED BALANCE SHEET (Unaudited)
 
 
 
 
 
 
 
 
 
Sept. 30
 
Dec. 31
(Dollars in millions)
 
2017
 
2016
Cash and cash equivalents
$
1,694

 
$
1,515

Receivables, net
1,527

 
1,248

Inventories
1,737

 
1,573

Other current assets
43

 
20

 
Total current assets
5,001

 
4,356

Property, plant and equipment, net
4,111

 
3,979

Investments and long-term receivables, net
470

 
528

Intangible assets, net
169

 
175

Other assets
127

 
122

 
 
 
 
 
 
 
Total assets
 
$
9,878

 
$
9,160

 
 
 
 
 
 
Accounts payable and other accrued liabilities
$
2,097

 
$
1,668

Payroll and benefits payable
333

 
400

Short-term debt and current maturities of long-term debt
3

 
50

Other current liabilities
219

 
213

 
Total current liabilities
2,652

 
2,331

Long-term debt, less unamortized discount and debt issuance costs
2,896

 
2,981

Employee benefits
1,119

 
1,216

Other long-term liabilities
403

 
357

United States Steel Corporation stockholders' equity
2,807

 
2,274

Noncontrolling interests
1

 
1

 
 
 
 
 
 
 
Total liabilities and stockholders' equity
$
9,878

 
$
9,160







UNITED STATES STEEL CORPORATION
NON-GAAP FINANCIAL MEASURES (Unaudited)
RECONCILIATION OF ADJUSTED EBITDA
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
 
Nine Months Ended
 
 
September 30,
 
September 30,
(Dollars in millions)
2017
 
2016
 
2017
 
2016
Reconciliation to Adjusted EBITDA
 
 
 
 
 
 
 
 
Net earnings (loss) attributable to United States Steel Corporation
$
147

 
$
51

 
$
228

 
$
(335
)
 
Income tax provision

 
19

 
3

 
26

 
Net interest and other financial costs
98

 
62

 
229

 
208

 
Depreciation, depletion and amortization expense
118

 
126

 
376

 
384

 
EBITDA
363

 
258

 
836

 
283

 
Gain associated with retained interest in U. S. Steel Canada Inc.

 

 
(72
)
 

 
Gain on equity investee transactions
(21
)
 

 
(21
)
 

 
Loss on shutdown of certain tubular pipe mill assets

 

 
35

 

 
Impairment of intangible assets

 
14

 

 
14

 
Restructuring and other charges and adjustments

 

 

 
2

 
Adjusted EBITDA
$
342

 
$
272

 
$
778

 
$
299

RECONCILIATION OF ADJUSTED NET EARNINGS (LOSS)
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended(a)
 
Nine Months Ended(a)
 
 
September 30,
 
September 30,
(Dollars in millions, except per share amounts)
2017
 
2016
 
2017
 
2016
Reconciliation to adjusted net earnings (loss) attributable to United States Steel Corporation
 
 
 
 
 
 
 
 
Net earnings (loss) attributable to United States Steel Corporation
$
147

 
$
51

 
$
228

 
$
(335
)
 
Gain associated with retained interest in U. S. Steel Canada Inc.

 

 
(72
)
 

 
Gain on equity investee transactions
(21
)
 

 
(21
)
 

 
Loss on debt extinguishment and other related costs
35

 

 
35

 
22

 
Loss on shutdown of certain tubular assets

 

 
35

 

 
Impairment of intangible assets

 
14

 

 
14

 
Restructuring and other charges and adjustments

 

 

 
2

 
     Total adjustments
14

 
14

 
(23
)
 
38

 
Adjusted net earnings (loss) attributable to United States Steel Corporation
$
161

 
$
65

 
$
205

 
$
(297
)
 
 
 
 
 
 
 
 
 
Reconciliation to adjusted diluted net earnings (loss) per share
 
 
 
 
 
 
 
 
Diluted net earnings (loss) per share
$
0.83

 
$
0.32

 
$
1.29

 
$
(2.22
)
 
Gain associated with retained interest in U. S. Steel Canada Inc.

 

 
(0.41
)
 

 
Gain on equity investee transactions
(0.11
)
 

 
(0.11
)
 

 
Loss on debt extinguishment and other related costs
0.20

 

 
0.20

 
0.15

 
Loss on shutdown of certain tubular assets

 

 
0.20

 

 
Impairment of intangible assets

 
0.08

 

 
0.09

 
Restructuring and other charges and adjustments

 

 

 
0.02

 
     Total adjustments
0.09

 
0.08

 
(0.12
)
 
0.26

 
Adjusted diluted net earnings (loss) per share
$
0.92

 
$
0.40

 
$
1.17

 
$
(1.96
)
(a) The adjustments included in this table have been tax effected at a 0% tax rate due to the recognition of a full valuation allowance.






UNITED STATES STEEL CORPORATION
RECONCILIATION OF ANNUAL ADJUSTED EBITDA OUTLOOK
 
 
 
 
 
Year Ended
 
 
Dec. 31
(Dollars in millions)
2017
Reconciliation to Projected Annual Adjusted EBITDA Included in Outlook
 
 
Projected net earnings attributable to United States Steel Corporation included in Outlook
$
323

 
Gain associated with retained interest in U. S. Steel Canada Inc.
(72
)
 
Gain on equity investee transactions
(21
)
 
Loss on shutdown of certain tubular assets
35

 
Loss on debt extinguishment and other related costs
35

 
Adjusted net earnings attributable to United States Steel Corporation included in Outlook
$
300

 
Estimated income tax expense
10

 
Estimated net interest and other financial costs
250

 
Estimated depreciation, depletion and amortization
515

 
Projected annual adjusted EBITDA included in Outlook
$
1,075




UNITED STATES STEEL CORPORATION
RECONCILIATION OF NET DEBT
 
 
 
 
 
 
Sept. 30
June 30
(Dollars in millions)
2017
2017
Reconciliation of net debt



Short-term debt and current maturities of long-term debt
$
3

$
175


Long-term debt, less unamortized discount and debt issuance costs
2,896

2,752


Total debt
$
2,899

$
2,927


Less: Cash and cash equivalents
1,694

1,522


Net debt
$
1,205

$
1,405














UNITED STATES STEEL CORPORATION
PRELIMINARY SUPPLEMENTAL STATISTICS (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
 
Nine Months Ended
 
 
 
 
September 30,
 
September 30,
 
 
 
 
2017
 
2016
 
2017
 
2016
OPERATING STATISTICS
 
 
 
 
 
 
 
 
Average realized price: (a)
 
 
 
 
 
 
 
 
 
Flat-Rolled ($/net ton)
728

 
718

 
730

 
658

 
 
U. S. Steel Europe ($/net ton)
639

 
503

 
617

 
483

 
 
    U. S. Steel Europe (euro/net ton)
544

 
451

 
554

 
433

 
 
Tubular ($/net ton)
1,433

 
1,049

 
1,268

 
1,094

 
Steel Shipments (thousands of net tons): (a)
 
 
 
 
 
 
 
 
 
Flat-Rolled
2,544

 
2,535

 
7,445

 
7,725

 
 
U. S. Steel Europe
1,067

 
1,105

 
3,333

 
3,235

 
 
Tubular
185

 
103

 
509

 
262

 
 
 
Total Steel Shipments
3,796

 
3,743

 
11,287

 
11,222

 
 
 
 
 
 
 
 
 
 
 
 
Intersegment Shipments (thousands of net tons):
 
 
 
 
 
 
 
 
 
Flat-Rolled to Tubular
43

 

 
137

 
42

 
 
USSE to Flat-Rolled

 

 
47

 

 
Raw Steel Production (thousands of net tons):
 
 
 
 
 
 
 
 
 
Flat-Rolled
2,821

 
2,734

 
8,247

 
8,248

 
 
U. S. Steel Europe
1,235

 
1,279

 
3,778

 
3,689

 
Raw Steel Capability Utilization: (b)
 
 
 
 
 
 
 
 
 
Flat-Rolled
66
%
 
64
%
 
65
%
 
65
%
 
 
U. S. Steel Europe
98
%
 
102
%
 
101
%
 
98
%
 
 
 
 
 
 
 
 
 
 
CAPITAL EXPENDITURES
 
 
 
 
 
 
 
 
Flat-Rolled
$
134

 
$
23

 
$
206

 
$
97

 
U. S. Steel Europe
28

 
17

 
62

 
68

 
Tubular
8

 
11

 
19

 
81

 
Other Businesses
1

 

 
4

 
22

 
 
 
 
 
 
 
 
 
 
          Total
$
171

 
$
51

 
$
291

 
$
268

(a) Excludes intersegment shipments.
(b) Based on annual raw steel production capability of 17.0 million net tons for Flat-Rolled and 5.0 million net tons for U. S. Steel Europe.