NEWS RELEASE
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CONTACTS:
Media                
Meghan Cox        
Manager                
Corporate Communications
T - (412) 433-6777        
E - mmcox@uss.com         

Investors/Analysts
Dan Lesnak
General Manager
Investor Relations
T - (412) 433-1184
E - dtlesnak@uss.com




FOR IMMEDIATE RELEASE:
UNITED STATES STEEL CORPORATION REPORTS FOURTH QUARTER AND FULL-YEAR 2017 RESULTS

Full-year 2017 net earnings of $387 million, or $2.19 per diluted share
Full-year 2017 cash flow from operations of $802 million
Total liquidity of $3.350 billion, including $1.553 billion of cash
Full-year 2017 adjusted EBITDA of $1.087 billion

PITTSBURGH, January 31, 2018 – United States Steel Corporation (NYSE: X) reported full-year 2017 net earnings of $387 million, or $2.19 per diluted share. Adjusted net earnings were $341 million, or $1.94 per diluted share. This compares to a full-year 2016 net loss of $440 million, or $2.81 per diluted share. Adjusted net loss for 2016 was $250 million, or $1.60 per diluted share.
Fourth quarter 2017 net earnings were $159 million, or $0.90 per diluted share. Adjusted net earnings for the fourth quarter 2017 were $136 million, or $0.76 per diluted share. This compares to a fourth quarter 2016


2


net loss of $105 million, or $0.61 per diluted share. Fourth quarter 2016 adjusted net earnings were $47 million, or $0.27 per diluted share.

Earnings Highlights
 
 
 
 
Quarter Ended

Year Ended
 
December 31,

December 31,
(Dollars in millions, except per share amounts)
2017
2016

2017
2016
Net Sales
$
3,133

$
2,650


$
12,250

$
10,261

Segment earnings (loss) before interest and income taxes






     Flat-Rolled
$
92

$
65


$
380

$
(3
)
     U. S. Steel Europe
112

63


327

185

     Tubular
(6
)
(87
)

(99
)
(304
)
     Other Businesses
10

21


44

63

Total segment earnings (loss) before interest and income taxes (a)
$
208

$
62


$
652

$
(59
)
Postretirement benefit (expense) income
(24
)
26


(66
)
62

Other items not allocated to segments
(36
)
(152
)

22

(168
)
Earnings (loss) before interest and income taxes
$
148

$
(64
)

$
608

$
(165
)
Net interest and other financial costs
78

43


307

251

Income tax (benefit) provision
(89
)
(2
)

(86
)
24

Net earnings (loss)
$
159

$
(105
)

$
387

$
(440
)
Earnings (loss) per diluted share
$
0.90

$
(0.61
)

$
2.19

$
(2.81
)
(a) Fourth quarter and twelve months ended 2017 results include favorable impacts of $139 million and $344 million, respectively, related to our previously disclosed change in accounting method for property, plant and equipment.

Adjusted net earnings (loss) (b)
$
136

$
47

 
$
341

$
(250
)
Adjusted earnings (loss) per diluted share (b)
$
0.76

$
0.27

 
$
1.94

$
(1.60
)
Adjusted earnings before interest, income taxes, depreciation and amortization (EBITDA) (b)
$
309

$
211

 
$
1,087

$
510

(b) Please refer to the non-GAAP Financial Measures section of this document for the reconciliation of these amounts.
Commenting on U. S. Steel's results, President and Chief Executive Officer David B. Burritt said, "We finished the year with three solid quarters as investments in our assets helped to provide more stable operating performance, and results for all three of our reportable segments were in line with our expectations. We made good progress on our asset revitalization program in 2017, achieved the quality and reliability improvements we committed to for 2017, and are confident that we will achieve our 2018 improvement objectives."
    



3


    
We continued to strengthen our balance sheet, with net debt decreasing by over $300 million in 2017 to approximately $1.150 billion. Our total liquidity increased by over $400 million in 2017 and ended the year at approximately $3.350 billion. The improving strength of our balance sheet and total liquidity supports the continued implementation of our asset revitalization program in our Flat-Rolled segment, as well as increasing investment in our Tubular and European businesses.

2018 Outlook
Commenting on U. S. Steel’s outlook for 2018, Burritt said, "Our focus in 2018 remains on improving the fundamental drivers of our business: safety, quality, delivery and cost and we expect the performance momentum from 2017 to continue. We will continue to provide our employees with the support and resources they need to succeed. When our employees succeed, our customers succeed. When our customers succeed, U. S. Steel succeeds."
If market conditions remain at their January 24, 2018 levels, we expect 2018 net earnings of approximately $685 million, or $3.88 per diluted share, and EBITDA of approximately $1.5 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 2018, we expect these changes to be reflected in our net earnings and EBITDA.    
*****
Please refer to the non-GAAP Financial Measures section of this document for the reconciliation of Outlook net earnings to consolidated Outlook EBITDA.




UNITED STATES STEEL CORPORATION
PRELIMINARY SUPPLEMENTAL STATISTICS (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
 
Year Ended
 
 
 
 
December 31,
 
December 31,
 
 
 
 
2017
 
2016
 
2017
 
2016
OPERATING STATISTICS
 
 
 
 
 
 
 
 
Average realized price: (a)
 
 
 
 
 
 
 
 
 
Flat-Rolled ($/net ton)
717

 
692

 
726

 
666

 
 
U. S. Steel Europe ($/net ton)
634

 
484

 
622

 
483

 
 
    U. S. Steel Europe (euro/net ton)
538

 
449

 
551

 
436

 
 
Tubular ($/net ton)
1,417

 
1,027

 
1,253

 
1,071

 
Steel Shipments (thousands of net tons): (a)
 
 
 
 
 
 
 
 
 
Flat-Rolled
2,442

 
2,369

 
9,887

 
10,094

 
 
U. S. Steel Europe
1,252

 
1,261

 
4,585

 
4,496

 
 
Tubular
179

 
138

 
688

 
400

 
 
 
Total Steel Shipments
3,873

 
3,768

 
15,160

 
14,990

 
 
 
 
 
 
 
 
 
 
 
 
Intersegment Shipments (thousands of net tons):
 
 
 
 
 
 
 
 
 
Flat-Rolled to Tubular
21

 

 
158

 
42

 
 
U. S. Steel Europe to Flat-Rolled

 

 
47

 

 
Raw Steel Production (thousands of net tons):


 


 


 


 
 
Flat-Rolled
2,575

 
2,458

 
10,820

 
10,706

 
 
U. S. Steel Europe
1,314

 
1,278

 
5,091

 
4,967

 
Raw Steel Capability Utilization: (b)


 


 


 


 
 
Flat-Rolled
60
%
 
57
%
 
64
%
 
63
%
 
 
U. S. Steel Europe
104
%
 
101
%
 
102
%
 
99
%
 
 
 
 
 
 
 
 
 
 
 
CAPITAL EXPENDITURES
 
 
 
 
 
 
 
 
Flat-Rolled
$
182

 
$
14

 
$
388

 
$
111

 
U. S. Steel Europe
21

 
15

 
83

 
83

 
Tubular
9

 
7

 
28

 
88

 
Other Businesses
2

 
2

 
6

 
24

 
 
 
 
 
 
 
 
 
 
          Total
$
214

 
$
38

 
$
505

 
$
306

(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.





UNITED STATES STEEL CORPORATION
STATEMENT OF OPERATIONS (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
 
Year Ended
 
 
 
December 31,
 
December 31,
(Dollars in millions, except per share amounts)
2017
 
2016
 
2017
 
2016
NET SALES
 
$
3,133

 
$
2,650

 
$
12,250

 
$
10,261

 
 
 
 
 
 
 
 
 
 
OPERATING EXPENSES (INCOME):
 
 
 
 
 
 
 
 
Cost of sales (excludes items shown below)
2,749

 
2,430

 
10,864

 
9,623

 
Selling, general and administrative expenses
110

 
49

 
375

 
255

 
Depreciation, depletion and amortization
125

 
123

 
501

 
507

 
Earnings from investees
(15
)
 
(7
)
 
(44
)
 
(98
)
 
Gain associated with retained interest in U. S. Steel Canada Inc.

 

 
(72
)
 

 
Loss (gain) on equity investee transactions
19

 

 
(2
)
 

 
Impairment of intangible assets

 

 

 
14

 
Restructuring and other charges
1

 
121

 
31

 
122

 
Net (gain) loss on disposal of assets
(3
)
 
(1
)
 
(5
)
 
5

 
Other income, net
(1
)
 
(1
)
 
(6
)
 
(2
)
 
 
 
 
 
 
 
 
 
 
 
           Total operating expenses
2,985

 
2,714

 
11,642

 
10,426

 
 
 
 
 
 
 
 
 
 
EARNINGS (LOSS) BEFORE INTEREST AND INCOME TAXES
148

 
(64
)
 
608

 
(165
)
Net interest and other financial costs
78

 
43

 
307

 
251

 
 
 
 
 
 
 
 
 
 
 
EARNINGS (LOSS) BEFORE INCOME TAXES
70

 
(107
)
 
301

 
(416
)
Income tax (benefit) provision
(89
)
 
(2
)
 
(86
)
 
24

 
 
 
 
 
 
 
 
 
 
Net earnings (loss)
159

 
(105
)
 
387

 
(440
)
 
Less: Net earnings (loss) attributable to the
 
 
 
 
 
 
 
 
   noncontrolling interests

 

 

 

NET EARNINGS (LOSS) ATTRIBUTABLE TO
 
 
 
 
 
 
 
 
UNITED STATES STEEL CORPORATION
$
159

 
$
(105
)
 
$
387

 
$
(440
)
 
 
 
 
 
 
 
 
 
 
COMMON STOCK DATA:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net earnings (loss) per share attributable to
 
 
 
 
 
 
 
   United States Steel Corporation stockholders:
 
 
 
 
 
 
 
 
Basic
 
$
0.91

 
$
(0.61
)
 
$
2.21

 
$
(2.81
)
 
Diluted
 
$
0.90

 
$
(0.61
)
 
$
2.19

 
$
(2.81
)
Weighted average shares, in thousands
 
 
 
 
 
 
 
 
Basic
 
175,117

 
172,975

 
174,793

 
156,673

 
Diluted
 
177,210

 
172,975

 
176,520

 
156,673

Dividends paid per common share
$
0.05

 
$
0.05

 
$
0.20

 
$
0.20









UNITED STATES STEEL CORPORATION
CASH FLOW STATEMENT (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
Year Ended
 
 
 
 
December 31,
(Dollars in millions)
 
2017
 
2016
Cash provided by operating activities:
 
 
 
 
Net earnings (loss)
 
$
387

 
$
(440
)
 
Depreciation, depletion and amortization
501

 
507

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

 
Gain on equity investee transactions
(2
)
 

 
Impairment of intangible assets

 
14

 
Restructuring and other charges
31

 
122

 
Loss on debt extinguishment
54

 
22

 
Pensions and other postretirement benefits
(16
)
 
(62
)
 
Deferred income taxes
(72
)
 
9

 
Net (gain) loss on disposal of assets
(5
)
 
5

 
Working capital changes
20

 
596

 
Income taxes receivable/payable
(52
)
 
10

 
Other operating activities
28

 
(52
)
 
 
Total
 
802

 
731

 
 
 
 
 
 
 
Cash used in investing activities:
 
 
 
 
Capital expenditures
 
(505
)
 
(306
)
 
Disposal of assets
 
5

 
12

 
Proceeds from sale of ownership interest in equity method investees
116

 

 
Other investing activities
 
(5
)
 
(24
)
 
 
Total
 
(389
)
 
(318
)
 
 
 
 
 
 
 
Cash (used in) provided by financing activities:
 
 
 
 
Issuance of long-term debt, net of financing costs
737

 
958

 
Repayment of long-term debt
 
(1,104
)
 
(1,070
)
 
Settlement of contingent consideration

 
(15
)
 
Common stock issued
 

 
482

 
Receipts from exercise of stock options
20

 
35

 
Dividends paid
 
(35
)
 
(31
)
 
Taxes paid for equity compensation plans (a)
(10
)
 
(4
)
 
 
Total
 
(392
)
 
355

 
 
 
 
 
 
 
Effect of exchange rate changes on cash
17

 
(8
)
 
 
 
 
 
 
 
Net increase in cash and cash equivalents
38

 
760

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

 
755

 
 
 
 
 
 
 
Cash and cash equivalents at end of the period
$
1,553

 
$
1,515

(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 year ended December 31, 2016 accordingly.








UNITED STATES STEEL CORPORATION
CONDENSED BALANCE SHEET (Unaudited)
 
 
 
 
 
 
 
 
 
Dec. 31
 
Dec. 31
(Dollars in millions)
 
2017
 
2016
Cash and cash equivalents
$
1,553

 
$
1,515

Receivables, net
1,379

 
1,248

Inventories
1,738

 
1,573

Other current assets
85

 
20

 
Total current assets
4,755

 
4,356

Property, plant and equipment, net
4,280

 
3,979

Investments and long-term receivables, net
480

 
528

Intangible assets, net
167

 
175

Other assets
180

 
122

 
 
 
 
 
 
 
Total assets
 
$
9,862

 
$
9,160

 
 
 
 
 
 
Accounts payable
$
2,170

 
$
1,668

Payroll and benefits payable
347

 
400

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

 
50

Other current liabilities
201

 
213

 
Total current liabilities
2,721

 
2,331

Long-term debt, less unamortized discount and debt issuance costs
2,700

 
2,981

Employee benefits
759

 
1,216

Other long-term liabilities
361

 
357

United States Steel Corporation stockholders' equity
3,320

 
2,274

Noncontrolling interests
1

 
1

 
 
 
 
 
 
 
Total liabilities and stockholders' equity
$
9,862

 
$
9,160














UNITED STATES STEEL CORPORATION

NON-GAAP FINANCIAL MEASURES
RECONCILIATION OF ADJUSTED EBITDA
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
 
Year Ended
 
 
Dec. 31
 
Dec. 31
(Dollars in millions)
2017
 
2016
 
2017
 
2016
Reconciliation to Adjusted EBITDA
 
 
 
 
 
 
 
 
Net earnings (loss) attributable to United States Steel Corporation
$
159

 
$
(105
)
 
$
387

 
$
(440
)
 
Income tax (benefit) provision
(89
)
 
(2
)
 
(86
)
 
24

 
Net interest and other financial costs
78

 
43

 
307

 
251

 
Depreciation, depletion and amortization expense
125

 
123

 
501

 
507

 
EBITDA
273

 
59

 
1,109

 
342

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

 

 
(72
)
 

 
Loss (gain) on equity investee transactions
19

 
12

 
(2
)
 
12

 
Loss on shutdown of certain tubular pipe mill assets

 
126

 
35

 
126

 
Restructuring and other charges and adjustments

 
(4
)
 

 
(2
)
 
Impairment of intangible assets

 

 

 
14

 
Granite City Works temporary idling charges
17

 
18

 
17

 
18

 
Adjusted EBITDA
$
309

 
$
211

 
$
1,087

 
$
510





UNITED STATES STEEL CORPORATION

NON-GAAP FINANCIAL MEASURES
RECONCILIATION OF ADJUSTED NET EARNINGS (LOSS)
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended(a)
 
Year Ended(a)
 
 
December 31,
 
December 31,
(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
$
159

 
$
(105
)
 
$
387

 
$
(440
)
 
Gain associated with retained interest in U. S. Steel Canada Inc.

 

 
(72
)
 

 
Loss (gain) on equity investee transactions
19

 
12

 
(2
)
 
12

 
Loss on shutdown of certain tubular pipe mill assets

 
126

 
35

 
126

 
Restructuring and other charges and adjustments

 
(4
)
 

 
(2
)
 
Loss on debt extinguishment
22

 

 
57

 
22

 
Effect of tax reform
(81
)
 

 
(81
)
 

 
Impairment of intangible assets

 

 

 
14

 
Granite City Works temporary idling charges
17

 
18

 
17

 
18

 
     Total adjustments
(23
)
 
152

 
(46
)
 
190

 
Adjusted net earnings (loss) attributable to United States Steel Corporation
$
136

 
$
47

 
$
341

 
$
(250
)
 
 
 
 
 
 
 
 
 
Reconciliation to adjusted diluted net earnings (loss) per share
 
 
 
 
 
 
 
 
Diluted net earnings (loss) per share
$
0.90

 
$
(0.61
)
 
$
2.19

 
$
(2.81
)
 
Gain associated with retained interest in U. S. Steel Canada Inc.

 

 
(0.41
)
 

 
Loss (gain) on equity investee transactions
0.10

 
0.07

 
(0.01
)
 
0.08

 
Loss on shutdown of certain tubular pipe mill assets

 
0.73

 
0.20

 
0.80

 
Restructuring and other charges and adjustments

 
(0.03
)
 

 
(0.01
)
 
Loss on debt extinguishment
0.12

 

 
0.33

 
0.14

 
Effect of tax reform
(0.46
)
 

 
(0.46
)
 

 
Impairment of intangible assets

 

 

 
0.09

 
Granite City Works temporary idling charges
0.10

 
0.11

 
0.10

 
0.11

 
     Total adjustments
(0.14
)
 
0.88

 
(0.25
)
 
1.21

 
Adjusted diluted net earnings (loss) per share
$
0.76

 
$
0.27

 
$
1.94

 
$
(1.60
)
(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 EBITDA OUTLOOK
 
 
 
 
 
Year Ended
 
 
Dec. 31
(Dollars in millions)
2018
Reconciliation to Projected Annual EBITDA Included in Outlook
 
 
Projected net earnings attributable to United States Steel Corporation included in Outlook
$
685

 
Estimated income tax expense
50

 
Estimated net interest and other financial costs
270

 
Estimated depreciation, depletion and amortization
495

 
Projected annual EBITDA included in Outlook
$
1,500





UNITED STATES STEEL CORPORATION
RECONCILIATION OF NET DEBT
 
 
 
 
 
 
Dec. 31
Dec. 31
(Dollars in millions)
2017
2016
Reconciliation of net debt


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

$
50

 
Long-term debt, less unamortized discount and debt issuance costs
2,700

2,981

 
Total debt
$
2,703

$
3,031

 
Less: Cash and cash equivalents
1,553

1,515

 
Net debt
$
1,150

$
1,516



























    
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 that 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 (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, significant temporary idling charges, debt extinguishment and other related costs and effects of tax reform 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, impairment charges and significant temporary idling 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, significant temporary idling charges, debt extinguishment and other related costs and effects of tax reform 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 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 fourth quarter and full-year 2017 earnings on Thursday, February 1, at 8:30 a.m. Eastern Standard. 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-
2018-004