United States Steel Corporation · NYSE:X
United States Steel — Q4 2022 Earnings Presentation
15 slides from United States Steel's earnings presentation, Feb 3, 2023
Slide 1: Fourth Quarter & Full Year 2022 Earnings Call
Fourth Quarter & Full Year 2022 Earnings Call February 3, 2023 David Burritt President and Chief Executive Officer Jessica Graziano SVP and Chief Financial Officer Rich Fruehauf SVP, Chief Strategy and Sustainability Officer Kevin Lewis VP, Finance Gary pig iron machine commissioned in fourth quarte
Slide 2: Legal disclaimers
Legal disclaimers 2 2 These slides contain 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 cove
Slide 3: Explanation of use of non-GAAP measures
Explanation of use of non-GAAP measures 3 3 We present adjusted net earnings per diluted share, earnings 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 pe
Slide 4: Advancing towards our Best for All future
Advancing towards our Best for All® future 4 4 CURRENT LANDSCAPE CHALLENGES SOLUTION PATH FORWARD Bullish on U. S. Steel’s future Delivering on Best for All Transitioning to a less cost- / capital- and carbon- intensive business model while becoming the best steel competitor Balanced capital allocat
Slide 5: Today's highlights
5 5 Today’s highlights Differentiated metallics strategy LOW-COST IRON ORE Increased and resilient free cash flow MINI MILL STEELMAKING Sustainable steel solutions BEST-IN-CLASS FINISHING Focused on value creation, ESG transformation and disruptive innovation: Generating returns in excess of our cos
Slide 6: Well positioned for 2023
6 6 Well positioned for 2023 Business update Rebounding steel prices, supported by higher scrap costs, increasing global metallics and iron ore prices, and extending lead times Successful annual contracts; supported by customer alignment and collaboration Customer restocking improving steel demand B
Slide 7: Creating value for stockholders … today and tomorrow
7 7 Creating value for stockholders … today and tomorrow ~$1B direct returns Cash returned to stockholders since December ‘21 15% reduction Stock buyback reduced dilutive share count to ~257 million shares as of January 31 $880 million Incremental annual run-rate EBITDA contribution expected by ’26
Slide 8: Advancing towards our Best for All future: 4Q 2022 results
8 8 Advancing towards our Best for All future 4Q 2022 results In the fourth quarter 2022: Adjusted EBITDA $431M Better than our December 15 guidance; supporting 10% adjusted EBITDA margin Adjusted diluted EPS $0.87 Translating strong performance to the bottom line Free cash flow $131M Contributing t
Slide 9: Advancing towards our Best for All future: Full year 2022 results
9 9 Advancing towards our Best for All future Full year 2022 results $4.2B $9.95 ~$1.8B Second-best financial performance in the company’s 122-year history Adjusted EBITDA Adjusted diluted EPS Free cash flow For the full year 2022:
Slide 10: Advancing towards our Best for All future
10 10 Advancing towards our Best for All future FOCUSED ON VALUE CREATION, ESG TRANSFORMATION AND DISRUPTIVE INNOVATION CREATING VALUE FOR STOCKHOLDERS … TODAY & TOMORROW DELIVERING ON OUR COMMITTMENTS
Slide 11: Q&A
Q&A Non-grain oriented (NGO) electrical investment – annealing and coating line cleaning section structure. Pictured:
Slide 12: Closing Remarks
CLOSING REMARKS
Slide 13: Reconciliation of segment EBITDA
Flat-rolled ($ millions) 4Q 2022 Segment earnings before interest and income taxes $159 Depreciation 125 Flat-rolled Segment EBITDA $284 U. S. Steel Europe ($ millions) 4Q 2022 Segment loss before interest and income taxes ($68) Depreciation 20 U. S. Steel Europe Segment EBITDA ($48) Tubular ($ mill
Slide 14: Reconciliation of adjusted EBITDA
Reconciliation of adjusted EBITDA 14 ($ millions) 4Q 20221 Reported net earnings attributable to U. S. Steel $174 Income tax expense 51 Net interest and other financial costs (51) Reported earnings before interest and income taxes $174 Depreciation, depletion and amortization expense 197 EBITDA $371
Slide 15: Investor Relations
INVESTOR RELATIONS Kevin Lewis Vice President 412-433-6935 klewis@uss.com Eric Linn Director 412-433-2385 eplinn@uss.com www.ussteel.com @USS_Investors