United States Steel Corporation · NYSE:X
United States Steel — Q2 2021 Earnings Presentation
16 slides from United States Steel's earnings presentation, Jul 30, 2021
Slide 1: Second Quarter 2021 Earnings Call
Second Quarter 2021 Earnings Call July 30, 2021 David Burritt President and Chief Executive Officer Christie Breves Senior Vice President and Chief Financial Officer Rich Fruehauf Senior Vice President, Chief Strategy and Sustainability Officer Kevin Lewis Vice President, Investor Relations and Corp
Slide 2: Forward-looking statements
Forward-looking statements These slides are being provided to assist readers in understanding the results of operations, financial condition and cash flows of United States Steel Corporation as of and for the second quarter of 2021. They should be read in conjunction with the consolidated financial
Slide 3: Non-GAAP measures explanation
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 pe
Slide 4: Business update
Business update TRANSITIONING TO BEST FOR ALLSM DELIVERING “BEST” DEMONSTRATING THE POWER OF BEST OF BOTHSM 4
Slide 5: Delivering "Best"
Delivering “Best” Firing on all cylinders ✓ BEST EBITDA margins in company history improving the quality of our earnings ✓ BEST mini mill performance in the country well-timed acquisition of Big River Steel ✓ BEST quality and reliability safely delivering for our customers 5
Slide 6: BRS is outperforming the competition
Delivering “Best” BRS is outperforming the competition Well-timed acquisition of Big River Steel 36% 23% 26% 2Q 2021 EBITDA margin % Mini mill competitor #1 Mini mill competitor #2 Note: Big River Steel statistics calculated based off their April 1 – June 30 contribution, as reflected in the Mini Mi
Slide 7: Demonstrating the power of Best of Both
Demonstrating the power of Best of Both The foundation for Best for All Strong market outlook: Rapid execution creates opportunity: 7 Continued strong customer demand Full acquisition of Big River Steel Planned industry outages in 2H ’21 Sustainable steel solutions Low steel industry inventories Sus
Slide 8: Transitioning to Best for All
Transitioning to Best for All Best of Both delivering Best for All Providing customers with profitable steel solutions for people and planet Creating a more sustainable future for all our stakeholders 8
Slide 9: Continued progress on strategy execution
Transitioning to Best for All Continued progress on strategy execution Becoming the leader in NGO1 electrical steel Investing in unmatched capabilities at Big River Steel Closed on sale of Transtar on July 28 Delivering immediate incremental value for stockholders Adding sustainability- linked finan
Slide 10: Strong second quarter performance: Financial highlights
• Total second quarter adjusted EBITDA1 of $1,286 million; record EBITDA margin • Total ~$3.2B of deleveraging completed or announced in 20212 • Capital allocation priorities aligned with Best for All strategy execution • Currently expect record setting adjusted EBITDA in 3Q 2021 $266 $703 1Q 2021 2
Slide 11: Recap
Recap • Delivering “BEST” • Demonstrating the power of Best of Both • Transitioning to Best for All 11
Slide 12: Doing what's right
DOING WHAT’S ~ Our Most | . Demanding Customer
Slide 13: Closing Remarks
peg Closing Remarks
Slide 14: Reconciliation of segment EBITDA
Reconciliation of segment EBITDA Flat-rolled ($millions) 1Q 2021 2Q 2021 Segment (loss) earnings before interest and income taxes $146 $579 Depreciation 120 124 Flat-rolled Segment EBITDA $266 $703 U. S. Steel Europe ($ millions) 1Q 2021 2Q 2021 Segment (loss) earnings before interest and income tax
Slide 15: Reconciliation of adjusted EBITDA
Reconciliation of adjusted EBITDA ($ millions) 1Q 2021 2Q 2021 Reported net (loss) earnings attributable to U. S. Steel $91 $1,012 Income tax provision (benefit) 1 (37) Net interest and other financial costs 333 59 Reported (loss) earnings before interest and income taxes $425 $1,034 Depreciation, d
Slide 16: 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