United States Steel Corporation · NYSE:X
United States Steel — Q1 2025 Earnings Presentation
36 slides from United States Steel's earnings presentation, May 1, 2025
Slide 1: Earnings Presentation First Quarter 2025
1 EARNINGS PRESENTATION FIRST QUARTER 2025 May 1, 2025
Slide 2: Forward-Looking Statements
2 FORWARD-LOOKING STATEMENTS This presentation contains information regarding the Company that may constitute “forward-looking statements,” as that term is defined under the Private Securities Litigation Reform Act of 1995 and other securities laws, that are subject to risks and uncertainties. We in
Slide 3: Explanation of Use of Non-GAAP Measures
3 EXPLANATION OF USE OF NON-GAAP MEASURES We present adjusted net earnings (loss), adjusted net earnings (loss) margin, adjusted net earnings (loss) per diluted share, earnings (loss) before interest, taxes, depreciation and amortization (EBITDA), adjusted EBITDA, adjusted EBITDA margin and adjusted
Slide 4: Summary: On the Path to Delivering $55 per Share
4 SUMMARY: ON THE PATH TO DELIVERING $55 PER SHARE Current Landscape Committed to closing the transaction with Nippon Steel Corporation Strategic projects ramping in 2025 Challenges Successfully navigating a dynamic steel industry backdrop, tariffs, and evolving demand environment Solution Progressi
Slide 5: Nippon Steel & U. S. Steel: Fresh CFIUS Review
5 NIPPON STEEL & U. S. STEEL: THE PRESIDENT HAS DIRECTED A FRESH CFIUS REVIEW, VALIDATING THE BOARD’S LITIGATION STRATEGY The Best Path Forward U. S. Steel is committed to delivering $55 per share Key Facts On April 6, 2025, President Trump directed a fresh review of Nippon Steel’s acquisition of U.
Slide 6: Employee quotes supporting the Nippon Steel deal
6 What we have in front of us right now seems like a fantastic opportunity, not only for my family, but decades to come. I want them folks to be able to retire from this company, and we feel that the investment from Nippon [Steel] will give them, their children, their grandchildren the capability fo
Slide 7: Big River 2: North America's Most Technologically Advanced Steel Mill
7 BIG RIVER 2: NORTH AMERICA’S MOST TECHNOLOGICALLY ADVANCED STEEL MILL Construction of Big River 2 commenced June 2022 First heats produced through electric arc furnaces 3 and 4 First endless strip production coil produced October 2024 December 2024 First pickling line and tandem cold mill product
Slide 8: CGL3 First Coil – April 2025
8 CGL3 FIRST COIL – APRIL 2025 BIG RIVER 2: ADVANCING BEST-IN-CLASS FINISHING CAPABILITIES
Slide 9: Financial Performance
9 FINANCIAL PERFORMANCE
Slide 10: Q1 2025 Financial Performance: Summary
10 Q1 2025 FINANCIAL PERFORMANCE: SUMMARY $172M Adjusted EBITDA ~5% adjusted EBITDA margin First quarter performance ($116M) Reported Net Earnings (Loss) ($0.52) per diluted share Note: For reconciliation of non-GAAP amounts, see Appendix. ($87M) Adjusted Net Earnings (Loss) ($0.39) per diluted shar
Slide 11: Q1 2025 Financial Performance: Positive Contributions from Each Segment
11 Q1 2025 FINANCIAL PERFORMANCE: POSITIVE CONTRIBUTIONS FROM EACH SEGMENT Highlights the strength and resilience of our operating performance Million Adjusted EBITDA $172 North American Flat-Rolled Segment Generated 5% EBITDA margin despite the impact of seasonal constraints in mining logistics, dr
Slide 12: Q2 2025 Outlook: $375 to $425 Million Adjusted EBITDA
12 Q2 2025 OUTLOOK: $375 TO $425 MILLION ADJUSTED EBITDA North American Flat-Rolled Mini Mill1 U. S. Steel Europe Tubular Raw Materials Unfavorable raw material pricing and unfavorable raw material usage expected due to planned outages Operating Costs Unfavorable impact expected from higher spending
Slide 13: 2025 First Quarter Update
13 2025 F I R S T Q U A R T E R U P D A T E
Slide 14: Financial Updates
14 FINANCIAL UPDATES Reported Net Earnings (Loss) Adjusted Net Earnings (Loss)1 Segment EBIT2 Adjusted EBITDA3 Profit Margin: $ Millions $ Millions $ Millions $ Millions Adjusted EBITDA Margin:3 Segment EBIT Margin:2 Note: For reconciliation of non-GAAP amounts, see Appendix. 1 Earnings (loss) exclu
Slide 15: Key Operating Statistics Trends by Segment
15 KEY OPERATING STATISTICS TRENDS BY SEGMENT Flat-Rolled Operating Statistics Mini Mill Operating Statistics U. S. Steel Europe (USSE) Operating Statistics Tubular Operating Statistics1 Shipments: in 000s, net tons Production: in 000s, net tons Average Selling Price: $ / net ton Shipments: in 000s,
Slide 16: EBITDA Trends by Segment
16 EBITDA TRENDS BY SEGMENT EBITDA Margin: EBITDA Margin: EBITDA Margin: Note: For reconciliation of non-GAAP amounts, see Appendix. 1 EBITDA margin excluding BR2 impact excludes BR2 startup, construction, and ramp-related impact in Q1 2024 – Q1 2025 of ~$20M, ~$30M, ~$40M, ~$50M and ~$55M, respecti
Slide 17: Flat-Rolled Segment EBITDA Change Analysis
17 $ Millions, Q4 2024 vs. Q1 2025 FLAT-ROLLED SEGMENT EBITDA CHANGE ANALYSIS $156 $104 $17 $45 $34 Q1 2024 Commercial Raw Materials Operating Costs Other Q1 2025 ($148) $ Millions, Q1 2024 vs. Q1 2025 $222 $104 Q4 2024 Commercial Raw Materials Operating Costs ($97) Other Q1 2025 $8 ($19) ($10) Comm
Slide 18: Mini Mill Segment EBITDA Change Analysis
18 $ Millions, Q4 2024 vs. Q1 2025 MINI MILL SEGMENT EBITDA CHANGE ANALYSIS $145 $44 Q1 2024 Commercial Raw Materials Operating Costs ($43) Other Q1 2025 ($141) $0 $5 $ Millions, Q1 2024 vs. Q1 2025 ($8) $5 Q4 2024 Commercial Raw Materials Operating Costs Other Q1 2025 $12 ($6) $10 ($3) Commercial T
Slide 19: U. S. Steel Europe Segment EBITDA Change Analysis
19 $ Millions, Q4 2024 vs. Q1 2025 U. S. STEEL EUROPE SEGMENT EBITDA CHANGE ANALYSIS $46 $35 Q1 2024 ($83) Commercial $92 Raw Materials ($2) Operating Costs ($18) Other Q1 2025 $ Millions, Q1 2024 vs. Q1 2025 ($35) $35 $8 Q4 2024 $16 Commercial $45 Raw Materials Operating Costs $1 Other Q1 2025 Comm
Slide 20: Tubular Segment EBITDA Change Analysis
20 $ Millions, Q4 2024 vs. Q1 2025 TUBULAR SEGMENT EBITDA CHANGE ANALYSIS $69 $25 $7 Q1 2024 Commercial Raw Materials Operating Costs ($9) Other Q1 2025 ($42) $0 $ Millions, Q1 2024 vs. Q1 2025 $15 $25 $9 $2 Q4 2024 Commercial Raw Materials Operating Costs Other Q1 2025 $1 ($2) Commercial The unfavo
Slide 21: Asset footprint and capacity by segment
21 Minntac M I N I M I L L T U B U L A R Clairton Keetac BF #4 BF #6 BF #8 BF #14 BF ‘A’ BF ‘B’ N O R T H A M E R I C A N F L A T - R O L L E D BF #1 BF #3 EAF #1 EAF #2 BF #1 BF #3BF #2 Seamless Pipe #1 ERW #2 ERW EAF Steelmaking / Seamless Pipe Indefinitely IdledOperating 1 Raw steel capability, e
Slide 22: Cash and Liquidity
22 CASH AND LIQUIDITY Note: For reconciliation of non-GAAP amounts, see Appendix. 1 TTM = Trailing twelve months $4,090 $3,505 $2,100 $919 $573 FY 2021 FY 2022 FY 2023 FY 2024 TTM Q1 20251 $2,522 $3,504 $2,948 $1,367 $594 FY 2021 FY 2022 FY 2023 FY 2024 Q1 2025 $4,971 $5,925 $5,174 $3,624 $2,868 FY
Slide 23: Appendix
23 APPENDIX
Slide 24: Supplemental Information: 2024 Shipments by Product Mix
24 SUPPLEMENTAL INFORMATION HRC (25%) CRC (50%) Coated (20%) Tin (5%) HRC (55%) CRC (15%) Coated (30%) HRC (60%) CRC (10%) Coated (20%) Tin (5%) Seamless (90%) Flat-Rolled Mini Mill2,3 U. S. Steel Europe Tubular2024 Shipments by product mix1 1 Rounded to the nearest 5%. 2 Includes NGO shipments; how
Slide 25: Supplemental Information: 2024 Revenue by Product Mix
25 SUPPLEMENTAL INFORMATION HRC (20%) CRC (45%) Coated (25%) Tin (10%) HRC (50%) CRC (15%) Coated (35%) HRC (50%) CRC (10%) Coated (25%) Tin (10%) Seamless (95%) Flat-Rolled Mini Mill2 U. S. Steel Europe Tubular2024 Revenue by product mix1 1 Rounded to the nearest 5%. 2 Includes NGO revenue; due to
Slide 26: Supplemental Information: 2024 Shipments by Major Market
26 SUPPLEMENTAL INFORMATION Service Centers (13%) Converters (24%) Auto (43%) Construction (7%) Oil & Gas (98%) Flat-Rolled Mini Mill U. S. Steel Europe Tubular2024 Shipments by major market Packaging (5%) Appliance & Electrical (6%) Other (2%) Service Centers (41%) Converters (29%) Auto (1%) Constr
Slide 27: Supplemental Information: Contract / Spot Mix by Segment
27 SUPPLEMENTAL INFORMATION Firm (28%) Market based quarterly (32%) Market based monthly (16%) Spot (24%) Firm (3%) Cost based (9%) Market based quarterly (5%) Market based monthly (39%) Spot (44%) Firm (32%) Cost based (2%) Market based quarterly (1%) Market based monthly (15%) Spot (50%) Program (
Slide 28: Cost Structure: Blast Furnace Steelmaking
28 SUPPLEMENTAL INFORMATION Cost structure: Blast furnace steelmaking illustrative Coke (~35%) Natural Gas (~5%) Scrap (~30%) Raw Material Costs1 Iron ore (~30%) Key Inputs Ratio1 Pricing Convention Iron Ore 1.3 tons of pellets / ton of raw steel x raw steel volume (million tons) x iron ore price as
Slide 29: Cost Structure: Electric Arc Furnace Steelmaking
29 SUPPLEMENTAL INFORMATION Cost structure: Electric arc furnace steelmaking illustrative Prime Scrap (~30%) Pig Iron (~25%) HBI / DRI (~10%) Raw Material Costs Obsolete Scrap (~35%) Key Inputs Ratio Pricing Convention Scrap 0.8 tons of scrap / ton of raw steel x raw steel volume (million tons) x sc
Slide 30: Reconciliation Table: Segment EBITDA
30 RECONCILIATION TABLE Flat-Rolled ($ millions) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Segment earnings (loss) before interest and income taxes $34 $183 $106 $76 ($13) Depreciation 122 127 140 146 117 Flat-Rolled Segment EBITDA $156 $310 $246 $222 $104 Segment EBIT Margin1 1% 7% 4% 3% (1%) Segment
Slide 31: Supplemental Information: Big River Steel LLC Summary Table
31 SUPPLEMENTAL INFORMATION Big River Steel LLC1 Summary Table 1 Unless otherwise noted, amounts shown are reflected in Big River Steel LLC, the operating unit of the Big River Steel companies that reside within the Mini Mill segment. 2 Earnings before interest and income taxes. 3 The debt amounts r
Slide 32: Reconciliation Table: Net Debt
32 RECONCILIATION TABLE Net Debt Net Debt ($ millions) YE 2021 YE 2022 YE 2023 YE 2024 Q1 2025 Short-term debt and current maturities of long-term debt $28 $63 $142 $95 $109 Long-term debt, less unamortized discount and debt issuance costs $3,863 $3,914 $4,080 $4,078 $4,047 Total Debt $3,891 $3,977
Slide 33: Reconciliation Table: Adjusted Net Earnings (Loss)
33 RECONCILIATION TABLE 1 The tax impact of the adjusted items in 2024 and 2025 is calculated for U.S. domestic items using a blended tax rate of 24% and for USSE items of 21%. 2 The net earnings (loss) and adjusted net earnings (loss) margins represent net earnings (loss) or adjusted net earnings (
Slide 34: Reconciliation Table: Adjusted EBITDA
34 RECONCILIATION TABLE Adjusted EBITDA 1 The net earnings (loss) and adjusted EBITDA margins represent net earnings or EBITDA divided by net sales. Adjusted EBITDA ($ millions) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Reported net earnings (loss) attributable to U. S. Steel $171 $183 $119 ($89) ($11
Slide 35: Investor Relations
35 Emily Chieng Investor Relations Officer ecchieng@uss.com 412-618-9554 Alana Blatz Manager – Investor Relations agblatz@uss.com 412-303-6521 INVESTOR RELATIONS
Slide 36: United States Steel Corporation
ss) United States Steel Corporation