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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended September 30, 2020
Or
 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     .
x-20200930_g1.jpg
United States Steel Corporation
(Exact name of registrant as specified in its charter)
Delaware 1-16811 25-1897152
(State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.)
600 Grant StreetPittsburghPA 15219-2800
(Address of principal executive offices) (Zip Code)
(412) 433-1121
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
United States Steel Corporation Common StockXNew York Stock Exchange
United States Steel Corporation Common StockXChicago Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company”, and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer
x
Accelerated filer
o
Non-accelerated filer
o
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes No x
Common stock outstanding at October 26, 2020 – 220,404,216 shares



INDEX
Page
PART I – FINANCIAL INFORMATION
Item 1.Financial Statements:
Item 2.
Item 3.
Item 4.
PART II – OTHER INFORMATION
Item 1.
Item 4.
Item 5.
Item 6.


CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This report contains 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 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,” "may" 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 changes, share of sales and earnings per share changes, anticipated cost savings, potential capital and operational cash improvements, U. S. Steel's future ability or plans to take ownership of the Big River Steel joint venture as a wholly owned subsidiary, 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 this report and in “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2019, our Quarterly Reports on Form 10-Q and those described from time to time in our future reports filed with the Securities and Exchange Commission.

References in this Quarterly Report on Form 10-Q to "U. S. Steel," "the Company," "we," "us," and "our" refer to United States Steel Corporation and its consolidated subsidiaries unless otherwise indicated by the context.





UNITED STATES STEEL CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
(Dollars in millions, except per share amounts)2020201920202019
Net sales:
Net sales$2,072 $2,702 $6,469 $9,001 
Net sales to related parties (Note 19)268 367 710 1,112 
Total (Note 6)2,340 3,069 7,179 10,113 
Operating expenses (income):
Cost of sales (excludes items shown below)2,295 2,902 7,174 9,301 
Selling, general and administrative expenses65 63 199 223 
Depreciation, depletion and amortization162 161 481 454 
Loss (earnings) from investees31 (31)78 (68)
Asset impairment charges (Note 1)  263  
Gain on equity investee transactions  (31) 
Restructuring and other charges (Note 20) 54 130 54 
Net (gain) loss on sale of assets(2)(1)(2)3 
Other losses, net 1 5  
Total2,551 3,149 8,297 9,967 
(Loss) earnings before interest and income taxes(211)(80)(1,118)146 
Interest expense84 32 198 97 
Interest income(1)(3)(6)(13)
Other financial benefits(30)(4)(26)(2)
Net periodic benefit (income) cost (other than service cost)(6)23 (22)69 
     Net interest and other financial costs47 48 144 151 
Loss before income taxes(258)(128)(1,262)(5)
Income tax benefit (Note 12)(24)(44)(48)(43)
Net (loss) earnings(234)(84)(1,214)38 
Less: Net earnings attributable to noncontrolling interests    
Net (loss) earnings attributable to United States Steel Corporation$(234)$(84)$(1,214)$38 
(Loss) earnings per common share (Note 13):
(Loss) earnings per share attributable to United States Steel Corporation stockholders:
-Basic$(1.06)$(0.49)$(6.43)$0.22 
-Diluted$(1.06)$(0.49)$(6.43)$0.22 





The accompanying notes are an integral part of these condensed consolidated financial statements.
-1-


UNITED STATES STEEL CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
(Dollars in millions)2020201920202019
Net (loss) earnings$(234)$(84)$(1,214)$38 
Other comprehensive income (loss), net of tax:
Changes in foreign currency translation adjustments34 (40)31 (45)
Changes in pension and other employee benefit accounts16 30 97 94 
Changes in derivative financial instruments8 (2)18 2 
Total other comprehensive income (loss), net of tax58 (12)146 51 
Comprehensive (loss) income including noncontrolling interest(176)(96)(1,068)89 
Comprehensive income attributable to noncontrolling interest    
Comprehensive (loss) income attributable to United States Steel
Corporation
$(176)$(96)$(1,068)$89 




































The accompanying notes are an integral part of these condensed consolidated financial statements.
-2-


UNITED STATES STEEL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET
(Unaudited)
(Dollars in millions)September 30, 2020December 31, 2019
Assets
Current assets:
Cash and cash equivalents (Note 7)$1,696 $749 
Receivables, less allowance of $34 and $28
996 956 
Receivables from related parties (Note 19)103 221 
Inventories (Note 8)1,398 1,785 
Other current assets51 102 
Total current assets4,244 3,813 
Long-term restricted cash (Note 7)89 188 
Operating lease assets225 230 
Property, plant and equipment17,477 17,077 
Less accumulated depreciation and depletion12,047 11,630 
Total property, plant and equipment, net5,430 5,447 
Investments and long-term receivables, less allowance of $8 and $5
1,286 1,466 
Intangibles – net (Note 9)131 150 
Deferred income tax benefits (Note 12)21 19 
Other noncurrent assets305 295 
Total assets$11,731 $11,608 
Liabilities
Current liabilities:
Accounts payable and other accrued liabilities$1,533 $1,970 
Accounts payable to related parties (Note 19)113 84 
Payroll and benefits payable312 336 
Accrued taxes109 116 
Accrued interest74 45 
Current operating lease liabilities60 60 
Short-term debt and current maturities of long-term debt (Note 15)262 14 
Total current liabilities2,463 2,625 
Noncurrent operating lease liabilities174 177 
Long-term debt, less unamortized discount and debt issuance costs (Note 15)4,628 3,627 
Employee benefits543 532 
Deferred income tax liabilities (Note 12)6 4 
Deferred credits and other noncurrent liabilities413 550 
Total liabilities8,227 7,515 
Contingencies and commitments (Note 21)
Stockholders’ Equity (Note 17):
Common stock (229,075,215 and 178,555,206 shares issued) (Note 13)
229 179 
Treasury stock, at cost (8,670,999 shares and 8,509,337 shares)
(175)(173)
Additional paid-in capital4,398 4,020 
(Accumulated deficit) retained earnings(671)544 
Accumulated other comprehensive loss (Note 18)(332)(478)
Total United States Steel Corporation stockholders’ equity3,449 4,092 
Noncontrolling interests55 1 
Total liabilities and stockholders’ equity$11,731 $11,608 
The accompanying notes are an integral part of these condensed consolidated financial statements.
-3-


UNITED STATES STEEL CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
Nine Months Ended September 30,
(Dollars in millions)20202019
Increase (decrease) in cash, cash equivalents and restricted cash
Operating activities:
Net (loss) earnings$(1,214)$38 
Adjustments to reconcile to net cash provided by operating activities:
Depreciation, depletion and amortization481 454 
Asset impairment charges (Note 1)263  
Gain on equity investee transactions(31) 
Restructuring and other charges (Note 20)130 54 
Pensions and other postretirement benefits(18)76 
Deferred income taxes (Note 12)(36)(38)
Net (gain) loss on sale of assets(2)3 
Equity investee loss (earnings), net of distributions received78 (64)
Changes in:
Current receivables(18)209 
Inventories495 (4)
Current accounts payable and accrued expenses(267)(325)
Income taxes receivable/payable13 27 
All other, net(23)(34)
Net cash (used in) provided by operating activities(149)396 
Investing activities:
Capital expenditures(591)(978)
Investment in Big River Steel(3) 
Proceeds from sale of assets3 4 
Proceeds from sale of ownership interests in equity investees8  
Investments, net(4) 
Net cash used in investing activities(587)(974)
Financing activities:
Issuance of short-term debt, net of financing costs (Note 15)240  
Revolving credit facilities - borrowings, net of financing costs (Note 15)1,474 165 
Revolving credit facilities - repayments (Note 15)(1,633) 
Issuance of long-term debt, net of financing costs (Note 15)1,043  
Repayment of long-term debt (Note 15)(8)(4)
Net proceeds from public offering of common stock (Note 23)410  
Proceeds from Stelco Option Agreement, net of financing costs55  
Common stock repurchased (Note 23) (88)
Dividends paid(6)(26)
Taxes paid for equity compensation plans (Note 11)(1)(7)
Net cash provided by financing activities1,574 40 
Effect of exchange rate changes on cash10 (6)
Net increase (decrease) in cash, cash equivalents and restricted cash848 (544)
Cash, cash equivalents and restricted cash at beginning of year (Note 7)939 1,040 
Cash, cash equivalents and restricted cash at end of period (Note 7)$1,787 $496 
Non-cash investing and financing activities:
Change in accrued capital expenditures$(109)$(72)
U. S. Steel common stock issued for employee/non-employee director stock plans18 25 
Capital expenditures funded by finance lease borrowings30 37 
Export Credit Agreement (ECA) financing34  
The accompanying notes are an integral part of these condensed consolidated financial statements.
-4-


Notes to Condensed Consolidated Financial Statements (Unaudited)
1.     Basis of Presentation and Significant Accounting Policies
The year-end Consolidated Balance Sheet data was derived from audited statements but does not include all disclosures required for complete financial statements by accounting principles generally accepted in the United States of America (U.S. GAAP). The other information in these condensed financial statements is unaudited but, in the opinion of management, reflects all adjustments necessary for a fair statement of the results for the periods covered, including assessment of certain accounting matters using all available information including consideration of forecasted financial information in context with other information reasonably available to us. However, our future assessment of our current expectations, including consideration of the unknown future impacts of the COVID-19 pandemic, could result in material impacts to our consolidated financial statements in future reporting periods. All such adjustments are of a normal recurring nature unless disclosed otherwise. These condensed financial statements, including notes, have been prepared in accordance with the applicable rules of the Securities and Exchange Commission and do not include all of the information and disclosures required by U.S. GAAP for complete financial statements. Additional information is contained in the United States Steel Corporation Annual Report on Form 10-K for the fiscal year ended December 31, 2019, which should be read in conjunction with these condensed financial statements.
Asset Impairment
For the period ended March 31, 2020, the steep decline in oil prices that resulted from market oversupply and declining demand was considered a triggering event for the welded tubular and seamless tubular asset groups. A quantitative analysis was completed for both asset groups and a $263 million impairment, consisting of an impairment of $196 million for property, plant and equipment and $67 million for intangible assets was recorded for the welded tubular asset group while no impairment was indicated for the seamless tubular asset group. There were no triggering events that required an impairment evaluation of our long-lived asset groups as of June 30, 2020 or September 30, 2020.

2.    New Accounting Standards
In August 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (ASU 2020-06). ASU 2020-06 simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. ASU 2020-06 requires entities to provide expanded disclosures about the terms and features of convertible instruments and amends certain guidance in ASC 260 on the computation of EPS for convertible instruments and contracts on an entity’s own equity. ASU 2020-06 is effective for public companies for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years, with early adoption of all amendments in the same period permitted. The Company is currently assessing the impact of adoption of the ASU.
In March 2020, the FASB issued Accounting Standards Update 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting (ASU 2020-04). ASU 2020-04 provides optional exceptions for applying generally accepted accounting principles to modifications of contracts, hedging relationships, and other transactions that reference LIBOR or another rate that will be discontinued by reference rate reform if certain criteria are met. The exceptions in ASU 2020-04 may be applied beginning in periods up to December 31, 2022. U. S. Steel is currently assessing the impact of the ASU but does not believe it will have a material impact on its Consolidated Financial Statements.
In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes (ASU 2019-12). ASU 2019-12 simplifies accounting for income taxes by removing certain exceptions from the general principles in Topic 740 including elimination of the exception to the incremental approach for intraperiod tax allocation when there is a loss from continuing operations and income or a gain from other items such as other comprehensive income. ASU 2019-12 also clarifies and amends certain guidance in Topic 740. ASU 2019-12 is effective for public companies for fiscal years beginning after December 15, 2020, including interim periods, with early adoption of all amendments in the same period permitted. U. S. Steel is currently assessing the impact of the ASU, but does not believe it will have a significant impact on its Consolidated Financial Statements.

3.    Recently Adopted Accounting Standard

In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASU 2016-13), which adds an impairment model that is based on expected losses rather than incurred losses. Under ASU 2016-13, an entity recognizes as an allowance its estimate of expected credit losses, which the FASB believes will result in more timely recognition of such losses. ASU 2016-13 was effective for public companies for fiscal years beginning after December 15, 2019 including interim reporting periods. U. S. Steel adopted this standard effective January 1, 2020. The impact of adoption was not material to the Condensed Consolidated Financial Statements.

-5-


U. S. Steel's significant financial instruments which are valued at cost are trade receivables (receivables). U. S. Steel's receivables carry standard industry terms and are categorized in two receivable pools, U.S. and U. S. Steel Europe (USSE). Both pools use customer specific risk ratings based on customer financial metrics, past payment experience and other factors and qualitatively consider economic conditions to assess the level of allowance for doubtful accounts. USSE mitigates credit risk for approximately 75 percent of its receivables balance using credit insurance, letters of credit, bank guarantees, prepayments or other collateral. Below is a summary of the allowance for doubtful accounts for the segments. Additional reserve recorded in the nine month period ended September 30, 2020 primarily reflects uncertainty over near-term anticipated market conditions.

(in millions)U.S.USSETotal Allowance
Balance at December 31, 2019$12 $16 $28 
Additional reserve5 1 6 
Balance at September 30, 2020$17 $17 $34 

4.    Segment Information
U. S. Steel has three reportable segments: North American Flat-Rolled (Flat-Rolled), U. S. Steel Europe (USSE); and Tubular Products (Tubular). U. S. Steel's investment in Big River Steel and the results of our railroad and real estate businesses that do not constitute reportable segments are combined and disclosed in the Other Businesses category.
The results of segment operations for the three months ended September 30, 2020 and 2019 are:
(In millions) Three Months Ended September 30, 2020
Customer
Sales
Intersegment
Sales
Net
Sales
(Loss) Earnings
from
investees
Earnings (loss) before interest and income taxes
Flat-Rolled$1,728 $71 $1,799 $(3)$(159)
USSE495 1 496  13 
Tubular96  96  (52)
Total reportable segments2,319 72 2,391 (3)(198)
Other Businesses21 23 44 (28)(13)
Reconciling Items and Eliminations (95)(95)  
Total$2,340 $ $2,340 $(31)$(211)
Three Months Ended September 30, 2019
Flat-Rolled$2,277 $86 $2,363 $30 $46 
USSE518 3 521  (46)
Tubular262 1 263 1 (25)
Total reportable segments3,057 90 3,147 31 (25)
Other Businesses12 28 40  8 
Reconciling Items and Eliminations (118)(118) (63)
Total$3,069 $ $3,069 $31 $(80)
-6-


The results of segment operations for the nine months ended September 30, 2020 and 2019 are:
(In millions) Nine Months Ended September 30, 2020
Customer
Sales
Intersegment
Sales
Net
Sales
(Loss) Earnings
from
investees
Earnings (loss) before interest and income taxes
Flat-Rolled$5,199 $175 $5,374 $(15)$(523)
USSE1,403 3 1,406  (27)
Tubular533 6 539 3 (147)
Total reportable segments7,135 184 7,319 (12)(697)
Other Businesses44 70 114 (66)(33)
Reconciling Items and Eliminations (254)(254) (388)
Total$7,179 $ $7,179 $(78)$(1,118)
Nine Months Ended September 30, 2019
Flat-Rolled$7,221 $250 $7,471 $63 $275 
USSE1,933 9 1,942  (27)
Tubular921 4 925 5 (21)
Total reportable segments10,075 263 10,338 68 227 
Other Businesses38 88 126  26 
Reconciling Items and Eliminations (351)(351) (107)
Total$10,113 $ $10,113 $68 $146 
The following is a schedule of reconciling items to consolidated earnings before interest and income taxes:
Three Months Ended September 30,Nine Months Ended September 30,
(In millions)2020201920202019
Items not allocated to segments:
Asset impairment charges (Notes 1 and 9)$ $ $(263)$ 
Restructuring and other charges (Note 20) (54)(130)(54)
Gain on previously held investment in UPI  25  
Tubular inventory impairment charge  (24) 
December 24, 2018 Clairton coke making facility fire (9)4 (53)
Total reconciling items$ $(63)$(388)$(107)

5.    Acquisition
On February 29, 2020, U. S. Steel purchased the remaining 50% ownership interest in USS-POSCO Industries (UPI) for $3 million, net of cash received of $2 million. There was an assumption of accounts payable owed to U. S. Steel for prior sales of steel substrate of $135 million associated with the purchase that is reflected as a reduction in receivables from related parties on the Company's Condensed Consolidated Balance Sheet.
Using step acquisition accounting the Company increased the value of its previously held equity investment to its fair value of $5 million which resulted in a gain of approximately $25 million. The gain was recorded in gain on equity investee transactions in the Condensed Consolidated Statement of Operations.
Receivables of $44 million, inventories of $96 million, accounts payable and accrued liabilities of $19 million, current portion of long-term debt of $55 million and payroll and employee benefits liabilities of $78 million were recorded with the acquisition. Property, plant and equipment of $97 million which included a fair value step-up of $47 million and an intangible asset of $54 million were also recorded on the Company's Condensed Consolidated Balance Sheet. The intangible asset, which will be amortized over ten years, arises from a land lease contract, under which a certain portion of payment owed to UPI is realized in the form of deductions from electricity costs.
-7-


U. S. Steel is continuing to conform accounting policies and procedures and evaluate assets and liabilities assumed. The results of this process may lead to further adjustments to the purchase price allocation presented above.

6.     Revenue

Revenue is generated primarily from contracts to produce, ship and deliver steel products, and to a lesser extent, raw materials sales such as iron ore pellets and coke by-products and railroad services and real estate sales. Generally, U. S. Steel’s performance obligations are satisfied and revenue is recognized at a point in time, when title transfers to our customer for product shipped or services are provided. Revenues are recorded net of any sales incentives. Shipping and other transportation costs charged to customers are treated as fulfillment activities and are recorded in both revenue and cost of sales at the time control is transferred to the customer. Costs related to obtaining sales contracts are incidental and are expensed when incurred. Because customers are invoiced at the time title transfers and U. S. Steel’s right to consideration is unconditional at that time, U. S. Steel does not maintain contract asset balances. Additionally, U. S. Steel does not maintain contract liability balances, as performance obligations are satisfied prior to customer payment for product. U. S. Steel offers industry standard payment terms.

The following tables disaggregate our revenue by product for each of the reportable business segments for the three months and nine months ended September 30, 2020 and 2019, respectively:

Net Sales by Product (In millions):
Three Months Ended September 30, 2020Flat-RolledUSSETubularOther BusinessesTotal
Semi-finished$5 $ $ $ $5 
Hot-rolled sheets239 193   432 
Cold-rolled sheets555 43   598 
Coated sheets778 233   1,011 
Tubular products 11 91  102 
All Other (a)
151 15 5 21 192 
Total$1,728 $495 $96 $21 $2,340 
(a) Consists primarily of sales of raw materials and coke making by-products.
Three Months Ended September 30, 2019Flat-RolledUSSETubularOther BusinessesTotal
Semi-finished$69 $2 $ $ $71 
Hot-rolled sheets537 199   736 
Cold-rolled sheets627 59   686 
Coated sheets765 231   996 
Tubular products 11 257  268 
All Other (a)
279 16 5 12 312 
Total$2,277 $518 $262 $12 $3,069 
(a) Consists primarily of sales of raw materials and coke making by-products.
Nine Months Ended September 30, 2020Flat-RolledUSSETubularOther BusinessesTotal
Semi-finished$63 $2 $ $ $65 
Hot-rolled sheets980 544   1,524 
Cold-rolled sheets1,495 114