Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 24, 2013 | |
Document Documentand Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 30-Sep-13 | |
Document Fiscal Year Focus | 2013 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | X | |
Entity Registrant Name | UNITED STATES STEEL CORP | |
Entity Central Index Key | 1163302 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 144,666,868 |
Consolidated_Statement_Of_Oper
Consolidated Statement Of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net sales: | ||||
Net sales | $3,856 | $4,310 | $12,292 | $13,838 |
Net sales to related parties (Note 19) | 275 | 342 | 863 | 1,003 |
Total | 4,131 | 4,652 | 13,155 | 14,841 |
Operating expenses (income): | ||||
Cost of sales (excludes items shown below) | 3,749 | 4,318 | 12,105 | 13,436 |
Selling, general and administrative expenses | 153 | 159 | 449 | 490 |
Depreciation, depletion and amortization | 173 | 163 | 514 | 490 |
Income from investees | -26 | -48 | -31 | -116 |
Impairment of goodwill (Note 5) | 1,783 | 0 | 1,783 | 0 |
Net (gain) loss on disposal of assets (Note 4) | 0 | -1 | 0 | 308 |
Other expense (income), net | 1 | -1 | 6 | -9 |
Total | 5,833 | 4,590 | 14,826 | 14,599 |
(Loss) income from operations | -1,702 | 62 | -1,671 | 242 |
Interest expense | 61 | 45 | 204 | 160 |
Interest income | 0 | -1 | -2 | -6 |
Other financial costs | 24 | 1 | 55 | 23 |
Net interest and other financial costs (Note 7) | 85 | 45 | 257 | 177 |
(Loss) income before income taxes and noncontrolling interests | -1,787 | 17 | -1,928 | 65 |
Income tax provision (benefit) (Note 9) | 4 | -27 | 14 | 139 |
Net (loss) income | -1,791 | 44 | -1,942 | -74 |
Less: Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net (loss) income attributable to United States Steel Corporation | ($1,791) | $44 | ($1,942) | ($74) |
Earnings per share attributable to United States Steel Corporation shareholders: | ||||
Basic (in dollars per share) | ($12.38) | $0.30 | ($13.44) | ($0.51) |
Diluted (in dollars per share) | ($12.38) | $0.28 | ($13.44) | ($0.51) |
Consolidated_Statement_Of_Comp
Consolidated Statement Of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement of Comprehensive Income [Abstract] | ||||
Net (loss) income | ($1,791) | $44 | ($1,942) | ($74) |
Other comprehensive income, net of tax: | ||||
Changes in foreign currency translation adjustments | 31 | 60 | 13 | 76 |
Changes in pension and other employee benefit accounts | 59 | 224 | 197 | 360 |
Total other comprehensive income, net of tax | 90 | 284 | 210 | 436 |
Comprehensive (loss) income including noncontrolling interest | -1,701 | 328 | -1,732 | 362 |
Comprehensive income attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Comprehensive (loss) income attributable to United States Steel Corporation | ($1,701) | $328 | ($1,732) | $362 |
Consolidated_Balance_Sheet
Consolidated Balance Sheet (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Current assets: | ||||
Cash and cash equivalents | $697 | $570 | ||
Receivables, less allowance of $53 and $55 | 1,819 | 1,872 | ||
Receivables from related parties (Note 19) | 138 | 218 | ||
Inventories (Note 12) | 2,480 | 2,503 | ||
Deferred income tax benefits (Note 9) | 162 | 171 | ||
Other current assets | 58 | 40 | ||
Total current assets | 5,354 | 5,374 | ||
Property, plant and equipment | 17,031 | 16,906 | ||
Less accumulated depreciation and depletion | 10,864 | 10,498 | ||
Total property, plant and equipment, net | 6,167 | 6,408 | ||
Investments and long-term receivables, less allowance of $3 in both periods | 607 | 609 | ||
Intangibles – net (Note 5) | 276 | 253 | ||
Goodwill (Note 5) | 4 | 1,822 | ||
Deferred income tax benefits (Note 9) | 311 | 424 | ||
Other noncurrent assets | 287 | 327 | ||
Total assets | 13,006 | 15,217 | ||
Current liabilities: | ||||
Accounts payable and other accrued liabilities | 1,630 | 1,722 | ||
Accounts payable to related parties (Note 19) | 93 | 78 | ||
Bank checks outstanding | 56 | 15 | ||
Payroll and benefits payable | 965 | 977 | ||
Accrued taxes | 140 | 146 | ||
Accrued interest | 80 | 50 | ||
Short-term debt and current maturities of long-term debt (Note 14) | 322 | 2 | ||
Total current liabilities | 3,286 | 2,990 | ||
Long-term debt, less unamortized discount (Note 14) | 3,618 | 3,936 | ||
Employee benefits | 3,919 | 4,416 | ||
Deferred credits and other noncurrent liabilities | 408 | 397 | ||
Total liabilities | 11,231 | 11,739 | ||
Contingencies and commitments (Note 20) | ||||
Stockholders’ Equity (Note 17): | ||||
Common stock (150,925,911 shares issued) (Note 11) | 151 | 151 | ||
Treasury stock, at cost (6,267,004 and 6,643,553 shares) | -481 | -521 | ||
Additional paid-in capital | 3,665 | 3,652 | ||
Retained earnings | 1,497 | 3,463 | ||
Accumulated other comprehensive loss (Note 18) | -3,058 | [1] | -3,268 | [1] |
Total United States Steel Corporation stockholders’ equity | 1,774 | 3,477 | ||
Noncontrolling interests | 1 | 1 | ||
Total liabilities and stockholders’ equity | $13,006 | $15,217 | ||
[1] | All amounts are net of tax. Amounts in parentheses indicate debits. |
Consolidated_Balance_Sheet_Par
Consolidated Balance Sheet (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Receivables, allowance | $53 | $55 |
Investments and long-term receivables, allowance | $3 | $3 |
Common stock, shares issued | 150,925,911 | 150,925,911 |
Treasury stock, shares | 6,276,004 | 6,643,553 |
Consolidated_Statement_Of_Cash
Consolidated Statement Of Cash Flows (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Operating activities: | ||
Net loss | ($1,942) | ($74) |
Adjustments to reconcile to net cash provided by operating activities: | ||
Depreciation, depletion and amortization | 514 | 490 |
Impairment of goodwill (Note 5) | 1,783 | 0 |
Provision for doubtful accounts | -2 | -3 |
Pensions and other postretirement benefits | -143 | -112 |
Deferred income taxes | 3 | 86 |
Net (gain) loss on disposal of assets (Note 4) | 0 | 308 |
Currency remeasurement loss (gain) | 8 | -13 |
Distributions received, net of equity investees income | -20 | -33 |
Changes in: | ||
Current receivables | 137 | -86 |
Inventories | 15 | 168 |
Current accounts payable and accrued expenses | -34 | 108 |
Income taxes receivable/payable | 1 | 27 |
Bank checks outstanding | 40 | 25 |
All other, net | 61 | 67 |
Net cash provided by operating activities | 421 | 958 |
Investing activities: | ||
Capital expenditures | -328 | -536 |
Acquisition of intangible assets (Note 5) | -12 | 0 |
Disposal of assets | 0 | 141 |
Change in restricted cash, net | 39 | -67 |
Investments, net | -8 | -4 |
Net cash used in investing activities | -309 | -466 |
Financing activities: | ||
Revolving credit facilities – borrowings | 0 | 523 |
Revolving credit facilities – repayments | 0 | -653 |
Receivables Purchase Agreement payments | 0 | -380 |
Issuance of long-term debt, net of financing costs | 575 | 485 |
Repayment of long-term debt | -542 | -319 |
Dividends paid | -22 | -22 |
Net cash provided by (used in) financing activities | 11 | -366 |
Effect of exchange rate changes on cash | 4 | 2 |
Net increase in cash and cash equivalents | 127 | 128 |
Cash and cash equivalents at beginning of year | 570 | 408 |
Cash and cash equivalents at end of period | $697 | $536 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation |
United States Steel Corporation (U. S. Steel) produces and sells steel mill products, including flat-rolled and tubular products, in North America and Central Europe. Operations in North America also include transportation services (railroad and barge operations) and real estate operations. | |
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 financial statements is unaudited but, in the opinion of management, reflects all adjustments necessary for a fair presentation of the results for the periods covered. All such adjustments are of a normal recurring nature unless disclosed otherwise. These 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 accounting principles generally accepted in the United States of America for complete financial statements. Additional information is contained in the United States Steel Corporation Annual Report on Form 10-K for the year ended December 31, 2012 which should be read in conjunction with these financial statements. | |
Reclassifications | |
Certain reclassifications of prior years’ data have been made to conform to the current year presentation. |
New_Accounting_Standards
New Accounting Standards | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | |
New Accounting Standards | New Accounting Standards |
On February 5, 2013, the FASB issued Accounting Standards Update No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (ASU 2013-02). ASU 2013-02 requires companies to present information about reclassification adjustments from accumulated other comprehensive income, including the amount of the reclassification and the income statement line items affected by the reclassification. The information must be presented in the financial statements in a single note or on the face of the financial statements. ASU 2013-02 is effective for interim and annual periods beginning after December 15, 2012. U. S. Steel adopted ASU 2013-02 effective January 1, 2013 and has provided the required disclosures in Note 18. | |
On July 18, 2013, the FASB issued Accounting Standards Update No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (ASU 2013-11). ASU 2013-11 requires the netting of unrecognized tax benefits (UTBs) against a deferred tax asset for a loss or other carryforward that would apply in settlement of the uncertain tax positions. UTBs are required to be netted against all available same-jurisdiction loss or other tax carryforwards that would be utilized, rather than only against carryforwards that are created by the UTBs. ASU 2013-11 is effective for interim and annual periods beginning after December 15, 2013. U. S. Steel early adopted ASU 2013-11 in the second quarter of 2013 on a prospective basis. The adoption did not have a significant impact on U. S. Steel's financial statements. |
Segment_Information
Segment Information | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||
Segment Information | Segment Information | ||||||||||||||||||||
U. S. Steel has three reportable segments: Flat-rolled Products (Flat-rolled), U. S. Steel Europe (USSE), and Tubular Products (Tubular). The results of several other operating segments that do not constitute reportable segments, which include transportation services and real estate operations, are combined and disclosed in the Other Businesses category. Prior to January 31, 2012, our USSE reportable segment consisted of U. S. Steel Košice (USSK) and U. S. Steel Serbia (USSS). On January 31, 2012, U. S. Steel sold USSS (see Note 4). The USSE segment information subsequent to January 31, 2012 reflects the results of USSK only. | |||||||||||||||||||||
The chief operating decision maker evaluates performance and determines resource allocations based on a number of factors, the primary measure being income (loss) from operations. Income (loss) from operations for reportable segments and Other Businesses does not include net interest and other financial costs (income), income taxes, postretirement benefit expenses (other than service cost and amortization of prior service cost for active employees) and certain other items that management believes are not indicative of future results. Information on segment assets is not disclosed, as it is not reviewed by the chief operating decision maker. | |||||||||||||||||||||
The accounting principles applied at the operating segment level in determining income (loss) from operations are generally the same as those applied at the consolidated financial statement level. The transfer value for steel rounds from Flat-rolled to Tubular is based on cost. All other intersegment sales and transfers are accounted for at market-based prices and are eliminated at the corporate consolidation level. Corporate-level selling, general and administrative expenses and costs related to certain former businesses are allocated to the reportable segments and Other Businesses based on measures of activity that management believes are reasonable. | |||||||||||||||||||||
The results of segment operations for the three months ended September 30, 2013 and 2012 are: | |||||||||||||||||||||
(In millions) Third Quarter 2013 | Customer | Intersegment | Net | Income | Income | ||||||||||||||||
Sales | Sales | Sales | (loss) | (loss) | |||||||||||||||||
from | from | ||||||||||||||||||||
investees | operations | ||||||||||||||||||||
Flat-rolled | $ | 2,731 | $ | 324 | $ | 3,055 | $ | 28 | $ | 82 | |||||||||||
USSE | 643 | 1 | 644 | — | (32 | ) | |||||||||||||||
Tubular | 731 | 2 | 733 | (1 | ) | 49 | |||||||||||||||
Total reportable segments | 4,105 | 327 | 4,432 | 27 | 99 | ||||||||||||||||
Other Businesses | 26 | 32 | 58 | (1 | ) | 14 | |||||||||||||||
Reconciling Items and Eliminations | — | (359 | ) | (359 | ) | — | (1,815 | ) | |||||||||||||
Total | $ | 4,131 | $ | — | $ | 4,131 | $ | 26 | $ | (1,702 | ) | ||||||||||
Third Quarter 2012 | |||||||||||||||||||||
Flat-rolled | $ | 3,142 | $ | 415 | $ | 3,557 | $ | 49 | $ | 29 | |||||||||||
USSE | 696 | 68 | 764 | — | 27 | ||||||||||||||||
Tubular | 787 | 3 | 790 | (1 | ) | 102 | |||||||||||||||
Total reportable segments | 4,625 | 486 | 5,111 | 48 | 158 | ||||||||||||||||
Other Businesses | 27 | 13 | 40 | — | 13 | ||||||||||||||||
Reconciling Items and Eliminations | — | (499 | ) | (499 | ) | — | (109 | ) | |||||||||||||
Total | $ | 4,652 | $ | — | $ | 4,652 | $ | 48 | $ | 62 | |||||||||||
The results of segment operations for the nine months ended September 30, 2013 and 2012 are: | |||||||||||||||||||||
(In millions) First Nine Months 2013 | Customer | Intersegment | Net | Income | Income | ||||||||||||||||
Sales | Sales | Sales | (loss) | (loss) | |||||||||||||||||
from | from | ||||||||||||||||||||
investees | operations | ||||||||||||||||||||
Flat-rolled | $ | 8,710 | $ | 985 | $ | 9,695 | $ | 41 | $ | 18 | |||||||||||
USSE | 2,204 | 3 | 2,207 | — | 16 | ||||||||||||||||
Tubular | 2,126 | 4 | 2,130 | (7 | ) | 158 | |||||||||||||||
Total reportable segments | 13,040 | 992 | 14,032 | 34 | 192 | ||||||||||||||||
Other Businesses | 115 | 101 | 216 | (3 | ) | 62 | |||||||||||||||
Reconciling Items and Eliminations | — | (1,093 | ) | (1,093 | ) | — | (1,925 | ) | |||||||||||||
Total | $ | 13,155 | $ | — | $ | 13,155 | $ | 31 | $ | (1,671 | ) | ||||||||||
First Nine Months 2012 | |||||||||||||||||||||
Flat-rolled | $ | 9,798 | $ | 1,297 | $ | 11,095 | $ | 122 | $ | 389 | |||||||||||
USSE | 2,274 | 143 | 2,417 | — | 27 | ||||||||||||||||
Tubular | 2,604 | 6 | 2,610 | (4 | ) | 334 | |||||||||||||||
Total reportable segments | 14,676 | 1,446 | 16,122 | 118 | 750 | ||||||||||||||||
Other Businesses | 165 | 105 | 270 | (2 | ) | 46 | |||||||||||||||
Reconciling Items and Eliminations | — | (1,551 | ) | (1,551 | ) | — | (554 | ) | |||||||||||||
Total | $ | 14,841 | $ | — | $ | 14,841 | $ | 116 | $ | 242 | |||||||||||
The following is a schedule of reconciling items to income (loss) from operations: | |||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||
(In millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||
Items not allocated to segments: | |||||||||||||||||||||
Postretirement benefit expense(a) | $ | (55 | ) | $ | (74 | ) | $ | (165 | ) | $ | (228 | ) | |||||||||
Other items not allocated to segments: | |||||||||||||||||||||
Impairment of goodwill (Note 5) | $ | (1,783 | ) | — | $ | (1,783 | ) | — | |||||||||||||
Supplier contract dispute settlement | 23 | $ | — | 23 | $ | — | |||||||||||||||
Labor agreement lump sum payments(b) | — | (35 | ) | — | (35 | ) | |||||||||||||||
Net loss on the sale of assets (Note 4) | — | — | — | (310 | ) | ||||||||||||||||
Property tax settlements | — | — | — | 19 | |||||||||||||||||
Total other items not allocated to segments | (1,760 | ) | (35 | ) | (1,760 | ) | (326 | ) | |||||||||||||
Total reconciling items | $ | (1,815 | ) | $ | (109 | ) | $ | (1,925 | ) | $ | (554 | ) | |||||||||
(a) Consists of the net periodic benefit cost elements, other than service cost and amortization of prior service cost for active employees, associated with our pension, retiree health care and life insurance benefit plans. | |||||||||||||||||||||
(b) Effective September 1, 2012, U. S. Steel and its U. S. Steel Tubular Products, Inc. subsidiary reached new labor agreements (the 2012 Labor Agreements) with the United Steel Workers (USW). The 2012 Labor Agreements provided for a $2,000 lump sum payment for each covered active USW member, which resulted in U. S. Steel recognizing a pretax charge of $35 million in the third quarter of 2012. |
Dispositions
Dispositions | 9 Months Ended |
Sep. 30, 2013 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Dispositions | Dispositions |
The net loss on disposal of assets for the first nine months of 2012 primarily relates to the following dispositions: | |
U. S. Steel Serbia | |
On January 31, 2012, U. S. Steel sold USSS to the Republic of Serbia for a purchase price of one dollar. In addition, USSK received a $40 million payment for certain intercompany balances owed by USSS for raw materials and support services. As a result of this transaction, U. S. Steel recorded a total non-cash pretax charge of $399 million. | |
Birmingham Southern Railroad Company | |
On February 1, 2012, U. S. Steel completed the sale of the majority of the operating assets of Birmingham Southern Railroad Company and the Port Birmingham Terminal. As a result of the transaction, U. S. Steel recorded a pretax gain of $89 million. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 9 Months Ended | ||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||
Goodwill and Intangible Assets | Goodwill and Intangible Assets | ||||||||||||||||||||||||||
The changes in the carrying amount of goodwill by segment for the nine months ended September 30, 2013 are as follows: | |||||||||||||||||||||||||||
Flat-rolled | USSE | Tubular | Total | ||||||||||||||||||||||||
Segment | Segment | Segment | |||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 984 | $ | 4 | $ | 834 | $ | 1,822 | |||||||||||||||||||
Goodwill from acquisitions | — | — | 3 | $ | 3 | ||||||||||||||||||||||
Impairment | (946 | ) | — | (837 | ) | (1,783 | ) | ||||||||||||||||||||
Currency translation | (38 | ) | — | — | (38 | ) | |||||||||||||||||||||
Balance at September 30, 2013 | $ | — | $ | 4 | $ | — | $ | 4 | |||||||||||||||||||
Goodwill represents the excess of the cost over the fair value of acquired identifiable tangible and intangible assets and liabilities assumed from businesses acquired. | |||||||||||||||||||||||||||
Goodwill is tested for impairment at the reporting unit level annually in the third quarter and whenever events or circumstances indicate the carrying value may not be recoverable. The evaluation of goodwill impairment involves using either a qualitative or quantitative approach as outlined in Accounting Standards Codification (ASC) Topic 350. U. S. Steel completed its annual goodwill impairment evaluation using the two-step quantitative analysis during the third quarter of 2013. We had two reporting units that included nearly all of our goodwill: our Flat-rolled reporting unit and our Texas Operations reporting unit, which is part of our Tubular operating segment. | |||||||||||||||||||||||||||
In the first step of the analysis, U. S. Steel compared the estimated fair value of each reporting unit to its carrying value, including goodwill. The fair value of the reporting units was determined based on a weighting of income and market approaches. Since the carrying value of both the Flat-rolled and Texas Operations reporting units exceeded the fair value, U. S. Steel performed the second step of the impairment analysis in order to determine the implied fair value of the reporting units’ goodwill. The implied fair value of goodwill represents the excess of fair value of the reporting unit over the fair value amounts assigned to all of the assets and liabilities of the reporting unit as if it were to be acquired in a business combination and the current fair value of the reporting unit (as calculated in the first step) was the purchase price. Any amount remaining after this allocation represents the implied fair value of goodwill. The implied fair value of the respective reporting units’ goodwill was then compared to the carrying value of the goodwill and any excess of carrying value over the implied fair value represents the non-cash impairment charge. The results of the second step preliminary analysis showed that the implied fair value of goodwill was zero for both reporting units. Therefore, in the third quarter of 2013, U. S. Steel recorded a goodwill impairment charge of $946 million and $837 million for the Flat-rolled and Texas Operations reporting units, respectively. As a result of the goodwill impairment charge, there is no goodwill remaining within the Flat-rolled and Tubular segments, and goodwill remaining on our consolidated balance sheet at September 30, 2013 is $4 million. | |||||||||||||||||||||||||||
The impairment of the Flat-rolled reporting unit’s goodwill was primarily driven by the valuation effects of the protracted economic recovery and excess global steelmaking capacity. The impairment of the Texas Operations reporting unit’s goodwill was primarily driven by the adverse price and volume effects of an increased supply of welded tubular products in the U.S. market from the continued high level of tubular product imports and announced additional domestic tubular manufacturing capacity. Due to these factors, U. S. Steel decreased the long term estimates of its operating results and cash flows utilized in assessing goodwill for impairment. The valuation of goodwill for the second step of the goodwill impairment analysis is considered a level 3 fair value measurement, which means that the valuation of the assets and liabilities reflect U. S. Steel's own assumptions about the assumptions that market participants would use in pricing the assets and liabilities. | |||||||||||||||||||||||||||
The valuation methodologies used for the 2013 impairment analysis to determine fair value under step one, with the assistance of a third party valuation specialist in the case of the Texas Operations reporting unit, were a market approach and an income approach. | |||||||||||||||||||||||||||
For purposes of the income approach, fair value was determined based on the present value of estimated future cash flows, discounted at an appropriate risk-adjusted rate (DCF analysis). U. S. Steel made assumptions about the amount and timing of future expected cash flows, terminal value growth rates and appropriate discount rates. The amount and timing of future cash flows within U. S. Steel’s DCF analysis was based on its most recent operational budgets, long range strategic plans and other estimates including probability weighting of cash flow scenarios. A three percent perpetual growth rate was used to calculate the value of cash flows beyond the last projected period in U. S. Steel’s DCF analysis and reflects its best estimates for stable, perpetual growth of its reporting units. Actual results may differ from those assumed in U. S. Steel’s forecasts. U. S. Steel used estimates of market participant weighted average cost of capital (WACC) as a basis for determining the discount rates applied to its reporting units’ future expected cash flows, adjusted for risks and uncertainties inherent in the steel industry and in its internally developed forecasts. A discount rate of 10 percent was used for both reporting units. | |||||||||||||||||||||||||||
The market approach is based upon an analysis of valuation metrics for companies comparable to each reporting unit. Fair values for the Flat-rolled and Texas Operations reporting units were estimated using an appropriate valuation multiple, as well as estimated normalized earnings and an estimated control premium. | |||||||||||||||||||||||||||
In order to validate the reasonableness of the estimated fair values of the reporting units as of the valuation date, a reconciliation of the aggregate fair values of all reporting units to market capitalization was performed using a reasonable control premium. We further validated the reasonableness of the estimated fair values of our reporting units using other valuation metrics that included data from U. S Steel's historical transactions as well as published industry analyst reports. | |||||||||||||||||||||||||||
Goodwill impairment tests in prior years indicated that goodwill was not impaired for any of U. S. Steel's reporting units and there were no triggering events since that time that necessitated an impairment test. | |||||||||||||||||||||||||||
Amortizable intangible assets are being amortized on a straight-line basis over their estimated useful lives and are detailed below: | |||||||||||||||||||||||||||
As of September 30, 2013 | As of December 31, 2012 | ||||||||||||||||||||||||||
(In millions) | Useful | Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||||
Lives | Carrying | Amortization | Amount | Carrying | Amortization | Amount | |||||||||||||||||||||
Amount | Amount | ||||||||||||||||||||||||||
Customer relationships | 22-23 Years | $ | 218 | $ | 61 | $ | 157 | $ | 221 | $ | 54 | $ | 167 | ||||||||||||||
Other | 2-20 Years | 23 | 12 | 11 | 22 | 11 | 11 | ||||||||||||||||||||
Total amortizable intangible assets | $ | 241 | $ | 73 | $ | 168 | $ | 243 | $ | 65 | $ | 178 | |||||||||||||||
The carrying amount of acquired water rights with indefinite lives as of September 30, 2013 and December 31, 2012 totaled $75 million. The water rights are tested for impairment annually in the third quarter. U. S. Steel performed a qualitative impairment evaluation of its water rights for 2013. The 2013 and prior year tests indicated the water rights were not impaired. | |||||||||||||||||||||||||||
During the first nine months of 2013, U. S. Steel acquired indefinite-lived intangible assets for $12 million and entered into an agreement to make future payments contingent upon certain factors. The aggregate purchase price was $36 million, and U. S. Steel allocated $33 million to indefinite-lived intangible assets, based upon their estimated fair value. The liability for contingent consideration will be reassessed each quarter. The maximum potential liability for contingent consideration is $53 million. As of September 30, 2013, U. S. Steel has recorded a liability of $24 million to reflect the estimated fair value of the contingent consideration. Contingent consideration was valued using a probability weighted discounted cash flow using both level 2 inputs based on 2013 Standard and Poor’s Bond Guide as well level 3, significant other unobservable inputs, based on internal forecasts and weighted average cost of capital derived from market data. | |||||||||||||||||||||||||||
Identifiable intangible assets with finite lives are reviewed for impairment whenever events or circumstances indicate that the carrying value may not be recoverable. During the third quarter of 2013, U. S. Steel completed a review of its identifiable intangible assets with finite lives and determined that the assets were not impaired. | |||||||||||||||||||||||||||
Amortization expense was $3 million in both the three months ended September 30, 2013 and 2012 and was $8 million in both the nine months ended September 30, 2013 and 2012. The estimated future amortization expense of identifiable intangible assets during the next five years is $3 million for the remaining portion of 2013 and $11 million each year from 2014 to 2017. |
Pensions_and_Other_Benefits
Pensions and Other Benefits | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||
Pensions and Other Benefits | Pensions and Other Benefits | ||||||||||||||||
The following table reflects the components of net periodic benefit cost for the three months ended September 30, 2013 and 2012: | |||||||||||||||||
Pension | Other | ||||||||||||||||
Benefits | Benefits | ||||||||||||||||
(In millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Service cost | $ | 32 | $ | 29 | $ | 7 | $ | 7 | |||||||||
Interest cost | 100 | 117 | 35 | 42 | |||||||||||||
Expected return on plan assets | (152 | ) | (154 | ) | (33 | ) | (29 | ) | |||||||||
Amortization of prior service cost | 6 | 6 | (3 | ) | 3 | ||||||||||||
Amortization of actuarial net loss | 92 | 88 | 8 | 1 | |||||||||||||
Net periodic benefit cost, excluding below | 78 | 86 | 14 | 24 | |||||||||||||
Multiemployer plans | 19 | 18 | — | — | |||||||||||||
Settlement, termination and curtailment losses | $ | 3 | $ | — | $ | — | $ | — | |||||||||
Net periodic benefit cost | $ | 100 | $ | 104 | $ | 14 | $ | 24 | |||||||||
The following table reflects the components of net periodic benefit cost for the nine months ended September 30, 2013 and 2012: | |||||||||||||||||
Pension | Other | ||||||||||||||||
Benefits | Benefits | ||||||||||||||||
(In millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Service cost | $ | 96 | $ | 88 | $ | 21 | $ | 22 | |||||||||
Interest cost | 303 | 350 | 106 | 133 | |||||||||||||
Expected return on plan assets | (459 | ) | (460 | ) | (98 | ) | (86 | ) | |||||||||
Amortization of prior service cost | 18 | 15 | (10 | ) | 14 | ||||||||||||
Amortization of actuarial net loss | 275 | 264 | 23 | 1 | |||||||||||||
Net periodic benefit cost, excluding below | 233 | 257 | 42 | 84 | |||||||||||||
Multiemployer plans | 55 | 52 | — | — | |||||||||||||
Settlement, termination and curtailment losses (gains) | 3 | (2 | ) | — | — | ||||||||||||
Net periodic benefit cost | $ | 291 | $ | 307 | $ | 42 | $ | 84 | |||||||||
Employer Contributions | |||||||||||||||||
During the first nine months of 2013, U. S. Steel made a voluntary contribution of $140 million to its main defined benefit pension plan. U. S. Steel also made $63 million in required cash contributions to the USSC pension plans, cash payments of $56 million to the Steelworkers’ Pension Trust and $18 million of pension payments not funded by trusts. | |||||||||||||||||
During the first nine months of 2013, cash payments of $188 million were made for other postretirement benefit payments not funded by trusts. In addition, U. S. Steel made a required contribution of $10 million to our trust for represented retiree health care and life insurance benefits. | |||||||||||||||||
Company contributions to defined contribution plans totaled $11 million and $10 million in the three months ended September 30, 2013 and 2012, respectively. Company contributions to defined contribution plans totaled $33 million and $31 million for the nine months ended September 30, 2013 and 2012, respectively. | |||||||||||||||||
Pension Funding | |||||||||||||||||
In January 2013, U. S. Steel's Board of Directors authorized voluntary contributions to U. S. Steel's trusts for pensions and other benefits of up to $300 million through the end of 2014. U. S. Steel made voluntary contributions to our main U.S. defined benefit plan of $140 million during the first nine months of 2013 and 2012. U. S. Steel will likely make voluntary contributions of similar amounts in future periods in order to mitigate potentially larger mandatory contributions in later years. Assuming future asset performance consistent with our expected long-term earnings rate assumption of 7.75%, we anticipate that the interest rate formula changes in the pension stabilization legislation enacted in 2012 will allow us to continue to make voluntary contributions of approximately $140 million per year through 2015 to our main U.S. defined benefit plan before we could be required to contribute more than that amount should the current low interest rate environment continue. |
Net_Interest_and_Other_Financi
Net Interest and Other Financial Costs | 9 Months Ended |
Sep. 30, 2013 | |
Debt Disclosure [Abstract] | |
Net Interest and Other Financial Costs | Net Interest and Other Financial Costs |
Net interest and other financial costs includes interest expense (net of capitalized interest), interest income, financing costs, derivatives gains and losses and foreign currency remeasurement gains and losses. Foreign currency gains and losses are a result of foreign currency denominated assets and liabilities that require remeasurement. During the three months ended September 30, 2013 and 2012, net foreign currency remeasurement gains of $3 million and $6 million, respectively, were recorded in other financial costs. During the nine months ended September 30, 2013 and 2012, net foreign currency remeasurement losses of $9 million and $2 million, respectively, were recorded in other financial costs. | |
For the three and nine months ended September 30, 2013, net interest and other financial costs includes a charge of $22 million related to a guarantee of an unconsolidated equity investment for which payment by U. S. Steel is probable (see Note 20). Also included in the nine months ended September 30, 2013 is a charge of $34 million related to repurchases of approximately $542 million aggregate principal amount of our 4.00% Senior Convertible Notes due May 15, 2014 (see Note 14 for further details). For the nine months ended September 30, 2012, net interest and other financial costs also includes a charge of $18 million associated with the April 2012 redemption of all of our $300 million Senior Notes due June 1, 2013. | |
See Note 13 for additional information on U. S. Steel’s use of derivatives to mitigate its foreign currency exchange rate exposure. |
StockBased_Compensation_Plans
Stock-Based Compensation Plans | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||
Stock-Based Compensation Plans | Stock-Based Compensation Plans | ||||||||||||
U. S. Steel has outstanding stock-based compensation awards that were granted by the Compensation & Organization Committee of the Board of Directors (the Committee) under several stock-based employee compensation plans, which are more fully described in Note 12 of the United States Steel Corporation 2012 Annual Report on Form 10-K. An aggregate of 15,450,000 shares of U. S. Steel common stock may be issued under the plans. As of September 30, 2013, 1,325,239 shares are available for future grants. | |||||||||||||
U. S. Steel recognized pre-tax stock-based compensation cost in the amount of $9 million and $10 million in the three months ended September 30, 2013 and 2012, respectively, and $28 million and $29 million in the first nine months of 2013 and 2012, respectively. | |||||||||||||
Recent grants of stock-based compensation consist of stock options, restricted stock units and performance awards. Historically, the Committee has granted traditional stock options with an exercise price equal to the stock price on the date of grant. For the 2013 grants, premium-priced stock options with an exercise price of $25 per share were awarded to executives in lieu of traditional stock options. The following table is a general summary of the awards made under the Plan. | |||||||||||||
2013 Grants | 2012 Grants | ||||||||||||
Grant Details | Shares (a) | Fair Value (b) | Shares (a) | Fair Value (b) | |||||||||
Executive Stock Options | 826,340 | $ | 8.37 | 510,570 | $ | 11.93 | |||||||
Non-executive Stock Options | 970,640 | $ | 9.7 | 993,310 | $ | 11.93 | |||||||
Restricted Stock Units | 1,033,210 | $ | 18.58 | 910,011 | $ | 22.28 | |||||||
Performance Awards (c) | 271,960 | $ | 21.26 | 328,780 | $ | 25.26 | |||||||
(a) The share amounts shown in this table do not reflect an adjustment for estimated forfeitures. | |||||||||||||
(b) Represents the per share weighted-average for all grants during the year. | |||||||||||||
(c) The number of Performance Awards shown represents the target value of the award. | |||||||||||||
As of September 30, 2013, total future compensation cost related to nonvested stock-based compensation arrangements was $50 million, and the weighted average period over which this cost is expected to be recognized is approximately 1.3 years. | |||||||||||||
Compensation expense for stock options is recorded over the vesting period based on the fair value on the date of grant, as calculated by U. S. Steel using the Black-Scholes model and the assumptions listed below. The stock options vest ratably over a three-year service period and have a term of ten years. | |||||||||||||
Black-Scholes Assumptions(a) | 2013 Executive Grants | 2013 Non-Executive Grants | 2012 Grants | ||||||||||
Grant date price per share of option award | $ | 18.48 | $ | 18.64 | $ | 22.28 | |||||||
Exercise price per share of option award | $ | 25 | $ | 18.64 | $ | 22.28 | |||||||
Expected annual dividends per share, at grant date | $ | 0.2 | $ | 0.2 | $ | 0.2 | |||||||
Expected life in years | 5 | 5 | 5 | ||||||||||
Expected volatility | 66 | % | 67 | % | 68 | % | |||||||
Risk-free interest rate | 1.315 | % | 1.049 | % | 0.8 | % | |||||||
Grant date fair value per share of unvested option awards as calculated from above | $ | 8.37 | $ | 9.7 | $ | 11.93 | |||||||
(a) The assumptions represent a weighted average of all grants during the year. | |||||||||||||
The expected annual dividends per share are based on the latest annualized dividend rate at the date of grant; the expected life in years is determined primarily from historical stock option exercise data; the expected volatility is based on the historical volatility of U. S. Steel stock; and the risk-free interest rate is based on the U.S. Treasury strip rate for the expected life of the option. | |||||||||||||
Restricted stock units generally vest ratably over three years. The fair value of the restricted stock units is the market price of the underlying common stock on the date of the grant. | |||||||||||||
Performance awards vest at the end of a three-year performance period as a function of U. S. Steel's total shareholder return compared to the total shareholder return of a group of peer companies over the three-year performance period. Performance awards can vest at between zero and 200 percent of the target award. The fair value of the performance awards is calculated using a Monte-Carlo simulation. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes |
Tax provision | |
For the nine months ended September 30, 2013 and 2012, we recorded a tax provision of $14 million on our pretax loss of $1.9 billion and a tax provision of $139 million on our pretax income of $65 million, respectively. The tax provision does not reflect any tax benefit for pretax losses in Canada and Serbia (USSS was sold on January 31, 2012), which are jurisdictions where we have, or had, recorded full valuation allowances on deferred tax assets, and also does not reflect any tax provision or benefit for certain foreign currency remeasurement gains and losses that are not recognized in any tax jurisdiction. For the nine months ended September 30, 2013, there was essentially no tax benefit recorded on the $1.8 billion goodwill impairment charge. For the nine months ended September 30, 2012, no significant tax benefit was recorded on the $399 million loss on the sale of USSS. | |
The tax provision for the first nine months of 2013 is based on an estimated annual effective rate, which requires management to make its best estimate of annual pretax income or loss. During the year, management regularly updates forecasted annual pretax results for the various countries in which we operate based on changes in factors such as prices, shipments, product mix, plant operating performance and cost estimates. To the extent that actual 2013 pretax results for U.S. and foreign income or loss vary from estimates applied herein, the actual tax provision or benefit recognized in 2013 could be materially different from the forecasted amount used to estimate the tax provision for the nine months ended September 30, 2013. | |
Unrecognized tax benefits | |
Unrecognized tax benefits are the differences between a tax position taken, or expected to be taken, in a tax return and the benefit recognized for accounting purposes pursuant to the guidance in ASC Topic 740 on income taxes. The total amount of gross unrecognized tax benefits was $85 million at both September 30, 2013 and December 31, 2012. The total amount of net unrecognized tax benefits that, if recognized, would affect the effective tax rate was $65 million as of both September 30, 2013 and December 31, 2012. | |
U. S. Steel records interest related to uncertain tax positions as a part of net interest and other financial costs in the Consolidated Statement of Operations. Any penalties are recognized as part of selling, general and administrative expenses. As of both September 30, 2013 and December 31, 2012, U. S. Steel had accrued liabilities of $7 million for interest related to uncertain tax positions. U. S. Steel currently does not have a liability for tax penalties. | |
It is reasonably expected that during the next 12 months unrecognized tax benefits related to income tax issues will decrease by approximately $8 million. | |
Deferred taxes | |
As of September 30, 2013, the net domestic deferred tax asset was $411 million compared to $538 million at December 31, 2012. A substantial amount of U. S. Steel’s domestic deferred tax assets relates to employee benefits that will become deductible for tax purposes over an extended period of time as cash contributions are made to employee benefit plans and retiree benefits are paid in the future. We continue to believe it is more likely than not that the net domestic deferred tax asset will be realized. | |
As of September 30, 2013, the net foreign deferred tax asset was $62 million, net of established valuation allowances of $1,184 million. At December 31, 2012, the net foreign deferred tax asset was $57 million, net of established valuation allowances of $1,099 million. The net foreign deferred tax asset will fluctuate as the value of the U.S. dollar changes with respect to the euro and the Canadian dollar. At December 31, 2012, a full valuation allowance was recorded for the net Canadian deferred tax asset primarily due to cumulative losses in Canada in recent years. | |
If evidence changes and it becomes more likely than not that the Company will realize the net Canadian deferred tax asset, the valuation allowance would be partially or fully reversed. Any reversal of this amount would result in a decrease to income tax expense. The Slovak income tax rate increased from 19% to 23% starting in 2013. This change had an insignificant impact on deferred taxes at the end of 2012. |
Significant_Equity_Investments
Significant Equity Investments | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||
Significant Equity Investments | Significant Equity Investments | ||||||||
Summarized unaudited income statement information for our significant equity investments for the nine months ended September 30, 2013 and 2012 is reported below (amounts represent 100% of investee financial information): | |||||||||
(In millions) | 2013 | 2012 | |||||||
Net sales | $ | 1,841 | $ | 1,982 | |||||
Cost of sales | 1,395 | 1,421 | |||||||
Operating income | 399 | 533 | |||||||
Net income | 382 | 521 | |||||||
Net income attributable to significant equity investments | 382 | 521 | |||||||
U. S. Steel’s portion of the equity in net income of the significant equity investments above was $50 million and $121 million for the nine months ended September 30, 2013 and 2012, respectively, which is included in the income from investees line on the Consolidated Statement of Operations. |
Earnings_and_Dividends_Per_Com
Earnings and Dividends Per Common Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||
Earnings and Dividends Per Common Share | Earnings and Dividends Per Common Share | ||||||||||||||||
Earnings Per Share Attributable to United States Steel Corporation Shareholders | |||||||||||||||||
Basic earnings per common share is based on the weighted average number of common shares outstanding during the period. | |||||||||||||||||
Diluted earnings per common share assumes the exercise of stock options, the vesting of restricted stock units and performance awards and the conversion of convertible notes, provided in each case the effect is dilutive. The “if-converted” method is used to calculate the dilutive effect of the Senior Convertible Notes due in 2014 and the “treasury stock” method is used to calculate the dilutive effect of the Senior Convertible Notes due in 2019 (due to our current intent and policy, among other factors, to settle the principal amount of the 2019 Senior Convertible Notes in cash upon conversion). | |||||||||||||||||
The computations for basic and diluted earnings per common share from continuing operations are as follows: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
(Dollars in millions, except per share amounts) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Net (loss) income attributable to United States Steel | |||||||||||||||||
Corporation shareholders | $ | (1,791 | ) | $ | 44 | $ | (1,942 | ) | $ | (74 | ) | ||||||
Plus income effect of assumed conversion-interest on convertible notes | — | 5 | — | — | |||||||||||||
Net (loss) income after assumed conversion | $ | (1,791 | ) | $ | 49 | $ | (1,942 | ) | $ | (74 | ) | ||||||
Weighted-average shares outstanding (in thousands): | |||||||||||||||||
Basic | 144,727 | 144,350 | 144,523 | 144,199 | |||||||||||||
Effect of convertible notes | — | 27,059 | — | — | |||||||||||||
Effect of stock options, restricted stock units and performance awards | — | 264 | — | — | |||||||||||||
Adjusted weighted-average shares outstanding, diluted | 144,727 | 171,673 | 144,523 | 144,199 | |||||||||||||
Basic earnings per common share | $ | (12.38 | ) | $ | 0.3 | $ | (13.44 | ) | $ | (0.51 | ) | ||||||
Diluted earnings per common share | $ | (12.38 | ) | $ | 0.28 | $ | (13.44 | ) | $ | (0.51 | ) | ||||||
The following table summarizes the securities that were antidilutive, and therefore, were not included in the computations of diluted earnings per common share: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Securities granted under the 2005 Stock Incentive Plan | 7,621 | 4,352 | 7,621 | 4,353 | |||||||||||||
Securities convertible under the Senior Convertible Notes | 10,058 | — | 15,351 | (a) | 27,059 | ||||||||||||
Total | 17,679 | 4,352 | 22,972 | 31,412 | |||||||||||||
(a) On March 27, 2013, we repurchased approximately $542 million aggregate principal amount of our 4% Senior Convertible Notes due in 2014. If the repurchases had occurred on January 1, 2013, the antidilutive securities would be 10,058 for the nine months ended September 30, 2013. | |||||||||||||||||
Dividends Paid Per Share | |||||||||||||||||
The dividend for each of the first three quarters of 2013 and 2012 was five cents per common share. |
Inventories
Inventories | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventories | Inventories | ||||||||
Inventories are carried at the lower of cost or market. The first-in, first-out method is the predominant method of inventory costing in Europe and Canada. The last-in, first-out (LIFO) method is the predominant method of inventory costing in the United States. At September 30, 2013 and December 31, 2012, the LIFO method accounted for 61 percent and 56 percent of total inventory values, respectively. | |||||||||
(In millions) | September 30, 2013 | December 31, 2012 | |||||||
Raw materials | $ | 968 | $ | 945 | |||||
Semi-finished products | 877 | 883 | |||||||
Finished products | 535 | 573 | |||||||
Supplies and sundry items | 100 | 102 | |||||||
Total | $ | 2,480 | $ | 2,503 | |||||
Current acquisition costs were estimated to exceed the above inventory values by $1.1 billion and $1.0 billion at September 30, 2013 and December 31, 2012, respectively. Cost of sales was increased by $3 million and reduced by $5 million in the three months ended September 30, 2013 and 2012, respectively, as a result of the liquidation of LIFO inventories. Cost of sales was increased by $3 million and reduced by $16 million in the nine months ended September 30, 2013 and 2012, respectively, as a result of liquidation of LIFO inventories. | |||||||||
Inventory includes $84 million and $86 million of property held for residential or commercial development as of September 30, 2013 and December 31, 2012, respectively. |
Derivative_Instruments
Derivative Instruments | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||
Derivative Instruments | Derivative Instruments | ||||||||||
U. S. Steel is exposed to foreign currency exchange rate risks as a result of our European and Canadian operations. USSE’s revenues are primarily in euros and costs are primarily in U.S. dollars and euros. USSC’s revenues and costs are denominated in both Canadian and U.S. dollars. In addition, foreign cash requirements have been, and in the future may be, funded by intercompany loans, creating intercompany monetary assets and liabilities in currencies other than the functional currency of the entities involved, which can affect income when remeasured at the end of each period. | |||||||||||
U. S. Steel uses euro forward sales contracts with maturities no longer than 12 months to exchange euros for U.S. dollars to manage our currency requirements and exposure to foreign currency exchange rate fluctuations. Derivative instruments are required to be recognized at fair value in the balance sheet. U. S. Steel has not elected to designate these euro forward sales contracts as hedges. Therefore, changes in their fair value are recognized immediately in the results of operations. The gains and losses recognized on these euro forward sales contracts may also partially offset the accounting remeasurement gains and losses recognized on intercompany loans. | |||||||||||
As of September 30, 2013, U. S. Steel held euro forward sales contracts with a total notional value of approximately $333 million. We mitigate the risk of concentration of counterparty credit risk by purchasing our forward sales contracts from several counterparties. | |||||||||||
Additionally, we routinely enter into fixed-price forward physical purchase contracts to partially manage our exposure to price risk related to the purchases of natural gas, electricity and certain nonferrous metals used in the production process. During 2013 and 2012, the forward physical purchase contracts for natural gas and nonferrous metals qualified for the normal purchases and normal sales exemption described in ASC Topic 815 and were not subject to mark-to-market accounting. | |||||||||||
The following summarizes the location and amounts of the fair values and gains or losses related to derivatives included in U. S. Steel’s financial statements as of September 30, 2013 and December 31, 2012 and for the three and nine months ended September 30, 2013 and 2012: | |||||||||||
Fair Value | Fair Value | ||||||||||
(In millions) | Balance Sheet | 30-Sep-13 | 31-Dec-12 | ||||||||
Location | |||||||||||
Foreign exchange forward contracts | Accounts payable | $ | 9 | $ | 12 | ||||||
Statement of | Amount of Gain | Amount of Gain | |||||||||
Operations | (Loss) | (Loss) | |||||||||
(In millions) | Location | Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | ||||||||
Foreign exchange forward contracts | Other financial | $ | (11 | ) | $ | (7 | ) | ||||
costs | |||||||||||
Statement of | Amount of Gain | Amount of Gain | |||||||||
Operations | (Loss) | (Loss) | |||||||||
(In millions) | Location | Three Months Ended September 30, 2012 | Nine Months Ended September 30, 2012 | ||||||||
Foreign exchange forward contracts | Other financial | $ | (12 | ) | $ | 1 | |||||
costs | |||||||||||
In accordance with the guidance found in ASC Topic 820 on fair value measurements and disclosures, the fair value of our euro forward sales contracts was determined using Level 2 inputs, which are defined as “significant other observable” inputs. The inputs used are from market sources that aggregate data based upon market transactions. |
Debt
Debt | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Debt Disclosure [Abstract] | |||||||||||||
Debt | Debt | ||||||||||||
(In millions) | Interest | Maturity | September 30, 2013 | December 31, 2012 | |||||||||
Rates % | |||||||||||||
2037 Senior Notes | 6.65 | 2037 | $ | 350 | $ | 350 | |||||||
2022 Senior Notes | 7.5 | 2022 | 400 | 400 | |||||||||
2021 Senior Notes | 6.875 | 2021 | 275 | — | |||||||||
2020 Senior Notes | 7.375 | 2020 | 600 | 600 | |||||||||
2018 Senior Notes | 7 | 2018 | 500 | 500 | |||||||||
2017 Senior Notes | 6.05 | 2017 | 450 | 450 | |||||||||
2019 Senior Convertible Notes | 2.75 | 2019 | 316 | — | |||||||||
2014 Senior Convertible Notes | 4 | 2014 | 322 | 863 | |||||||||
Province Note (C$150 million) | 1 | 2015 | 146 | 151 | |||||||||
Environmental Revenue Bonds | 5.38 - 6.88 | 2015 - 2042 | 549 | 549 | |||||||||
Recovery Zone Facility Bonds | 6.75 | 2040 | 70 | 70 | |||||||||
Fairfield Caster Lease | 2022 | 35 | 35 | ||||||||||
Other capital leases and all other obligations | 2013 - 2014 | — | 1 | ||||||||||
Amended Credit Agreement | Variable | 2016 | — | — | |||||||||
USSK Revolver | Variable | 2016 | — | — | |||||||||
USSK credit facility | Variable | 2015 | — | — | |||||||||
Total Debt | 4,013 | 3,969 | |||||||||||
Less Province Note fair value adjustment | 17 | 23 | |||||||||||
Less unamortized discount | 56 | 8 | |||||||||||
Less short-term debt and long-term debt due within one year | 322 | 2 | |||||||||||
Long-term debt | $ | 3,618 | $ | 3,936 | |||||||||
To the extent not otherwise discussed below, information concerning the Senior Notes, the 2014 Senior Convertible Notes and other listed obligations can be found in Note 14 of the audited financial statements in the 2012 Annual Report on Form 10-K. | |||||||||||||
2021 Senior Notes | |||||||||||||
On March 26, 2013, U. S. Steel issued $275 million of 6.875% Senior Notes due April 1, 2021 (2021 Senior Notes). U. S. Steel received net proceeds from the offering of $270 million after fees of $5 million related to the underwriting discount and third party expenses. The net proceeds from the issuance of the 2021 Senior Notes, together with the net proceeds of the concurrent 2019 Senior Convertible Notes offering (see below), were used to repurchase a portion of our 4.00% Senior Convertible Notes due May 15, 2014 (the 2014 Senior Convertible Notes). Interest on the 2021 Senior Notes is payable semi-annually on April 1st and October 1st of each year, commencing on October 1, 2013. | |||||||||||||
U. S. Steel may redeem the 2021 Senior Notes, in whole or in part, at our option at any time and from time to time on or after April 1, 2017 at the redemption price for such notes set forth below as a percentage of the principal amount, plus accrued and unpaid interest to, but excluding, the redemption date, if redeemed during the twelve-month period beginning April 1 of the years indicated below: | |||||||||||||
Year | Redemption Price | ||||||||||||
2017 | 103.438 | % | |||||||||||
2018 | 101.719 | % | |||||||||||
2019 and thereafter | 100 | % | |||||||||||
2019 Senior Convertible Notes | |||||||||||||
On March 26, 2013, U. S. Steel issued $316 million of 2.75% Senior Convertible Notes due April 1, 2019 (the 2019 Senior Convertible Notes). U. S. Steel received net proceeds from the offering of $306 million after fees of $10 million related to the underwriting discount and third party expenses. The net proceeds from the issuance of the 2019 Senior Convertible Notes, together with the net proceeds of the concurrent 2021 Senior Notes offering (see above), were used to repurchase a portion of our 2014 Senior Convertible Notes. Interest on the 2019 Senior Convertible Notes is payable semi-annually on April 1st and October 1st of each year, commencing on October 1, 2013. | |||||||||||||
The initial conversion rate for the 2019 Senior Convertible Notes is 39.5491 shares of U. S. Steel common stock per $1,000 principal amount, equivalent to an initial conversion price of approximately $25.29 per share of common stock, subject to adjustment as defined in the 2019 Senior Convertible Notes. On the issuance date of the 2019 Senior Convertible Notes, the market price of U. S. Steel’s common stock was below the stated conversion price of $25.29 so there was no beneficial conversion option to the holders. Based on the initial conversion rate, the 2019 Senior Convertible Notes are convertible into 12,507,403 shares of U. S. Steel common stock and we reserved for the possible issuance of 16,259,615 shares, which is the maximum amount that could be issued upon conversion. Holders may convert their notes at their option prior to the close of business on the business day immediately preceding October 1, 2018 only under certain circumstances (as described in the 2019 Senior Convertible Notes). On or after October 1, 2018, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their 2019 Senior Convertible Notes at any time. Upon conversion, we will satisfy our conversion obligation by paying or delivering, as the case may be, cash, shares of our common stock or a combination of cash and shares of our common stock at our election. Any unconverted 2019 Senior Convertible Notes mature at par on April 1, 2019. | |||||||||||||
U. S. Steel may not redeem the 2019 Senior Convertible Notes prior to April 5, 2017. On or after April 5, 2017, we may redeem for cash all or part of the 2019 Senior Convertible Notes, at our option, under certain circumstances. The redemption price will equal 100% of the principal amount of the 2019 Senior Convertible Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. | |||||||||||||
If U. S. Steel undergoes a fundamental change, as defined in the 2019 Senior Convertible Notes, holders may require us to repurchase the 2019 Senior Convertible Notes in whole or in part for cash at a price equal to 100% of the principal amount of the 2019 Senior Convertible Notes to be purchased plus any accrued and unpaid interest (including additional interest, if any) up to, but excluding the repurchase date. | |||||||||||||
Although the 2019 Senior Convertible Notes were issued at par, for accounting purposes the proceeds received from the issuance of the notes are allocated between debt and equity to reflect the fair value of the conversion option embedded in the notes and the fair value of similar debt without the conversion option. As a result, $53 million of the gross proceeds of the 2019 Senior Convertible Notes was recorded as an increase in additional paid-in capital with the offsetting amount recorded as a debt discount. The debt discount will be amortized over the term of the 2019 Senior Convertible Notes using an interest rate of 6.2% (the estimated effective borrowing rate for nonconvertible debt at the time of issuance) which will accrete the carrying value of the notes to the principal amount at maturity. As of September 30, 2013, the remaining unamortized debt discount was $49 million and the net carrying amount of the 2019 Senior Convertible Notes was $267 million. | |||||||||||||
Similar to our other senior notes, the 2019 Senior Convertible Notes and the 2021 Senior Notes contain covenants limiting our ability to create liens, to enter into sale-leaseback transactions and to consolidate, merge or transfer all, or substantially all of our assets. They also contain provisions requiring the purchase of the notes upon a change in control under certain specified circumstances, as well as other customary provisions. In addition, certain payment defaults on other indebtedness are a default under the 2019 Senior Convertible Notes. | |||||||||||||
2014 Senior Convertible Notes | |||||||||||||
In March 2013, U. S. Steel repurchased approximately $542 million aggregate principal amount of our 4.00% Senior Convertible Notes due 2014, reducing the outstanding principal amount of the notes to $322 million. | |||||||||||||
The repurchases were funded with the net proceeds from the 2021 Senior Notes and the 2019 Senior Convertible Notes and cash. The aggregate purchase price, including accrued and unpaid interest and fees, for the convertible notes repurchased was approximately $580 million. U. S. Steel recorded a pretax charge of $34 million to net interest and other financial costs (see Note 7) in the first nine months of 2013 related mainly to the repurchase premiums. | |||||||||||||
Amended Credit Agreement | |||||||||||||
As of September 30, 2013, there were no amounts drawn on the Amended Credit Agreement, which expires July 20, 2016, and inventory values calculated in accordance with the Amended Credit Agreement supported the full $875 million of the facility. Under the Amended Credit Agreement, U. S. Steel must maintain a fixed charge coverage ratio (as further defined in the Amended Credit Agreement) of at least 1.00 to 1.00 for the most recent four consecutive quarters when availability under the Amended Credit Agreement is less than the greater of 10% of the total aggregate commitments and $87.5 million. Since availability was greater than $87.5 million, compliance with the fixed charge coverage ratio covenant was not applicable. Based on the most recent four quarters as of September 30, 2013, we would not meet this covenant. If the value of inventory does not support the full amount of the facility or we remain unable to meet this covenant in the future, the full amount of this facility would not be available to the Company. | |||||||||||||
Receivables Purchase Agreement | |||||||||||||
As of September 30, 2013, U. S. Steel has a Receivables Purchase Agreement (RPA) under which eligible trade accounts receivable are sold, on a daily basis without recourse, to U. S. Steel Receivables, LLC (USSR), a wholly owned, bankruptcy-remote, special purpose entity used only for the securitization program. As U. S. Steel accesses this facility, USSR sells senior undivided interests in the receivables to certain third-party commercial paper conduits, while maintaining a subordinated undivided interest in a portion of the receivables. U. S. Steel has agreed to continue servicing the sold receivables at market rates. | |||||||||||||
At both September 30, 2013 and December 31, 2012, eligible accounts receivable supported $625 million of availability under the RPA and there were no receivables sold to third-party conduits under this facility. | |||||||||||||
USSR pays the conduits a discount based on the conduits’ borrowing costs plus incremental fees. We paid $1 million in each of the three month periods ended September 30, 2013 and 2012 and $3 million in each of the nine month periods ended September 30, 2013 and 2012 relating to fees on the RPA. These costs are included in other financial costs in the Consolidated Statement of Operations. | |||||||||||||
Generally, the facility provides that as payments are collected from the sold accounts receivables, USSR may elect to have the conduits reinvest the proceeds in new eligible accounts receivable. As there was no activity under this facility during the nine months ended September 30, 2013, there were no collections reinvested. During the nine months ended September 30, 2012, collection of accounts receivable of approximately $1,175 million were reinvested. | |||||||||||||
The eligible accounts receivable and receivables sold to third-party conduits are summarized below: | |||||||||||||
(In millions) | September 30, 2013 | December 31, 2012 | |||||||||||
Balance of accounts receivable-net, eligible for sale to third-party conduits | $ | 1,053 | $ | 1,127 | |||||||||
Accounts receivable sold to third-party conduits | — | — | |||||||||||
Balance included in Receivables on the balance sheet of U. S. Steel | $ | 1,053 | $ | 1,127 | |||||||||
The net book value of U. S. Steel’s retained interest in the receivables represents the best estimate of the fair market value due to the short-term nature of the receivables. The retained interest in the receivables is recorded net of the allowance for bad debts, which historically have not been significant. | |||||||||||||
The facility may be terminated on the occurrence and failure to cure certain events, including, among others, failure of USSR to maintain certain ratios related to the collectability of the receivables and failure to make payment under its material debt obligations. The facility may also be terminated upon a change of control. The facility expires in July 2016. | |||||||||||||
Change in control event | |||||||||||||
If there is a change in control of U. S. Steel, the following may occur: (a) debt obligations totaling $3,212 million as of September 30, 2013 (including the Senior Notes and Senior Convertible Notes) may be declared immediately due and payable; (b) the Amended Credit Agreement, the RPA and USSK’s €200 million revolving credit agreement may be terminated and any amounts outstanding declared immediately due and payable; and (c) U. S. Steel may be required to either repurchase the leased Fairfield Works slab caster for $41 million or provide a letter of credit to secure the remaining obligation. | |||||||||||||
U. S. Steel Košice (USSK) credit facilities | |||||||||||||
At September 30, 2013, USSK had no borrowings under its €200 million (approximately $270 million) unsecured revolving credit facility. | |||||||||||||
On July 15, 2013, USSK entered into a €200 million revolving credit facility agreement (the Credit Agreement) that replaced USSK's €200 million credit facility that was scheduled to expire in August 2013. The Credit Agreement contains certain USSK financial covenants (as further defined in the Credit Agreement) as well as other customary terms and conditions. The Credit Agreement expires in July 2016. | |||||||||||||
At September 30, 2013, USSK had no borrowings under its €20 million unsecured credit facility (approximately $27 million) and the availability was approximately $25 million due to approximately $2 million of customs and other guarantees outstanding. |
Asset_Retirement_Obligations
Asset Retirement Obligations | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Asset Retirement Obligation Disclosure [Abstract] | |||||||||||
Asset Retirement Obligations | Asset Retirement Obligations | ||||||||||
U. S. Steel’s asset retirement obligations (AROs) primarily relate to mine and landfill closure and post-closure costs. The following table reflects changes in the carrying values of AROs: | |||||||||||
(In millions) | September 30, 2013 | December 31, 2012 | |||||||||
Balance at beginning of year | $ | 33 | $ | 38 | |||||||
Additional obligations incurred | 5 | 2 | |||||||||
Obligations settled | (7 | ) | (9 | ) | (a) | ||||||
Accretion expense | 4 | 2 | |||||||||
Balance at end of period | $ | 35 | $ | 33 | |||||||
(a) Includes $2 million as a result of the sale of USSS on January 31, 2012. See Note 4 for additional details. | |||||||||||
Certain AROs related to disposal costs of the majority of fixed assets at our integrated steel facilities have not been recorded because they have an indeterminate settlement date. These AROs will be initially recognized in the period in which sufficient information exists to estimate their fair value. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value of Financial Instruments | Fair Value of Financial Instruments | ||||||||||||||||
The carrying value of cash and cash equivalents, current accounts and notes receivable, accounts payable, bank checks outstanding and accrued interest included in the Consolidated Balance Sheet approximate fair value. See Note 5 for disclosure of U. S. Steel's contingent consideration arrangement and Note 13 for disclosure of U. S. Steel’s derivative instruments, which are both accounted for at fair value on a recurring basis. | |||||||||||||||||
The following table summarizes U. S. Steel’s financial assets and liabilities that were not carried at fair value at September 30, 2013 and December 31, 2012. | |||||||||||||||||
30-Sep-13 | December 31, 2012 | ||||||||||||||||
(In millions) | Fair | Carrying | Fair | Carrying | |||||||||||||
Value | Amount | Value | Amount | ||||||||||||||
Financial assets: | |||||||||||||||||
Investments and long-term receivables (a) | $ | 66 | $ | 66 | $ | 39 | $ | 39 | |||||||||
Financial liabilities: | |||||||||||||||||
Debt (b) | $ | 4,010 | $ | 3,904 | $ | 4,113 | $ | 3,902 | |||||||||
(a) Excludes equity method investments. | |||||||||||||||||
(b) Excludes capital lease obligations. | |||||||||||||||||
The following methods and assumptions were used to estimate the fair value of financial instruments included in the table above: | |||||||||||||||||
Investments and long-term receivables: Fair value was based on Level 2 inputs which were discounted cash flows. U. S. Steel is subject to market risk and liquidity risk related to its investments. | |||||||||||||||||
Long-term debt instruments: Fair value was determined using Level 2 inputs which were derived from quoted market prices and is based on the yield on public debt where available or current borrowing rates available for financings with similar terms and maturities. | |||||||||||||||||
Fair value of the financial assets and liabilities disclosed herein is not necessarily representative of the amount that could be realized or settled, nor does the fair value amount consider the tax consequences of realization or settlement. | |||||||||||||||||
Financial guarantees are U. S. Steel’s only unrecognized financial instrument. For details relating to financial guarantees see Note 20. |
Statement_of_Changes_in_Stockh
Statement of Changes in Stockholders' Equity | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||
Statement of Changes in Stockholders' Equity | Statement of Changes in Stockholders’ Equity | ||||||||||||||||||||||||||||||||
The following table reflects the first nine months of 2013 and 2012 reconciliation of the carrying amount of total equity, equity attributable to United States Steel Corporation and equity attributable to the noncontrolling interests: | |||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2013 (In millions) | Total | Comprehensive | Retained | Accumulated | Common | Treasury | Paid-in | Non- | |||||||||||||||||||||||||
Income (Loss) | Earnings | Other | Stock | Stock | Capital | Controlling | |||||||||||||||||||||||||||
Comprehensive | Interest | ||||||||||||||||||||||||||||||||
Income (Loss) | |||||||||||||||||||||||||||||||||
Balance at beginning of year | $ | 3,478 | $ | 3,463 | $ | (3,268 | ) | $ | 151 | $ | (521 | ) | $ | 3,652 | $ | 1 | |||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||||||||||||
Net loss | (1,942 | ) | (1,942 | ) | (1,942 | ) | |||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||||||||||||
Pension and other benefit adjustments | 197 | 197 | 197 | ||||||||||||||||||||||||||||||
Currency translation adjustment | 13 | 13 | 13 | ||||||||||||||||||||||||||||||
Issuance of conversion option in 2019 Senior Convertible Notes, net of tax | 31 | 31 | |||||||||||||||||||||||||||||||
Employee stock plans | 22 | 40 | (18 | ) | |||||||||||||||||||||||||||||
Dividends paid on common stock | (22 | ) | (22 | ) | |||||||||||||||||||||||||||||
Other | (2 | ) | $ | (2 | ) | ||||||||||||||||||||||||||||
Balance at September 30, 2013 | $ | 1,775 | $ | (1,732 | ) | $ | 1,497 | $ | (3,058 | ) | $ | 151 | $ | (481 | ) | $ | 3,665 | $ | 1 | ||||||||||||||
Nine Months Ended September 30, 2012 (In millions) | Total | Comprehensive | Retained | Accumulated | Common | Treasury | Paid-in | Non- | |||||||||||||||||||||||||
Income (Loss) | Earnings | Other | Stock | Stock | Capital | Controlling | |||||||||||||||||||||||||||
Comprehensive | Interest | ||||||||||||||||||||||||||||||||
Income (Loss) | |||||||||||||||||||||||||||||||||
Balance at beginning of year | $ | 3,501 | $ | 3,616 | $ | (3,367 | ) | $ | 151 | $ | (550 | ) | $ | 3,650 | $ | 1 | |||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||||||||||||
Net loss | (74 | ) | (74 | ) | (74 | ) | |||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||||||||||||
Pension and other benefit adjustments | 360 | 360 | 360 | ||||||||||||||||||||||||||||||
Currency translation adjustment | 76 | 76 | 76 | ||||||||||||||||||||||||||||||
Employee stock plans | 21 | 29 | (8 | ) | |||||||||||||||||||||||||||||
Dividends paid on common stock | (22 | ) | (22 | ) | |||||||||||||||||||||||||||||
Other | 1 | 1 | |||||||||||||||||||||||||||||||
Balance at September 30, 2012 | $ | 3,863 | $ | 362 | $ | 3,520 | $ | (2,931 | ) | $ | 151 | $ | (521 | ) | $ | 3,642 | $ | 2 | |||||||||||||||
Reclassifications_from_Accumul
Reclassifications from Accumulated Other Comprehensive Income (AOCI) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Equity [Abstract] | |||||||||||||
Reclassifications from Accumulated Other Comprehensive Income (AOCI) | Reclassifications from Accumulated Other Comprehensive Income (AOCI) | ||||||||||||
(In millions) (a) | Pension and | Foreign | Total | ||||||||||
Other Benefit | Currency | ||||||||||||
Items | Items | ||||||||||||
Balance at December 31, 2012 | $ | (3,613 | ) | $ | 345 | $ | (3,268 | ) | |||||
Other comprehensive income (loss) before reclassifications | (13 | ) | 13 | — | |||||||||
Amounts reclassified from AOCI (b) | 210 | — | 210 | ||||||||||
Net current-period other comprehensive income | 197 | 13 | 210 | ||||||||||
Balance at September 30, 2013 | $ | (3,416 | ) | $ | 358 | $ | (3,058 | ) | |||||
(a)All amounts are net of tax. Amounts in parentheses indicate debits. | |||||||||||||
(b)See table below for further details. | |||||||||||||
Amount reclassified | |||||||||||||
from AOCI | |||||||||||||
(In millions) (a) | Details about AOCI components | Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | ||||||||||
Amortization of pension and other benefit items | |||||||||||||
Prior service costs | $ | (3 | ) | (b) | $ | (8 | ) | (b) | |||||
Actuarial gains/(losses) | (100 | ) | (b) | (298 | ) | (b) | |||||||
Total before tax | (103 | ) | (306 | ) | |||||||||
Tax benefit | 29 | 96 | |||||||||||
Net of tax | $ | (74 | ) | $ | (210 | ) | |||||||
(a)Amounts in parentheses indicate debits to income/loss. | |||||||||||||
(b) | These AOCI components are included in the computation of net periodic benefit cost (see Note 6 for additional details). |
Related_Party_Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2013 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions |
Net sales to related parties and receivables from related parties primarily reflect sales of steel products to equity investees. Generally, transactions are conducted under long-term market-based contractual arrangements. Related party sales and service transactions were $275 million and $342 million for the three months ended September 30, 2013 and 2012, respectively, and $863 million and $1 billion for the nine months ended September 30, 2013 and 2012, respectively. | |
Purchases from related parties for outside processing services provided by equity investees amounted to $18 million and $16 million for the three months ended September 30, 2013 and 2012, respectively, and $53 million and $44 million for the nine months ended September 30, 2013 and 2012, respectively. Purchases of iron ore pellets from related parties amounted to $63 million and $84 million for the three months ended September 30, 2013 and 2012, respectively and $180 million and $204 million for the nine months ended September 30, 2013 and 2012, respectively. | |
Accounts payable to related parties include amounts collected on behalf of PRO-TEC Coating Company (PRO-TEC) of $89 million and $75 million at September 30, 2013 and December 31, 2012, respectively. U. S. Steel, as PRO-TEC’s exclusive sales agent, is responsible for credit risk related to PRO-TEC’s receivables. U. S. Steel also provides PRO-TEC marketing, selling and customer service functions. Payables to other related parties totaled $4 million and $3 million at September 30, 2013 and December 31, 2012, respectively. |
Contingencies_and_Commitments
Contingencies and Commitments | 9 Months Ended | ||||||||||||||
Sep. 30, 2013 | |||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||
Contingencies and Commitments | Contingencies and Commitments | ||||||||||||||
U. S. Steel is the subject of, or party to, a number of pending or threatened legal actions, contingencies and commitments involving a variety of matters, including laws and regulations relating to the environment. Certain of these matters are discussed below. The ultimate resolution of these contingencies could, individually or in the aggregate, be material to the consolidated financial statements. However, management believes that U. S. Steel will remain a viable and competitive enterprise even though it is possible that these contingencies could be resolved unfavorably. | |||||||||||||||
U. S. Steel accrues for estimated costs related to existing lawsuits, claims and proceedings when it is probable that it will incur these costs in the future. | |||||||||||||||
Asbestos matters – As of September 30, 2013, U. S. Steel was a defendant in approximately 800 active cases involving approximately 3,340 plaintiffs. Many of these cases involve multiple defendants (typically from fifty to more than one hundred). About 2,560, or approximately 77 percent, of these plaintiff claims are currently pending in jurisdictions which permit filings with massive numbers of plaintiffs. Based upon U. S. Steel’s experience in such cases, it believes that the actual number of plaintiffs who ultimately assert claims against U. S. Steel will likely be a small fraction of the total number of plaintiffs. During the nine months ended September 30, 2013, U. S. Steel paid approximately $6 million in settlements. These settlements and other dispositions resolved approximately 175 claims. New case filings in the first nine months of 2013 added approximately 185 claims. At December 31, 2012, U. S. Steel was a defendant in approximately 790 active cases involving approximately 3,330 plaintiffs. During 2012, U. S. Steel paid approximately $15 million in settlements. These settlements and other dispositions resolved approximately 190 claims. New case filings in the year ended December 31, 2012 added approximately 285 claims. Most claims filed in 2013 and 2012 involved individual or small groups of claimants as many jurisdictions no longer permit the filing of mass complaints. | |||||||||||||||
Historically, these claims against U. S. Steel fall into three major groups: (1) claims made by persons who allegedly were exposed to asbestos at U. S. Steel facilities (referred to as “premises claims”); (2) claims made by industrial workers allegedly exposed to products manufactured by U. S. Steel; and (3) claims made under certain federal and general maritime laws by employees of former operations of U. S. Steel. In general, the only insurance available to U. S. Steel with respect to asbestos claims is excess casualty insurance, which has multi-million dollar retentions. To date, U. S. Steel has received minimal payments under these policies for asbestos claims. | |||||||||||||||
These asbestos cases allege a variety of respiratory and other diseases based on alleged exposure to asbestos. U. S. Steel is currently a defendant in cases in which a total of approximately 260 plaintiffs allege that they are suffering from mesothelioma. The potential for damages against defendants may be greater in cases where the plaintiffs can prove mesothelioma. | |||||||||||||||
In many cases, the plaintiffs have been unable to establish any causal relationship to U. S. Steel or its products or premises; however, with the decline in mass plaintiff cases, the incidence of claimants actually alleging a claim against U. S. Steel is increasing. In addition, in many asbestos cases, the claimants have been unable to demonstrate that they have suffered any identifiable injury or compensable loss at all; that any injuries that they have incurred did in fact result from alleged exposure to asbestos; or that such alleged exposure was in any way related to U. S. Steel or its products or premises. | |||||||||||||||
The amount U. S. Steel has accrued for pending asbestos claims is not material to U. S. Steel’s financial position. U. S. Steel does not accrue for unasserted asbestos claims because it is not possible to determine whether any loss is probable with respect to such claims or even to estimate the amount or range of any possible losses. The vast majority of pending claims against U. S. Steel allege so-called “premises” liability-based alleged exposure on U. S. Steel’s current or former premises. These claims are made by an indeterminable number of people such as truck drivers, railroad workers, salespersons, contractors and their employees, government inspectors, customers, visitors and even trespassers. In most cases the claimant also was exposed to asbestos in non-U. S. Steel settings; the relative periods of exposure between U. S. Steel and non-U. S. Steel settings vary with each claimant; and the strength or weakness of the causal link between U. S. Steel exposure and any injury vary widely as do the nature and severity of the injury claimed. | |||||||||||||||
We are unable to estimate the ultimate outcome of asbestos-related lawsuits, claims and proceedings due to the unpredictable nature of personal injury litigation. Despite this uncertainty, management believes that the ultimate resolution of these matters will not have a material adverse effect on U. S. Steel’s financial condition, although the resolution of such matters could significantly impact results of operations for a particular quarter. Among the factors considered in reaching this conclusion are: (1) it has been many years since U. S. Steel employed maritime workers or manufactured or sold asbestos containing products; (2) most asbestos containing material was removed or remediated at U. S. Steel facilities many years ago; and (3) U. S. Steel’s history of trial outcomes, settlements and dismissals. | |||||||||||||||
Environmental matters – U. S. Steel is subject to federal, state, local and foreign laws and regulations relating to the environment. These laws generally provide for control of pollutants released into the environment and require responsible parties to undertake remediation of hazardous waste disposal sites. Penalties may be imposed for noncompliance. Changes in accrued liabilities for remediation activities are summarized in the following table: | |||||||||||||||
(In millions) | Nine Months Ended September 30, 2013 | ||||||||||||||
Beginning of period | $ | 203 | |||||||||||||
Accruals for environmental remediation deemed probable and reasonably estimable | 5 | ||||||||||||||
Payments | (9 | ) | |||||||||||||
End of period | $ | 199 | |||||||||||||
Accrued liabilities for remediation activities are included in the following balance sheet lines: | |||||||||||||||
(In millions) | September 30, 2013 | December 31, 2012 | |||||||||||||
Accounts payable | $ | 17 | $ | 21 | |||||||||||
Deferred credits and other noncurrent liabilities | 182 | 182 | |||||||||||||
Total | $ | 199 | $ | 203 | |||||||||||
Expenses related to remediation are recorded in cost of sales and totaled less than $1 million and $2 million for the three months ended September 30, 2013 and 2012, respectively and $5 million and $11 million for the nine months ended September 30, 2013 and 2012, respectively. It is not presently possible to estimate the ultimate amount of all remediation costs that might be incurred. Due to uncertainties inherent in remediation projects and the associated liabilities, it is possible that total remediation costs for active matters and projects with ongoing study and scope development may exceed the accrued liabilities by as much as 20 to 40 percent. | |||||||||||||||
Remediation Projects | |||||||||||||||
U. S. Steel is involved in environmental remediation projects at or adjacent to several current and former U. S. Steel facilities and other locations that are in various stages of completion ranging from initial characterization through post-closure monitoring. Based on the anticipated scope and degree of uncertainty of projects, we categorize projects as follows: | |||||||||||||||
-1 | Projects with Ongoing Study and Scope Development are those projects which are still in the study and development phase. For these projects the extent of remediation that may be required is not yet known, the remediation methods and plans are not yet developed, and cost estimates cannot be determined. Therefore, it is reasonably possible that material costs in addition to the accrued liabilities for these projects, may be incurred. | ||||||||||||||
-2 | Significant Projects with Defined Scope are those projects with significant accrued liabilities, a defined scope and little likelihood of material additional costs. | ||||||||||||||
-3 | Other Projects are those projects with relatively small accrued liabilities for which we believe that, while additional costs are possible, they are not likely to be material, and those projects for which we do not yet possess sufficient information to estimate potential costs to U. S. Steel. | ||||||||||||||
Projects with Ongoing Study and Scope Development – There are six environmental remediation projects where reasonably possible additional costs for completion are not currently estimable, but could be material. There are four Resource Conservation and Recovery Act (RCRA) program projects (at Fairfield Works, Lorain Tubular, USS-POSCO Industries (UPI) and the Fairless Plant), the St. Louis Estuary and Upland project in Duluth, Minnesota and a voluntary remediation program project at the former steel making plant at Joliet, Illinois. As of September 30, 2013, accrued liabilities for these projects totaled $23 million for the costs of ongoing studies, investigations, and design. The St. Louis Estuary and Upland project was previously considered a "significant project with defined scope"; however, further studies are being conducted which are likely to result in an expanded scope. It is reasonably possible that additional liabilities associated with future requirements regarding studies, investigations, design and remediation for these projects could be as much as $45 million to $75 million. Depending on agency negotiations and other factors, the UPI and the St. Louis Estuary and Upland projects may become defined in 2013. | |||||||||||||||
Significant Projects with Defined Scope – As of September 30, 2013, a total of $57 million was accrued for projects at or related to Gary Works where the scope of work is defined. | |||||||||||||||
An additional project with defined scope greater than or equal to $5 million consists of a project at U. S. Steel’s former Geneva Works in Geneva, Utah. As of September 30, 2013, the accrued liability for this project totaled $64 million. U. S. Steel does not expect material additional costs related to this project. | |||||||||||||||
Other Projects – There are six other environmental remediation projects which each had an accrued liability of between $1 million and $5 million. The total accrued liability for these projects at September 30, 2013 was $13 million. These projects have progressed through a significant portion of the design phase and material additional costs are not expected. | |||||||||||||||
The remaining environmental remediation projects each had an accrued liability of less than $1 million. The total accrued liability for these projects at September 30, 2013 was $8 million. We do not foresee material additional liabilities for any of these sites. | |||||||||||||||
Post-Closure Costs – Accrued liabilities for post-closure site monitoring and other costs at various closed landfills totaled $28 million at September 30, 2013 and were based on known scopes of work. | |||||||||||||||
Administrative and Legal Costs – As of September 30, 2013, U. S. Steel had an accrued liability of $6 million for administrative and legal costs related to environmental remediation projects. These accrued liabilities were based on projected administrative and legal costs for the next three years and have not changed significantly from year to year. | |||||||||||||||
Capital Expenditures – For a number of years, U. S. Steel has made substantial capital expenditures to bring existing facilities into compliance with various laws relating to the environment. In the first nine months of 2013 and 2012, such capital expenditures totaled $36 million and $37 million, respectively. U. S. Steel anticipates making additional such expenditures in the future; however, the exact amounts and timing of such expenditures are uncertain because of the continuing evolution of specific regulatory requirements. | |||||||||||||||
CO2 Emissions – Current and potential regulation of Greenhouse Gas (GHG) emissions remains a significant issue for the steel industry, particularly for integrated steel producers such as U. S. Steel. The regulation of carbon dioxide (CO2) emissions has either become law or is being considered by legislative bodies of many nations, including countries where we have operating facilities. The European Union (EU) has established GHG regulations based upon national allocations and a cap and trade system. In Canada, both the federal and Ontario governments have issued proposed requirements for GHG emissions. In the United States, the Environmental Protection Agency (EPA) has published rules for regulating GHG emissions for certain facilities and has implemented various reporting requirements as further described below. In 2010, GHG legislation was passed in the House of Representatives and introduced in the Senate. The federal courts are considering several suits that challenge the EPA’s authority to regulate GHG emissions under the Clean Air Act. We do not know what action, if any, may be taken by the current or future sessions of Congress. | |||||||||||||||
The EU has imposed limitations under the Emission Trading System for the period 2013-2020 (NAP III) that are more stringent than those in NAP II, reducing the number of free allowances granted to companies to cover their CO2 emissions. In September of 2013, the EC issued EU wide legislation further reducing the expected free allocation for NAP III by an average of approximately 12% for the NAP III period. The final volume of the free allocation for NAP III is expected to be published by the end of 2013. | |||||||||||||||
On May 13, 2010, the EPA published its final Greenhouse Gas Tailoring Rule establishing a mechanism for regulating GHG emissions from facilities through the Clean Air Act’s Prevention of Significant Deterioration (PSD) permitting process. U. S. Steel reported its emissions under these rules in accordance with the regulation and its deadlines. Since 2011, new projects that increase GHG emissions by more than 75,000 tons per year have new PSD requirements based on best available control technology (BACT), but only if the project also significantly increases emissions of at least one non-GHG pollutant. Only existing sources with Title V permits or new sources obtaining Title V permits for non-GHG pollutants will also be required to address GHG emissions. As of July 1, 2011, new sources not already subject to Title V requirements that emit over 100,000 tons per year, or modifications to existing permits that increase GHG emissions by more than 75,000 tons per year, are subject to PSD and Title V requirements. On November 17, 2010 the EPA issued its “PSD and Title V Permitting Guidance for Greenhouse Gases” and “Available and Emerging Technologies for Reducing Greenhouse Gas Emissions from the Iron and Steel Industry.” With this guidance, EPA intends to help state and local air permitting authorities identify greenhouse gas reductions under the Clean Air Act. Additionally, the EPA revised the National Ambient Air Quality Standards (NAAQS) for nitrogen oxide, sulfur dioxide and lead in 2010 and is in the process of revising the NAAQS for 2.5 micron particulate matter, ozone and sulfur dioxides. | |||||||||||||||
It is impossible to estimate the timing or impact of these or other future government action on U. S. Steel, although it could be significant. Such impacts may include substantial capital expenditures, costs for emission allowances, restriction of production, and higher prices for coking coal, natural gas and electricity generated by carbon based systems. | |||||||||||||||
European Union (EU) Environmental Requirements – Slovakia is currently considering a law implementing an EU Waste Framework Directive that would more strictly regulate waste disposal and increase fees for waste disposed of in landfills including privately owned landfills. The intent of the waste directive is to encourage recycling. Because Slovakia has not adopted implementing legislation, we cannot estimate the full financial impact of this prospective legislation at this time. | |||||||||||||||
The EU’s Industry Emission Directive will require implementation of EU determined best available techniques (BATs) to reduce environmental impacts as well as compliance with BAT associated emission levels. It contains operational requirements for air emissions, waste water discharges, solid waste disposal and energy conservation, dictates certain operating practices and imposes stricter emission limits. Producers will be required to be in compliance with the iron and steel BAT by March 8, 2016. We are evaluating the costs of complying with BAT, but our most recent broad estimate of likely capital expenditures is $300 million to $400 million over the 2013 to 2016 period. We are currently investigating the possibility of obtaining EU grants to fund a portion of those capital expenditures. We also believe that there will be increased operating costs, such as increased energy and maintenance costs, but we are currently unable to reliably estimate them. | |||||||||||||||
Environmental and other indemnifications – Throughout its history, U. S. Steel has sold numerous properties and businesses and many of these sales included indemnifications and cost sharing agreements related to the assets that were sold. These indemnifications and cost sharing agreements have related to the condition of the property, the approved use, certain representations and warranties, matters of title and environmental matters. While most of these provisions have not specifically dealt with environmental issues, there have been transactions in which U. S. Steel indemnified the buyer for non-compliance with past, current and future environmental laws related to existing conditions and there can be questions as to the applicability of more general indemnification provisions to environmental matters. Most recent indemnifications and cost sharing agreements are of a limited nature only applying to non-compliance with past and/or current laws. Some indemnifications and cost sharing agreements only run for a specified period of time after the transactions close and others run indefinitely. In addition, current owners of property formerly owned by U. S. Steel may have common law claims and contribution rights against U. S. Steel for environmental matters. The amount of potential environmental liability associated with these transactions and properties is not estimable due to the nature and extent of the unknown conditions related to the properties sold. Aside from the environmental liabilities already recorded as a result of these transactions due to specific environmental remediation activities and cases (included in the $199 million of accrued liabilities for remediation discussed above), there are no other known environmental liabilities related to these transactions. | |||||||||||||||
Guarantees – The maximum guarantees of the indebtedness of unconsolidated entities of U. S. Steel totaled $29 million (which includes the recorded liability of $22 million noted below) at September 30, 2013. If any default related to the guaranteed indebtedness occurs, U. S. Steel has access to its interest in the assets of the investees to reduce its potential losses under the guarantees. | |||||||||||||||
During the third quarter of 2013, U. S. Steel recorded a pretax charge of $22 million to net interest and other financial costs (see Note 7) to record a liability related to a guarantee of debt related to an unconsolidated equity investment for which payment by U. S. Steel is probable. The $22 million is the maximum amount U. S. Steel would be obligated to pay as the guarantor and represents the fair value of the obligation at September 30, 2013. | |||||||||||||||
Antitrust Class Actions – In a series of lawsuits filed in federal court in the Northern District of Illinois beginning September 12, 2008, individual direct or indirect buyers of steel products have asserted that eight steel manufacturers, including U. S. Steel, conspired in violation of antitrust laws to restrict the domestic production of raw steel and thereby to fix, raise, maintain or stabilize the price of steel products in the United States. The cases are filed as class actions and claim treble damages for the period 2005 to present, but do not allege any damage amounts. U. S. Steel is vigorously defending these lawsuits and does not believe that it is probable a liability regarding these matters has been incurred. We are unable to estimate a range of possible loss at this time. | |||||||||||||||
EPA Region V Federal Lawsuit – On August 1, 2012, the U.S. government, joined by the States of Illinois, Indiana and Michigan, filed a complaint in the Northern District of Indiana alleging various CAA and State air regulatory violations that were to have allegedly occurred at Gary Works, Granite City Works, and Great Lakes Works, our three integrated iron and steel facilities located in EPA Region V. The Complaint alleges that Gary Works failed to obtain the proper pre-construction permit for a routine reline of its Blast Furnace No. 4 in 1990, and that the three facilities failed to meet certain operational, maintenance, opacity, and recordkeeping requirements under the CAA and its implementing regulations. The Complaint requests relief in the form of statutory penalties for each violation and for injunctive relief. U. S. Steel believes that the claims asserted in the Complaint are not justified and are without statutory foundation. On September 21, 2012, U. S. Steel filed a motion to dismiss the U.S. government’s claims for relief regarding the 1990 reline of the Gary Blast Furnace No. 4 and filed an answer to the remaining allegations in the Complaint. On August 21, 2013, the district court issued an Opinion and Order, granting in part, and denying in part, the Motion to Dismiss. The court granted the Motion to Dismiss with respect to penalties such that the government is barred from seeking any civil penalties. However, the court denied our Motion to Dismiss with respect to injunctive relief. On September 6, 2013, U. S. Steel filed a Motion for Reconsideration to the district court with respect to its denial of the Motion to Dismiss regarding injunctive relief. In response, on September 26, 2013, the court issued a Notice of Hearing regarding U. S. Steel's Motion for Reconsideration for November 5, 2013. In the interim, the parties are continuing with discovery. U. S. Steel will continue to vigorously defend against these claims. At this time, the potential outcome is not reasonably estimable. | |||||||||||||||
Randle Reef – The Canadian and Ontario governments have identified for remediation a sediment deposit, commonly referred to as Randle Reef, in Hamilton Harbor near USSC’s Hamilton Works, for which the regulatory agencies estimate expenditures with a net present value of approximately C$120 million (approximately $117 million). The national and provincial governments have each allocated C$40 million (approximately $39 million) for this project. Local sources, including industry, have also agreed to provide funding of C$40 million (approximately $39 million) for this project. USSC has committed to contribute approximately 11,000 tons of hot rolled steel and to fund C$2 million (approximately $2 million). The steel contribution is expected to be made in 2014. As of September 30, 2013, U. S. Steel has an accrued current liability of approximately $10 million reflecting the contribution commitment. | |||||||||||||||
Other contingencies – Under certain operating lease agreements covering various equipment, U. S. Steel has the option to renew the lease or to purchase the equipment at the end of the lease term. If U. S. Steel does not exercise the purchase option by the end of the lease term, U. S. Steel guarantees a residual value of the equipment as determined at the lease inception date (totaling approximately $16 million at September 30, 2013). No liability has been recorded for these guarantees as the potential loss is not probable. | |||||||||||||||
Insurance – U. S. Steel maintains insurance for certain property damage, equipment, business interruption and general liability exposures; however, insurance is applicable only after certain deductibles and retainages. U. S. Steel is self-insured for certain other exposures including workers’ compensation (where permitted by law) and auto liability. Liabilities are recorded for workers’ compensation and personal injury obligations. Other costs resulting from losses under deductible or retainage amounts or not otherwise covered by insurance are charged against income upon occurrence. | |||||||||||||||
U. S. Steel uses surety bonds, trusts and letters of credit to provide whole or partial financial assurance for certain obligations such as workers’ compensation. The total amount of active surety bonds, trusts and letters of credit being used for financial assurance purposes was approximately $168 million as of September 30, 2013, which reflects U. S. Steel’s maximum exposure under these financial guarantees, but not its total exposure for the underlying obligations. Most of the trust arrangements and letters of credit are collateralized by restricted cash. Restricted cash, which is recorded in other current and noncurrent assets, totaled $142 million at September 30, 2013, of which $1 million was classified as current, and $181 million at December 31, 2012, of which $5 million was classified as current. Restricted cash at September 30, 2013 also includes $50 million to fund certain capital projects at Gary Works, our Clairton Plant and Granite City Works. The proceeds become unrestricted as capital expenditures for these projects are made. | |||||||||||||||
Capital Commitments – At September 30, 2013, U. S. Steel’s contractual commitments to acquire property, plant and equipment totaled $235 million. | |||||||||||||||
Contractual Purchase Commitments – U. S. Steel is obligated to make payments under contractual purchase commitments, including unconditional purchase obligations. Payments for contracts with remaining terms in excess of one year are summarized below (in millions): | |||||||||||||||
Remainder of 2013 | 2014 | 2015 | 2016 | 2017 | Later | Total | |||||||||
Years | |||||||||||||||
$307 | $806 | $431 | $332 | $323 | $1,728 | $ | 3,927 | ||||||||
The majority of U. S. Steel’s unconditional purchase obligations relates to the supply of industrial gases, energy and utility services with terms ranging from two to 15 years. Unconditional purchase obligations also include coke and steam purchase commitments related to a coke supply agreement with Gateway Energy & Coke Company LLC under which Gateway is obligated to supply 90 percent to 105 percent of the expected annual capacity of the heat recovery coke plant at our Granite City Works, and U. S. Steel is obligated to purchase the coke from Gateway at the contract price. As of September 30, 2013, a maximum default payment of approximately $250 million would apply if U. S. Steel terminates the agreement. | |||||||||||||||
Total payments relating to unconditional purchase obligations were approximately $115 million and $180 million for the three months ended September 30, 2013 and 2012, respectively and $410 million and $550 million for the nine months ended September 30, 2013 and 2012, respectively. |
Subsequent_Event
Subsequent Event | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Event |
In October of 2013, U. S. Steel decided to permanently shut down its iron and steelmaking facilities at Hamilton Works on December 31, 2013. As a result, we expect to record a non-cash charge in the fourth quarter of 2013 of approximately $225 million for accelerated depreciation on the associated fixed assets. |
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | |
Reclassifications | Reclassifications |
Certain reclassifications of prior years’ data have been made to conform to the current year presentation. |
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||
Results of Segment Operations | The results of segment operations for the three months ended September 30, 2013 and 2012 are: | ||||||||||||||||||||
(In millions) Third Quarter 2013 | Customer | Intersegment | Net | Income | Income | ||||||||||||||||
Sales | Sales | Sales | (loss) | (loss) | |||||||||||||||||
from | from | ||||||||||||||||||||
investees | operations | ||||||||||||||||||||
Flat-rolled | $ | 2,731 | $ | 324 | $ | 3,055 | $ | 28 | $ | 82 | |||||||||||
USSE | 643 | 1 | 644 | — | (32 | ) | |||||||||||||||
Tubular | 731 | 2 | 733 | (1 | ) | 49 | |||||||||||||||
Total reportable segments | 4,105 | 327 | 4,432 | 27 | 99 | ||||||||||||||||
Other Businesses | 26 | 32 | 58 | (1 | ) | 14 | |||||||||||||||
Reconciling Items and Eliminations | — | (359 | ) | (359 | ) | — | (1,815 | ) | |||||||||||||
Total | $ | 4,131 | $ | — | $ | 4,131 | $ | 26 | $ | (1,702 | ) | ||||||||||
Third Quarter 2012 | |||||||||||||||||||||
Flat-rolled | $ | 3,142 | $ | 415 | $ | 3,557 | $ | 49 | $ | 29 | |||||||||||
USSE | 696 | 68 | 764 | — | 27 | ||||||||||||||||
Tubular | 787 | 3 | 790 | (1 | ) | 102 | |||||||||||||||
Total reportable segments | 4,625 | 486 | 5,111 | 48 | 158 | ||||||||||||||||
Other Businesses | 27 | 13 | 40 | — | 13 | ||||||||||||||||
Reconciling Items and Eliminations | — | (499 | ) | (499 | ) | — | (109 | ) | |||||||||||||
Total | $ | 4,652 | $ | — | $ | 4,652 | $ | 48 | $ | 62 | |||||||||||
The results of segment operations for the nine months ended September 30, 2013 and 2012 are: | |||||||||||||||||||||
(In millions) First Nine Months 2013 | Customer | Intersegment | Net | Income | Income | ||||||||||||||||
Sales | Sales | Sales | (loss) | (loss) | |||||||||||||||||
from | from | ||||||||||||||||||||
investees | operations | ||||||||||||||||||||
Flat-rolled | $ | 8,710 | $ | 985 | $ | 9,695 | $ | 41 | $ | 18 | |||||||||||
USSE | 2,204 | 3 | 2,207 | — | 16 | ||||||||||||||||
Tubular | 2,126 | 4 | 2,130 | (7 | ) | 158 | |||||||||||||||
Total reportable segments | 13,040 | 992 | 14,032 | 34 | 192 | ||||||||||||||||
Other Businesses | 115 | 101 | 216 | (3 | ) | 62 | |||||||||||||||
Reconciling Items and Eliminations | — | (1,093 | ) | (1,093 | ) | — | (1,925 | ) | |||||||||||||
Total | $ | 13,155 | $ | — | $ | 13,155 | $ | 31 | $ | (1,671 | ) | ||||||||||
First Nine Months 2012 | |||||||||||||||||||||
Flat-rolled | $ | 9,798 | $ | 1,297 | $ | 11,095 | $ | 122 | $ | 389 | |||||||||||
USSE | 2,274 | 143 | 2,417 | — | 27 | ||||||||||||||||
Tubular | 2,604 | 6 | 2,610 | (4 | ) | 334 | |||||||||||||||
Total reportable segments | 14,676 | 1,446 | 16,122 | 118 | 750 | ||||||||||||||||
Other Businesses | 165 | 105 | 270 | (2 | ) | 46 | |||||||||||||||
Reconciling Items and Eliminations | — | (1,551 | ) | (1,551 | ) | — | (554 | ) | |||||||||||||
Total | $ | 14,841 | $ | — | $ | 14,841 | $ | 116 | $ | 242 | |||||||||||
Segment Information | The following is a schedule of reconciling items to income (loss) from operations: | ||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||
(In millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||
Items not allocated to segments: | |||||||||||||||||||||
Postretirement benefit expense(a) | $ | (55 | ) | $ | (74 | ) | $ | (165 | ) | $ | (228 | ) | |||||||||
Other items not allocated to segments: | |||||||||||||||||||||
Impairment of goodwill (Note 5) | $ | (1,783 | ) | — | $ | (1,783 | ) | — | |||||||||||||
Supplier contract dispute settlement | 23 | $ | — | 23 | $ | — | |||||||||||||||
Labor agreement lump sum payments(b) | — | (35 | ) | — | (35 | ) | |||||||||||||||
Net loss on the sale of assets (Note 4) | — | — | — | (310 | ) | ||||||||||||||||
Property tax settlements | — | — | — | 19 | |||||||||||||||||
Total other items not allocated to segments | (1,760 | ) | (35 | ) | (1,760 | ) | (326 | ) | |||||||||||||
Total reconciling items | $ | (1,815 | ) | $ | (109 | ) | $ | (1,925 | ) | $ | (554 | ) | |||||||||
(a) Consists of the net periodic benefit cost elements, other than service cost and amortization of prior service cost for active employees, associated with our pension, retiree health care and life insurance benefit plans. | |||||||||||||||||||||
(b) Effective September 1, 2012, U. S. Steel and its U. S. Steel Tubular Products, Inc. subsidiary reached new labor agreements (the 2012 Labor Agreements) with the United Steel Workers (USW). The 2012 Labor Agreements provided for a $2,000 lump sum payment for each covered active USW member, which resulted in U. S. Steel recognizing a pretax charge of $35 million in the third quarter of 2012. |
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 9 Months Ended | ||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||
Changes in Carrying Amount of Goodwill by Segment | The changes in the carrying amount of goodwill by segment for the nine months ended September 30, 2013 are as follows: | ||||||||||||||||||||||||||
Flat-rolled | USSE | Tubular | Total | ||||||||||||||||||||||||
Segment | Segment | Segment | |||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 984 | $ | 4 | $ | 834 | $ | 1,822 | |||||||||||||||||||
Goodwill from acquisitions | — | — | 3 | $ | 3 | ||||||||||||||||||||||
Impairment | (946 | ) | — | (837 | ) | (1,783 | ) | ||||||||||||||||||||
Currency translation | (38 | ) | — | — | (38 | ) | |||||||||||||||||||||
Balance at September 30, 2013 | $ | — | $ | 4 | $ | — | $ | 4 | |||||||||||||||||||
Amortizable Intangible Assets | Amortizable intangible assets are being amortized on a straight-line basis over their estimated useful lives and are detailed below: | ||||||||||||||||||||||||||
As of September 30, 2013 | As of December 31, 2012 | ||||||||||||||||||||||||||
(In millions) | Useful | Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||||
Lives | Carrying | Amortization | Amount | Carrying | Amortization | Amount | |||||||||||||||||||||
Amount | Amount | ||||||||||||||||||||||||||
Customer relationships | 22-23 Years | $ | 218 | $ | 61 | $ | 157 | $ | 221 | $ | 54 | $ | 167 | ||||||||||||||
Other | 2-20 Years | 23 | 12 | 11 | 22 | 11 | 11 | ||||||||||||||||||||
Total amortizable intangible assets | $ | 241 | $ | 73 | $ | 168 | $ | 243 | $ | 65 | $ | 178 | |||||||||||||||
Pensions_and_Other_Benefits_Ta
Pensions and Other Benefits (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||
Net Periodic Benefit Cost | The following table reflects the components of net periodic benefit cost for the three months ended September 30, 2013 and 2012: | ||||||||||||||||
Pension | Other | ||||||||||||||||
Benefits | Benefits | ||||||||||||||||
(In millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Service cost | $ | 32 | $ | 29 | $ | 7 | $ | 7 | |||||||||
Interest cost | 100 | 117 | 35 | 42 | |||||||||||||
Expected return on plan assets | (152 | ) | (154 | ) | (33 | ) | (29 | ) | |||||||||
Amortization of prior service cost | 6 | 6 | (3 | ) | 3 | ||||||||||||
Amortization of actuarial net loss | 92 | 88 | 8 | 1 | |||||||||||||
Net periodic benefit cost, excluding below | 78 | 86 | 14 | 24 | |||||||||||||
Multiemployer plans | 19 | 18 | — | — | |||||||||||||
Settlement, termination and curtailment losses | $ | 3 | $ | — | $ | — | $ | — | |||||||||
Net periodic benefit cost | $ | 100 | $ | 104 | $ | 14 | $ | 24 | |||||||||
The following table reflects the components of net periodic benefit cost for the nine months ended September 30, 2013 and 2012: | |||||||||||||||||
Pension | Other | ||||||||||||||||
Benefits | Benefits | ||||||||||||||||
(In millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Service cost | $ | 96 | $ | 88 | $ | 21 | $ | 22 | |||||||||
Interest cost | 303 | 350 | 106 | 133 | |||||||||||||
Expected return on plan assets | (459 | ) | (460 | ) | (98 | ) | (86 | ) | |||||||||
Amortization of prior service cost | 18 | 15 | (10 | ) | 14 | ||||||||||||
Amortization of actuarial net loss | 275 | 264 | 23 | 1 | |||||||||||||
Net periodic benefit cost, excluding below | 233 | 257 | 42 | 84 | |||||||||||||
Multiemployer plans | 55 | 52 | — | — | |||||||||||||
Settlement, termination and curtailment losses (gains) | 3 | (2 | ) | — | — | ||||||||||||
Net periodic benefit cost | $ | 291 | $ | 307 | $ | 42 | $ | 84 | |||||||||
StockBased_Compensation_Plans_
Stock-Based Compensation Plans (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||
Summary of Awards Made under Plans | The following table is a general summary of the awards made under the Plan. | ||||||||||||
2013 Grants | 2012 Grants | ||||||||||||
Grant Details | Shares (a) | Fair Value (b) | Shares (a) | Fair Value (b) | |||||||||
Executive Stock Options | 826,340 | $ | 8.37 | 510,570 | $ | 11.93 | |||||||
Non-executive Stock Options | 970,640 | $ | 9.7 | 993,310 | $ | 11.93 | |||||||
Restricted Stock Units | 1,033,210 | $ | 18.58 | 910,011 | $ | 22.28 | |||||||
Performance Awards (c) | 271,960 | $ | 21.26 | 328,780 | $ | 25.26 | |||||||
(a) The share amounts shown in this table do not reflect an adjustment for estimated forfeitures. | |||||||||||||
(b) Represents the per share weighted-average for all grants during the year. | |||||||||||||
(c) The number of Performance Awards shown represents the target value of the award. | |||||||||||||
Black-Scholes Assumptions | Compensation expense for stock options is recorded over the vesting period based on the fair value on the date of grant, as calculated by U. S. Steel using the Black-Scholes model and the assumptions listed below. The stock options vest ratably over a three-year service period and have a term of ten years. | ||||||||||||
Black-Scholes Assumptions(a) | 2013 Executive Grants | 2013 Non-Executive Grants | 2012 Grants | ||||||||||
Grant date price per share of option award | $ | 18.48 | $ | 18.64 | $ | 22.28 | |||||||
Exercise price per share of option award | $ | 25 | $ | 18.64 | $ | 22.28 | |||||||
Expected annual dividends per share, at grant date | $ | 0.2 | $ | 0.2 | $ | 0.2 | |||||||
Expected life in years | 5 | 5 | 5 | ||||||||||
Expected volatility | 66 | % | 67 | % | 68 | % | |||||||
Risk-free interest rate | 1.315 | % | 1.049 | % | 0.8 | % | |||||||
Grant date fair value per share of unvested option awards as calculated from above | $ | 8.37 | $ | 9.7 | $ | 11.93 | |||||||
Significant_Equity_Investments1
Significant Equity Investments (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||
Summarized Unaudited Income Statement Information for Significant Equity Investments | Summarized unaudited income statement information for our significant equity investments for the nine months ended September 30, 2013 and 2012 is reported below (amounts represent 100% of investee financial information): | ||||||||
(In millions) | 2013 | 2012 | |||||||
Net sales | $ | 1,841 | $ | 1,982 | |||||
Cost of sales | 1,395 | 1,421 | |||||||
Operating income | 399 | 533 | |||||||
Net income | 382 | 521 | |||||||
Net income attributable to significant equity investments | 382 | 521 | |||||||
Earnings_and_Dividends_Per_Com1
Earnings and Dividends Per Common Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||
Computations for Basic and Diluted Income (Loss) Per Common Share from Continuing Operations | The computations for basic and diluted earnings per common share from continuing operations are as follows: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
(Dollars in millions, except per share amounts) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Net (loss) income attributable to United States Steel | |||||||||||||||||
Corporation shareholders | $ | (1,791 | ) | $ | 44 | $ | (1,942 | ) | $ | (74 | ) | ||||||
Plus income effect of assumed conversion-interest on convertible notes | — | 5 | — | — | |||||||||||||
Net (loss) income after assumed conversion | $ | (1,791 | ) | $ | 49 | $ | (1,942 | ) | $ | (74 | ) | ||||||
Weighted-average shares outstanding (in thousands): | |||||||||||||||||
Basic | 144,727 | 144,350 | 144,523 | 144,199 | |||||||||||||
Effect of convertible notes | — | 27,059 | — | — | |||||||||||||
Effect of stock options, restricted stock units and performance awards | — | 264 | — | — | |||||||||||||
Adjusted weighted-average shares outstanding, diluted | 144,727 | 171,673 | 144,523 | 144,199 | |||||||||||||
Basic earnings per common share | $ | (12.38 | ) | $ | 0.3 | $ | (13.44 | ) | $ | (0.51 | ) | ||||||
Diluted earnings per common share | $ | (12.38 | ) | $ | 0.28 | $ | (13.44 | ) | $ | (0.51 | ) | ||||||
Antidilutive Securities that were Not Included in Computations of Diluted Income (Loss) Per Common Share | The following table summarizes the securities that were antidilutive, and therefore, were not included in the computations of diluted earnings per common share: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Securities granted under the 2005 Stock Incentive Plan | 7,621 | 4,352 | 7,621 | 4,353 | |||||||||||||
Securities convertible under the Senior Convertible Notes | 10,058 | — | 15,351 | (a) | 27,059 | ||||||||||||
Total | 17,679 | 4,352 | 22,972 | 31,412 | |||||||||||||
(a) On March 27, 2013, we repurchased approximately $542 million aggregate principal amount of our 4% Senior Convertible Notes due in 2014. If the repurchases had occurred on January 1, 2013, the antidilutive securities would be 10,058 for the nine months ended September 30, 2013. |
Inventories_Tables
Inventories (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventories | |||||||||
(In millions) | September 30, 2013 | December 31, 2012 | |||||||
Raw materials | $ | 968 | $ | 945 | |||||
Semi-finished products | 877 | 883 | |||||||
Finished products | 535 | 573 | |||||||
Supplies and sundry items | 100 | 102 | |||||||
Total | $ | 2,480 | $ | 2,503 | |||||
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||
Location and Amounts of Fair Values Related to Derivatives in Financial Statements | |||||||||||
Fair Value | Fair Value | ||||||||||
(In millions) | Balance Sheet | 30-Sep-13 | 31-Dec-12 | ||||||||
Location | |||||||||||
Foreign exchange forward contracts | Accounts payable | $ | 9 | $ | 12 | ||||||
Location and Amounts of Gains or Losses Related to Derivatives in Financial Statements | |||||||||||
Statement of | Amount of Gain | Amount of Gain | |||||||||
Operations | (Loss) | (Loss) | |||||||||
(In millions) | Location | Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | ||||||||
Foreign exchange forward contracts | Other financial | $ | (11 | ) | $ | (7 | ) | ||||
costs | |||||||||||
Statement of | Amount of Gain | Amount of Gain | |||||||||
Operations | (Loss) | (Loss) | |||||||||
(In millions) | Location | Three Months Ended September 30, 2012 | Nine Months Ended September 30, 2012 | ||||||||
Foreign exchange forward contracts | Other financial | $ | (12 | ) | $ | 1 | |||||
costs |
Debt_Tables
Debt (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Debt Disclosure [Abstract] | |||||||||||||
Debt | |||||||||||||
(In millions) | Interest | Maturity | September 30, 2013 | December 31, 2012 | |||||||||
Rates % | |||||||||||||
2037 Senior Notes | 6.65 | 2037 | $ | 350 | $ | 350 | |||||||
2022 Senior Notes | 7.5 | 2022 | 400 | 400 | |||||||||
2021 Senior Notes | 6.875 | 2021 | 275 | — | |||||||||
2020 Senior Notes | 7.375 | 2020 | 600 | 600 | |||||||||
2018 Senior Notes | 7 | 2018 | 500 | 500 | |||||||||
2017 Senior Notes | 6.05 | 2017 | 450 | 450 | |||||||||
2019 Senior Convertible Notes | 2.75 | 2019 | 316 | — | |||||||||
2014 Senior Convertible Notes | 4 | 2014 | 322 | 863 | |||||||||
Province Note (C$150 million) | 1 | 2015 | 146 | 151 | |||||||||
Environmental Revenue Bonds | 5.38 - 6.88 | 2015 - 2042 | 549 | 549 | |||||||||
Recovery Zone Facility Bonds | 6.75 | 2040 | 70 | 70 | |||||||||
Fairfield Caster Lease | 2022 | 35 | 35 | ||||||||||
Other capital leases and all other obligations | 2013 - 2014 | — | 1 | ||||||||||
Amended Credit Agreement | Variable | 2016 | — | — | |||||||||
USSK Revolver | Variable | 2016 | — | — | |||||||||
USSK credit facility | Variable | 2015 | — | — | |||||||||
Total Debt | 4,013 | 3,969 | |||||||||||
Less Province Note fair value adjustment | 17 | 23 | |||||||||||
Less unamortized discount | 56 | 8 | |||||||||||
Less short-term debt and long-term debt due within one year | 322 | 2 | |||||||||||
Long-term debt | $ | 3,618 | $ | 3,936 | |||||||||
Redemption Price of 2021 Senior Notes as Percentage of Principal Amount Plus Accrued and Unpaid Interest to, but Excluding, Redemption Date | U. S. Steel may redeem the 2021 Senior Notes, in whole or in part, at our option at any time and from time to time on or after April 1, 2017 at the redemption price for such notes set forth below as a percentage of the principal amount, plus accrued and unpaid interest to, but excluding, the redemption date, if redeemed during the twelve-month period beginning April 1 of the years indicated below: | ||||||||||||
Year | Redemption Price | ||||||||||||
2017 | 103.438 | % | |||||||||||
2018 | 101.719 | % | |||||||||||
2019 and thereafter | 100 | % | |||||||||||
Eligible Accounts Receivable and Receivables Sold to Third-Party Conduits | The eligible accounts receivable and receivables sold to third-party conduits are summarized below: | ||||||||||||
(In millions) | September 30, 2013 | December 31, 2012 | |||||||||||
Balance of accounts receivable-net, eligible for sale to third-party conduits | $ | 1,053 | $ | 1,127 | |||||||||
Accounts receivable sold to third-party conduits | — | — | |||||||||||
Balance included in Receivables on the balance sheet of U. S. Steel | $ | 1,053 | $ | 1,127 | |||||||||
Asset_Retirement_Obligations_T
Asset Retirement Obligations (Tables) | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Asset Retirement Obligation Disclosure [Abstract] | |||||||||||
Changes in Carrying Values of Asset Retirement Obligations | The following table reflects changes in the carrying values of AROs: | ||||||||||
(In millions) | September 30, 2013 | December 31, 2012 | |||||||||
Balance at beginning of year | $ | 33 | $ | 38 | |||||||
Additional obligations incurred | 5 | 2 | |||||||||
Obligations settled | (7 | ) | (9 | ) | (a) | ||||||
Accretion expense | 4 | 2 | |||||||||
Balance at end of period | $ | 35 | $ | 33 | |||||||
(a) Includes $2 million as a result of the sale of USSS on January 31, 2012. See Note 4 for additional details. |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Financial Assets and Liabilities Not Carried at Fair Value | The following table summarizes U. S. Steel’s financial assets and liabilities that were not carried at fair value at September 30, 2013 and December 31, 2012. | ||||||||||||||||
30-Sep-13 | December 31, 2012 | ||||||||||||||||
(In millions) | Fair | Carrying | Fair | Carrying | |||||||||||||
Value | Amount | Value | Amount | ||||||||||||||
Financial assets: | |||||||||||||||||
Investments and long-term receivables (a) | $ | 66 | $ | 66 | $ | 39 | $ | 39 | |||||||||
Financial liabilities: | |||||||||||||||||
Debt (b) | $ | 4,010 | $ | 3,904 | $ | 4,113 | $ | 3,902 | |||||||||
(a) Excludes equity method investments. | |||||||||||||||||
(b) Excludes capital lease obligations. |
Statement_of_Changes_in_Stockh1
Statement of Changes in Stockholders' Equity (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||
Consolidated Statement of Changes in Equity | The following table reflects the first nine months of 2013 and 2012 reconciliation of the carrying amount of total equity, equity attributable to United States Steel Corporation and equity attributable to the noncontrolling interests: | ||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2013 (In millions) | Total | Comprehensive | Retained | Accumulated | Common | Treasury | Paid-in | Non- | |||||||||||||||||||||||||
Income (Loss) | Earnings | Other | Stock | Stock | Capital | Controlling | |||||||||||||||||||||||||||
Comprehensive | Interest | ||||||||||||||||||||||||||||||||
Income (Loss) | |||||||||||||||||||||||||||||||||
Balance at beginning of year | $ | 3,478 | $ | 3,463 | $ | (3,268 | ) | $ | 151 | $ | (521 | ) | $ | 3,652 | $ | 1 | |||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||||||||||||
Net loss | (1,942 | ) | (1,942 | ) | (1,942 | ) | |||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||||||||||||
Pension and other benefit adjustments | 197 | 197 | 197 | ||||||||||||||||||||||||||||||
Currency translation adjustment | 13 | 13 | 13 | ||||||||||||||||||||||||||||||
Issuance of conversion option in 2019 Senior Convertible Notes, net of tax | 31 | 31 | |||||||||||||||||||||||||||||||
Employee stock plans | 22 | 40 | (18 | ) | |||||||||||||||||||||||||||||
Dividends paid on common stock | (22 | ) | (22 | ) | |||||||||||||||||||||||||||||
Other | (2 | ) | $ | (2 | ) | ||||||||||||||||||||||||||||
Balance at September 30, 2013 | $ | 1,775 | $ | (1,732 | ) | $ | 1,497 | $ | (3,058 | ) | $ | 151 | $ | (481 | ) | $ | 3,665 | $ | 1 | ||||||||||||||
Nine Months Ended September 30, 2012 (In millions) | Total | Comprehensive | Retained | Accumulated | Common | Treasury | Paid-in | Non- | |||||||||||||||||||||||||
Income (Loss) | Earnings | Other | Stock | Stock | Capital | Controlling | |||||||||||||||||||||||||||
Comprehensive | Interest | ||||||||||||||||||||||||||||||||
Income (Loss) | |||||||||||||||||||||||||||||||||
Balance at beginning of year | $ | 3,501 | $ | 3,616 | $ | (3,367 | ) | $ | 151 | $ | (550 | ) | $ | 3,650 | $ | 1 | |||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||||||||||||
Net loss | (74 | ) | (74 | ) | (74 | ) | |||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||||||||||||
Pension and other benefit adjustments | 360 | 360 | 360 | ||||||||||||||||||||||||||||||
Currency translation adjustment | 76 | 76 | 76 | ||||||||||||||||||||||||||||||
Employee stock plans | 21 | 29 | (8 | ) | |||||||||||||||||||||||||||||
Dividends paid on common stock | (22 | ) | (22 | ) | |||||||||||||||||||||||||||||
Other | 1 | 1 | |||||||||||||||||||||||||||||||
Balance at September 30, 2012 | $ | 3,863 | $ | 362 | $ | 3,520 | $ | (2,931 | ) | $ | 151 | $ | (521 | ) | $ | 3,642 | $ | 2 | |||||||||||||||
Reclassifications_from_Accumul1
Reclassifications from Accumulated Other Comprehensive Income (AOCI) (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Equity [Abstract] | |||||||||||||
Other Comprehensive Income Activity Net of Tax | |||||||||||||
(In millions) (a) | Pension and | Foreign | Total | ||||||||||
Other Benefit | Currency | ||||||||||||
Items | Items | ||||||||||||
Balance at December 31, 2012 | $ | (3,613 | ) | $ | 345 | $ | (3,268 | ) | |||||
Other comprehensive income (loss) before reclassifications | (13 | ) | 13 | — | |||||||||
Amounts reclassified from AOCI (b) | 210 | — | 210 | ||||||||||
Net current-period other comprehensive income | 197 | 13 | 210 | ||||||||||
Balance at September 30, 2013 | $ | (3,416 | ) | $ | 358 | $ | (3,058 | ) | |||||
(a)All amounts are net of tax. Amounts in parentheses indicate debits. | |||||||||||||
(b)See table below for further details. | |||||||||||||
Defined Benefit Plan In other Comprehensive Income | |||||||||||||
Amount reclassified | |||||||||||||
from AOCI | |||||||||||||
(In millions) (a) | Details about AOCI components | Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | ||||||||||
Amortization of pension and other benefit items | |||||||||||||
Prior service costs | $ | (3 | ) | (b) | $ | (8 | ) | (b) | |||||
Actuarial gains/(losses) | (100 | ) | (b) | (298 | ) | (b) | |||||||
Total before tax | (103 | ) | (306 | ) | |||||||||
Tax benefit | 29 | 96 | |||||||||||
Net of tax | $ | (74 | ) | $ | (210 | ) | |||||||
(a)Amounts in parentheses indicate debits to income/loss. | |||||||||||||
(b) | These AOCI components are included in the computation of net periodic benefit cost (see Note 6 for additional details). |
Contingencies_and_Commitments_
Contingencies and Commitments (Tables) | 9 Months Ended | ||||||||||||||
Sep. 30, 2013 | |||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||
Changes in Accrued Liabilities for Remediation Activities | Changes in accrued liabilities for remediation activities are summarized in the following table: | ||||||||||||||
(In millions) | Nine Months Ended September 30, 2013 | ||||||||||||||
Beginning of period | $ | 203 | |||||||||||||
Accruals for environmental remediation deemed probable and reasonably estimable | 5 | ||||||||||||||
Payments | (9 | ) | |||||||||||||
End of period | $ | 199 | |||||||||||||
Accrued Liabilities for Remediation Activities Included in Balance Sheet | Accrued liabilities for remediation activities are included in the following balance sheet lines: | ||||||||||||||
(In millions) | September 30, 2013 | December 31, 2012 | |||||||||||||
Accounts payable | $ | 17 | $ | 21 | |||||||||||
Deferred credits and other noncurrent liabilities | 182 | 182 | |||||||||||||
Total | $ | 199 | $ | 203 | |||||||||||
Payments for Contracts with Remaining Terms in Excess of One Year | Payments for contracts with remaining terms in excess of one year are summarized below (in millions): | ||||||||||||||
Remainder of 2013 | 2014 | 2015 | 2016 | 2017 | Later | Total | |||||||||
Years | |||||||||||||||
$307 | $806 | $431 | $332 | $323 | $1,728 | $ | 3,927 | ||||||||
Segment_Information_Results_of
Segment Information - Results of Segment Operations (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting Information [Line Items] | ||||
Customer Sales | $4,131 | $4,652 | $13,155 | $14,841 |
Income (loss) from investees | 26 | 48 | 31 | 116 |
Income (loss) from operations | -1,702 | 62 | -1,671 | 242 |
Flat-rolled | ||||
Segment Reporting Information [Line Items] | ||||
Customer Sales | 3,055 | 3,557 | 9,695 | 11,095 |
Income (loss) from investees | 28 | 49 | 41 | 122 |
Income (loss) from operations | 82 | 29 | 18 | 389 |
USSE | ||||
Segment Reporting Information [Line Items] | ||||
Customer Sales | 644 | 764 | 2,207 | 2,417 |
Income (loss) from investees | 0 | 0 | 0 | 0 |
Income (loss) from operations | -32 | 27 | 16 | 27 |
Tubular | ||||
Segment Reporting Information [Line Items] | ||||
Customer Sales | 733 | 790 | 2,130 | 2,610 |
Income (loss) from investees | -1 | -1 | -7 | -4 |
Income (loss) from operations | 49 | 102 | 158 | 334 |
Total Reportable Segments | ||||
Segment Reporting Information [Line Items] | ||||
Customer Sales | 4,432 | 5,111 | 14,032 | 16,122 |
Income (loss) from investees | 27 | 48 | 34 | 118 |
Income (loss) from operations | 99 | 158 | 192 | 750 |
Other Businesses | ||||
Segment Reporting Information [Line Items] | ||||
Customer Sales | 58 | 40 | 216 | 270 |
Income (loss) from investees | -1 | 0 | -3 | -2 |
Income (loss) from operations | 14 | 13 | 62 | 46 |
Reconciling Items and Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Customer Sales | -359 | -499 | -1,093 | -1,551 |
Income (loss) from investees | 0 | 0 | 0 | 0 |
Income (loss) from operations | -1,815 | -109 | -1,925 | -554 |
Revenues from External Customers [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Customer Sales | 4,131 | 4,652 | 13,155 | 14,841 |
Revenues from External Customers [Member] | Flat-rolled | ||||
Segment Reporting Information [Line Items] | ||||
Customer Sales | 2,731 | 3,142 | 8,710 | 9,798 |
Revenues from External Customers [Member] | USSE | ||||
Segment Reporting Information [Line Items] | ||||
Customer Sales | 643 | 696 | 2,204 | 2,274 |
Revenues from External Customers [Member] | Tubular | ||||
Segment Reporting Information [Line Items] | ||||
Customer Sales | 731 | 787 | 2,126 | 2,604 |
Revenues from External Customers [Member] | Total Reportable Segments | ||||
Segment Reporting Information [Line Items] | ||||
Customer Sales | 4,105 | 4,625 | 13,040 | 14,676 |
Revenues from External Customers [Member] | Other Businesses | ||||
Segment Reporting Information [Line Items] | ||||
Customer Sales | 26 | 27 | 115 | 165 |
Revenues from External Customers [Member] | Reconciling Items and Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Customer Sales | 0 | 0 | 0 | 0 |
Intersegment Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Customer Sales | 0 | 0 | 0 | 0 |
Intersegment Eliminations [Member] | Flat-rolled | ||||
Segment Reporting Information [Line Items] | ||||
Customer Sales | 324 | 415 | 985 | 1,297 |
Intersegment Eliminations [Member] | USSE | ||||
Segment Reporting Information [Line Items] | ||||
Customer Sales | 1 | 68 | 3 | 143 |
Intersegment Eliminations [Member] | Tubular | ||||
Segment Reporting Information [Line Items] | ||||
Customer Sales | 2 | 3 | 4 | 6 |
Intersegment Eliminations [Member] | Total Reportable Segments | ||||
Segment Reporting Information [Line Items] | ||||
Customer Sales | 327 | 486 | 992 | 1,446 |
Intersegment Eliminations [Member] | Other Businesses | ||||
Segment Reporting Information [Line Items] | ||||
Customer Sales | 32 | 13 | 101 | 105 |
Intersegment Eliminations [Member] | Reconciling Items and Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Customer Sales | ($359) | ($499) | ($1,093) | ($1,551) |
Segment_Information_Schedule_o
Segment Information - Schedule of Reconciling Items to Income (Loss) from Operations (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Other items not allocated to segments: | ||||||||
Impairment of goodwill (Note 5) | ($1,783) | $0 | ($1,783) | $0 | ||||
Total reconciling items | -1,702 | 62 | -1,671 | 242 | ||||
Reconciling Items and Eliminations | ||||||||
Items not allocated to segments: | ||||||||
Postretirement benefit expense(a) | -55 | [1] | -74 | [1] | -165 | [1] | -228 | [1] |
Other items not allocated to segments: | ||||||||
Impairment of goodwill (Note 5) | -1,783 | 0 | -1,783 | 0 | ||||
Supplier contract dispute settlement | 23 | 0 | 23 | 0 | ||||
Labor agreement lump sum payments(b) | 0 | -35 | [2] | 0 | -35 | [2] | ||
Net loss on the sale of assets (Note 4) | 0 | 0 | 0 | -310 | ||||
Property tax settlements | 0 | 0 | 0 | 19 | ||||
Total other items not allocated to segments | -1,760 | -35 | -1,760 | -326 | ||||
Total reconciling items | -1,815 | -109 | -1,925 | -554 | ||||
Labor Agreement lump sum payments per employee | $0 | |||||||
[1] | Consists of the net periodic benefit cost elements, other than service cost and amortization of prior service cost for active employees, associated with our pension, retiree health care and life insurance benefit plans. | |||||||
[2] | Effective September 1, 2012, U. S. Steel and its U. S. Steel Tubular Products, Inc. subsidiary reached new labor agreements (the 2012 Labor Agreements) with the United Steel Workers (USW). The 2012 Labor Agreements provided for a $2,000 lump sum payment for each covered active USW member, which resulted in U. S. Steel recognizing a pretax charge of $35 million in the third quarter of 2012. |
Segment_Information_Additional
Segment Information - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
Dispositions_Additional_Inform
Dispositions - Additional Information (Detail) (USD $) | 0 Months Ended | 1 Months Ended |
Jan. 31, 2012 | Feb. 29, 2012 | |
U.S. Steel Serbia (USSS) | Birmingham Southern Railroad Company | |
Significant Acquisitions and Disposals [Line Items] | ||
Proceeds from sale of USSS | $1 | |
Additional payment received by USSK for intercompany balances owed by USSS | 40,000,000 | |
Gain (loss) on sale of assets | ($399,000,000) | $89,000,000 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets - Changes in Carrying Amount of Goodwill by Segment (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Goodwill [Roll Forward] | ||||
Goodwill beginning balance | $1,822 | |||
Goodwill from acquisitions | 3 | |||
Impairment | -1,783 | 0 | -1,783 | 0 |
Currency translation | -38 | |||
Goodwill ending balance | 4 | 4 | ||
Flat-rolled | ||||
Goodwill [Roll Forward] | ||||
Goodwill beginning balance | 984 | |||
Goodwill from acquisitions | 0 | |||
Impairment | -946 | |||
Currency translation | -38 | |||
Goodwill ending balance | 0 | 0 | ||
USSE | ||||
Goodwill [Roll Forward] | ||||
Goodwill beginning balance | 4 | |||
Goodwill from acquisitions | 0 | |||
Impairment | 0 | |||
Currency translation | 0 | |||
Goodwill ending balance | 4 | 4 | ||
Tubular | ||||
Goodwill [Roll Forward] | ||||
Goodwill beginning balance | 834 | |||
Goodwill from acquisitions | 3 | |||
Impairment | -837 | |||
Currency translation | 0 | |||
Goodwill ending balance | $0 | $0 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets - Amortizable Intangible Assets (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 |
In Millions, unless otherwise specified | Customer relationships | Customer relationships | Customer relationships | Customer relationships | Other | Other | Other | Other | ||
Minimum | Maximum | Minimum | Maximum | |||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||
Useful Lives | 22 years | 23 years | 2 years | 20 years | ||||||
Gross Carrying Amount | $241 | $243 | $218 | $221 | $23 | $22 | ||||
Accumulated Amortization | 73 | 65 | 61 | 54 | 12 | 11 | ||||
Net Amount | $168 | $178 | $157 | $167 | $11 | $11 |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Unit | Unit | ||||
Indefinite-lived Intangible Assets [Line Items] | |||||
Number of reporting units that have a significant amount of goodwill | 2 | 2 | |||
Acquisition of indefinite-lived intangible assets | $12 | $0 | |||
Fair value of contingent consideration | 24 | 24 | |||
Aggregate purchase price | 36 | ||||
Goodwill from acquisitions | 3 | ||||
Maximum potential liability for contingent consideration | 53 | 53 | |||
Amortization expense | 3 | 3 | 8 | 8 | |
Expected amortization expense, remainder of current year | 3 | 3 | |||
Expected amortization expense, for 2014 | 11 | 11 | |||
Expected amortization expense, for 2015 | 11 | 11 | |||
Expected amortization expense, for 2016 | 11 | 11 | |||
Expected amortization expense, for 2017 | 11 | 11 | |||
Goodwill, Impairment Loss | 1,783 | 0 | 1,783 | 0 | |
Goodwill (Note 5) | 4 | 4 | 1,822 | ||
Fair Value Inputs, Long-term Revenue Growth Rate | 3.00% | ||||
Fair Value Inputs, Discount Rate | 10.00% | ||||
Use Rights [Member] | |||||
Indefinite-lived Intangible Assets [Line Items] | |||||
Carrying amount of acquired water rights with indefinite lives | 75 | 75 | 75 | ||
Developed Technology Rights [Member] | |||||
Indefinite-lived Intangible Assets [Line Items] | |||||
Amount allocated to indefinite-lived intangible assets | 33 | 33 | |||
Flat-rolled | |||||
Indefinite-lived Intangible Assets [Line Items] | |||||
Goodwill from acquisitions | 0 | ||||
Goodwill, Impairment Loss | 946 | ||||
Goodwill (Note 5) | 0 | 0 | 984 | ||
Tubular | |||||
Indefinite-lived Intangible Assets [Line Items] | |||||
Goodwill from acquisitions | 3 | ||||
Goodwill, Impairment Loss | 837 | ||||
Goodwill (Note 5) | 0 | 0 | 834 | ||
USSE | |||||
Indefinite-lived Intangible Assets [Line Items] | |||||
Goodwill from acquisitions | 0 | ||||
Goodwill, Impairment Loss | 0 | ||||
Goodwill (Note 5) | $4 | $4 | $4 |
Pensions_and_Other_Benefits_Ne
Pensions and Other Benefits - Net Periodic Benefit Costs (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Pension Benefits | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | $32 | $29 | $96 | $88 |
Interest cost | 100 | 117 | 303 | 350 |
Expected return on plan assets | -152 | -154 | -459 | -460 |
Amortization of prior service cost | 6 | 6 | 18 | 15 |
Amortization of actuarial net loss | 92 | 88 | 275 | 264 |
Net periodic benefit cost, excluding below | 78 | 86 | 233 | 257 |
Multiemployer plans | 19 | 18 | 55 | 52 |
Settlement, termination and curtailment losses (gains) | 3 | 0 | 3 | -2 |
Net periodic benefit cost | 100 | 104 | 291 | 307 |
Other Benefits | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | 7 | 7 | 21 | 22 |
Interest cost | 35 | 42 | 106 | 133 |
Expected return on plan assets | -33 | -29 | -98 | -86 |
Amortization of prior service cost | -3 | 3 | -10 | 14 |
Amortization of actuarial net loss | 8 | 1 | 23 | 1 |
Net periodic benefit cost, excluding below | 14 | 24 | 42 | 84 |
Multiemployer plans | 0 | 0 | 0 | 0 |
Settlement, termination and curtailment losses (gains) | 0 | 0 | 0 | 0 |
Net periodic benefit cost | $14 | $24 | $42 | $84 |
Pensions_and_Other_Benefits_Ad
Pensions and Other Benefits - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Jan. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
USSC Pension Plan | USSC Pension Plan | Steelworkers Pension Trust | Other Pension Plans, Defined Benefit | Unfunded Other Postretirement Benefit Plans | Defined Benefit Postretirement Health Coverage | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||
Defined Benefit Plan, Contributions by Employer | $63 | $56 | $18 | ||||||||
Cash contribution by employer to pension plans | 140 | 140 | 188 | 10 | |||||||
Cash contribution by employer to defined contribution plans | 11 | 10 | 33 | 31 | |||||||
Amount of voluntary pension funding authorized by the board of directors | 300 | ||||||||||
Long-term earnings rate assumption | 7.75% | ||||||||||
Estimated future contribution in 2014 | 140 | 140 | |||||||||
Estimated future contribution in 2015 | $140 | $140 |
Net_Interest_and_Other_Financi1
Net Interest and Other Financial Costs - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 27, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 |
2014 Senior Convertible Notes | 2014 Senior Convertible Notes | Senior Notes Due Twenty Thirteen [Member] | Senior Notes Due Twenty Thirteen [Member] | |||||
Interest Expense [Line Items] | ||||||||
Net foreign currency remeasurement gains/losses | $3 | $6 | $9 | $2 | ||||
Charge for guarantee in unconsolidated equity method investment during the period | 22 | 22 | ||||||
Charge associated with repurchases/redemptions of senior notes | 34 | 18 | 18 | |||||
Repurchased face amount of senior notes | $542 | $542 | $300 | $300 | ||||
Senior notes stated interest rate | 4.00% | |||||||
Debt instrument, due date | 15-May-14 | 1-Jun-13 |
StockBased_Compensation_Plans_1
Stock-Based Compensation Plans - Summary of Awards Made under Plans (Detail) (USD $) | 1 Months Ended | 3 Months Ended | |||
31-May-13 | 31-May-12 | Sep. 30, 2013 | |||
Executive Stock Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares (a) | 826,340 | [1] | 510,570 | [1] | |
Fair Value (b) | $8.37 | [2] | $11.93 | [2] | $8.37 |
Non-executive Stock Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares (a) | 970,640 | [1] | 993,310 | [1] | |
Fair Value (b) | $9.70 | [2] | $11.93 | [2] | $9.70 |
Restricted Stock Units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares | 1,033,210 | [1] | 910,011 | [1] | |
Fair Value | $18.58 | [2] | $22.28 | [2] | |
Performance Awards | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares | 271,960 | [1],[3] | 328,780 | [1],[3] | |
Fair Value | $21.26 | [2],[3] | $25.26 | [2],[3] | |
[1] | The share amounts shown in this table do not reflect an adjustment for estimated forfeitures. | ||||
[2] | er share weighted-average for all grants during the year. | ||||
[3] | The number of Performance Awards shown represents the target value of the award. |
StockBased_Compensation_Plans_2
Stock-Based Compensation Plans - Black-Scholes Assumptions (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | |||||||
31-May-13 | 31-May-12 | Sep. 30, 2013 | 31-May-13 | 31-May-12 | Sep. 30, 2013 | Sep. 30, 2012 | |||||
Executive Stock Options | Executive Stock Options | Executive Stock Options | Non-executive Stock Options | Non-executive Stock Options | Non-executive Stock Options | Executive and Non-Executive Stock Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Grant date price per share of option award | $18.48 | $18.64 | $22.28 | ||||||||
Exercise price per share of option award | $25 | $18.64 | $22.28 | ||||||||
Expected annual dividends per share, at grant date | $0.20 | $0.20 | $0.20 | ||||||||
Expected life in years | 5 years | 5 years | 5 years | ||||||||
Expected volatility | 66.00% | 67.00% | 68.00% | ||||||||
Risk-free interest rate | 1.32% | 1.05% | 0.80% | ||||||||
Grant date fair value per share of unvested option awards as calculated from above | $8.37 | [1] | $11.93 | [1] | $8.37 | $9.70 | [1] | $11.93 | [1] | $9.70 | $11.93 |
[1] | er share weighted-average for all grants during the year. |
StockBased_Compensation_Plans_3
Stock-Based Compensation Plans - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Aggregate number of shares to be issued | 15,450,000 | 15,450,000 | ||
Number of shares available for future grants | 1,325,239 | 1,325,239 | ||
Stock-based compensation expense recognized | $9 | $10 | $28 | $29 |
Unrecognized compensation costs related to non-vested stocks | $50 | $50 | ||
Weighted average period for recognizing non-vested stock based compensation costs | 1 year 3 months 18 days | |||
Executive Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise price per share of option award | $25 | |||
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation plans, award vesting period | 3 years | |||
Share-based compensation plans, award term | 10 years | |||
Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation plans, award vesting period | 3 years | |||
Performance Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation plans, award vesting period | 3 years | |||
Performance Awards | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting of performance awards as percentage to target award | 0.00% | |||
Performance Awards | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting of performance awards as percentage to target award | 200.00% |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Jan. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
USSS | USSS | Domestic Country | Domestic Country | Foreign Country | Foreign Country | Slovakia | Slovakia | Goodwill [Member] | ||||||
Starting in 2013 | ||||||||||||||
Income Taxes [Line Items] | ||||||||||||||
Provision for tax | $4,000,000 | ($27,000,000) | $14,000,000 | $139,000,000 | $0 | $0 | ||||||||
(Loss) income before income taxes | -1,787,000,000 | 17,000,000 | -1,928,000,000 | 65,000,000 | ||||||||||
Goodwill, Impairment Loss | 1,783,000,000 | 0 | 1,783,000,000 | 0 | ||||||||||
Gain (loss) on sale of assets | -399,000,000 | |||||||||||||
Unrecognized tax benefits | 85,000,000 | 85,000,000 | 85,000,000 | |||||||||||
Total amount of unrecognized tax benefits that, if recognized, would affect effective tax rate | 65,000,000 | 65,000,000 | 65,000,000 | |||||||||||
Accrued liabilities, interest on unrecognized tax benefits | 7,000,000 | 7,000,000 | 7,000,000 | |||||||||||
Unrecognized tax benefits, expected decrease in next 12 months | -8,000,000 | -8,000,000 | ||||||||||||
Net deferred tax asset | 411,000,000 | 538,000,000 | 62,000,000 | 57,000,000 | ||||||||||
Deferred tax asset, valuation allowance | $1,184,000,000 | $1,099,000,000 | ||||||||||||
Statutory tax rate | 19.00% | 23.00% |
Significant_Equity_Investments2
Significant Equity Investments - Summarized Unaudited Income Statement Information for Significant Equity Investments (Detail) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Equity Method Investments and Joint Ventures [Abstract] | ||
Net sales | $1,841 | $1,982 |
Cost of sales | 1,395 | 1,421 |
Operating income | 399 | 533 |
Net income | 382 | 521 |
Net income attributable to significant equity investments | $382 | $521 |
Significant_Equity_Investments3
Significant Equity Investments - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Schedule of Equity Method Investments [Line Items] | ||||
Income (loss) from investees | $26 | $48 | $31 | $116 |
Significant Equity Investments [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Income (loss) from investees | $50 | $121 |
Earnings_and_Dividends_Per_Com2
Earnings and Dividends Per Common Share - Computations for Basic and Diluted Income (Loss) Per Common Share from Continuing Operations (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Share data in Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net (loss) income attributable to United States Steel | ||||
Corporation shareholders | ($1,791) | $44 | ($1,942) | ($74) |
Plus income effect of assumed conversion-interest on convertible notes | 0 | 5 | 0 | 0 |
Net (loss) income after assumed conversion | ($1,791) | $49 | ($1,942) | ($74) |
Weighted-average shares outstanding: | ||||
Basic | 144,727 | 144,350 | 144,523 | 144,199 |
Effect of convertible notes | 0 | 27,059 | 0 | 0 |
Effect of stock options, restricted stock units and performance awards | 0 | 264 | 0 | 0 |
Adjusted weighted-average shares outstanding, diluted | 144,727 | 171,673 | 144,523 | 144,199 |
Basic earnings per common share | ($12.38) | $0.30 | ($13.44) | ($0.51) |
Diluted earnings per common share | ($12.38) | $0.28 | ($13.44) | ($0.51) |
Earnings_and_Dividends_Per_Com3
Earnings and Dividends Per Common Share - Antidilutive Securities that were Not Included in Computations of Diluted Income (Loss) Per Common Share (Detail) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Antidilutive Securities | 17,679 | 4,352 | 22,972 | 31,412 | |
Securities granted under the 2005 Stock Incentive Plan | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Antidilutive Securities | 7,621 | 4,352 | 7,621 | 4,353 | |
Securities convertible under the Senior Convertible Notes | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Antidilutive Securities | 10,058 | 0 | 15,351 | [1] | 27,059 |
[1] | On March 27, 2013, we repurchased approximately $542 million aggregate principal amount of our 4% Senior Convertible Notes due in 2014. If the repurchases had occurred on January 1, 2013, the antidilutive securities would be 10,058 for the nine months ended September 30, 2013. |
Earnings_and_Dividends_Per_Com4
Earnings and Dividends Per Common Share - Antidilutive Securities that were Not Included in Computations of Diluted Income (Loss) Per Common Share (Parenthetical) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | ||
In Millions, except Share data in Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 27, 2013 | Sep. 30, 2013 |
2014 Senior Convertible Notes | 2014 Senior Convertible Notes | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
Repurchased face amount of senior notes | $542 | $542 | ||||
Senior notes stated interest rate | 4.00% | |||||
Antidilutive Securities | 17,679 | 4,352 | 22,972 | 31,412 | 10,058 |
Earnings_and_Dividends_Per_Com5
Earnings and Dividends Per Common Share - Additional Information (Detail) (USD $) | 3 Months Ended | |||||
Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | |
Earnings Per Share [Abstract] | ||||||
Quarterly dividend per common share | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 |
Inventories_Detail
Inventories (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Inventory Disclosure [Line Items] | ||
Raw materials | $968 | $945 |
Semi-finished products | 877 | 883 |
Finished products | 535 | 573 |
Supplies and sundry items | 100 | 102 |
Total | $2,480 | $2,503 |
Inventories_Additional_Informa
Inventories - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Inventory Disclosure [Line Items] | |||||
Percent of Last-in, First-out (LIFO) inventory to total inventory values | 61.00% | 61.00% | 56.00% | ||
Estimate in excess of current acquisition costs over stated inventory values | $1,100,000,000 | $1,100,000,000 | $1,000,000,000 | ||
Cost of sales increase/reduction, liquidations of LIFO inventories | 3,000,000 | 5,000,000 | 3,000,000 | 16,000,000 | |
Land held for residential or commercial development | $84,000,000 | $84,000,000 | $86,000,000 |
Derivative_Instruments_Additio
Derivative Instruments - Additional Information (Detail) (USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Notional amount of forward contract | $333 |
Derivative_Instruments_Locatio
Derivative Instruments - Location and Amounts of Fair Values and Gains Or Losses Related to Derivatives in Financial Statements (Detail) (Foreign exchange forward contracts, Accounts payable, USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Foreign exchange forward contracts | Accounts payable | ||
Derivative [Line Items] | ||
Fair value of derivatives | $9 | $12 |
Derivative_Instruments_Locatio1
Derivative Instruments - Location and Amounts of Gains or Losses Related to Derivatives in Financial Statements (Detail) (Foreign Exchange Forward Contracts, Other financial costs, USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Foreign Exchange Forward Contracts | Other financial costs | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) related to derivatives | ($11) | ($12) | ($7) | $1 |
Debt_Schedule_of_Debt_Detail
Debt - Schedule of Debt (Detail) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Mar. 26, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Mar. 26, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 |
USD ($) | USD ($) | 2037 Senior Notes | 2037 Senior Notes | 2022 Senior Notes | 2022 Senior Notes | 2021 Senior Notes | 2021 Senior Notes | 2021 Senior Notes | 2020 Senior Notes | 2020 Senior Notes | 2018 Senior Notes | 2018 Senior Notes | 2017 Senior Notes | 2017 Senior Notes | 2019 Senior Convertible Notes | 2019 Senior Convertible Notes | 2019 Senior Convertible Notes | 2014 Senior Convertible Notes | 2014 Senior Convertible Notes | Province Note (C$150 million) | Province Note (C$150 million) | Province Note (C$150 million) | Province Note (C$150 million) | Environmental Revenue Bonds | Environmental Revenue Bonds | Environmental Revenue Bonds | Environmental Revenue Bonds | Recovery Zone Facility Bonds | Recovery Zone Facility Bonds | Fairfield Caster Lease | Fairfield Caster Lease | Other capital leases and all other obligations | Other capital leases and all other obligations | Other capital leases and all other obligations | Other capital leases and all other obligations | Amended Credit Agreement | Amended Credit Agreement | USSK Revolver | USSK Revolver | USSK credit facility | USSK credit facility | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | CAD | USD ($) | CAD | USD ($) | USD ($) | Minimum | Maximum | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Minimum | Maximum | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Debt instrument, face amount | $275,000,000 | $316,000,000 | 150,000,000 | 150,000,000 | ||||||||||||||||||||||||||||||||||||||
Interest rate | 6.65% | 7.50% | 6.88% | 7.38% | 7.00% | 6.05% | 2.75% | 4.00% | 1.00% | 1.00% | 6.75% | |||||||||||||||||||||||||||||||
Interest rate %, minimum | 5.38% | |||||||||||||||||||||||||||||||||||||||||
Interest rate %, maximum | 6.88% | |||||||||||||||||||||||||||||||||||||||||
Interest rate description | Variable | Variable | Variable | |||||||||||||||||||||||||||||||||||||||
Debt instrument, maturity date | 2037 | 2022 | 2021 | 2020 | 2018 | 2017 | 2019 | 2014 | 2015 | 2015 | 2015 | 2042 | 2040 | 2022 | 2013 | 2014 | 2016 | 2016 | 2015 | |||||||||||||||||||||||
Debt and capital lease obligation | 4,013,000,000 | 3,969,000,000 | 350,000,000 | 350,000,000 | 400,000,000 | 400,000,000 | 275,000,000 | 0 | 600,000,000 | 600,000,000 | 500,000,000 | 500,000,000 | 450,000,000 | 450,000,000 | 316,000,000 | 0 | 322,000,000 | 863,000,000 | 146,000,000 | 151,000,000 | 549,000,000 | 549,000,000 | 70,000,000 | 70,000,000 | 35,000,000 | 35,000,000 | 0 | 1,000,000 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Less Province Note fair value adjustment | 17,000,000 | 23,000,000 | ||||||||||||||||||||||||||||||||||||||||
Less unamortized discount | 56,000,000 | 8,000,000 | 49,000,000 | |||||||||||||||||||||||||||||||||||||||
Less short-term debt and long-term debt due within one year | 322,000,000 | 2,000,000 | ||||||||||||||||||||||||||||||||||||||||
Long-term debt | $3,618,000,000 | $3,936,000,000 |
Debt_Redemption_Price_of_2021_
Debt - Redemption Price of 2021 Senior Notes as Percentage of Principal Amount Plus Accrued and Unpaid Interest to, but Excluding, Redemption Date (Detail) | Sep. 30, 2013 |
2017 | |
Debt Instrument [Line Items] | |
2021 Senior Notes, redemption price | 103.44% |
2018 | |
Debt Instrument [Line Items] | |
2021 Senior Notes, redemption price | 101.72% |
2019 and Thereafter | |
Debt Instrument [Line Items] | |
2021 Senior Notes, redemption price | 100.00% |
Debt_Eligible_Accounts_Receiva
Debt - Eligible Accounts Receivable and Receivables Sold to Third Party Conduits (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Debt Disclosure [Abstract] | ||
Balance of accounts receivable-net, eligible for sale to third-party conduits | $1,053 | $1,127 |
Accounts receivable sold to third-party conduits | 0 | 0 |
Balance included in Receivables on the balance sheet of U. S. Steel | $1,053 | $1,127 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) | 0 Months Ended | 1 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | ||||||||||||||||||||
Jul. 15, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 26, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Mar. 26, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Jul. 15, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | |
USD ($) | USD ($) | Senior Convertible Notes | Senior Convertible Notes | Option Three | 2021 Senior Notes | 2021 Senior Notes | 2021 Senior Notes | 2021 Senior Notes | 2014 Senior Convertible Notes | 2014 Senior Convertible Notes | 2014 Senior Convertible Notes | 2014 Senior Convertible Notes | 2019 Senior Convertible Notes | 2019 Senior Convertible Notes | 2019 Senior Convertible Notes | 2019 Senior Convertible Notes | Amended Credit Agreement | Amended Credit Agreement | Amended Credit Agreement | Receivables purchase agreement [Member] | Receivables purchase agreement [Member] | Receivables purchase agreement [Member] | Receivables purchase agreement [Member] | Receivables purchase agreement [Member] | Change in control event | Fairfield Slab Caster | USSK Revolver | USSK Revolver | USSK Revolver | USSK credit facility | USSK credit facility | USSK credit facility | ||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Covenant Requirement | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | |||||||
USD ($) | ||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||
Receivables Purchase Agreement Expiration Month Year | 2016 | |||||||||||||||||||||||||||||||||
Debt instrument, face amount | $275,000,000 | $316,000,000 | ||||||||||||||||||||||||||||||||
Interest rate % | 6.88% | 4.00% | 2.75% | |||||||||||||||||||||||||||||||
Debt instrument, due date | 1-Apr-21 | 15-May-14 | 1-Apr-19 | 20-Jul-16 | ||||||||||||||||||||||||||||||
Net proceeds from offering | 270,000,000 | 306,000,000 | 53,000,000 | |||||||||||||||||||||||||||||||
Underwriting discount and third party expenses | 5,000,000 | 10,000,000 | ||||||||||||||||||||||||||||||||
Debt instrument, payment frequency | semi-annually | semi-annually | ||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Ratio | 39.5491 | |||||||||||||||||||||||||||||||||
Dollar amount of Notes per conversion ratio | 1,000 | |||||||||||||||||||||||||||||||||
Senior Convertible Notes, conversion price per share (in dollars per share) | $25.29 | |||||||||||||||||||||||||||||||||
Senior Convertible Notes, convertible into number of common stock shares (Based on the initial conversion rate) | 12,507,403 | |||||||||||||||||||||||||||||||||
Senior Convertible Notes, maximum amount that could be issued upon conversion | 16,259,615 | |||||||||||||||||||||||||||||||||
Repurchase of Senior Convertible Notes in whole or in part for cash in fundamental change, percentage of principal | 100.00% | |||||||||||||||||||||||||||||||||
Senior Convertible Notes, unamortized discounts | 56,000,000 | 8,000,000 | 49,000,000 | |||||||||||||||||||||||||||||||
Senior Convertible Note, net carrying amount | 267,000,000 | |||||||||||||||||||||||||||||||||
Senior convertible note, interest rate | 6.20% | |||||||||||||||||||||||||||||||||
Repurchased face amount of senior notes | 542,000,000 | |||||||||||||||||||||||||||||||||
Aggregate principal amount, outstanding | 4,013,000,000 | 3,969,000,000 | 275,000,000 | 0 | 322,000,000 | 863,000,000 | 316,000,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Aggregate purchase price, including accrued and unpaid interest and fees | 580,000,000 | |||||||||||||||||||||||||||||||||
Premium on repurchase of senior notes | 34,000,000 | |||||||||||||||||||||||||||||||||
Amounts drawn on credit facility | 0 | 0 | ||||||||||||||||||||||||||||||||
Maximum borrowing capacity on credit facility | 875,000,000 | 200,000,000 | 270,000,000 | 27,000,000 | 20,000,000 | |||||||||||||||||||||||||||||
Credit Facility Expiration Month Year | 2016 | |||||||||||||||||||||||||||||||||
Fixed charge coverage ratio | 1 | |||||||||||||||||||||||||||||||||
Percentage of total aggregate commitments, upper range under financial covenant | 10.00% | |||||||||||||||||||||||||||||||||
Credit Agreement, upper range of outstanding debt | 87,500,000 | |||||||||||||||||||||||||||||||||
Receivables Purchase Agreement, maximum amount of receivable eligible for sale | 625,000,000 | 625,000,000 | 625,000,000 | |||||||||||||||||||||||||||||||
Receivables sold under receivables purchase agreement | 0 | 0 | 0 | |||||||||||||||||||||||||||||||
Payments For Fees Related To Receivable Purchase Agreement | 1,000,000 | 1,000,000 | 3,000,000 | 3,000,000 | ||||||||||||||||||||||||||||||
Amount reinvested from collection of eligible accounts receivable | 0 | 1,175,000,000 | ||||||||||||||||||||||||||||||||
Loss exposure | 3,212,000,000 | 41,000,000 | 200,000,000 | |||||||||||||||||||||||||||||||
Available borrowing capacity | 25,000,000 | |||||||||||||||||||||||||||||||||
Customs and other guarantees outstanding | $2,000,000 |
Asset_Retirement_Obligations_C
Asset Retirement Obligations - Changes in Carrying Values of Asset Retirement Obligations (Detail) (USD $) | 9 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||
Balance at beginning of year | $33 | $38 | |
Additional obligations incurred | 5 | 2 | |
Obligations settled | -7 | -9 | [1] |
Accretion expense | 4 | 2 | |
Balance at end of period | $35 | $33 | |
[1] | Includes $2 million as a result of the sale of USSS on January 31, 2012. See Note 4 for additional details. |
Asset_Retirement_Obligations_C1
Asset Retirement Obligations - Changes in Carrying Values of Asset Retirement Obligations (Parenthetical) (Detail) (USD $) | 9 Months Ended | 12 Months Ended | 0 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | Jan. 31, 2012 | |
USSS | ||||
Reconciliation of Changes in Asset Retirement Obligations [Line Items] | ||||
Obligations settled | $7 | $9 | [1] | $2 |
[1] | Includes $2 million as a result of the sale of USSS on January 31, 2012. See Note 4 for additional details. |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments - Financial Assets and Liabilities Not Carried at Fair Value (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Financial assets: | ||||
Investments and long-term receivables (a) | $607 | $609 | ||
Fair Value | ||||
Financial assets: | ||||
Investments and long-term receivables (a) | 66 | [1] | 39 | [1] |
Financial liabilities: | ||||
Debt (b) | 4,010 | [2] | 4,113 | [2] |
Carrying Amount | ||||
Financial assets: | ||||
Investments and long-term receivables (a) | 66 | [1] | 39 | [1] |
Financial liabilities: | ||||
Debt (b) | $3,904 | [2] | $3,902 | [2] |
[1] | Excludes equity method investments. | |||
[2] | Excludes capital lease obligations. |
Consolidated_Statement_of_Chan
Consolidated Statement of Changes in Equity (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||||||||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 |
Comprehensive Income (Loss) | Comprehensive Income (Loss) | Retained Earnings | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) | Common Stock | Common Stock | Common Stock | Common Stock | Treasury Stock | Treasury Stock | Paid-in Capital | Paid-in Capital | Non- Controlling Interest | Non- Controlling Interest | Non- Controlling Interest | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||
Beginning balance | $3,478 | $3,501 | $3,463 | $3,616 | ($3,268) | ($3,367) | $151 | $151 | $151 | $151 | ($521) | ($550) | $3,652 | $3,650 | $1 | $1 | $1 | ||||
Comprehensive income: | |||||||||||||||||||||
Net (loss) income | -1,791 | 44 | -1,942 | -74 | -1,942 | -74 | -1,942 | -74 | |||||||||||||
Other comprehensive income, net of tax: | |||||||||||||||||||||
Pension and other benefit adjustments | 59 | 224 | 197 | 360 | 197 | 360 | 197 | 360 | |||||||||||||
Currency translation adjustment | 31 | 60 | 13 | 76 | 13 | 76 | 13 | 76 | |||||||||||||
Issuance of conversion option in 2019 Senior Convertible Notes, net of tax | 31 | 31 | |||||||||||||||||||
Employee stock plans | 22 | 21 | 40 | 29 | -18 | -8 | |||||||||||||||
Dividends paid on common stock | -22 | -22 | -22 | -22 | |||||||||||||||||
Other | -2 | 1 | -2 | 1 | |||||||||||||||||
Ending balance | $1,775 | $3,863 | $1,775 | $3,863 | ($1,732) | $362 | $1,497 | $3,520 | ($3,058) | ($2,931) | $151 | $151 | $151 | $151 | ($481) | ($521) | $3,665 | $3,642 | $2 | $1 | $1 |
Reclassifications_from_Accumul2
Reclassifications from Accumulated Other Comprehensive Income - Other Comprehensive Income Activity Net of Tax (Detail) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | |
Accumulated Other Comprehensive Income [Roll Forward] | ||
Beginning Balance | ($3,268) | [1] |
Other comprehensive income (loss) before reclassifications | 0 | [1] |
Amounts reclassified from AOCI (b) | 210 | [1],[2] |
Net current-period other comprehensive income | 210 | [1] |
Ending Balance | -3,058 | [1] |
Pension and Other Benefit Items | ||
Accumulated Other Comprehensive Income [Roll Forward] | ||
Beginning Balance | -3,613 | [1] |
Other comprehensive income (loss) before reclassifications | -13 | [1] |
Amounts reclassified from AOCI (b) | 210 | [1],[2] |
Net current-period other comprehensive income | 197 | [1] |
Ending Balance | -3,416 | [1] |
Foreign Currency Items | ||
Accumulated Other Comprehensive Income [Roll Forward] | ||
Beginning Balance | 345 | [1] |
Other comprehensive income (loss) before reclassifications | 13 | [1] |
Amounts reclassified from AOCI (b) | 0 | [1],[2] |
Net current-period other comprehensive income | 13 | [1] |
Ending Balance | $358 | [1] |
[1] | All amounts are net of tax. Amounts in parentheses indicate debits. | |
[2] | See table below for further details. |
Reclassifications_from_Accumul3
Reclassifications from Accumulated Other Comprehensive Income - Defined Benefit Plan In Other Comprehensive Income (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |||
Amortization of pension and other benefit items | ||||||
(Loss) income before income taxes and noncontrolling interests | ($1,787,000,000) | $17,000,000 | ($1,928,000,000) | $65,000,000 | ||
Tax benefit | -4,000,000 | 27,000,000 | -14,000,000 | -139,000,000 | ||
Net (loss) income | -1,791,000,000 | 44,000,000 | -1,942,000,000 | -74,000,000 | ||
Pension and Other Benefit Items | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||
Amortization of pension and other benefit items | ||||||
Prior service costs | -3,000,000 | [1],[2] | -8,000,000 | [1],[2] | ||
Actuarial gains/(losses) | -100,000,000 | [1],[2] | -298,000,000 | [1],[2] | ||
(Loss) income before income taxes and noncontrolling interests | -103,000,000 | [2] | -306,000,000 | [2] | ||
Tax benefit | 29,000,000 | [2] | 96,000,000 | [2] | ||
Net (loss) income | ($74,000,000) | [2] | ($210,000,000) | [2] | ||
[1] | These AOCI components are included in the computation of net periodic benefit cost (see Note 6 for additional details). | |||||
[2] | Amounts in parentheses indicate debits to income/loss. |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Related Party Transaction [Line Items] | |||||
Net sales to related parties | $275 | $342 | $863 | $1,003 | |
Accounts payable to related parties | 93 | 93 | 78 | ||
Outside processing services | |||||
Related Party Transaction [Line Items] | |||||
Purchases from related parties | 18 | 16 | 53 | 44 | |
Taconite pellets | |||||
Related Party Transaction [Line Items] | |||||
Purchases from related parties | 63 | 84 | 180 | 204 | |
PRO-TEC Coating Company | |||||
Related Party Transaction [Line Items] | |||||
Accounts payable to related parties | 89 | 89 | 75 | ||
Other equity investees | |||||
Related Party Transaction [Line Items] | |||||
Accounts payable to related parties | $4 | $4 | $3 |
Contingencies_and_Commitments_1
Contingencies and Commitments - Changes in Accrued Liabilities for Remediation Activities (Detail) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Change in Accrued Liabilities for Remediation Activities [Roll Forward] | |
Beginning of period | $203 |
Accruals for environmental remediation deemed probable and reasonably estimable | 5 |
Payments | -9 |
End of period | $199 |
Contingencies_and_Commitments_2
Contingencies and Commitments - Accrued Liabilities for Remediation Activities Included in Balance Sheet (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Accounts payable, Deferred credits and other non-current liabilities | $199 | $203 |
Accounts Payable | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Accounts payable, Deferred credits and other non-current liabilities | 17 | 21 |
Deferred credits and other noncurrent liabilities | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Accounts payable, Deferred credits and other non-current liabilities | $182 | $182 |
Contingencies_and_Commitments_3
Contingencies and Commitments - Payments for Contracts with Remaining Terms in Excess of One Year (Detail) (USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | |
Remainder of 2013 | $307 |
2014 | 806 |
2015 | 431 |
2016 | 332 |
2017 | 323 |
Later Years | 1,728 |
Total | $3,927 |
Contingencies_and_Commitments_4
Contingencies and Commitments - Additional Information (Detail) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||||||||||||||||||||||
In Millions, unless otherwise specified | Aug. 02, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
Facility | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Randle Reef | Randle Reef | National Government | National Government | Provincial Government | Provincial Government | Local Sources | Local Sources | U. S. Steel Canada Inc. | U. S. Steel Canada Inc. | Minimum | Minimum | Maximum | Maximum | Asbestos Matters | Asbestos Matters | Asbestos Matters | Asbestos Matters | Asbestos Matters | Projects with Ongoing Study and Scope Development | Projects with Ongoing Study and Scope Development | Projects with Ongoing Study and Scope Development | Projects with Ongoing Study and Scope Development | Projects with Ongoing Study and Scope Development | Gary Works, Project with Defined Scope | Other Project with Defined Scope Greater Than or Equal to $5 Million | Other Project with Defined Scope Greater Than or Equal to $5 Million | Environmental Remediation Other Projects | Environmental Remediation Other Projects | Environmental Remediation Other Projects | Environmental Remediation Projects Less Than One Million | Environmental Remediation Projects Less Than One Million | Antitrust Class Actions | Surety Bonds | Restricted Cash To Fund Certain Capital Projects | |
T | T | USD ($) | CAD | Randle Reef | Randle Reef | Randle Reef | Randle Reef | Randle Reef | Randle Reef | Randle Reef | Randle Reef | USD ($) | Gateway Energy and Coke Company, LLC | USD ($) | Gateway Energy and Coke Company, LLC | USD ($) | USD ($) | Allege Suffering from Mesothelioma | Minimum | Maximum | USD ($) | Resource Conservation and Recovery Act (RCRA) Programs | Voluntary Remediation Program | Minimum | Maximum | USD ($) | USD ($) | Minimum | USD ($) | Minimum | Maximum | USD ($) | Maximum | Defendant | USD ($) | USD ($) | |||||
Micron | Micron | USD ($) | CAD | USD ($) | CAD | USD ($) | CAD | USD ($) | CAD | LegalMatter | Plaintiff | Plaintiff | Defendant | Defendant | Project | Project | Project | USD ($) | USD ($) | USD ($) | Project | USD ($) | USD ($) | USD ($) | |||||||||||||||||
T | Plaintiff | LegalMatter | |||||||||||||||||||||||||||||||||||||||
Claim_Group | |||||||||||||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Active cases brought against U.S. Steel | 800 | 790 | |||||||||||||||||||||||||||||||||||||||
Number of plaintiffs involved | 3,340 | 3,330 | 260 | ||||||||||||||||||||||||||||||||||||||
Number of defendants involved | 50 | 100 | 8 | ||||||||||||||||||||||||||||||||||||||
Number of facilities that failed to meet certain environmental requirements | 3 | ||||||||||||||||||||||||||||||||||||||||
Number of claims pending in jurisdictions | 2,560 | ||||||||||||||||||||||||||||||||||||||||
Percentage of claims pending in jurisdictions | 77.00% | ||||||||||||||||||||||||||||||||||||||||
Payment in settlement of claims | $6 | $15 | |||||||||||||||||||||||||||||||||||||||
Cases resolved upon payment | 175 | 190 | |||||||||||||||||||||||||||||||||||||||
Number of cases added and resulted in claims | 185 | 285 | |||||||||||||||||||||||||||||||||||||||
Number of major groups | 3 | ||||||||||||||||||||||||||||||||||||||||
Expenses related to remediation included in cost of sales | 1 | 2 | 5 | 11 | |||||||||||||||||||||||||||||||||||||
Projected percentage remediation costs may exceed accrued liabilities | 20.00% | 40.00% | |||||||||||||||||||||||||||||||||||||||
Environmental remediation projects | 6 | 4 | 1 | 6 | |||||||||||||||||||||||||||||||||||||
Accrued liabilities for remediation activities | 199 | 199 | 203 | 23 | 57 | 64 | 5 | 13 | 1 | 5 | 8 | 1 | |||||||||||||||||||||||||||||
Environment exit costs, possible additional loss | 45 | 75 | |||||||||||||||||||||||||||||||||||||||
Accrued liabilities for post-closure site monitoring and other costs | 28 | 28 | |||||||||||||||||||||||||||||||||||||||
Accrued liability for administrative and legal costs | 6 | 6 | |||||||||||||||||||||||||||||||||||||||
Number of years of projected administrative and legal costs included in accrual | 3 years | ||||||||||||||||||||||||||||||||||||||||
Capital expenditures | 36 | 37 | |||||||||||||||||||||||||||||||||||||||
Percent reduction in free allocation of emissions | 12.00% | ||||||||||||||||||||||||||||||||||||||||
Minimum annual increment in GHG emission due to modifications to existing permits subject to Title V and PSD requirement if only project significantly increases emissions of at least one non-GHG pollutant | 75,000 | 75,000 | |||||||||||||||||||||||||||||||||||||||
Minimum annual emission of new sources subject to PSD and Title V requirement | 100,000 | 100,000 | |||||||||||||||||||||||||||||||||||||||
NAAQS micron particulate matter in revision process | 2.5 | 2.5 | |||||||||||||||||||||||||||||||||||||||
Estimated capital expenditures of complying with BAT over 2013 to 2016 period | 300 | 400 | |||||||||||||||||||||||||||||||||||||||
Financial assurance guarantees, maximum | 29 | 29 | 168 | ||||||||||||||||||||||||||||||||||||||
Liability related to a guarantee of an unconsolidated equity investment | 22 | 22 | |||||||||||||||||||||||||||||||||||||||
Regulatory agencies estimate expenditures amount | 117 | 120 | |||||||||||||||||||||||||||||||||||||||
Committed contribution | 39 | 40 | 39 | 40 | 39 | 40 | |||||||||||||||||||||||||||||||||||
Contributions made during the period, hot rolled steel | 11,000 | 11,000 | |||||||||||||||||||||||||||||||||||||||
Contributions made during the period, cash | 2 | 2 | |||||||||||||||||||||||||||||||||||||||
Expected date of committed contribution | 2014 | 2014 | |||||||||||||||||||||||||||||||||||||||
Liability accrued related to committed contributions | 10 | ||||||||||||||||||||||||||||||||||||||||
Residual value of equipment | 16 | 16 | |||||||||||||||||||||||||||||||||||||||
Restricted cash | 142 | 142 | 181 | 50 | |||||||||||||||||||||||||||||||||||||
Restricted cash current | 1 | 1 | 5 | ||||||||||||||||||||||||||||||||||||||
Contract commitments to acquire property, plant and equipment | 235 | 235 | |||||||||||||||||||||||||||||||||||||||
Unconditional purchase obligation term | 2 years | 15 years | |||||||||||||||||||||||||||||||||||||||
Percentage of purchase obligation | 90.00% | 105.00% | |||||||||||||||||||||||||||||||||||||||
Maximum default payment on termination of agreement | 250 | 250 | |||||||||||||||||||||||||||||||||||||||
Total payment under take-or-pay contracts | $115 | $180 | $410 | $550 |
Subsequent_Event_Details
Subsequent Event (Details) (USD $) | 1 Months Ended |
In Millions, unless otherwise specified | Oct. 25, 2013 |
Subsequent Events [Abstract] | |
Impairment, non-cash charge expected to be recorded in the fourth quarter of 2013 | $225 |