Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 25, 2022 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 1-16811 | |
Entity Registrant Name | United States Steel Corp | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 25-1897152 | |
Entity Address, Address Line One | 600 Grant Street, | |
Entity Address, City or Town | Pittsburgh, | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 15219-2800 | |
City Area Code | 412 | |
Local Phone Number | 433-1121 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 260,634,961 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0001163302 | |
Current Fiscal Year End Date | --12-31 | |
New York Stock Exchange | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | United States Steel Corporation Common Stock | |
Trading Symbol | X | |
Security Exchange Name | NYSE | |
Chicago Stock Exchange | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | United States Steel Corporation Common Stock | |
Trading Symbol | X | |
Security Exchange Name | CHX |
CONSOLIDATED STATEMENT OF OPERA
CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net sales: | ||
Net sales | $ 4,843 | $ 3,369 |
Net sales to related parties (Note 19) | 391 | 295 |
Total (Note 6) | 5,234 | 3,664 |
Operating expenses (income): | ||
Cost of sales | 3,823 | 3,074 |
Selling, general and administrative expenses | 117 | 102 |
Depreciation, depletion and amortization | 198 | 189 |
Earnings from investees | (36) | (14) |
Gain on equity investee transactions | 0 | (111) |
Restructuring and other charges (Note 20) | 17 | 6 |
Net gain on sale of assets | (2) | 0 |
Other gains, net | (1) | (7) |
Total | 4,116 | 3,239 |
Earnings before interest and income taxes | 1,118 | 425 |
Interest expense | 50 | 92 |
Interest income | (1) | (1) |
Loss on debt extinguishment | 0 | 255 |
Other financial costs | 2 | 18 |
Net periodic benefit income | (61) | (31) |
Net interest and other financial (benefits) costs | (10) | 333 |
Earnings before income taxes | 1,128 | 92 |
Income tax expense (Note 12) | 246 | 1 |
Net earnings | 882 | 91 |
Less: Net earnings attributable to noncontrolling interests | 0 | 0 |
Net earnings attributable to United States Steel Corporation | $ 882 | $ 91 |
Earnings per share attributable to United States Steel Corporation stockholders: | ||
-Basic (in dollars per share) | $ 3.37 | $ 0.36 |
-Diluted (in dollars per share) | $ 3.02 | $ 0.35 |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net earnings | $ 882 | $ 91 |
Other comprehensive income (loss), net of tax: | ||
Changes in foreign currency translation adjustments | (28) | (47) |
Changes in pension and other employee benefit accounts | (3) | 24 |
Changes in derivative financial instruments | 22 | (20) |
Total other comprehensive loss, net of tax | (9) | (43) |
Comprehensive income including noncontrolling interest | 873 | 48 |
Comprehensive income attributable to noncontrolling interest | 0 | 0 |
Comprehensive income attributable to United States Steel Corporation | $ 873 | $ 48 |
CONSOLIDATED BALANCE SHEET (Una
CONSOLIDATED BALANCE SHEET (Unaudited) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents (Note 7) | $ 2,866 | $ 2,522 |
Receivables, less allowance of $40 and $44 | 2,267 | 1,968 |
Receivables from related parties (Note 19) | 148 | 121 |
Inventories (Note 8) | 2,663 | 2,210 |
Other current assets | 436 | 331 |
Total current assets | 8,380 | 7,152 |
Long-term restricted cash (Note 7) | 58 | 76 |
Operating lease assets | 174 | 185 |
Property, plant and equipment | 19,965 | 19,676 |
Less accumulated depreciation and depletion | 12,549 | 12,422 |
Total property, plant and equipment, net | 7,416 | 7,254 |
Investments and long-term receivables, less allowance of $4 in both periods | 727 | 694 |
Intangibles, net (Note 9) | 509 | 519 |
Deferred income tax benefits (Note 12) | 24 | 32 |
Goodwill (Note 9) | 920 | 920 |
Other noncurrent assets | 1,016 | 984 |
Total assets | 19,224 | 17,816 |
Current liabilities: | ||
Accounts payable and other accrued liabilities | 3,172 | 2,809 |
Accounts payable to related parties (Note 19) | 171 | 99 |
Payroll and benefits payable | 407 | 425 |
Accrued taxes | 492 | 365 |
Accrued interest | 47 | 68 |
Current operating lease liabilities | 56 | 58 |
Short-term debt and current maturities of long-term debt (Note 15) | 60 | 28 |
Total current liabilities | 4,405 | 3,852 |
Noncurrent operating lease liabilities | 127 | 136 |
Long-term debt, less unamortized discount and debt issuance costs (Note 15) | 3,917 | 3,863 |
Employee benefits | 195 | 235 |
Deferred income tax liabilities (Note 12) | 216 | 122 |
Deferred credits and other noncurrent liabilities | 573 | 505 |
Total liabilities | 9,433 | 8,713 |
Contingencies and commitments (Note 21) | ||
Stockholders’ Equity (Note 17): | ||
Common stock (282,244,228 and 279,522,227 shares issued) (Note 13) | 282 | 280 |
Treasury stock, at cost (21,552,955 shares and 15,708,839 shares) | (477) | (334) |
Additional paid-in capital | 5,146 | 5,199 |
Retained earnings | 4,425 | 3,534 |
Accumulated other comprehensive income (Note 18) | 322 | 331 |
Total United States Steel Corporation stockholders’ equity | 9,698 | 9,010 |
Noncontrolling interests | 93 | 93 |
Total liabilities and stockholders’ equity | $ 19,224 | $ 17,816 |
CONSOLIDATED BALANCE SHEET (U_2
CONSOLIDATED BALANCE SHEET (Unaudited) (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Receivables, allowance | $ 40 | $ 44 |
Investments and long-term receivables, allowance | $ 4 | $ 4 |
Common stock, shares issued (in shares) | 282,244,228 | 279,522,227 |
Treasury stock, shares (in shares) | 21,552,955 | 15,708,839 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating activities: | ||
Net earnings | $ 882 | $ 91 |
Adjustments to reconcile to net cash provided by operating activities: | ||
Depreciation, depletion and amortization | 198 | 189 |
Gain on equity investee transactions | 0 | (111) |
Restructuring and other charges (Note 20) | 17 | 6 |
Loss on debt extinguishment | 0 | 255 |
Pensions and other postretirement benefits | (60) | (25) |
Deferred income taxes (Note 12) | 121 | 3 |
Net gain on sale of assets | (2) | 0 |
Equity investee earnings, net of distributions received | (36) | (14) |
Changes in: | ||
Current receivables | (355) | (477) |
Inventories | (467) | (183) |
Current accounts payable and accrued expenses | 360 | 386 |
Income taxes receivable/payable | 140 | 3 |
All other, net | (27) | (12) |
Net cash provided by operating activities | 771 | 111 |
Investing activities: | ||
Capital expenditures | (349) | (136) |
Acquisition of Big River Steel, net of cash acquired (Note 5) | 0 | (625) |
Proceeds from sale of assets | 4 | 0 |
Other investing activities | 7 | 1 |
Net cash used in investing activities | (352) | (762) |
Financing activities: | ||
Repayment of short-term debt (Note 15) | 0 | (180) |
Revolving credit facilities - borrowings, net of financing costs (Note 15) | 0 | 50 |
Revolving credit facilities - repayments (Note 15) | 0 | (671) |
Issuance of long-term debt, net of financing costs (Note 15) | 4 | 826 |
Repayment of long-term debt (Note 15) | (6) | (1,379) |
Net proceeds from public offering of common stock (Note 22) | 0 | 791 |
Common stock repurchased (Note 22) | (123) | 0 |
Proceeds from government incentives (Note 21) | 82 | 0 |
Other financing activities | (28) | (10) |
Net cash used in financing activities | (71) | (573) |
Effect of exchange rate changes on cash | (7) | (12) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 341 | (1,236) |
Cash, cash equivalents and restricted cash at beginning of year (Note 7) | 2,600 | 2,118 |
Cash, cash equivalents and restricted cash at end of period (Note 7) | 2,941 | 882 |
Noncash Investing and Financing Items [Abstract] | ||
Change in accrued capital expenditures | 22 | 5 |
U. S. Steel common stock issued for employee/non-employee director stock plans | 45 | 18 |
Capital expenditures funded by finance lease borrowings | 7 | 1 |
Export Credit Agreement (ECA) financing | $ 0 | $ 23 |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies | 1. Basis of Presentation and Significant Accounting Policies The year-end Consolidated Balance Sheet data was derived from audited statements but does not include all disclosures required for complete financial statements by accounting principles generally accepted in the United States of America (U.S. GAAP). The other information in these condensed financial statements is unaudited but, in the opinion of management, reflects all adjustments necessary for a fair statement of the results for the periods covered, including assessment of certain accounting matters using all available information such as consideration of forecasted financial information in context with other information reasonably available to us. However, our future assessment of our current expectations, including consideration of the unknown future impacts of the COVID-19 pandemic, could result in material impacts to our consolidated financial statements in future reporting periods. All such adjustments are of a normal recurring nature unless disclosed otherwise. These condensed financial statements, including notes, have been prepared in accordance with the applicable rules of the Securities and Exchange Commission and do not include all of the information and disclosures required by U.S. GAAP for complete financial statements. Additional information is contained in the United States Steel Corporation Annual Report on Form 10-K for the fiscal year ended December 31, 2021, which should be read in conjunction with these condensed financial statements. |
New Accounting Standards
New Accounting Standards | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Standards | New Accounting StandardsIn October 2021, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (ASU 2021-08). ASU 2021-08 requires that an entity recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, Revenue from Contracts with Customers. ASU 2021-08 is effective to public companies for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years, with early adoption of all amendments in the same period permitted. The Company is currently assessing the impact of ASU 2021-08 but does not believe it will have a material impact on its Condensed Consolidated Financial Statements. Recently Adopted Accounting Standards In August 2020, the FASB issued Accounting Standards Update 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (ASU 2020-06). ASU 2020-06 simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. ASU 2020-06 also requires entities to provide expanded disclosures about the terms and features of convertible instruments and amends certain guidance in ASC 260 on the computation of earnings per share (EPS) for convertible instruments and contracts on an entity’s own equity. The update requires entities to use the If-Converted Method for calculating diluted earnings per share, retiring the previous alternative calculation of the Treasury Stock Method for calculating diluted earnings per share for convertible instruments. U. S. Steel has adopted this guidance using the modified retrospective implementation method as of January 1, 2022. The cumulative effect of the changes made to our consolidated January 1, 2022, balance sheet for the adoption of ASU 2020-06 was as follows: (in millions) Balance as of December 31, 2021 Adjustments due to ASU 2020-06 Balance as of January 1, 2022 Condensed Consolidated Balance Sheet Assets Deferred income tax benefits 32 4 36 Liabilities Long-term debt, less unamortized discount and debt issuance costs 3,863 74 3,937 Deferred income tax liabilities 122 (15) 107 Equity Additional paid-in capital 5,199 (78) 5,121 Retained Earnings 3,534 22 3,556 In November 2021, the FASB issued Accounting Standards Update 2021-10, Disclosures by Business Entities about Government Assistance (ASU 2021-10). ASU 2021-10 provides expanded annual disclosure requirements for business entities that account for a transaction with a government by applying a grant or contribution accounting model by |
Recently Adopted Accounting Sta
Recently Adopted Accounting Standards | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Adopted Accounting Standards | New Accounting StandardsIn October 2021, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (ASU 2021-08). ASU 2021-08 requires that an entity recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, Revenue from Contracts with Customers. ASU 2021-08 is effective to public companies for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years, with early adoption of all amendments in the same period permitted. The Company is currently assessing the impact of ASU 2021-08 but does not believe it will have a material impact on its Condensed Consolidated Financial Statements. Recently Adopted Accounting Standards In August 2020, the FASB issued Accounting Standards Update 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (ASU 2020-06). ASU 2020-06 simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. ASU 2020-06 also requires entities to provide expanded disclosures about the terms and features of convertible instruments and amends certain guidance in ASC 260 on the computation of earnings per share (EPS) for convertible instruments and contracts on an entity’s own equity. The update requires entities to use the If-Converted Method for calculating diluted earnings per share, retiring the previous alternative calculation of the Treasury Stock Method for calculating diluted earnings per share for convertible instruments. U. S. Steel has adopted this guidance using the modified retrospective implementation method as of January 1, 2022. The cumulative effect of the changes made to our consolidated January 1, 2022, balance sheet for the adoption of ASU 2020-06 was as follows: (in millions) Balance as of December 31, 2021 Adjustments due to ASU 2020-06 Balance as of January 1, 2022 Condensed Consolidated Balance Sheet Assets Deferred income tax benefits 32 4 36 Liabilities Long-term debt, less unamortized discount and debt issuance costs 3,863 74 3,937 Deferred income tax liabilities 122 (15) 107 Equity Additional paid-in capital 5,199 (78) 5,121 Retained Earnings 3,534 22 3,556 In November 2021, the FASB issued Accounting Standards Update 2021-10, Disclosures by Business Entities about Government Assistance (ASU 2021-10). ASU 2021-10 provides expanded annual disclosure requirements for business entities that account for a transaction with a government by applying a grant or contribution accounting model by |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | 4. Segment Information U. S. Steel has four reportable segments: North American Flat-Rolled (Flat-Rolled), Mini Mill, U. S. Steel Europe (USSE); and Tubular Products (Tubular). The Mini Mill segment reflects the acquisition of Big River Steel after the purchase of the remaining equity interest on January 15, 2021 (see Note 5 for further details) and a new mini mill under construction in Osceola, Arkansas. The Tubular Products segment includes the electric arc furnace at our Fairfield Tubular Operations in Fairfield, Alabama. The results of our real estate businesses and of our former railroad business are combined and disclosed in the Other category. The results of segment operations for the three months ended March 31, 2022 and 2021 are: (In millions) Three Months Ended March 31, 2022 Customer Intersegment Net Earnings Earnings (loss) before interest and income taxes Flat-Rolled $ 2,954 $ 52 $ 3,006 $ 30 $ 513 Mini Mill 718 130 848 — 278 USSE 1,251 4 1,255 — 264 Tubular 309 3 312 6 77 Total reportable segments 5,232 189 5,421 36 1,132 Other 2 — 2 — 7 Reconciling Items and Eliminations — (189) (189) — (21) Total $ 5,234 $ — $ 5,234 $ 36 $ 1,118 Three Months Ended March 31, 2021 Flat-Rolled $ 2,272 $ 43 $ 2,315 $ 5 $ 146 Mini Mill 450 62 512 — 132 USSE 798 1 799 — 105 Tubular 134 4 138 3 (29) Total reportable segments 3,654 110 3,764 8 354 Other 10 29 39 6 8 Reconciling Items and Eliminations — (139) (139) — 63 Total $ 3,664 $ — $ 3,664 $ 14 $ 425 A summary of total assets by segment is as follows: (In millions) March 31, 2022 December 31, 2021 Flat-Rolled $ 7,924 $ 7,337 Mini Mill (a) 4,850 4,715 USSE 6,400 6,111 Tubular 1,072 1,054 Total reportable segments $ 20,246 $ 19,217 Other $ 123 $ 88 Corporate, reconciling items, and eliminations (b) (1,145) (1,489) Total assets $ 19,224 $ 17,816 (a) Includes assets of $587 million and $347 million at March 31, 2022 and December 31, 2021, respectively, related to a new mini mill under construction in Osceola, Arkansas. (b) The majority of corporate, reconciling items, and eliminations is comprised of cash and the elimination of intersegment amounts. The following is a schedule of reconciling items to consolidated earnings before interest and income taxes: Three Months Ended March 31, (In millions) 2022 2021 Items not allocated to segments: Restructuring and other charges (Note 20) $ (17) $ (6) Other charges, net (4) (42) Gains on assets sold and previously held investments — 111 Total reconciling items $ (21) $ 63 |
Acquisition
Acquisition | 3 Months Ended |
Mar. 31, 2022 | |
Business Combinations [Abstract] | |
Acquisition | 5. Acquisitions and Dispositions Big River Steel Acquisition On January 15, 2021, U. S. Steel purchased the remaining equity interest in Big River Steel for approximately $625 million in cash net of $36 million and $62 million in cash and restricted cash received, respectively, and the assumption of liabilities of approximately $50 million. There were acquisition related costs of approximately $9 million recorded in 2021. Prior to the closing of the acquisition on January 15, 2021, U. S. Steel accounted for its 49.9% equity interest in Big River Steel under the equity method as control and risk of loss were shared among the partnership members. Using step acquisition accounting the Company increased the value of its previously held equity investment to its fair value of $770 million which resulted in a gain of approximately $111 million. The gain was recorded in gain on equity investee transactions in the Condensed Consolidated Statement of Operations. The acquisition has been accounted for in accordance with ASC 805, Business combinations . There were step-ups to fair value of approximately $308 million, $194 million and $24 million for property, plant and equipment, debt and inventory, respectively. An intangible asset for customer relationships and goodwill of approximately $413 million and $916 million were also recorded, respectively. Goodwill represents the excess of purchase price over the fair market value of the net assets. Goodwill is primarily attributable to Big River Steel's operational abilities, workforce and the anticipated benefits from their recent expansion and will be partially tax deductible. The inventory step-up was fully amortized as of March 31, 2021, the intangible asset will be amortized over a 22-year period and the debt step-up will be amortized over the contractual life of the underlying debt. See Note 15 for further details. The value of Big River Steel was determined using Level 3 valuation techniques. Level 3 valuation techniques include inputs to the valuation methodology that are considered unobservable and significant to the fair value measurement. A significant factor in determining the equity value was the discounted forecasted cash flows of Big River Steel. Forecasted cash flows are primarily impacted by the forecasted market price of steel and metallic inputs as well as the expected timing of significant capital expenditures. The model utilized a risk adjusted discount rate of 11.0% and a terminal growth rate of 2%. The following table presents the allocation of the aggregate purchase price based on estimated fair values: (in millions) Assets Acquired: Receivables $ 166 Receivables with U. S. Steel (1) 99 Inventories 184 Other current assets 16 Property, plant and equipment 2,188 Intangibles 413 Goodwill 916 Other noncurrent assets 19 Total Assets Acquired $ 4,001 Liabilities Assumed: Accounts payable and accrued liabilities $ 224 Payroll and benefits payable 27 Accrued taxes 9 Accrued interest 33 Short-term debt and current maturities of long-term debt 29 Long-term debt 1,997 Deferred income tax liabilities 26 Deferred credits and other long-term liabilities 211 Total Liabilities Assumed $ 2,556 Fair value of previously held investment in Big River Steel $ 770 Purchase price, including assumed liabilities and net of cash acquired 675 Difference in assets acquired and liabilities assumed $ 1,445 (1) The transaction to purchase Big River Steel included receivables for payments made by Big River Steel on behalf of U. S. Steel for retention bonuses of $22 million that impacted the previously held equity investment and for U. S. Steel liabilities assumed in the purchase of approximately $50 million. In addition, there were assumed receivables of approximately $27 million for steel substrate sales from Big River Steel to U. S. Steel. The receivables with U. S. Steel eliminate in consolidation with offsetting intercompany payables from U. S. Steel. The following unaudited pro forma information for U. S. Steel includes the results of the Big River Steel acquisition as if it had been consummated on January 1, 2020. The unaudited pro forma information is based on historical information and is adjusted for amortization of the intangible asset, property, plant and equipment and debt fair value step-ups discussed above. Non-recurring acquisition related items included in the 2020 period include $111 million for the gain on previously held equity investment, $9 million in acquisition related costs and $24 million in inventory step-up amortization related to the purchase of the remaining interest in Big River Steel. In addition, costs for non-recurring retention bonuses of $44 million that occurred in January 2021 prior to the purchase of the remaining equity interest are included in the 2020 period. The pro forma information does not include any anticipated cost savings or other effects of the integration of Big River Steel. Accordingly, the unaudited pro forma information does not necessarily reflect the actual results that would have occurred, nor is it necessarily indicative of future results of operations. Pro forma adjustments were not tax-effected in 2020 as U. S. Steel had a full valuation allowance on its domestic deferred tax assets. Three Months Ended March 31, (in millions) 2021 2020 Net sales $ 3,736 $ 2,994 Net earnings (loss) $ 18 $ (367) Transtar Disposition On July 28, 2021, U. S. Steel completed the sale of 100 percent of its equity interests in its wholly-owned short-line railroad, Transtar, LLC (Transtar) to an affiliate of Fortress Transportation and Infrastructure Investors, LLC. The Company received net cash proceeds of $627 million, subject to certain customary adjustments as set forth in the Membership Interest Purchase Agreement, and recognized a pretax gain of approximately $506 million in 2021. In connection with the closing of the transaction, the Company entered into certain ancillary agreements including a railway services agreement, providing for continued rail services for its Gary and Mon Valley Works facilities, and a transition services agreement. Because Transtar does not represent a significant component of U. S. Steel's business and does not constitute a reportable business segment, its results through the date of disposition are reported in the Other category. See Note 4 for further details. Other Transactions |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | 6. Revenue Revenue is generated primarily from contracts to produce, ship and deliver steel products, and to a lesser extent, raw materials sales such as iron ore pellets and coke by-products and real estate sales. Generally, U. S. Steel’s performance obligations are satisfied and revenue is recognized when title transfers to our customer for product shipped or services are provided. Revenues are recorded net of any sales incentives. Shipping and other transportation costs charged to customers are treated as fulfillment activities and are recorded in both revenue and cost of sales at the time control is transferred to the customer. Costs related to obtaining sales contracts are incidental and are expensed when incurred. Because customers are invoiced at the time title transfers and U. S. Steel’s right to consideration is unconditional at that time, U. S. Steel does not maintain contract asset balances. Additionally, U. S. Steel does not maintain contract liability balances, as performance obligations are satisfied prior to customer payment for product. U. S. Steel offers industry standard payment terms. The following tables disaggregate our revenue by product for each of the reportable business segments for the three months ended March 31, 2022 and 2021, respectively: Net Sales by Product (In millions): Three Months Ended March 31, 2022 Flat-Rolled Mini Mill USSE Tubular Other Total Semi-finished $ 49 $ — $ 1 $ — $ — $ 50 Hot-rolled sheets 514 399 593 — — 1,506 Cold-rolled sheets 971 92 139 — — 1,202 Coated sheets 1,196 224 483 — — 1,903 Tubular products — — 15 306 — 321 All Other (a) 224 3 20 3 2 252 Total $ 2,954 $ 718 $ 1,251 $ 309 $ 2 $ 5,234 (a) Consists primarily of sales of raw materials and coke making by-products. Three Months Ended March 31, 2021 Flat-Rolled Mini Mill (b) USSE Tubular Other Total Semi-finished $ 12 $ — $ 3 $ — $ — $ 15 Hot-rolled sheets 450 249 386 — — 1,085 Cold-rolled sheets 784 79 83 — — 946 Coated sheets 878 121 298 — — 1,297 Tubular products — — 10 128 — 138 All Other (a) 148 1 18 6 10 183 Total $ 2,272 $ 450 $ 798 $ 134 $ 10 $ 3,664 (a) Consists primarily of sales of raw materials and coke making by-products. (b) Mini Mill segment added after January 15, 2021 with the purchase of the remaining equity interest in Big River Steel. |
Cash, Cash Equivalents and Rest
Cash, Cash Equivalents and Restricted Cash | 3 Months Ended |
Mar. 31, 2022 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract] | |
Cash, Cash Equivalents and Restricted Cash | 7. Cash, Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within U. S. Steel's Consolidated Balance Sheets that sum to the total of the same amounts shown in the Consolidated Statement of Cash Flows: (In millions) March 31, 2022 December 31, 2021 March 31, 2021 Cash and cash equivalents $ 2,866 $ 2,522 $ 753 Restricted cash in other current assets 17 2 7 Restricted cash in other noncurrent assets 58 76 122 Total cash, cash equivalents and restricted cash $ 2,941 $ 2,600 $ 882 Amounts included in restricted cash represent cash balances which are legally or contractually restricted, primarily for electric arc furnace construction, environmental and other capital projects and insurance purposes. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | 8. Inventories The LIFO method is the predominant method of inventory costing for our Flat-Rolled and Tubular segments. The FIFO and moving average methods are the predominant inventory costing methods for our Mini Mill segment and the FIFO method is the predominant inventory costing method for our USSE segment. At March 31, 2022 and December 31, 2021, the LIFO method accounted for 41 percent and 46 percent of total inventory values, respectively. (In millions) March 31, 2022 December 31, 2021 Raw materials $ 1,098 $ 713 Semi-finished products 1,112 1,056 Finished products 407 388 Supplies and sundry items 46 53 Total $ 2,663 $ 2,210 Current acquisition costs were estimated to exceed the above inventory values by $1.62 billion and $896 million at March 31, 2022 and December 31, 2021, respectively. As a result of the liquidation of LIFO inventories, cost of sales decreased and earnings before interest and income taxes increased by $8 million and $1 million for the three months ended March 31, 2022 and 2021, respectively. |
Intangible Assets
Intangible Assets | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 9. Intangible Assets and Goodwill Intangible assets that are being amortized on a straight-line basis over their estimated useful lives are detailed below: As of March 31, 2022 As of December 31, 2021 (In millions) Useful Gross Accumulated Net Gross Accumulated Net Customer relationships 22 Years $ 413 $ 22 $ 391 $ 413 $ 18 $ 395 Patents 5-15 Years 17 11 6 17 11 6 Energy Contract 2 Years 54 17 37 54 11 43 Total amortizable intangible assets $ 484 $ 50 $ 434 $ 484 $ 40 $ 444 Total estimated amortization expense for the remainder of 2022 is $31 million. We expect approximately $120 million in annual amortization expense through 2027 and approximately $282 million in remaining amortization expense thereafter. The carrying amount of acquired water rights with indefinite lives as of March 31, 2022 and December 31, 2021 totaled $75 million. Below is a summary of goodwill by segment for the three months ended March 31, 2022: Flat-Rolled Mini Mill USSE Tubular Total Balance at December 31, 2021 $ — $ 916 $ 4 $ — $ 920 Additions — — — — — Balance at March 31, 2022 $ — $ 916 $ 4 $ — $ 920 |
Pensions and Other Benefits
Pensions and Other Benefits | 3 Months Ended |
Mar. 31, 2022 | |
Retirement Benefits [Abstract] | |
Pensions and Other Benefits | 10. Pensions and Other Benefits The following table reflects the components of net periodic benefit (income) cost for the three months ended March 31, 2022 and 2021: Pension Benefits Other Benefits (In millions) 2022 2021 2022 2021 Service cost $ 11 $ 14 $ 2 $ 3 Interest cost 39 40 12 12 Expected return on plan assets (89) (89) (22) (20) Amortization of prior service credit — — (7) (7) Amortization of actuarial net loss (gain) 18 38 (13) (6) Net periodic benefit cost (income), excluding below (21) 3 (28) (18) Multiemployer plans 19 19 — — Settlement, termination and curtailment losses (a) 1 — — — Net periodic benefit cost (income) $ (1) $ 22 $ (28) $ (18) (a) During the three months ended March 31, 2022, pension benefits incurred special termination charges of approximately $1 million due to workforce restructuring. Employer Contributions During the first three months of 2022, U. S. Steel made cash payments of $18 million to the Steelworkers Pension Trust and $1 million of pension payments not funded by trusts. During the first three months of 2022, cash payments of $12 million were made for other postretirement benefit payments not funded by trusts. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation Plans | 11. 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, or its designee, under the 2005 Stock Incentive Plan (2005 Plan) and the 2016 Omnibus Incentive Compensation Plan, as amended and restated (Omnibus Plan). The Company's stockholders approved the Omnibus Plan and authorized the Company to issue up to 32,700,000 shares of U. S. Steel common stock under the Omnibus Plan. While the awards that were previously granted under the 2005 Plan remain outstanding, all future awards will be granted under the Omnibus Plan. As of March 31, 2022, there were 9,339,845 shares available for future grants under the Omnibus Plan. Recent grants of stock-based compensation consist of restricted stock units, total stockholder return (TSR) performance awards and return on capital employed (ROCE) performance awards. Shares of common stock under the Omnibus Plan are issued from authorized, but unissued stock. The following table is a summary of the awards made under the Omnibus Plan during the first three months of 2022 and 2021. 2022 2021 Grant Details Shares (a) Fair Value (b) Shares (a) Fair Value (b) Restricted Stock Units 1,169,470 $ 24.27 1,418,380 $ 17.92 Performance Awards (c) TSR 225,030 $ 28.53 306,930 $ 19.46 ROCE (d) 396,280 $ 23.60 485,900 $ 17.92 (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 period. (c) The number of performance awards shown represents the target share grant of the award. (d) A portion of ROCE awards granted in 2022 and 2021 are not shown in the table because they were granted in cash. U. S. Steel recognized pretax stock-based compensation expense in the amount of $16 million and $11 million in the three-month periods ended March 31, 2022 and 2021, respectively. As of March 31, 2022, total future compensation expense related to nonvested stock-based compensation arrangements was $91 million, and the weighted average period over which this expense is expected to be recognized is approximately 22 months. Stock Options 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. Awards generally vest ratably over a three 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. The 171,000 performance-based stock options granted in December 2021 do not become vested and exercisable until the Company's 20-trading day average closing stock price meets or exceeds the following stock price hurdles during the seven 20-trading day Average Closing Stock Price Achievement During 7-Year Period Beginning on Grant Date Percentage of Performance-Based Stock Options Exercisable $ 35.00 33.33 % $ 45.00 33.33 % $ 55.00 33.34 % Stock Awards Restricted stock units awarded as part of annual grants generally vest ratably over three years. Their fair value is the market price of the underlying common stock on the date of grant. Restricted stock units granted in connection with new-hire or retention grants generally cliff vest three years from the date of the grant. TSR performance awards may vest at varying levels at the end of a three-year performance period if U. S. Steel's total stockholder return compared to the total stockholder return of a peer group of companies meets specified performance criteria with each year in the three-year performance period weighted at 20 percent and the full three-year performance weighted at 40 percent. TSR performance awards can vest at between zero and 200 percent of the target award. The fair value of the TSR performance awards is calculated using a Monte Carlo simulation. ROCE performance awards may vest at the end of a three-year performance period contingent upon meeting the specified ROCE performance metric. For the 2022 ROCE performance awards, each year in the three-year performance period is weighted at 20 percent and the full three-year period is weighted at 40 percent of the total award. ROCE performance awards can vest between zero and 200 percent of the target award. The fair value of the ROCE performance awards is the average market price of the underlying common stock on the date of grant. In December 2021, special performance-based restricted stock unit awards (PSUs) were granted to members of the Company’s executive leadership team. Shares are earned based on the achievement of certain pre-set quantitative performance criteria during the four The Chief Executive Officer was granted PSUs that vest with the following, equally weighted, performance metrics: (i) EBITDA margin expansion, (ii) greenhouse gas emissions intensity reduction, (iii) asset portfolio optimization, (iv) leverage metrics and (v) corporate relative valuation. Other members of the executive leadership team were granted PSUs that vest with performance criteria related to: (i) on time and on budget completion of the second mini mill (30% of the grant), (ii) EBITDA margin expansion (40% of the grant) and (iii) greenhouse gas emissions intensity reduction (30% of the grant). For the PSU awards, a payout is achievable at threshold (50% of target), target (100% of target) or maximum (200% of target) performance achievement. Payout amounts will be interpolated between the threshold, target and maximum amounts. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12. Income Taxes Tax provision For the three months ended March 31, 2022 and 2021, the Company recorded a tax provision of $246 million and $1 million, respectively. The Company also recorded an increase in its long-term state deferred tax asset of $4 million and a decrease in its long-term federal deferred tax liability of $15 million related to the adoption of ASU 2020-06. The tax provisions for the first three months of 2022 and 2021 were based on an estimated annual effective rate, which requires management to make its best estimate of annual pretax income or loss and discrete items recognized during the period. The tax provision for the three months ended March 31, 2021 includes a $4 million benefit relating to favorably settling prior tax period state income tax matters. Due to the full valuation allowance on our domestic deferred tax assets, the tax provision in 2021 does not reflect any material tax expense for domestic pretax earnings. Throughout 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 2022 pretax results for U.S. and foreign income or loss vary from estimates applied herein, the actual tax provision or benefit recognized in 2022 could be materially different from the forecasted amount used to estimate the tax provision for the three months ended March 31, 2022. |
Earnings and Dividends Per Comm
Earnings and Dividends Per Common Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings and Dividends Per Common Share | 13. Earnings and Dividends Per Common Share Earnings Per Share Attributable to United States Steel Corporation Stockholders The effect of dilutive securities on weighted average common shares outstanding included in the calculation of diluted earnings per common share for the three months ended March 31, 2022 and March 31, 2021 were as follows. Three Months Ended March 31, (Dollars in millions, except per share amounts) 2022 2021 Earnings attributable to United States Steel Corporation stockholders $ 882 $ 91 Weighted-average shares outstanding (in thousands): Basic 261,453 249,351 Effect of Senior Convertible Notes (a) 26,194 8,467 Effect of stock options, restricted stock units and performance awards 5,620 4,151 Adjusted weighted-average shares outstanding, diluted (a) 293,267 261,969 Basic earnings per common share $ 3.37 $ 0.36 Diluted earnings per common share $ 3.02 $ 0.35 Excluded from the computation of diluted earnings per common share due to their anti-dilutive effect were 0.6 million and 1.4 million outstanding securities granted under the Omnibus Plan for the three months ended March 31, 2022 and 2021, respectively. Dividends Paid Per Share The dividend for the first quarter of 2022 and 2021 was five cents and one cent per common share, respectively. |
Derivative Instruments
Derivative Instruments | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | 14. Derivative Instruments U. S. Steel uses foreign exchange forward sales contracts (foreign exchange forwards) with maturities up to 31 months to manage our currency requirements and exposure to foreign currency exchange rate fluctuations. The USSE and Flat-Rolled segments use hedge accounting for their foreign exchange forwards. The Mini Mill segment has not elected hedge accounting; therefore, the changes in the fair value of their foreign exchange forwards are recognized immediately in the Consolidated Statements of Operations (mark-to-market accounting). U. S. Steel also uses financial swaps to protect from the commodity price risk associated with purchases of natural gas, zinc, tin, electricity and iron ore pellets (commodity purchase swaps). We elected cash flow hedge accounting for commodity purchase swaps for natural gas, zinc and tin and iron ore pellets and use mark-to-market accounting for electricity swaps. The maximum derivative contract duration for commodity purchase swaps where hedge accounting was elected and was not elected is 9 months and 21 months, respectively. U. S. Steel has entered into financial swaps that are used to partially manage the sales price risk of certain hot-rolled coil sales (sales swaps) and iron ore pellet sales (zero cost collars). Both the sales swaps and the zero cost collars are accounted for using hedge accounting and have maturities of up to 9 months. The table below shows the outstanding swap quantities used to hedge forecasted purchases and sales as of March 31, 2022 and March 31, 2021: Hedge Contracts Classification March 31, 2022 March 31, 2021 Natural gas (in mmbtus) Commodity purchase swaps 43,265,000 26,223,000 Tin (in metric tons) Commodity purchase swaps 2,430 1,555 Zinc (in metric tons) Commodity purchase swaps 15,679 19,021 Electricity (in megawatt hours) Commodity purchase swaps 724,320 1,074,720 Iron ore pellets (in metric tons) Commodity purchase swaps 30,000 — Iron ore pellets (in metric tons) Zero-cost collars 1,080,000 — Hot-rolled coils (in tons) Sales swaps 110,000 192,720 Foreign currency (in millions of euros) Foreign exchange forwards € 311 € 237 Foreign currency (in millions of dollars) Foreign exchange forwards $ 158 $ 9 The following summarizes the fair value amounts included in our Condensed Consolidated Balance Sheets as of March 31, 2022, and December 31, 2021: Balance Sheet Location (in millions) March 31, 2022 December 31, 2021 Designated as Hedging Instruments Accounts receivable $ 103 $ 42 Accounts payable 98 59 Investments and long-term receivables — 2 Other long-term liabilities 3 4 Not Designated as Hedging Instruments Accounts receivable 13 5 Investments and long-term receivables 7 5 The table below summarizes the effect of hedge accounting on Accumulated Other Comprehensive Income (AOCI) and amounts reclassified from AOCI into earnings for the three months ended March 31, 2022 and 2021: Gain (Loss) on Derivatives in AOCI Amount of Gain (Loss) Recognized in Income (In millions) Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 Location of Reclassification from AOCI (a) Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 Sales swaps $ (57) $ (44) Net sales $ (26) $ (10) Commodity purchase swaps 88 10 Cost of sales (b) 22 (1) Foreign exchange forwards (2) 19 Cost of sales 8 (5) (a) The earnings impact of our hedging instruments substantially offsets the earnings impact of the related hedged items resulting in immaterial ineffectiveness. (b) Costs for commodity purchase swaps are recognized in cost of sales as products are sold. At current contract values, $86 million currently in AOCI as of March 31, 2022 will be recognized as a decrease in cost of sales over the next year and $81 million currently in AOCI as of March 31, 2022 will be recognized as a decrease in net sales over the next year. The loss recognized for foreign exchange forwards and financial swaps where hedge accounting was not elected was $9 million for the three months ended March 31, 2022. The loss recognized for foreign exchange forwards and financial swaps where hedge accounting was not elected was $9 million for the three months ended March 31, 2021. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt | 15. Debt (In millions) Issuer/Borrower Interest Maturity March 31, 2022 December 31, 2021 2037 Senior Notes U. S. Steel 6.650 2037 350 350 2029 Senior Secured Notes Big River Steel 6.625 2029 720 720 2029 Senior Notes U. S. Steel 6.875 2029 748 750 2026 Senior Convertible Notes U. S. Steel 5.000 2026 350 350 Environmental Revenue Bonds U. S. Steel 4.125 - 6.750 2024 - 2050 647 647 Environmental Revenue Bonds Big River Steel 4.500 - 4.750 2049 752 752 Finance leases and all other obligations U. S. Steel Various 2022 - 2029 74 67 Finance leases and all other obligations Big River Steel Various 2022 - 2031 126 122 Export Credit Agreement U. S. Steel Variable 2031 136 136 Credit Facility Agreement U. S. Steel Variable 2024 — — Big River Steel ABL Facility Big River Steel Variable 2026 — — USSK Credit Agreement U. S. Steel Kosice Variable 2026 — — USSK Credit Facility U. S. Steel Kosice Variable 2024 — — Total Debt 3,903 3,894 Less unamortized discount, premium, and debt issuance costs (74) 3 Less short-term debt, long-term debt due within one year, and short-term issuance costs 60 28 Long-term debt $ 3,917 $ 3,863 2029 Senior Notes During the three months ended March 31, 2022, open market repurchases were made of approximately $2 million of aggregate principal on the 6.875% Senior Notes due 2029. An immaterial amount of repurchase premium was incurred related to the repayment. 2026 Senior Convertible Notes In October 2019, U. S. Steel issued $350 million of 5.00% Senior Convertible Notes due November 1, 2026 (2026 Senior Convertible Notes). Interest on the 2026 Senior Convertible Notes is payable semi-annually on May 1 and November 1 of each year. The initial conversion rate for the 2026 Senior Convertible Notes is 74.8391 shares of U. S. Steel common stock per $1,000 principal amount, equivalent to an initial conversion price of approximately $13.36 per share of common stock, subject to adjustment pursuant to the 2026 Senior Convertible Notes indenture. Based on the initial conversion rate, the 2026 Senior Convertible Notes are convertible into 26,193,685 shares of U. S. Steel common stock and we reserved for the possible issuance of 33,396,930 shares, which is the maximum amount that could be issued upon conversion. Prior to August 1, 2026, holders of notes may convert all or a portion of their notes at their option only upon the satisfaction of specified conditions and during certain periods. On or after August 1, 2026, holders may convert all or a portion of their notes prior to the maturity date. Upon conversion, we will satisfy the obligation with cash, common stock, or a combination thereof, at our election. U. S. Steel may not redeem the 2026 Senior Convertible Notes prior to November 5, 2023. On or after November 5, 2023 and prior to August 1, 2026, if the price per share of U. S. Steel's common stock has been at least 130% of the conversion price for specified periods, U. S. Steel may redeem all or a portion of the 2026 Senior Convertible Notes at a cash redemption price of 100% of the principal amount, plus accrued and unpaid interest. If U. S. Steel undergoes a fundamental change, as defined in the 2026 Senior Convertible Notes, holders may require us to repurchase the 2026 Senior Convertible Notes in whole or in part for cash at a price equal to 100% of the principal amount of the 2026 Senior Convertible Notes to be purchased plus any accrued and unpaid interest up to, but excluding the repurchase date. Big River Steel - Sustainability Linked ABL Facility Big River Steel's amended senior secured asset-based revolving credit facility (Big River Steel ABL Facility) matures on July 23, 2026. The facility is secured by first-priority liens on accounts receivable and inventory and certain other assets and second priority liens on most tangible and intangible assets of Big River Steel in each case subject to permitted liens. Additionally, the amendment includes sustainability targets related to carbon reduction, safety performance and facility certification by ResponsibleSteel™. The Big River Steel ABL Facility provides for borrowings for working capital and general corporate purposes in an amount equal up to the lesser of (a) $350 million and (b) a borrowing base calculated based on specified percentages of eligible accounts receivables and inventory, subject to certain adjustments and reserves. Big River Steel LLC must maintain a fixed charge coverage ratio of at least 1.00 to 1.00 for the most recent twelve consecutive months when availability under the Big River Steel ABL Facility is less than the greater of ten percent of the borrowing base availability and $13 million. Based on the most recent four quarters as of March 31, 2022, Big River Steel would have met the fixed charge coverage ratio test. The facility includes affirmative and negative covenants and events of default that are customary for facilities of this type. There were no loans outstanding under the Big River Steel ABL Facility at March 31, 2022. U. S. Steel - Sustainability Linked Credit Facility Agreement U. S. Steel's Fifth Amended and Restated Credit Facility Agreement (Credit Facility Agreement) matures on October 25, 2024. The facility is secured by first-priority liens on certain accounts receivable and inventory and includes targets related to carbon reduction, safety performance and facility certification by ResponsibleSteel™. The Credit Facility Agreement provides for borrowings for working capital and general corporate purchases in an amount equal to the lesser of (a) $1,750 million or (b) a borrowing base calculated based on specified percentages of eligible accounts receivable and inventory, subject to certain adjustments and reserves. As of March 31, 2022, there were approximately $4 million of letters of credit issued and no loans drawn under the Credit Facility Agreement. U. S. Steel must maintain a fixed charge coverage ratio of at least 1.00 to 1.00 for the most recent four consecutive quarters when availability under the Credit Facility Agreement is less than the greater of ten percent of the total aggregate commitments and $175 million. Based on the most recent four quarters as of March 31, 2022, the Company would have met the fixed charge coverage ratio test. U. S. Steel Košice ( USSK) Credit Facilities On September 29, 2021, USSK entered into a €300 million (approximately $333 million) unsecured sustainability linked credit agreement (USSK Credit Agreement). The USSK Credit Agreement matures in 2026 and contains sustainability targets related to carbon reduction, safety performance and facility certification by ResponsibleSteel™. At March 31, 2022, USSK had no borrowings under the USSK Credit Agreement. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 16. Fair Value of Financial Instruments The carrying value of cash and cash equivalents, current accounts and notes receivable, accounts payable and accrued interest included in the Condensed Consolidated Balance Sheet approximate fair value. See Note 14 for disclosure of U. S. Steel’s derivative instruments, which are accounted for at fair value on a recurring basis. Stelco Option for Minntac Mine Interest On April 30, 2020 (Effective Date), the Company entered into an Option Agreement with Stelco, Inc. (Stelco), that grants Stelco the option to purchase a 25 percent interest (Option Interest) in a to-be-formed entity (Joint Venture) that will own the Company’s current iron ore mine located in Mt. Iron, Minnesota (Minntac Mine). As consideration for the Option, Stelco paid the Company an aggregate amount of $100 million in five $20 million installments during the year-ended December 31, 2020 which are recorded net of transaction costs in the Condensed Consolidated Balance Sheet. In the event Stelco exercises the option, Stelco will contribute an additional $500 million to the Joint Venture, which amount shall be remitted solely to U. S. Steel in the form of a one-time special distribution, and the parties will engage in good faith negotiations to finalize the master agreement (pursuant to which Stelco will acquire the Option Interest) and the limited liability company agreement of the Joint Venture. The following table summarizes U. S. Steel’s financial liabilities that were not carried at fair value at March 31, 2022 and December 31, 2021. The fair value of long-term debt was determined using Level 2 inputs. March 31, 2022 December 31, 2021 (In millions) Fair Carrying Fair Carrying Financial liabilities: Long-term debt (a) $ 4,508 $ 3,777 $ 4,379 $ 3,702 (a) Excludes finance lease obligations. |
Statement of Changes in Stockho
Statement of Changes in Stockholders' Equity | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Statement of Changes in Stockholders' Equity | 17. Statement of Changes in Stockholders’ Equity The following table reflects the first three months of 2022 and 2021 reconciliation of the carrying amount of total equity, equity attributable to U. S. Steel and equity attributable to noncontrolling interests: Three Months Ended March 31, 2022 (In millions) Total Retained Earnings Accumulated Common Treasury Paid-in Non- Balance at beginning of year $ 9,103 $ 3,534 $ 331 $ 280 $ (334) $ 5,199 $ 93 Comprehensive income (loss): Net earnings 882 882 — — — — — Other comprehensive income (loss), net of tax: Pension and other benefit adjustments (3) — (3) — — — — Currency translation adjustment (28) — (28) — — — — Derivative financial instruments 22 — 22 — — — — Employee stock plans 7 — — 2 (20) 25 — Common Stock Repurchased (123) — — — (123) — — Dividends paid on common stock (13) (13) — — — — — Cumulative effect upon adoption of Accounting Standards Update 2020-06 (56) 22 — — — (78) — Balance at March 31, 2022 $ 9,791 $ 4,425 $ 322 $ 282 $ (477) $ 5,146 $ 93 Three Months Ended March 31, 2021 (In millions) Total Accumulated Deficit Accumulated Common Treasury Paid-in Non- Balance at beginning of year $ 3,879 $ (623) $ (47) $ 229 $ (175) $ 4,402 $ 93 Comprehensive income (loss): Net earnings 91 91 — — — — — Other comprehensive income (loss), net of tax: Pension and other benefit adjustments 24 — 24 — — — — Currency translation adjustment (47) — (47) — — — — Derivative financial instruments (20) — (20) — — — — Employee stock plans 6 — — 2 (7) 11 — Common Stock Issued 790 — — 48 742 — Dividends paid on common stock (3) — — — (3) — Balance at March 31, 2021 $ 4,720 $ (532) $ (90) $ 279 $ (182) $ 5,152 $ 93 |
Reclassifications from Accumula
Reclassifications from Accumulated Other Comprehensive Income (AOCI) | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Reclassifications from Accumulated Other Comprehensive Income (AOCI) | 18. Reclassifications from Accumulated Other Comprehensive Income (AOCI) (In millions) Pension and Foreign Unrealized (Loss) Gain on Derivatives Total Balance at December 31, 2021 $ (25) $ 371 $ (15) $ 331 Other comprehensive (loss) income before reclassifications (2) (28) 15 (15) Amounts reclassified from AOCI (a) (1) — 7 6 Net current-period other comprehensive (loss) income (3) (28) 22 (9) Balance at March 31, 2022 $ (28) $ 343 $ 7 $ 322 Balance at December 31, 2020 $ (458) $ 449 $ (38) $ (47) Other comprehensive loss before reclassifications — (47) (34) (81) Amounts reclassified from AOCI (a) 24 — 14 38 Net current-period other comprehensive income (loss) 24 (47) (20) (43) Balance at March 31, 2021 $ (434) $ 402 $ (58) $ (90) (a) See table below for further details. Amount reclassified from AOCI Three Months Ended March 31, Details about AOCI components (in millions) 2022 2021 Amortization of pension and other benefit items (a) Prior service credits $ (7) $ (7) Actuarial losses 6 31 Settlement, termination and curtailment losses — — Total pensions and other benefits items (1) 24 Derivative reclassifications to Condensed Consolidated Statements of Operations 10 15 Total before tax 9 39 Tax provision (3) (1) Net of tax $ 6 $ 38 (a) These AOCI components are included in the computation of net periodic benefit cost. See Note 10 for additional details. |
Transactions with Related Parti
Transactions with Related Parties | 3 Months Ended |
Mar. 31, 2022 | |
Related Party Transactions [Abstract] | |
Transactions with Related Parties | 19. Transactions with Related Parties Related party sales and service transactions are primarily related to equity investees and were $391 million and $295 million for the three months ended March 31, 2022 and 2021. Accounts payable to related parties include balances due to PRO-TEC Coating Company, LLC (PRO-TEC) of $170 million and $98 million at March 31, 2022 and December 31, 2021, respectively for invoicing and receivables collection services provided by U. S. Steel on PRO-TEC's behalf. U. S. Steel, as PRO-TEC’s exclusive sales agent, is responsible for credit risk related to those receivables. U. S. Steel also provides PRO-TEC marketing, selling and customer service functions. Payables to other related parties totaled $1 million for both periods ending March 31, 2022 and December 31, 2021, respectively. Purchases from related parties for outside processing services provided by equity investees amounted to $7 million and $20 million for the three months ended March 31, 2022 and 2021, respectively. Purchases of iron ore pellets from related parties amounted to $25 million and $24 million for the three months ended March 31, 2022 and 2021, respectively. |
Restructuring and Other Charges
Restructuring and Other Charges | 3 Months Ended |
Mar. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Other Charges | 20. Restructuring and Other Charges During the three months ended March 31, 2022, the Company recorded restructuring and other charges of $17 million related to the planned sale of a component within the Flat-Rolled segment. Cash payments were made related to severance and exit costs of approximately $23 million. During the three months ended March 31, 2021, the Company recorded restructuring and other charges of $6 million. Cash payments were made related to severance and exit costs of approximately $29 million. The activity in the accrued balances incurred in relation to restructuring during the three months ended March 31, 2022 were as follows: (In millions) Employee Related Costs Exit Costs Non-cash Charges Total Balance at December 31, 2021 $ 91 $ 149 $ — $ 240 Additional charges 18 (1) — 17 Cash payments/utilization (a) (7) (21) — (28) Balance at March 31, 2022 $ 102 $ 127 $ — $ 229 (a) $5 million of payments were made from the pension fund trust assets in the Employee Related Costs column. Accrued liabilities for restructuring programs are included in the following balance sheet lines: (In millions) March 31, 2022 December 31, 2021 Accounts payable $ 31 $ 34 Payroll and benefits payable 1 2 Employee benefits 101 88 Deferred credits and other noncurrent liabilities 96 116 Total $ 229 $ 240 |
Contingencies and Commitments
Contingencies and Commitments | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies and Commitments | 21. 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 Condensed 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 and the costs are reasonably estimable. Asbestos matters – As of March 31, 2022, U. S. Steel was a defendant in approximately 919 active asbestos cases involving approximately 2,509 plaintiffs. The vast majority of these cases involve multiple defendants. About 1,545, or approximately 61 percent, of these plaintiff claims are currently pending in a jurisdiction which permits filings with massive numbers of plaintiffs. At December 31, 2021, U. S. Steel was a defendant in approximately 915 active asbestos cases involving approximately 2,505 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. The following table shows the number of asbestos claims in the current period and the prior three years: Period ended Opening Claims New Claims Closing December 31, 2019 2,320 195 265 2,390 December 31, 2020 2,390 240 295 2,445 December 31, 2021 2,445 198 258 2,505 March 31, 2022 2,505 61 65 2,509 The amount U. S. Steel accrues for pending asbestos claims is not material to U. S. Steel’s financial condition. However, U. S. Steel is unable to estimate the ultimate outcome of asbestos-related claims due to a number of uncertainties, including: (1) the rates at which new claims are filed, (2) the number of and effect of bankruptcies of other companies traditionally defending asbestos claims, (3) uncertainties associated with the variations in the litigation process from jurisdiction to jurisdiction, (4) uncertainties regarding the facts, circumstances and disease process with each claim and (5) any new legislation enacted to address asbestos-related claims. Further, U. S. Steel does not believe that an accrual for unasserted claims is required. At any given reporting date, it is probable that there are unasserted claims that will be filed against the Company in the future. The Company engages an outside valuation consultant to assist in assessing its ability to estimate an accrual for unasserted claims. This assessment is based on the Company's settlement experience, including recent claims trends. The analysis focuses on settlements made over the last several years as these claims are likely to best represent future claim characteristics. After review by the valuation consultant and U. S. Steel management, it was determined that the Company could not estimate an accrual for unasserted claims. Despite these uncertainties, management believes that the ultimate resolution of these matters will not have a material adverse effect on U. S. Steel’s financial condition. 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 where U. S. Steel is identified as a named party are summarized in the following table: (In millions) Three Months Ended March 31, 2022 Beginning of period $ 158 Accruals for environmental remediation deemed probable and reasonably estimable 1 Obligations settled (8) End of period $ 151 Accrued liabilities for remediation activities are included in the following Condensed Consolidated Balance Sheet lines: (In millions) March 31, 2022 December 31, 2021 Accounts payable and other accrued liabilities $ 64 $ 65 Deferred credits and other noncurrent liabilities 87 93 Total $ 151 $ 158 Expenses related to remediation are recorded in cost of sales and were immaterial for both the three-month periods ended March 31, 2022 and March 31, 2021. It is not currently possible to estimate the ultimate amount of all remediation costs that might be incurred or the penalties that may be imposed. Due to uncertainties inherent in remediation projects and the associated liabilities, it is reasonably possible that total remediation costs for active matters may exceed the accrued liabilities by as much as 15 to 30 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, the Company categorizes projects as follows: (1) Projects with Ongoing Study and Scope Development - 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/or cost estimates cannot be determined. Therefore, significant costs, in addition to the accrued liabilities for these projects, are reasonably possible. There are four environmental remediation projects where additional costs for completion are not currently estimable, but could be material. These projects are at Fairfield Works, Lorain Tubular, USS-UPI LLC (UPI) and the former steelmaking plant at Joliet, Illinois. As of March 31, 2022, accrued liabilities for these projects totaled $1 million for the costs of studies, investigations, interim measures, design and/or remediation. 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 $22 million to $36 million. (2) Projects with Significant Accrued liabilities with a Defined Scope - As of March 31, 2022, there are three significant projects with defined scope greater than or equal to $5 million each, with a total accrued liability of $96 million. These projects are Gary Resource Conservation and Recovery Act (the RCRA) (accrued liability of $24 million), Duluth Works (accrued liability of $53 million) and the former Geneva facility (accrued liability of $19 million). (3) Other Projects with a Defined Scope - These projects involve relatively small accrued liabilities for which we believe that, while additional costs are possible, they are not likely to be significant, and also include those projects for which we do not yet possess sufficient information to estimate potential costs to U. S. Steel. There are three 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 March 31, 2022 was $5 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 have an accrued liability of less than $1 million each. The total accrued liability for these projects at March 31, 2022 was approximately $5 million. The Company does 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 $24 million at March 31, 2022 and were based on known scopes of work. Administrative and Legal Costs – As of March 31, 2022, U. S. Steel had an accrued liability of $10 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 do not change significantly from year to year. Capital Expenditures – For a number of years, U. S. Steel has made substantial capital expenditures to comply with various regulations, laws and other requirements relating to the environment. Such capital expenditures totaled $5 million and $3 million in the first three months of 2022 and 2021, respectively. U. S. Steel anticipates making additional such expenditures in the future, which may be material; however, the exact amounts and timing of such expenditures are uncertain because of the continuing evolution of specific regulatory requirements. European Union (the EU) Environmental Requirements - Phase IV of the EU Emissions Trading System (the EU ETS) commenced on January 1, 2021 and will finish on December 31, 2030. The European Commission issued final approval of the Slovak National Allocation table in July 2021. The Slovak Ministry of Environment, after consent from the European Commission, allocated the full amount of 2021 free allowances to USSE in December 2021. In addition, a portion of the 2022 expected free allowances were received by USSE in February 2022. In the fourth quarter of 2020, USSE started purchasing European Union Allowances (EUA) for the Phase IV period. As of March 31, 2022, we have pre-purchased approximately 3.8 million EUA totaling €168 million (approximately $186 million) to fully cover the estimated 2021 shortfall and 1.5 million EUA totaling €95 million (approximately $105 million) to cover the expected 2022 shortfall of emission allowances.. The EU’s Industrial Emissions Directive requires implementation of EU-determined best available techniques (BAT) for Iron and Steel production to reduce environmental impacts as well as compliance with BAT associated emission levels. Total capital expenditures for projects to comply with or go beyond BAT requirements were €138 million (approximately $153 million) over the actual program period. These costs were partially offset by the EU funding received and may be mitigated over the next measurement periods if USSK complies with certain financial covenants, which are assessed annually. USSK complied with these covenants as of March 31, 2022. If we are unable to meet these covenants in the future, USSK might be required to provide additional collateral (e.g., bank guarantee) to secure 50 percent of the EU funding received. Environmental 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 divested. 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 divested and deconsolidated. Aside from the environmental liabilities already recorded as a result of these transactions due to specific environmental remediation activities and cases (included in the $151 million of accrued liabilities for remediation discussed above), there are no other known probable and estimable environmental liabilities related to these transactions. Guarantees – The maximum guarantees of the indebtedness of unconsolidated entities of U. S. Steel totaled $7 million at March 31, 2022. Other contingencies – Under certain 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 $14 million at March 31, 2022). No liability has been recorded for these guarantees as the potential loss is not probable. The Company's project to develop a new highly sustainable and technologically advanced steel mill in Osceola, Arkansas qualifies for financing and related economic incentives associated with the acquisition, development, construction, and operation of the facility. These incentives consist of advance lump-sum payments which are included in deferred credits and other noncurrent liabilities on the condensed consolidated balance sheet. In March 2022, the Company received a lump-sum payment of approximately $82 million from proceeds from the sale of tax credits under the State of Arkansas's Recycling Tax Credit (RTC) program. These funds are to be used primarily for the acquisition of project related equipment, however they may also be used for the training and development of new employees hired for the project. The Company is contingently liable for certain repayment penalties if the Company fails to meet certain employment requirements in any given period. Deferred income will be recognized into other gains, net in the accompanying condensed consolidated statements of operations on a systematic basis over the periods in which the Company earns the granted funds by complying with the investment and employment requirements of the grant programs. 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 $295 million as of March 31, 2022, which reflects U. S. Steel’s maximum exposure under these financial guarantees, but not its total exposure for the underlying obligations. A significant portion of our trust arrangements and letters of credit are collateralized by the Credit Facility Agreement. The remaining trust arrangements and letters of credit are collateralized by restricted cash. Restricted cash, which is recorded in other current and noncurrent assets, totaled $75 million and $78 million at March 31, 2022 and December 31, 2021, respectively. Capital Commitments – At March 31, 2022, U. S. Steel’s contractual commitments to acquire property, plant and equipment totaled $1.875 billion. 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 2022 2023 2024 2025 2026 Later Total $438 $562 $339 $335 $259 $741 $2,674 The majority of U. S. Steel’s unconditional purchase obligations relates to the supply of industrial gases, and certain energy and utility services with terms ranging from two Total payments relating to unconditional purchase obligations were $217 million and $200 million for the three months ended March 31, 2022 and 2021, respectively. |
Common Stock Issued and Repurch
Common Stock Issued and Repurchased | 3 Months Ended |
Mar. 31, 2022 | |
Common Stock Issued [Abstract] | |
Common Stock Issued | 22. Common Stock Issued and Repurchased On October 25, 2021, the Board of Directors authorized a common stock repurchase program that allowed for the repurchase of up to $300 million of its outstanding common stock from time to time in the open market or privately negotiated transactions. On January 24, 2022 the Board of Directors authorized an additional $500 million under the stock repurchase program. U. S. Steel repurchased 5,031,970 shares of common stock for approximately $123 million under this program during the three months ended March 31, 2022. In February 2021, U. S. Steel issued 48.3 million shares of common stock for net proceeds of approximately $790 million, of which $1 million in issuance costs were paid during the three months ended June 30, 2021. |
New Accounting Standards (Polic
New Accounting Standards (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Changes and Error Corrections [Abstract] | |
New and Recently Adopted Accounting Standards | In October 2021, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (ASU 2021-08). ASU 2021-08 requires that an entity recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, Revenue from Contracts with Customers. ASU 2021-08 is effective to public companies for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years, with early adoption of all amendments in the same period permitted. The Company is currently assessing the impact of ASU 2021-08 but does not believe it will have a material impact on its Condensed Consolidated Financial Statements. In August 2020, the FASB issued Accounting Standards Update 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (ASU 2020-06). ASU 2020-06 simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. ASU 2020-06 also requires entities to provide expanded disclosures about the terms and features of convertible instruments and amends certain guidance in ASC 260 on the computation of earnings per share (EPS) for convertible instruments and contracts on an entity’s own equity. The update requires entities to use the If-Converted Method for calculating diluted earnings per share, retiring the previous alternative calculation of the Treasury Stock Method for calculating diluted earnings per share for convertible instruments. U. S. Steel has adopted this guidance using the modified retrospective implementation method as of January 1, 2022. The cumulative effect of the changes made to our consolidated January 1, 2022, balance sheet for the adoption of ASU 2020-06 was as follows: (in millions) Balance as of December 31, 2021 Adjustments due to ASU 2020-06 Balance as of January 1, 2022 Condensed Consolidated Balance Sheet Assets Deferred income tax benefits 32 4 36 Liabilities Long-term debt, less unamortized discount and debt issuance costs 3,863 74 3,937 Deferred income tax liabilities 122 (15) 107 Equity Additional paid-in capital 5,199 (78) 5,121 Retained Earnings 3,534 22 3,556 In November 2021, the FASB issued Accounting Standards Update 2021-10, Disclosures by Business Entities about Government Assistance (ASU 2021-10). ASU 2021-10 provides expanded annual disclosure requirements for business entities that account for a transaction with a government by applying a grant or contribution accounting model by |
Recently Adopted Accounting S_2
Recently Adopted Accounting Standards (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Standards Update and Change in Accounting Principle | U. S. Steel has adopted this guidance using the modified retrospective implementation method as of January 1, 2022. The cumulative effect of the changes made to our consolidated January 1, 2022, balance sheet for the adoption of ASU 2020-06 was as follows: (in millions) Balance as of December 31, 2021 Adjustments due to ASU 2020-06 Balance as of January 1, 2022 Condensed Consolidated Balance Sheet Assets Deferred income tax benefits 32 4 36 Liabilities Long-term debt, less unamortized discount and debt issuance costs 3,863 74 3,937 Deferred income tax liabilities 122 (15) 107 Equity Additional paid-in capital 5,199 (78) 5,121 Retained Earnings 3,534 22 3,556 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Results of Segment Operations | The results of segment operations for the three months ended March 31, 2022 and 2021 are: (In millions) Three Months Ended March 31, 2022 Customer Intersegment Net Earnings Earnings (loss) before interest and income taxes Flat-Rolled $ 2,954 $ 52 $ 3,006 $ 30 $ 513 Mini Mill 718 130 848 — 278 USSE 1,251 4 1,255 — 264 Tubular 309 3 312 6 77 Total reportable segments 5,232 189 5,421 36 1,132 Other 2 — 2 — 7 Reconciling Items and Eliminations — (189) (189) — (21) Total $ 5,234 $ — $ 5,234 $ 36 $ 1,118 Three Months Ended March 31, 2021 Flat-Rolled $ 2,272 $ 43 $ 2,315 $ 5 $ 146 Mini Mill 450 62 512 — 132 USSE 798 1 799 — 105 Tubular 134 4 138 3 (29) Total reportable segments 3,654 110 3,764 8 354 Other 10 29 39 6 8 Reconciling Items and Eliminations — (139) (139) — 63 Total $ 3,664 $ — $ 3,664 $ 14 $ 425 |
Schedule of Assets by Segment | A summary of total assets by segment is as follows: (In millions) March 31, 2022 December 31, 2021 Flat-Rolled $ 7,924 $ 7,337 Mini Mill (a) 4,850 4,715 USSE 6,400 6,111 Tubular 1,072 1,054 Total reportable segments $ 20,246 $ 19,217 Other $ 123 $ 88 Corporate, reconciling items, and eliminations (b) (1,145) (1,489) Total assets $ 19,224 $ 17,816 (a) Includes assets of $587 million and $347 million at March 31, 2022 and December 31, 2021, respectively, related to a new mini mill under construction in Osceola, Arkansas. (b) The majority of corporate, reconciling items, and eliminations is comprised of cash and the elimination of intersegment amounts. |
Schedule of Reconciling Items to EBIT | The following is a schedule of reconciling items to consolidated earnings before interest and income taxes: Three Months Ended March 31, (In millions) 2022 2021 Items not allocated to segments: Restructuring and other charges (Note 20) $ (17) $ (6) Other charges, net (4) (42) Gains on assets sold and previously held investments — 111 Total reconciling items $ (21) $ 63 |
Acquisition (Tables)
Acquisition (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Business Combinations [Abstract] | |
Allocation of the Aggregate Purchase Price Based on Estimated Fair Values | The following table presents the allocation of the aggregate purchase price based on estimated fair values: (in millions) Assets Acquired: Receivables $ 166 Receivables with U. S. Steel (1) 99 Inventories 184 Other current assets 16 Property, plant and equipment 2,188 Intangibles 413 Goodwill 916 Other noncurrent assets 19 Total Assets Acquired $ 4,001 Liabilities Assumed: Accounts payable and accrued liabilities $ 224 Payroll and benefits payable 27 Accrued taxes 9 Accrued interest 33 Short-term debt and current maturities of long-term debt 29 Long-term debt 1,997 Deferred income tax liabilities 26 Deferred credits and other long-term liabilities 211 Total Liabilities Assumed $ 2,556 Fair value of previously held investment in Big River Steel $ 770 Purchase price, including assumed liabilities and net of cash acquired 675 Difference in assets acquired and liabilities assumed $ 1,445 (1) The transaction to purchase Big River Steel included receivables for payments made by Big River Steel on behalf of U. S. Steel for retention bonuses of $22 million that impacted the previously held equity investment and for U. S. Steel liabilities assumed in the purchase of approximately $50 million. In addition, there were assumed receivables of approximately $27 million for steel substrate sales from Big River Steel to U. S. Steel. The receivables with U. S. Steel eliminate in consolidation with offsetting intercompany payables from U. S. Steel. |
Unaudited Pro Forma Information for U. S. Steel Including the Results of the Big River Steel Acquisition | The following unaudited pro forma information for U. S. Steel includes the results of the Big River Steel acquisition as if it had been consummated on January 1, 2020. The unaudited pro forma information is based on historical information and is adjusted for amortization of the intangible asset, property, plant and equipment and debt fair value step-ups discussed above. Non-recurring acquisition related items included in the 2020 period include $111 million for the gain on previously held equity investment, $9 million in acquisition related costs and $24 million in inventory step-up amortization related to the purchase of the remaining interest in Big River Steel. In addition, costs for non-recurring retention bonuses of $44 million that occurred in January 2021 prior to the purchase of the remaining equity interest are included in the 2020 period. The pro forma information does not include any anticipated cost savings or other effects of the integration of Big River Steel. Accordingly, the unaudited pro forma information does not necessarily reflect the actual results that would have occurred, nor is it necessarily indicative of future results of operations. Pro forma adjustments were not tax-effected in 2020 as U. S. Steel had a full valuation allowance on its domestic deferred tax assets. Three Months Ended March 31, (in millions) 2021 2020 Net sales $ 3,736 $ 2,994 Net earnings (loss) $ 18 $ (367) |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue by Product | Net Sales by Product (In millions): Three Months Ended March 31, 2022 Flat-Rolled Mini Mill USSE Tubular Other Total Semi-finished $ 49 $ — $ 1 $ — $ — $ 50 Hot-rolled sheets 514 399 593 — — 1,506 Cold-rolled sheets 971 92 139 — — 1,202 Coated sheets 1,196 224 483 — — 1,903 Tubular products — — 15 306 — 321 All Other (a) 224 3 20 3 2 252 Total $ 2,954 $ 718 $ 1,251 $ 309 $ 2 $ 5,234 (a) Consists primarily of sales of raw materials and coke making by-products. Three Months Ended March 31, 2021 Flat-Rolled Mini Mill (b) USSE Tubular Other Total Semi-finished $ 12 $ — $ 3 $ — $ — $ 15 Hot-rolled sheets 450 249 386 — — 1,085 Cold-rolled sheets 784 79 83 — — 946 Coated sheets 878 121 298 — — 1,297 Tubular products — — 10 128 — 138 All Other (a) 148 1 18 6 10 183 Total $ 2,272 $ 450 $ 798 $ 134 $ 10 $ 3,664 (a) Consists primarily of sales of raw materials and coke making by-products. (b) Mini Mill segment added after January 15, 2021 with the purchase of the remaining equity interest in Big River Steel. |
Cash, Cash Equivalents and Re_2
Cash, Cash Equivalents and Restricted Cash (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract] | |
Schedule of Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within U. S. Steel's Consolidated Balance Sheets that sum to the total of the same amounts shown in the Consolidated Statement of Cash Flows: (In millions) March 31, 2022 December 31, 2021 March 31, 2021 Cash and cash equivalents $ 2,866 $ 2,522 $ 753 Restricted cash in other current assets 17 2 7 Restricted cash in other noncurrent assets 58 76 122 Total cash, cash equivalents and restricted cash $ 2,941 $ 2,600 $ 882 |
Schedule of Restricted Cash and Restricted Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within U. S. Steel's Consolidated Balance Sheets that sum to the total of the same amounts shown in the Consolidated Statement of Cash Flows: (In millions) March 31, 2022 December 31, 2021 March 31, 2021 Cash and cash equivalents $ 2,866 $ 2,522 $ 753 Restricted cash in other current assets 17 2 7 Restricted cash in other noncurrent assets 58 76 122 Total cash, cash equivalents and restricted cash $ 2,941 $ 2,600 $ 882 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | (In millions) March 31, 2022 December 31, 2021 Raw materials $ 1,098 $ 713 Semi-finished products 1,112 1,056 Finished products 407 388 Supplies and sundry items 46 53 Total $ 2,663 $ 2,210 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Amortizable Intangible Assets | Intangible assets that are being amortized on a straight-line basis over their estimated useful lives are detailed below: As of March 31, 2022 As of December 31, 2021 (In millions) Useful Gross Accumulated Net Gross Accumulated Net Customer relationships 22 Years $ 413 $ 22 $ 391 $ 413 $ 18 $ 395 Patents 5-15 Years 17 11 6 17 11 6 Energy Contract 2 Years 54 17 37 54 11 43 Total amortizable intangible assets $ 484 $ 50 $ 434 $ 484 $ 40 $ 444 |
Summary of Goodwill by Segment | Below is a summary of goodwill by segment for the three months ended March 31, 2022: Flat-Rolled Mini Mill USSE Tubular Total Balance at December 31, 2021 $ — $ 916 $ 4 $ — $ 920 Additions — — — — — Balance at March 31, 2022 $ — $ 916 $ 4 $ — $ 920 |
Pensions and Other Benefits (Ta
Pensions and Other Benefits (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Retirement Benefits [Abstract] | |
Net Periodic Benefit Cost | The following table reflects the components of net periodic benefit (income) cost for the three months ended March 31, 2022 and 2021: Pension Benefits Other Benefits (In millions) 2022 2021 2022 2021 Service cost $ 11 $ 14 $ 2 $ 3 Interest cost 39 40 12 12 Expected return on plan assets (89) (89) (22) (20) Amortization of prior service credit — — (7) (7) Amortization of actuarial net loss (gain) 18 38 (13) (6) Net periodic benefit cost (income), excluding below (21) 3 (28) (18) Multiemployer plans 19 19 — — Settlement, termination and curtailment losses (a) 1 — — — Net periodic benefit cost (income) $ (1) $ 22 $ (28) $ (18) (a) During the three months ended March 31, 2022, pension benefits incurred special termination charges of approximately $1 million due to workforce restructuring. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Awards Made under Plans | The following table is a summary of the awards made under the Omnibus Plan during the first three months of 2022 and 2021. 2022 2021 Grant Details Shares (a) Fair Value (b) Shares (a) Fair Value (b) Restricted Stock Units 1,169,470 $ 24.27 1,418,380 $ 17.92 Performance Awards (c) TSR 225,030 $ 28.53 306,930 $ 19.46 ROCE (d) 396,280 $ 23.60 485,900 $ 17.92 (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 period. (c) The number of performance awards shown represents the target share grant of the award. (d) A portion of ROCE awards granted in 2022 and 2021 are not shown in the table because they were granted in cash. |
Performance-based Stock Options, Vesting and Exercising Conditions | The 171,000 performance-based stock options granted in December 2021 do not become vested and exercisable until the Company's 20-trading day average closing stock price meets or exceeds the following stock price hurdles during the seven 20-trading day Average Closing Stock Price Achievement During 7-Year Period Beginning on Grant Date Percentage of Performance-Based Stock Options Exercisable $ 35.00 33.33 % $ 45.00 33.33 % $ 55.00 33.34 % |
Earnings and Dividends Per Co_2
Earnings and Dividends Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Computations for Basic and Diluted Earnings Per Common Share from Continuing Operations | Three Months Ended March 31, (Dollars in millions, except per share amounts) 2022 2021 Earnings attributable to United States Steel Corporation stockholders $ 882 $ 91 Weighted-average shares outstanding (in thousands): Basic 261,453 249,351 Effect of Senior Convertible Notes (a) 26,194 8,467 Effect of stock options, restricted stock units and performance awards 5,620 4,151 Adjusted weighted-average shares outstanding, diluted (a) 293,267 261,969 Basic earnings per common share $ 3.37 $ 0.36 Diluted earnings per common share $ 3.02 $ 0.35 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Notional Amounts of Outstanding Derivative Positions | The table below shows the outstanding swap quantities used to hedge forecasted purchases and sales as of March 31, 2022 and March 31, 2021: Hedge Contracts Classification March 31, 2022 March 31, 2021 Natural gas (in mmbtus) Commodity purchase swaps 43,265,000 26,223,000 Tin (in metric tons) Commodity purchase swaps 2,430 1,555 Zinc (in metric tons) Commodity purchase swaps 15,679 19,021 Electricity (in megawatt hours) Commodity purchase swaps 724,320 1,074,720 Iron ore pellets (in metric tons) Commodity purchase swaps 30,000 — Iron ore pellets (in metric tons) Zero-cost collars 1,080,000 — Hot-rolled coils (in tons) Sales swaps 110,000 192,720 Foreign currency (in millions of euros) Foreign exchange forwards € 311 € 237 Foreign currency (in millions of dollars) Foreign exchange forwards $ 158 $ 9 |
Location and Amounts of Fair Values Related to Derivatives in Financial Statements | The following summarizes the fair value amounts included in our Condensed Consolidated Balance Sheets as of March 31, 2022, and December 31, 2021: Balance Sheet Location (in millions) March 31, 2022 December 31, 2021 Designated as Hedging Instruments Accounts receivable $ 103 $ 42 Accounts payable 98 59 Investments and long-term receivables — 2 Other long-term liabilities 3 4 Not Designated as Hedging Instruments Accounts receivable 13 5 Investments and long-term receivables 7 5 |
Schedule of Effect of Hedge Accounting on Accumulated Other Comprehensive Income | The table below summarizes the effect of hedge accounting on Accumulated Other Comprehensive Income (AOCI) and amounts reclassified from AOCI into earnings for the three months ended March 31, 2022 and 2021: Gain (Loss) on Derivatives in AOCI Amount of Gain (Loss) Recognized in Income (In millions) Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 Location of Reclassification from AOCI (a) Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 Sales swaps $ (57) $ (44) Net sales $ (26) $ (10) Commodity purchase swaps 88 10 Cost of sales (b) 22 (1) Foreign exchange forwards (2) 19 Cost of sales 8 (5) (a) The earnings impact of our hedging instruments substantially offsets the earnings impact of the related hedged items resulting in immaterial ineffectiveness. (b) Costs for commodity purchase swaps are recognized in cost of sales as products are sold. |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt | (In millions) Issuer/Borrower Interest Maturity March 31, 2022 December 31, 2021 2037 Senior Notes U. S. Steel 6.650 2037 350 350 2029 Senior Secured Notes Big River Steel 6.625 2029 720 720 2029 Senior Notes U. S. Steel 6.875 2029 748 750 2026 Senior Convertible Notes U. S. Steel 5.000 2026 350 350 Environmental Revenue Bonds U. S. Steel 4.125 - 6.750 2024 - 2050 647 647 Environmental Revenue Bonds Big River Steel 4.500 - 4.750 2049 752 752 Finance leases and all other obligations U. S. Steel Various 2022 - 2029 74 67 Finance leases and all other obligations Big River Steel Various 2022 - 2031 126 122 Export Credit Agreement U. S. Steel Variable 2031 136 136 Credit Facility Agreement U. S. Steel Variable 2024 — — Big River Steel ABL Facility Big River Steel Variable 2026 — — USSK Credit Agreement U. S. Steel Kosice Variable 2026 — — USSK Credit Facility U. S. Steel Kosice Variable 2024 — — Total Debt 3,903 3,894 Less unamortized discount, premium, and debt issuance costs (74) 3 Less short-term debt, long-term debt due within one year, and short-term issuance costs 60 28 Long-term debt $ 3,917 $ 3,863 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Financial Assets and Liabilities Not Carried at Fair Value | The following table summarizes U. S. Steel’s financial liabilities that were not carried at fair value at March 31, 2022 and December 31, 2021. The fair value of long-term debt was determined using Level 2 inputs. March 31, 2022 December 31, 2021 (In millions) Fair Carrying Fair Carrying Financial liabilities: Long-term debt (a) $ 4,508 $ 3,777 $ 4,379 $ 3,702 (a) Excludes finance lease obligations. |
Statement of Changes in Stock_2
Statement of Changes in Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Consolidated Statement of Changes in Equity | The following table reflects the first three months of 2022 and 2021 reconciliation of the carrying amount of total equity, equity attributable to U. S. Steel and equity attributable to noncontrolling interests: Three Months Ended March 31, 2022 (In millions) Total Retained Earnings Accumulated Common Treasury Paid-in Non- Balance at beginning of year $ 9,103 $ 3,534 $ 331 $ 280 $ (334) $ 5,199 $ 93 Comprehensive income (loss): Net earnings 882 882 — — — — — Other comprehensive income (loss), net of tax: Pension and other benefit adjustments (3) — (3) — — — — Currency translation adjustment (28) — (28) — — — — Derivative financial instruments 22 — 22 — — — — Employee stock plans 7 — — 2 (20) 25 — Common Stock Repurchased (123) — — — (123) — — Dividends paid on common stock (13) (13) — — — — — Cumulative effect upon adoption of Accounting Standards Update 2020-06 (56) 22 — — — (78) — Balance at March 31, 2022 $ 9,791 $ 4,425 $ 322 $ 282 $ (477) $ 5,146 $ 93 Three Months Ended March 31, 2021 (In millions) Total Accumulated Deficit Accumulated Common Treasury Paid-in Non- Balance at beginning of year $ 3,879 $ (623) $ (47) $ 229 $ (175) $ 4,402 $ 93 Comprehensive income (loss): Net earnings 91 91 — — — — — Other comprehensive income (loss), net of tax: Pension and other benefit adjustments 24 — 24 — — — — Currency translation adjustment (47) — (47) — — — — Derivative financial instruments (20) — (20) — — — — Employee stock plans 6 — — 2 (7) 11 — Common Stock Issued 790 — — 48 742 — Dividends paid on common stock (3) — — — (3) — Balance at March 31, 2021 $ 4,720 $ (532) $ (90) $ 279 $ (182) $ 5,152 $ 93 |
Reclassifications from Accumu_2
Reclassifications from Accumulated Other Comprehensive Income (AOCI) (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Other Comprehensive Income Activity Net of Tax | (In millions) Pension and Foreign Unrealized (Loss) Gain on Derivatives Total Balance at December 31, 2021 $ (25) $ 371 $ (15) $ 331 Other comprehensive (loss) income before reclassifications (2) (28) 15 (15) Amounts reclassified from AOCI (a) (1) — 7 6 Net current-period other comprehensive (loss) income (3) (28) 22 (9) Balance at March 31, 2022 $ (28) $ 343 $ 7 $ 322 Balance at December 31, 2020 $ (458) $ 449 $ (38) $ (47) Other comprehensive loss before reclassifications — (47) (34) (81) Amounts reclassified from AOCI (a) 24 — 14 38 Net current-period other comprehensive income (loss) 24 (47) (20) (43) Balance at March 31, 2021 $ (434) $ 402 $ (58) $ (90) (a) See table below for further details. |
Defined Benefit Plan In other Comprehensive Income | Amount reclassified from AOCI Three Months Ended March 31, Details about AOCI components (in millions) 2022 2021 Amortization of pension and other benefit items (a) Prior service credits $ (7) $ (7) Actuarial losses 6 31 Settlement, termination and curtailment losses — — Total pensions and other benefits items (1) 24 Derivative reclassifications to Condensed Consolidated Statements of Operations 10 15 Total before tax 9 39 Tax provision (3) (1) Net of tax $ 6 $ 38 (a) These AOCI components are included in the computation of net periodic benefit cost. See Note 10 for additional details. |
Restructuring and Other Charg_2
Restructuring and Other Charges (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Accrued Balances From Restructuring and Other Charges | The activity in the accrued balances incurred in relation to restructuring during the three months ended March 31, 2022 were as follows: (In millions) Employee Related Costs Exit Costs Non-cash Charges Total Balance at December 31, 2021 $ 91 $ 149 $ — $ 240 Additional charges 18 (1) — 17 Cash payments/utilization (a) (7) (21) — (28) Balance at March 31, 2022 $ 102 $ 127 $ — $ 229 (a) $5 million of payments were made from the pension fund trust assets in the Employee Related Costs column. |
Schedule of Accrued Liabilities for Restructuring on Balance Sheet | Accrued liabilities for restructuring programs are included in the following balance sheet lines: (In millions) March 31, 2022 December 31, 2021 Accounts payable $ 31 $ 34 Payroll and benefits payable 1 2 Employee benefits 101 88 Deferred credits and other noncurrent liabilities 96 116 Total $ 229 $ 240 |
Contingencies and Commitments (
Contingencies and Commitments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Asbestos Litigation Activity | The following table shows the number of asbestos claims in the current period and the prior three years: Period ended Opening Claims New Claims Closing December 31, 2019 2,320 195 265 2,390 December 31, 2020 2,390 240 295 2,445 December 31, 2021 2,445 198 258 2,505 March 31, 2022 2,505 61 65 2,509 |
Changes in Accrued Liabilities for Remediation Activities | Changes in accrued liabilities for remediation activities where U. S. Steel is identified as a named party are summarized in the following table: (In millions) Three Months Ended March 31, 2022 Beginning of period $ 158 Accruals for environmental remediation deemed probable and reasonably estimable 1 Obligations settled (8) End of period $ 151 |
Accrued Liabilities for Remediation Activities Included in Balance Sheet | Accrued liabilities for remediation activities are included in the following Condensed Consolidated Balance Sheet lines: (In millions) March 31, 2022 December 31, 2021 Accounts payable and other accrued liabilities $ 64 $ 65 Deferred credits and other noncurrent liabilities 87 93 Total $ 151 $ 158 |
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 2022 2023 2024 2025 2026 Later Total $438 $562 $339 $335 $259 $741 $2,674 |
Recently Adopted Accounting S_3
Recently Adopted Accounting Standards - Schedule of Accounting Standard Update (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Jan. 01, 2022 | Dec. 31, 2021 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Deferred income tax benefits (Note 12) | $ 24 | $ 36 | $ 32 |
Long-term debt | 3,917 | 3,937 | 3,863 |
Deferred income tax liabilities (Note 12) | 216 | 107 | 122 |
Additional paid-in capital | 5,146 | 5,121 | 5,199 |
Retained earnings | $ 4,425 | $ 3,556 | 3,534 |
Cumulative effect upon adoption of Accounting Standards Update 2020-06 | Accounting Standards Update 2020-06 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Deferred income tax benefits (Note 12) | 4 | ||
Long-term debt | 74 | ||
Deferred income tax liabilities (Note 12) | (15) | ||
Additional paid-in capital | (78) | ||
Retained earnings | $ 22 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2022Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 4 |
Segment Information - Results o
Segment Information - Results of Segment Operations (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | ||
Revenues | $ 5,234 | $ 3,664 |
Earnings from investees | 36 | 14 |
Earnings (loss) before interest and income taxes | 1,118 | 425 |
Flat-Rolled | ||
Segment Reporting Information [Line Items] | ||
Revenues | 2,954 | 2,272 |
Earnings from investees | 30 | 5 |
Earnings (loss) before interest and income taxes | 513 | 146 |
Mini Mill | ||
Segment Reporting Information [Line Items] | ||
Revenues | 718 | 450 |
Earnings from investees | 0 | 0 |
Earnings (loss) before interest and income taxes | 278 | 132 |
USSE | ||
Segment Reporting Information [Line Items] | ||
Revenues | 1,251 | 798 |
Earnings from investees | 0 | 0 |
Earnings (loss) before interest and income taxes | 264 | 105 |
Tubular | ||
Segment Reporting Information [Line Items] | ||
Revenues | 309 | 134 |
Earnings from investees | 6 | 3 |
Earnings (loss) before interest and income taxes | 77 | (29) |
Total reportable segments | ||
Segment Reporting Information [Line Items] | ||
Revenues | 5,232 | 3,654 |
Earnings from investees | 36 | 8 |
Earnings (loss) before interest and income taxes | 1,132 | 354 |
Other | ||
Segment Reporting Information [Line Items] | ||
Revenues | 2 | 10 |
Earnings from investees | 0 | 6 |
Earnings (loss) before interest and income taxes | 7 | 8 |
Intersegment Sales | ||
Segment Reporting Information [Line Items] | ||
Revenues | (189) | (139) |
Intersegment Sales | Flat-Rolled | ||
Segment Reporting Information [Line Items] | ||
Revenues | 52 | 43 |
Intersegment Sales | Mini Mill | ||
Segment Reporting Information [Line Items] | ||
Revenues | 130 | 62 |
Intersegment Sales | USSE | ||
Segment Reporting Information [Line Items] | ||
Revenues | 4 | 1 |
Intersegment Sales | Tubular | ||
Segment Reporting Information [Line Items] | ||
Revenues | 3 | 4 |
Intersegment Sales | Total reportable segments | ||
Segment Reporting Information [Line Items] | ||
Revenues | 189 | 110 |
Intersegment Sales | Other | ||
Segment Reporting Information [Line Items] | ||
Revenues | 0 | 29 |
Net Sales | ||
Segment Reporting Information [Line Items] | ||
Revenues | 5,234 | 3,664 |
Net Sales | Flat-Rolled | ||
Segment Reporting Information [Line Items] | ||
Revenues | 3,006 | 2,315 |
Net Sales | Mini Mill | ||
Segment Reporting Information [Line Items] | ||
Revenues | 848 | 512 |
Net Sales | USSE | ||
Segment Reporting Information [Line Items] | ||
Revenues | 1,255 | 799 |
Net Sales | Tubular | ||
Segment Reporting Information [Line Items] | ||
Revenues | 312 | 138 |
Net Sales | Total reportable segments | ||
Segment Reporting Information [Line Items] | ||
Revenues | 5,421 | 3,764 |
Net Sales | Other | ||
Segment Reporting Information [Line Items] | ||
Revenues | 2 | 39 |
Reconciling Items and Eliminations | ||
Segment Reporting Information [Line Items] | ||
Revenues | (189) | (139) |
Earnings from investees | 0 | 0 |
Earnings (loss) before interest and income taxes | $ (21) | $ 63 |
Segment Information - Schedule
Segment Information - Schedule of Assets by Segment (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 19,224 | $ 17,816 |
Corporate, reconciling items, and eliminations | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | (1,145) | (1,489) |
Flat-Rolled | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 7,924 | 7,337 |
Mini Mill | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 4,850 | 4,715 |
USSE | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 6,400 | 6,111 |
Tubular | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 1,072 | 1,054 |
Total reportable segments | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 20,246 | 19,217 |
Other | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 123 | 88 |
Mini Mill #2 | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 587 | $ 347 |
Segment Information - Schedul_2
Segment Information - Schedule of Reconciling Items to Income (Loss) from Operations (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Other items not allocated to segment | ||
Total reconciling items | $ 1,118 | $ 425 |
Reconciling Items and Eliminations | ||
Other items not allocated to segment | ||
Total reconciling items | (21) | 63 |
Restructuring Charges | Reconciling Items and Eliminations | ||
Other items not allocated to segment | ||
Total reconciling items | (17) | (6) |
Other Financial Costs | Reconciling Items and Eliminations | ||
Other items not allocated to segment | ||
Total reconciling items | (4) | (42) |
Gain on Previously Held Investment | Reconciling Items and Eliminations | ||
Other items not allocated to segment | ||
Total reconciling items | $ 0 | $ 111 |
Acquisition - Allocation of the
Acquisition - Allocation of the Aggregate Purchase Price Based on Estimated Fair Values (Details) - USD ($) $ in Millions | Jan. 15, 2021 | Mar. 31, 2022 | Dec. 31, 2021 |
Assets Acquired: | |||
Goodwill | $ 920 | $ 920 | |
Big River Steel | |||
Assets Acquired: | |||
Receivables | $ 166 | ||
Receivables with U. S. Steel (1) | 99 | ||
Inventories | 184 | ||
Other current assets | 16 | ||
Property, plant and equipment | 2,188 | ||
Intangibles | 413 | ||
Goodwill | 916 | ||
Other noncurrent assets | 19 | ||
Total Assets Acquired | 4,001 | ||
Liabilities Assumed: | |||
Accounts payable and accrued liabilities | 224 | ||
Payroll and benefits payable | 27 | ||
Accrued taxes | 9 | ||
Accrued interest | 33 | ||
Short-term debt and current maturities of long-term debt | 29 | ||
Long-term debt | 1,997 | ||
Deferred income tax liabilities | 26 | ||
Deferred credits and other long-term liabilities | 211 | ||
Total Liabilities Assumed | 2,556 | ||
Fair value of previously held investment in Big River Steel | 770 | ||
Purchase price, including assumed liabilities and net of cash acquired | 675 | ||
Difference in assets acquired and liabilities assumed | 1,445 | ||
Receivables for payments made by Big River Steel on behalf of U. S. Steel for retention bonuses | 22 | ||
Impact of retention bonuses on the previously held equity investment and for U. S. Steel liabilities assumed in the purchase | 50 | ||
Assumed receivables for steel substrate sales from Big River Steel to U. S. Steel | $ 27 |
Acquisition - Narrative (Detail
Acquisition - Narrative (Details) - USD ($) $ in Millions | Jul. 28, 2021 | Jan. 15, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Dec. 31, 2020 | Oct. 31, 2019 |
Business Acquisition [Line Items] | |||||||
Additional charges | $ 17 | $ 6 | $ 106 | ||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Transtar, LLC | |||||||
Business Acquisition [Line Items] | |||||||
Percentage of ownership before transaction | 100.00% | ||||||
Disposal group, cash purchase price | $ 627 | ||||||
Gain on sale of Transtar (Note 5) | $ 506 | ||||||
Big River Steel | |||||||
Business Acquisition [Line Items] | |||||||
Purchase price, net of cash acquired | $ 625 | ||||||
Cash received in acquisition | 36 | ||||||
Restricted cash received in acquisition | 62 | ||||||
Liabilities assumed | 50 | ||||||
Transaction Fees | 9 | ||||||
Ownership interest acquired | 49.90% | ||||||
Fair value of previously held investment | 770 | ||||||
Remeasurement gain | 111 | ||||||
Step-up to fair value for property, plant and equipment | 308 | ||||||
Step-up to fair value for debt | 194 | ||||||
Step-up to fair value for inventory | 24 | ||||||
Goodwill recorded | $ 916 | ||||||
Risk Adjusted Rate | 11.00% | ||||||
Terminal Growth Rate | 2.00% | ||||||
Gain on previously held equity investment included in pro forma information | $ 111 | ||||||
Transaction fees and other related costs included in pro forma information | 9 | ||||||
Inventory step-up amortization included in pro forma information | 24 | ||||||
Non-recurring retention bonuses included in pro forma information | $ 44 | ||||||
Big River Steel | Customer relationships | |||||||
Business Acquisition [Line Items] | |||||||
Intangible asset recorded | $ 413 | ||||||
Amortization period for intangible asset | 22 years |
Acquisitions - Unaudited Pro Fo
Acquisitions - Unaudited Pro Forma Information for U. S. Steel Including the Results of the Big River Steel Acquisition (Details) - Big River Steel - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Business Acquisition [Line Items] | ||
Net sales | $ 3,736 | $ 2,994 |
Net earnings (loss) | $ 18 | $ (367) |
Revenue - Disaggregation of Rev
Revenue - Disaggregation of Revenue by Product (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 5,234 | $ 3,664 |
Semi-finished | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 50 | 15 |
Hot-rolled sheets | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 1,506 | 1,085 |
Cold-rolled sheets | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 1,202 | 946 |
Coated sheets | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 1,903 | 1,297 |
Tubular products | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 321 | 138 |
All Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 252 | 183 |
Flat-Rolled | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 2,954 | 2,272 |
Flat-Rolled | Semi-finished | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 49 | 12 |
Flat-Rolled | Hot-rolled sheets | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 514 | 450 |
Flat-Rolled | Cold-rolled sheets | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 971 | 784 |
Flat-Rolled | Coated sheets | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 1,196 | 878 |
Flat-Rolled | Tubular products | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Flat-Rolled | All Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 224 | 148 |
Mini Mill | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 718 | 450 |
Mini Mill | Semi-finished | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Mini Mill | Hot-rolled sheets | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 399 | 249 |
Mini Mill | Cold-rolled sheets | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 92 | 79 |
Mini Mill | Coated sheets | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 224 | 121 |
Mini Mill | Tubular products | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Mini Mill | All Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 3 | 1 |
USSE | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 1,251 | 798 |
USSE | Semi-finished | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 1 | 3 |
USSE | Hot-rolled sheets | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 593 | 386 |
USSE | Cold-rolled sheets | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 139 | 83 |
USSE | Coated sheets | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 483 | 298 |
USSE | Tubular products | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 15 | 10 |
USSE | All Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 20 | 18 |
Tubular | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 309 | 134 |
Tubular | Semi-finished | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Tubular | Hot-rolled sheets | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Tubular | Cold-rolled sheets | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Tubular | Coated sheets | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Tubular | Tubular products | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 306 | 128 |
Tubular | All Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 3 | 6 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 2 | 10 |
Other | Semi-finished | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Other | Hot-rolled sheets | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Other | Cold-rolled sheets | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Other | Coated sheets | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Other | Tubular products | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Other | All Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 2 | $ 10 |
Cash, Cash Equivalents and Re_3
Cash, Cash Equivalents and Restricted Cash - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 2,866 | $ 2,522 | $ 753 | |
Restricted cash in other current assets | 17 | 2 | 7 | |
Restricted cash in other noncurrent assets | 58 | 76 | 122 | |
Total cash, cash equivalents and restricted cash | $ 2,941 | $ 2,600 | $ 882 | $ 2,118 |
Inventories - Inventory Disclos
Inventories - Inventory Disclosure (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 1,098 | $ 713 |
Semi-finished products | 1,112 | 1,056 |
Finished products | 407 | 388 |
Supplies and sundry items | 46 | 53 |
Total | $ 2,663 | $ 2,210 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |||
Percent of Last-in, First-out (LIFO) inventory to total inventory values | 41.00% | 46.00% | |
Estimate in excess of current acquisition costs over stated inventory values | $ 1,620 | $ 896 | |
Cost of sales increase (reduction), liquidations of LIFO inventories | $ 8 | $ 1 |
Intangible Assets - Amortizable
Intangible Assets - Amortizable Intangible Assets (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 484 | $ 484 |
Accumulated Amortization | 50 | 40 |
Net Amount | $ 434 | 444 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Lives | 22 years | |
Gross Carrying Amount | $ 413 | 413 |
Accumulated Amortization | 22 | 18 |
Net Amount | 391 | 395 |
Patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 17 | 17 |
Accumulated Amortization | 11 | 11 |
Net Amount | $ 6 | 6 |
Patents | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Lives | 5 years | |
Patents | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Lives | 15 years | |
Energy Contract | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Lives | 2 years | |
Gross Carrying Amount | $ 54 | 54 |
Accumulated Amortization | 17 | 11 |
Net Amount | $ 37 | $ 43 |
Intangible Assets - Goodwill (D
Intangible Assets - Goodwill (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Goodwill [Line Items] | |
Balance at December 31, 2021 | $ 920 |
Additions | 0 |
Balance at March 31, 2022 | 920 |
Flat-Rolled | |
Goodwill [Line Items] | |
Balance at December 31, 2021 | 0 |
Additions | 0 |
Balance at March 31, 2022 | 0 |
Mini Mill | |
Goodwill [Line Items] | |
Balance at December 31, 2021 | 916 |
Additions | 0 |
Balance at March 31, 2022 | 916 |
USSE | |
Goodwill [Line Items] | |
Balance at December 31, 2021 | 4 |
Additions | 0 |
Balance at March 31, 2022 | 4 |
Tubular | |
Goodwill [Line Items] | |
Balance at December 31, 2021 | 0 |
Additions | 0 |
Balance at March 31, 2022 | $ 0 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Indefinite-lived Intangible Assets [Line Items] | ||
Estimated amortization expense for the remainder of 2022 | $ 31 | |
Estimated amortization expense for 2023 | 120 | |
Estimated amortization expense for 2024 | 120 | |
Estimated amortization expense for 2025 | 120 | |
Estimated amortization expense for 2026 | 120 | |
Estimated amortization expense for 2027 | 120 | |
Estimated amortization expense for thereafter | 282 | |
Use Rights | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Carrying amount of acquired water rights with indefinite lives | $ 75 | $ 75 |
Pensions and Other Benefits - N
Pensions and Other Benefits - Net Periodic Benefit Costs (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Pension Benefits | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Service cost | $ 11 | $ 14 |
Interest cost | 39 | 40 |
Expected return on plan assets | (89) | (89) |
Amortization of prior service credit | 0 | 0 |
Amortization of actuarial net loss (gain) | 18 | 38 |
Net periodic benefit cost (income), excluding below | (21) | 3 |
Multiemployer plans | 19 | 19 |
Settlement, termination and curtailment losses (a) | 1 | 0 |
Net periodic benefit cost (income) | (1) | 22 |
Pension Benefits | Employee Related Costs | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Settlement, termination and curtailment losses (a) | (1) | |
Other Benefits | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Service cost | 2 | 3 |
Interest cost | 12 | 12 |
Expected return on plan assets | (22) | (20) |
Amortization of prior service credit | (7) | (7) |
Amortization of actuarial net loss (gain) | (13) | (6) |
Net periodic benefit cost (income), excluding below | (28) | (18) |
Multiemployer plans | 0 | 0 |
Settlement, termination and curtailment losses (a) | 0 | 0 |
Net periodic benefit cost (income) | $ (28) | $ (18) |
Pensions and Other Benefits - A
Pensions and Other Benefits - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Cash contribution by employer to defined contribution plans | $ 11 | $ 10 |
Steelworkers Pension Trust | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Employer contributions, defined benefit plan | 18 | |
Other Pension Plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Employer contributions, defined benefit plan | 1 | |
Unfunded Other Postretirement Benefit Plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Cash contribution by employer for other postretirement benefits not funded by trusts | $ 12 |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans - Summary of Awards Made under Plans (Detail) - $ / shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Restricted Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares, other than stock options (in shares) | 1,169,470 | 1,418,380 |
Grant date fair value per share of awards other than stock options (in dollars per share) | $ 24.27 | $ 17.92 |
Total Shareholder Return (TSR) Performance Awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares, other than stock options (in shares) | 225,030 | 306,930 |
Grant date fair value per share of awards other than stock options (in dollars per share) | $ 28.53 | $ 19.46 |
Return On Capital Employed (ROCE) Performance Awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares, other than stock options (in shares) | 396,280 | 485,900 |
Grant date fair value per share of awards other than stock options (in dollars per share) | $ 23.60 | $ 17.92 |
Stock-Based Compensation Plan_3
Stock-Based Compensation Plans - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | |
Dec. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense recognized | $ 16 | $ 11 | |
Unrecognized compensation costs related to non-vested stocks | $ 91 | ||
Weighted average period for recognizing non-vested stock-based compensation costs | 22 months | ||
Share-based Payment Arrangement, Option | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation plans, award vesting period | 3 years | ||
Share Based Compensation Arrangement By Share Based Payment Award Expiration Term | 10 years | ||
Options, Grants in Period, Gross | 171,000 | ||
Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation plans, award vesting period | 3 years | ||
Total Shareholder Return (TSR) Performance Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation plans, award vesting period | 3 years | ||
Performance Period Weighting Year One, Year Two, Year Three (Individually) | 20.00% | ||
Performance Period Weighting All Three Years | 40.00% | ||
Total Shareholder Return (TSR) 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% | ||
Total Shareholder Return (TSR) 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% | ||
Return On Capital Employed (ROCE) Performance Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation plans, award vesting period | 3 years | ||
Performance Period Weighting Year One, Year Two, Year Three (Individually) | 20.00% | ||
Performance Period Weighting All Three Years | 40.00% | ||
Return On Capital Employed (ROCE) 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% | ||
Return On Capital Employed (ROCE) 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% | ||
Performance-Based Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation plans, award vesting period | 4 years | ||
Performance-Based Restricted Stock Units | Share-based Payment Arrangement, Tranche One | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 30.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Payout Amount, Percentage | 50.00% | ||
Performance-Based Restricted Stock Units | Share-based Payment Arrangement, Tranche Two | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 40.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Payout Amount, Percentage | 100.00% | ||
Performance-Based Restricted Stock Units | Share-based Payment Arrangement, Tranche Three | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 30.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Payout Amount, Percentage | 200.00% | ||
Omnibus Incentive Compensation Plan 2016 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Aggregate number of shares to be issued | 32,700,000 | ||
Number of shares available for future grants | 9,339,845 |
Stock-Based Compensation Plan_4
Stock-Based Compensation Plans - Performance-Based Stock Options Vesting and Exercising Conditions (Details) - Share-based Payment Arrangement, Option shares in Thousands | 1 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options, Grants in Period, Gross | shares | 171 |
Consecutive trading days | 20 days |
Vesting and exercising condition period | 7 years |
Share-based Payment Arrangement, Tranche One | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Average closing stock price (in dollars per share) | $ 35,000,000 |
Percentage of options exercisable | 33.33% |
Share-based Payment Arrangement, Tranche Two | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Average closing stock price (in dollars per share) | $ 45,000,000 |
Percentage of options exercisable | 33.33% |
Share-based Payment Arrangement, Tranche Three | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Average closing stock price (in dollars per share) | $ 55,000,000 |
Percentage of options exercisable | 33.34% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Tax provision | $ 246 | $ 1 |
State deferred tax assets | 4 | |
Federal deferred tax assets | $ 15 | |
Income tax benefit related to prior state income taxes | $ 4 |
Earnings and Dividends Per Co_3
Earnings and Dividends Per Common Share - Computations for Basic and Diluted Income (Loss) Per Common Share from Continuing Operations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Earnings Per Share [Abstract] | ||
Earnings attributable to United States Steel Corporation stockholders | $ 882 | $ 91 |
Weighted-average shares outstanding (in thousands): | ||
Basic (in shares) | 261,453 | 249,351 |
Effect of Senior Convertible Notes (in shares) | 26,194 | 8,467 |
Effect of stock options, restricted stock units and performance awards (in shares) | 5,620 | 4,151 |
Adjusted weighted-average shares outstanding, diluted (in shares) | 293,267 | 261,969 |
Basic (loss) earnings per common share (in dollars per share) | $ 3.37 | $ 0.36 |
Diluted (loss) earnings per common share (in dollars per share) | $ 3.02 | $ 0.35 |
Earnings and Dividends Per Co_4
Earnings and Dividends Per Common Share - Additional Information (Details) - $ / shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Quarterly dividend per common share (in dollars per share) | $ 0.05 | $ 0.01 |
Securities Granted under the Ominibus Plan | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Securities excluded from the computation of diluted EPS (in shares) | 600 | 1,400 |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Foreign exchange forwards | ||
Derivative [Line Items] | ||
Derivatives, term of contract | 31 months | |
Commodity purchase swaps | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivatives, term of contract | 9 months | |
Commodity purchase swaps | Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivatives, term of contract | 21 months | |
Sales swaps | ||
Derivative [Line Items] | ||
Derivatives, term of contract | 9 months | |
Cost of sales | ||
Derivative [Line Items] | ||
Derivative in AOCI to be recognized in income within 1 year | $ (86) | |
Cost of sales | Foreign exchange forwards | ||
Derivative [Line Items] | ||
Amount of gain (loss) recognized in income | 8 | $ (5) |
Cost of sales | Commodity purchase swaps | ||
Derivative [Line Items] | ||
Amount of gain (loss) recognized in income | 22 | (1) |
Cost of sales | Sales swaps | Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Amount of gain (loss) recognized in income | (9) | (9) |
Net sales | ||
Derivative [Line Items] | ||
Derivative in AOCI to be recognized in income within 1 year | (81) | |
Net sales | Sales swaps | ||
Derivative [Line Items] | ||
Amount of gain (loss) recognized in income | $ (26) | $ (10) |
Derivative Instruments - Schedu
Derivative Instruments - Schedule of Notional Amounts of Outstanding Derivative Positions (Detail) - Cash flow hedges € in Millions, $ in Millions | Mar. 31, 2022EUR (€)TMMBTUmetricTon | Mar. 31, 2022USD ($)TMMBTUmetricTon | Mar. 31, 2021EUR (€)TmetricTonMMBTU | Mar. 31, 2021USD ($)TmetricTonMMBTU |
Foreign exchange forwards | ||||
Derivative [Line Items] | ||||
Notional amount of derivatives | € 311 | $ 158 | € 237 | $ 9 |
Natural gas (in mmbtus) | Commodity purchase swaps | ||||
Derivative [Line Items] | ||||
Quantities of derivatives held | MMBTU | 43,265,000 | 43,265,000 | 26,223,000 | 26,223,000 |
Tin (in metric tons) | Commodity purchase swaps | ||||
Derivative [Line Items] | ||||
Quantities of derivatives held | 2,430 | 2,430 | 1,555 | 1,555 |
Zinc (in metric tons) | Commodity purchase swaps | ||||
Derivative [Line Items] | ||||
Quantities of derivatives held | 15,679 | 15,679 | 19,021 | 19,021 |
Electricity (in megawatt hours) | Commodity purchase swaps | ||||
Derivative [Line Items] | ||||
Quantities of derivatives held | 724,320 | 724,320 | 1,074,720 | 1,074,720 |
Iron ore pellets (in metric tons) | Commodity purchase swaps | ||||
Derivative [Line Items] | ||||
Quantities of derivatives held | metricTon | 30,000 | 30,000 | 0 | 0 |
Iron ore pellets (in metric tons) | Zero-cost collars | ||||
Derivative [Line Items] | ||||
Quantities of derivatives held | metricTon | 1,080,000 | 1,080,000 | 0 | 0 |
Hot-rolled coils (in tons) | Sales swaps | ||||
Derivative [Line Items] | ||||
Quantities of derivatives held | 110,000 | 110,000 | 192,720 | 192,720 |
Derivative Instruments - Locati
Derivative Instruments - Location and Amounts of Fair Values Related to Derivatives in Financial Statements (Details) - Cash flow hedges - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Accounts receivable | ||
Derivative [Line Items] | ||
Derivative instruments in hedges, assets, at fair value | $ 103 | $ 42 |
Derivatives not designated as hedging instruments, assets | 13 | 5 |
Accounts payable | ||
Derivative [Line Items] | ||
Derivative instruments in hedges, liabilities, at fair value | 98 | 59 |
Investments and long-term receivables | ||
Derivative [Line Items] | ||
Derivative instruments in hedges, assets, at fair value | 0 | 2 |
Derivatives not designated as hedging instruments, assets | 7 | 5 |
Other long-term liabilities | ||
Derivative [Line Items] | ||
Derivative instruments in hedges, liabilities, at fair value | $ 3 | $ 4 |
Derivative Instruments - Sche_2
Derivative Instruments - Schedule of Effect of Hedge Accounting on Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Sales swaps | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on derivatives in AOCI | $ (57) | $ (44) |
Commodity purchase swaps | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on derivatives in AOCI | 88 | 10 |
Foreign exchange forwards | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on derivatives in AOCI | (2) | 19 |
Net sales | Sales swaps | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain (loss) recognized in income | (26) | (10) |
Cost of sales | Commodity purchase swaps | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain (loss) recognized in income | 22 | (1) |
Cost of sales | Foreign exchange forwards | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain (loss) recognized in income | $ 8 | $ (5) |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Jan. 01, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | |||
Debt and finance lease obligation | $ 3,903 | $ 3,894 | |
Less unamortized discount, premium, and debt issuance costs | (74) | 3 | |
Less short-term debt, long-term debt due within one year, and short-term issuance costs | 60 | 28 | |
Long-term debt | $ 3,917 | $ 3,937 | 3,863 |
2037 Senior Notes | |||
Debt Instrument [Line Items] | |||
Interest rate | 6.65% | ||
Debt and finance lease obligation | $ 350 | 350 | |
2029 Senior Secured Notes | |||
Debt Instrument [Line Items] | |||
Interest rate | 6.625% | ||
Debt and finance lease obligation | $ 720 | 720 | |
2029 Senior Notes | |||
Debt Instrument [Line Items] | |||
Interest rate | 6.875% | ||
Debt and finance lease obligation | $ 748 | 750 | |
2026 Senior Convertible Notes | |||
Debt Instrument [Line Items] | |||
Interest rate | 5.00% | ||
Debt and finance lease obligation | $ 350 | 350 | |
Environmental Revenue Bonds | |||
Debt Instrument [Line Items] | |||
Debt and finance lease obligation | $ 647 | 647 | |
Environmental Revenue Bonds | Minimum | |||
Debt Instrument [Line Items] | |||
Interest rate | 4.125% | ||
Environmental Revenue Bonds | Maximum | |||
Debt Instrument [Line Items] | |||
Interest rate | 6.75% | ||
Environmental Revenue Bonds | |||
Debt Instrument [Line Items] | |||
Debt and finance lease obligation | $ 752 | 752 | |
Environmental Revenue Bonds | Minimum | |||
Debt Instrument [Line Items] | |||
Interest rate | 4.50% | ||
Environmental Revenue Bonds | Maximum | |||
Debt Instrument [Line Items] | |||
Interest rate | 4.75% | ||
Finance leases and all other obligations | |||
Debt Instrument [Line Items] | |||
Interest rate description | Various | ||
Debt and finance lease obligation | $ 74 | 67 | |
Finance leases and all other obligations | |||
Debt Instrument [Line Items] | |||
Interest rate description | Various | ||
Debt and finance lease obligation | $ 126 | 122 | |
Export Credit Agreement | |||
Debt Instrument [Line Items] | |||
Interest rate description | Variable | ||
Debt and finance lease obligation | $ 136 | 136 | |
Credit Facility Agreement | |||
Debt Instrument [Line Items] | |||
Interest rate description | Variable | ||
Debt and finance lease obligation | $ 0 | 0 | |
Big River Steel ABL Facility | |||
Debt Instrument [Line Items] | |||
Interest rate description | Variable | ||
Debt and finance lease obligation | $ 0 | 0 | |
USSK Credit Agreement | |||
Debt Instrument [Line Items] | |||
Interest rate description | Variable | ||
Debt and finance lease obligation | $ 0 | 0 | |
USSK Credit Facility | |||
Debt Instrument [Line Items] | |||
Interest rate description | Variable | ||
Debt and finance lease obligation | $ 0 | $ 0 |
Debt - Narrative (Details)
Debt - Narrative (Details) $ / shares in Units, $ in Millions | 1 Months Ended | |||||
Oct. 31, 2019USD ($)$ / sharesshares | Mar. 31, 2022USD ($) | Mar. 31, 2022EUR (€) | Sep. 29, 2021USD ($) | Sep. 29, 2021EUR (€) | Jul. 23, 2021USD ($) | |
2029 Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Repurchase Amount | $ 2 | |||||
Interest rate | 6.875% | 6.875% | ||||
2026 Senior Convertible Notes | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 5.00% | 5.00% | ||||
2026 Senior Convertible Notes | Convertible Debt | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 5.00% | |||||
Aggregate principal amount | $ 350 | |||||
Conversion rate | 0.0748391 | |||||
Conversion price (in dollars per share) | $ / shares | $ 13.36 | |||||
Threshold percentage of stock price trigger | 130.00% | |||||
Redemption price percentage | 100.00% | |||||
2026 Senior Convertible Notes | Convertible Debt | Common Stock | ||||||
Debt Instrument [Line Items] | ||||||
Shares authorized to be converted (in shares) | shares | 26,193,685 | |||||
Shares reserved for future issuance (in shares) | shares | 33,396,930 | |||||
Big River Steel ABL Facility | Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity on credit facility | $ 350 | |||||
Fixed charge coverage ratio, minimum | 1 | |||||
Fixed charge coverage ratio, maximum | 1 | |||||
Threshold percentage of borrowing base | 10.00% | |||||
Threshold amount | $ 13 | |||||
Credit Facility Agreement | Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Letters of credit outstanding | $ 4 | |||||
Credit Facility Agreement | Revolving Credit Facility | Covenant Requirement | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity on credit facility | $ 1,750 | |||||
Fixed charge coverage ratio, minimum | 1 | 1 | ||||
Fixed charge coverage ratio, maximum | 1 | 1 | ||||
Percentage of total aggregate commitments, upper range under financial covenant | 10.00% | 10.00% | ||||
Credit Agreement, upper range of outstanding debt | $ 175 | |||||
USSK Credit Agreement | Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity on credit facility | $ 333 | € 300,000,000 | ||||
USSK €20 Million Unsecured Credit Facility | Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity on credit facility | 22 | € 20,000,000 | ||||
Available borrowing capacity | 14 | |||||
Customs and other guarantees outstanding | $ 8 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Financial Assets and Liabilities Not Carried at Fair Value (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value | ||
Financial liabilities: | ||
Long-term debt (a) | $ 4,508 | $ 4,379 |
Carrying Amount | ||
Financial liabilities: | ||
Long-term debt (a) | $ 3,777 | $ 3,702 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Additional Information (Details) - Stelco [Member] - Minntac Mine $ in Millions | Apr. 30, 2020USD ($)installment |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Interest offered in option | 25.00% |
Aggregate consideration for option | $ 100 |
Number of installment payments | installment | 5 |
Consideration per installment | $ 20 |
Additional contribution to Joint Venture upon exercise | $ 500 |
Statement of Changes in Stock_3
Statement of Changes in Stockholders' Equity (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Balance at beginning of year | $ 9,103 | $ 3,879 |
Comprehensive income (loss): | ||
Net earnings | 882 | 91 |
Other comprehensive income (loss), net of tax: | ||
Pension and other benefit adjustments | (3) | 24 |
Currency translation adjustment | (28) | (47) |
Derivative financial instruments | 22 | (20) |
Employee stock plans | 7 | 6 |
Common Stock Repurchased | (123) | |
Common Stock Issued | 790 | |
Dividends paid on common stock | $ (13) | (3) |
Cumulative effect upon adoption of Accounting Standards Update 2020-06 | Accounting Standards Update 2020-06 | |
Ending balance | $ 9,791 | 4,720 |
Cumulative effect upon adoption of Accounting Standards Update 2020-06 | ||
Other comprehensive income (loss), net of tax: | ||
Ending balance | (56) | |
Retained Earnings | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Balance at beginning of year | 3,534 | (623) |
Comprehensive income (loss): | ||
Net earnings | 882 | 91 |
Other comprehensive income (loss), net of tax: | ||
Dividends paid on common stock | (13) | |
Ending balance | 4,425 | (532) |
Retained Earnings | Cumulative effect upon adoption of Accounting Standards Update 2020-06 | ||
Other comprehensive income (loss), net of tax: | ||
Ending balance | 22 | |
Accumulated Other Comprehensive Income | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Balance at beginning of year | 331 | (47) |
Other comprehensive income (loss), net of tax: | ||
Pension and other benefit adjustments | (3) | 24 |
Currency translation adjustment | (28) | (47) |
Derivative financial instruments | 22 | (20) |
Ending balance | 322 | (90) |
Common Stock | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Balance at beginning of year | 280 | 229 |
Other comprehensive income (loss), net of tax: | ||
Employee stock plans | 2 | 2 |
Common Stock Issued | 48 | |
Ending balance | 282 | 279 |
Treasury Stock | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Balance at beginning of year | (334) | (175) |
Other comprehensive income (loss), net of tax: | ||
Employee stock plans | (20) | (7) |
Common Stock Repurchased | (123) | |
Ending balance | (477) | (182) |
Paid-in Capital | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Balance at beginning of year | 5,199 | 4,402 |
Other comprehensive income (loss), net of tax: | ||
Employee stock plans | 25 | 11 |
Common Stock Issued | 742 | |
Dividends paid on common stock | 0 | 3 |
Ending balance | 5,146 | 5,152 |
Paid-in Capital | Cumulative effect upon adoption of Accounting Standards Update 2020-06 | ||
Other comprehensive income (loss), net of tax: | ||
Ending balance | (78) | |
Non- Controlling Interest | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Balance at beginning of year | 93 | 93 |
Other comprehensive income (loss), net of tax: | ||
Ending balance | $ 93 | $ 93 |
Reclassifications from Accumu_3
Reclassifications from Accumulated Other Comprehensive Income (AOCI) - Other Comprehensive Income Activity Net of Tax (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Accumulated Other Comprehensive Income [Roll Forward] | ||
Beginning Balance | $ 331 | $ (47) |
Other comprehensive (loss) income before reclassifications | (15) | (81) |
Amounts reclassified from AOCI | 6 | 38 |
Total other comprehensive loss, net of tax | (9) | (43) |
Ending Balance | 322 | (90) |
Pension and Other Benefit Items | ||
Accumulated Other Comprehensive Income [Roll Forward] | ||
Beginning Balance | (25) | (458) |
Other comprehensive (loss) income before reclassifications | (2) | 0 |
Amounts reclassified from AOCI | (1) | 24 |
Total other comprehensive loss, net of tax | (3) | 24 |
Ending Balance | (28) | (434) |
Foreign Currency Items | ||
Accumulated Other Comprehensive Income [Roll Forward] | ||
Beginning Balance | 371 | 449 |
Other comprehensive (loss) income before reclassifications | (28) | (47) |
Amounts reclassified from AOCI | 0 | 0 |
Total other comprehensive loss, net of tax | (28) | (47) |
Ending Balance | 343 | 402 |
Unrealized (Loss) Gain on Derivatives | ||
Accumulated Other Comprehensive Income [Roll Forward] | ||
Beginning Balance | (15) | (38) |
Other comprehensive (loss) income before reclassifications | 15 | (34) |
Amounts reclassified from AOCI | 7 | 14 |
Total other comprehensive loss, net of tax | 22 | (20) |
Ending Balance | $ 7 | $ (58) |
Reclassifications from Accumu_4
Reclassifications from Accumulated Other Comprehensive Income (AOCI) - Defined Benefit Plan In Other Comprehensive Income (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Amortization of pension and other benefit items | ||
Derivative reclassifications to Condensed Consolidated Statements of Operations | $ (22) | $ 20 |
Total before tax | 1,128 | 92 |
Tax provision | (246) | (1) |
Net of tax | 882 | 91 |
Amount reclassified from AOCI | ||
Amortization of pension and other benefit items | ||
Total before tax | 9 | 39 |
Tax provision | (3) | (1) |
Net of tax | 6 | 38 |
Pension and Other Benefit Items | Amount reclassified from AOCI | ||
Amortization of pension and other benefit items | ||
Prior service credits | (7) | (7) |
Actuarial losses | 6 | 31 |
Settlement, termination and curtailment losses | 0 | 0 |
Total pensions and other benefits items | (1) | 24 |
Unrealized (Loss) Gain on Derivatives | Amount reclassified from AOCI | ||
Amortization of pension and other benefit items | ||
Derivative reclassifications to Condensed Consolidated Statements of Operations | $ 10 | $ 15 |
Transactions with Related Par_2
Transactions with Related Parties - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | |||
Net sales to related parties | $ 391 | $ 295 | |
Accounts payable to related parties | 171 | $ 99 | |
PRO-TEC Coating Company | |||
Related Party Transaction [Line Items] | |||
Accounts payable to related parties | 170 | 98 | |
Other equity investees | |||
Related Party Transaction [Line Items] | |||
Accounts payable to related parties | 1 | $ 1 | |
Outside processing services | |||
Related Party Transaction [Line Items] | |||
Purchases from related parties | 7 | 20 | |
Taconite pellets | |||
Related Party Transaction [Line Items] | |||
Purchases from related parties | $ 25 | $ 24 |
Restructuring and Other Charg_3
Restructuring and Other Charges - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | |
Restructuring Cost and Reserve [Line Items] | |||
Additional charges | $ 17 | $ 6 | $ 106 |
Cash payments for restructuring | 28 | ||
Business Exit and Employee Severance | |||
Restructuring Cost and Reserve [Line Items] | |||
Cash payments for restructuring | $ 23 | $ 29 |
Restructuring and Other Charg_4
Restructuring and Other Charges - Schedule of Accrued Balances From Restructuring and Other Charges (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | |
Restructuring Reserve [Roll Forward] | |||
Balance at December 31, 2021 | $ 240 | ||
Additional charges | 17 | $ 6 | $ 106 |
Cash payments/utilization (a) | (28) | ||
Balance at March 31, 2022 | 229 | 229 | |
Employee Related Costs | |||
Restructuring Reserve [Roll Forward] | |||
Balance at December 31, 2021 | 91 | ||
Additional charges | 18 | ||
Cash payments/utilization (a) | (7) | ||
Balance at March 31, 2022 | 102 | 102 | |
Payments for employee related costs from pension fund trust assets | 5 | ||
Exit Costs | |||
Restructuring Reserve [Roll Forward] | |||
Balance at December 31, 2021 | 149 | ||
Additional charges | (1) | ||
Cash payments/utilization (a) | (21) | ||
Balance at March 31, 2022 | 127 | 127 | |
Non - Cash Charges | |||
Restructuring Reserve [Roll Forward] | |||
Balance at December 31, 2021 | 0 | ||
Additional charges | 0 | ||
Cash payments/utilization (a) | 0 | ||
Balance at March 31, 2022 | $ 0 | $ 0 |
Restructuring and Other Charg_5
Restructuring and Other Charges - Schedule of Accrued Liabilities for Restructuring on Balance Sheet (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Restructuring Cost and Reserve [Line Items] | ||
Accrued liabilities for restructuring and other reduction programs | $ 229 | $ 240 |
Accounts payable | ||
Restructuring Cost and Reserve [Line Items] | ||
Accrued liabilities for restructuring and other reduction programs | 31 | 34 |
Payroll and benefits payable | ||
Restructuring Cost and Reserve [Line Items] | ||
Accrued liabilities for restructuring and other reduction programs | 1 | 2 |
Employee benefits | ||
Restructuring Cost and Reserve [Line Items] | ||
Accrued liabilities for restructuring and other reduction programs | 101 | 88 |
Deferred credits and other noncurrent liabilities | ||
Restructuring Cost and Reserve [Line Items] | ||
Accrued liabilities for restructuring and other reduction programs | $ 96 | $ 116 |
Contingencies and Commitments -
Contingencies and Commitments - Asbestos Litigation Activity (Details) - Asbestos Matters | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2022LegalMatter | Mar. 31, 2022Claim_Group | Dec. 31, 2021Claim_Group | Dec. 31, 2020Claim_Group | Dec. 31, 2019Claim_Group | |
Loss Contingency Accrual [Roll Forward] | |||||
Opening Number of Claims | 2,505 | 2,445 | 2,390 | 2,320 | |
Claims Dismissed, Settled and Resolved | 61 | 198 | 240 | 195 | |
New Claims | 65 | 258 | 295 | 265 | |
Closing Number of Claims | 1,545 | 2,509 | 2,505 | 2,445 | 2,390 |
Contingencies and Commitments_2
Contingencies and Commitments - Changes in Accrued Liabilities for Remediation Activities (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Change in Accrued Liabilities for Remediation Activities [Roll Forward] | |
Beginning of period | $ 158 |
Accruals for environmental remediation deemed probable and reasonably estimable | 1 |
Obligations settled | (8) |
End of period | $ 151 |
Contingencies and Commitments_3
Contingencies and Commitments - Accrued Liabilities for Remediation Activities Included in Balance Sheet (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Loss Contingencies [Line Items] | ||
Total | $ 151 | $ 158 |
Accounts payable | ||
Loss Contingencies [Line Items] | ||
Total | 64 | 65 |
Deferred credits and other noncurrent liabilities | ||
Loss Contingencies [Line Items] | ||
Total | $ 87 | $ 93 |
Contingencies and Commitments_4
Contingencies and Commitments - Payments for Contracts with Remaining Terms in Excess of One Year (Detail) $ in Millions | Mar. 31, 2022USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Remainder of 2022 | $ 438 |
2023 | 562 |
2024 | 339 |
2025 | 335 |
2026 | 259 |
Later Years | 741 |
Total | $ 2,674 |
Contingencies and Commitments_5
Contingencies and Commitments - Additional Information (Detail) € in Millions, Allowances in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2022USD ($) | Mar. 31, 2022USD ($)AllowancesPlaintiff | Mar. 31, 2022EUR (€)AllowancesPlaintiff | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($)PlaintiffClaim_GroupLegalMatter | Mar. 31, 2022LegalMatter | Mar. 31, 2022 | Mar. 31, 2022Claim_Group | Mar. 31, 2022Project | Dec. 31, 2020Claim_Group | Dec. 31, 2019Claim_Group | Dec. 31, 2018Claim_Group | |
Loss Contingencies [Line Items] | ||||||||||||
Accrued liabilities for remediation activities | $ 151,000,000 | $ 151,000,000 | $ 158,000,000 | |||||||||
Accrued liabilities for post-closure site monitoring and other costs | 24,000,000 | 24,000,000 | ||||||||||
Accrued liability for administrative and legal costs | 10,000,000 | $ 10,000,000 | ||||||||||
Number of years of projected administrative and legal costs included in accrual | 3 years | 3 years | ||||||||||
Capital expenditures | $ 5,000,000 | $ 3,000,000 | ||||||||||
Estimated Shortfall in Emissions Allowances | Allowances | 3.8 | 3.8 | ||||||||||
Cost Of Emission Allowances Pre-Purchased | $ 186,000,000 | € 168 | ||||||||||
Estimated capital expenditures of complying with BAT over 2017 to 2020 period | 153,000,000 | € 138 | ||||||||||
Financial assurance guarantees, maximum | 7,000,000 | 7,000,000 | ||||||||||
Residual value of equipment | 14,000,000 | 14,000,000 | ||||||||||
Residual value liability | 0 | 0 | ||||||||||
Proceeds from government incentives (Note 21) | 82,000,000 | 82,000,000 | 0 | |||||||||
Restricted cash | 75,000,000 | 75,000,000 | $ 78,000,000 | |||||||||
Contract commitments to acquire property, plant and equipment | 1,875,000,000 | 1,875,000,000 | ||||||||||
Maximum default payment on termination of agreement | 57,000,000 | 57,000,000 | ||||||||||
Total payment under take-or-pay contracts | $ 217,000,000 | $ 200,000,000 | ||||||||||
Purchase of EUA to cover Estimated 2022 Shortfall | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Estimated Shortfall in Emissions Allowances | Allowances | 1.5 | 1.5 | ||||||||||
Cost Of Emission Allowances Pre-Purchased | $ 105,000,000 | € 95 | ||||||||||
Minimum | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Projected percentage remediation costs may exceed accrued liabilities | 15.00% | 15.00% | ||||||||||
Unconditional purchase obligation term | 2 years | 2 years | ||||||||||
Maximum | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Projected percentage remediation costs may exceed accrued liabilities | 30.00% | 30.00% | ||||||||||
Unconditional purchase obligation term | 14 years | 14 years | ||||||||||
Asbestos Matters | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Active cases brought against U.S. Steel | LegalMatter | 915 | 919 | ||||||||||
Number of plaintiffs involved | Plaintiff | 2,509 | 2,509 | 2,505 | |||||||||
Number of claims pending in jurisdictions | 2,505 | 1,545 | 2,509 | 2,445 | 2,390 | 2,320 | ||||||
Percentage of claims pending in jurisdictions | 61.00% | |||||||||||
Projects with Ongoing Study and Scope Development | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Environmental remediation projects | Project | 4 | |||||||||||
Accrued liabilities for remediation activities | 1,000,000 | $ 1,000,000 | ||||||||||
Projects with Ongoing Study and Scope Development | Minimum | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Environment exit costs, possible additional loss | 22,000,000 | |||||||||||
Projects with Ongoing Study and Scope Development | Maximum | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Environment exit costs, possible additional loss | 36,000,000 | |||||||||||
Significant Projects with Defined Scope | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Environmental remediation projects | Project | 3 | |||||||||||
Accrued liabilities for remediation activities | 96,000,000 | 96,000,000 | ||||||||||
Significant Projects with Defined Scope | Minimum | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Accrued liabilities for remediation activities | 5,000,000 | 5,000,000 | ||||||||||
Gary Works, Project with Defined Scope | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Accrued liabilities for remediation activities | 24,000,000 | 24,000,000 | ||||||||||
Duluth | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Accrued liabilities for remediation activities | 53,000,000 | 53,000,000 | ||||||||||
Geneva Project | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Accrued liabilities for remediation activities | 19,000,000 | 19,000,000 | ||||||||||
Environmental Remediation Other Projects | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Environmental remediation projects | Project | 3 | |||||||||||
Accrued liabilities for remediation activities | 5,000,000 | 5,000,000 | ||||||||||
Environmental Remediation Other Projects | Minimum | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Accrued liabilities for remediation activities | 1,000,000 | 1,000,000 | ||||||||||
Environmental Remediation Other Projects | Maximum | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Accrued liabilities for remediation activities | 5,000,000 | 5,000,000 | ||||||||||
Environmental Remediation Projects Less Than One Million | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Accrued liabilities for remediation activities | 5,000,000 | 5,000,000 | ||||||||||
Environmental Remediation Projects Less Than One Million | Maximum | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Accrued liabilities for remediation activities | 1,000,000 | 1,000,000 | ||||||||||
Surety Bonds | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Financial assurance guarantees, maximum | $ 295,000,000 | $ 295,000,000 |
Common Stock Issued and Repur_2
Common Stock Issued and Repurchased - Additional Information (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | ||||
Feb. 28, 2021 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jan. 24, 2022 | Oct. 25, 2021 | |
Subsidiary, Sale of Stock [Line Items] | ||||||
Amount of shares authorized to be repurchased | $ 500 | $ 300 | ||||
Treasury Stock, Shares, Acquired | 5,031,970 | |||||
Treasury Stock, Value, Acquired, Cost Method | $ 123 | |||||
Net proceeds from public offering of common stock (Note 22) | $ 0 | $ 791 | ||||
Public Offering | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Shares issued (in shares) | 48,300,000 | |||||
Net proceeds from public offering of common stock (Note 22) | $ 790 | |||||
Issuance costs paid | $ 1 |