Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 29, 2024 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
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 | 224,849,607 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2024 | |
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, 2024 | Mar. 31, 2023 | |
Net sales: | ||
Total (Note 6) | $ 4,160 | $ 4,470 |
Operating expenses (income): | ||
Cost of sales (excludes items shown below) | 3,665 | 3,953 |
Selling, general and administrative expenses | 119 | 99 |
Depreciation, depletion and amortization | 210 | 221 |
(Earnings) loss from investees | (14) | 13 |
Asset impairment charges | 7 | 4 |
Restructuring and other charges (Note 20) | 6 | 1 |
Other losses (gains), net | 13 | (10) |
Total | 4,006 | 4,281 |
Earnings before interest and income taxes | 154 | 189 |
Interest expense | 2 | 27 |
Interest income | (32) | (30) |
Loss on debt extinguishment | 1 | 0 |
Other financial costs | 11 | 6 |
Net periodic benefit income | (33) | (42) |
Net gain from investments related to active employee benefits (Note 16) | (4) | (22) |
Net interest and other financial benefits | (55) | (61) |
Earnings before income taxes | 209 | 250 |
Income tax expense (Note 12) | 38 | 51 |
Net earnings | 171 | 199 |
Less: Net earnings attributable to noncontrolling interests | 0 | 0 |
Net earnings attributable to United States Steel Corporation | $ 171 | $ 199 |
Earnings per share attributable to United States Steel Corporation stockholders: | ||
-Basic (in dollars per share) | $ 0.76 | $ 0.87 |
-Diluted (in dollars per share) | $ 0.68 | $ 0.78 |
Nonrelated Party | ||
Net sales: | ||
Net sales | $ 3,500 | $ 3,912 |
Related Party | ||
Net sales: | ||
Net sales | $ 660 | $ 558 |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net earnings | $ 171 | $ 199 |
Other comprehensive income (loss), net of tax: | ||
Changes in foreign currency translation adjustments | (36) | 32 |
Changes in pension and other employee benefit accounts | (7) | (10) |
Changes in derivative financial instruments | 43 | (44) |
Changes in fair value of active employee benefit investments | 0 | (3) |
Total other comprehensive income (loss), net of tax | 0 | (19) |
Comprehensive income including noncontrolling interest | 171 | 180 |
Comprehensive income attributable to noncontrolling interest | 0 | 0 |
Comprehensive income attributable to United States Steel Corporation | $ 171 | $ 180 |
CONSOLIDATED BALANCE SHEET (Una
CONSOLIDATED BALANCE SHEET (Unaudited) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents (Note 7) | $ 2,221 | $ 2,948 |
Inventories (Note 8) | 2,157 | 2,128 |
Other current assets | 321 | 319 |
Total current assets | 6,421 | 6,943 |
Long-term restricted cash (Note 7) | 32 | 32 |
Operating lease assets | 99 | 109 |
Property, plant and equipment | 24,557 | 23,975 |
Less accumulated depreciation and depletion | 13,750 | 13,582 |
Total property, plant and equipment, net | 10,807 | 10,393 |
Investments and long-term receivables, less allowance of $3 in both periods | 785 | 761 |
Intangibles, net (Note 9) | 431 | 436 |
Deferred income tax benefits (Note 12) | 12 | 19 |
Goodwill (Note 9) | 920 | 920 |
Other noncurrent assets | 941 | 838 |
Total assets | 20,448 | 20,451 |
Current liabilities: | ||
Payroll and benefits payable | 322 | 442 |
Accrued taxes | 223 | 222 |
Accrued interest | 55 | 70 |
Current operating lease liabilities | 41 | 44 |
Short-term debt and current maturities of long-term debt (Note 15) | 159 | 142 |
Total current liabilities | 3,748 | 3,948 |
Noncurrent operating lease liabilities | 65 | 73 |
Long-term debt, less unamortized discount and debt issuance costs (Note 15) | 4,082 | 4,080 |
Employee benefits | 116 | 126 |
Deferred income tax liabilities (Note 12) | 629 | 587 |
Deferred credits and other noncurrent liabilities | 516 | 497 |
Total liabilities | 9,156 | 9,311 |
Contingencies and commitments (Note 21) | ||
Stockholders’ Equity (Note 17): | ||
Common stock (287,604,696 and 285,959,739 shares issued) (Note 13) | 288 | 286 |
Treasury stock, at cost (62,771,459 shares and 62,288,523 shares) | (1,441) | (1,418) |
Additional paid-in capital | 5,266 | 5,253 |
Retained earnings | 7,040 | 6,880 |
Accumulated other comprehensive income (Note 18) | 46 | 46 |
Total United States Steel Corporation stockholders’ equity | 11,199 | 11,047 |
Noncontrolling interests | 93 | 93 |
Total liabilities and stockholders’ equity | 20,448 | 20,451 |
Nonrelated Party | ||
Current assets: | ||
Receivables, less allowance of $39 and $38 | 1,530 | 1,390 |
Current liabilities: | ||
Accounts payable and other accrued liabilities | 2,749 | 2,889 |
Related Party | ||
Current assets: | ||
Receivables, less allowance of $39 and $38 | 192 | 158 |
Current liabilities: | ||
Accounts payable and other accrued liabilities | $ 199 | $ 139 |
CONSOLIDATED BALANCE SHEET (U_2
CONSOLIDATED BALANCE SHEET (Unaudited) (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Receivables, allowance | $ 39 | $ 38 |
Investments and long-term receivables, allowance | $ 3 | $ 3 |
Common stock, shares issued (in shares) | 287,604,696 | 285,959,739 |
Treasury stock (in shares) | 62,771,459 | 62,288,523 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating activities: | ||
Net earnings | $ 171 | $ 199 |
Adjustments to reconcile to net cash (used in) provided by operating activities: | ||
Depreciation, depletion and amortization | 210 | 221 |
Asset impairment charges | 7 | 4 |
Restructuring and other charges (Note 20) | 6 | 1 |
Loss on debt extinguishment | 1 | 0 |
Pensions and other postretirement benefits | (28) | (41) |
Active employee benefit investments | (30) | 3 |
Deferred income taxes (Note 12) | 36 | 38 |
Net gain on sale of assets | 0 | (2) |
Equity investee (earnings) loss, net of distributions received | (18) | 13 |
Changes in: | ||
Current receivables | (191) | (178) |
Inventories | (43) | (167) |
Current accounts payable and accrued expenses | (78) | 298 |
Income taxes receivable/payable | 5 | 10 |
All other, net | (136) | (212) |
Net cash (used in) provided by operating activities | (28) | 181 |
Investing activities: | ||
Capital expenditures | (640) | (740) |
Proceeds from sale of assets | 0 | 2 |
Other investing activities | 5 | 0 |
Net cash used in investing activities | (645) | (738) |
Financing activities: | ||
Repayment of long-term debt (Note 15) | (14) | (10) |
Common stock repurchased (Note 22) | 0 | (75) |
Other financing activities | (32) | (32) |
Net cash used in financing activities | (46) | (117) |
Effect of exchange rate changes on cash | (7) | 8 |
Net decrease in cash, cash equivalents and restricted cash | (726) | (666) |
Cash, cash equivalents and restricted cash at beginning of year (Note 7) | 2,988 | 3,539 |
Cash, cash equivalents and restricted cash at end of period (Note 7) | 2,262 | 2,873 |
Noncash Investing and Financing Items [Abstract] | ||
Change in accrued capital expenditures | (102) | (226) |
U. S. Steel common stock issued for employee/non-employee director stock plans | 35 | 28 |
Capital expenditures funded by finance lease borrowings | 32 | 24 |
Export Credit Agreement (ECA) financing | $ 0 | $ 1 |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
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 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 SEC 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, 2023, which should be read in conjunction with these condensed financial statements. Agreement and Plan of Merger with Nippon Steel Corporation On December 18, 2023, the Company entered into an Agreement and Plan of Merger (such agreement, as it may be amended, modified or supplemented from time to time, the “Merger Agreement”) by and among the Company, Nippon Steel North America, Inc., a New York corporation (“Purchaser”), 2023 Merger Subsidiary, Inc., a Delaware corporation and a wholly owned subsidiary of Purchaser (“Merger Sub”), and solely as provided in Section 9.13 therein, Nippon Steel Corporation, a Japanese corporation (“NSC”). Pursuant to the Merger Agreement, and upon the terms and subject to the conditions described therein, Merger Sub will merge with and into the Company, with the Company continuing as the surviving corporation and a wholly owned subsidiary of Purchaser (the “Merger”). On April 12, 2024, the Company obtained the approval of its stockholders required to adopt the Merger Agreement. U. S. Steel stockholders approved the Merger with 98.8% approval of shares voted, satisfying a significant condition to closing. Subject to the terms and conditions set forth in the Merger Agreement, each share of the Company's common stock, par value $1.00 per share, outstanding immediately prior to the effective time of the Merger (the "Effective Time") will, at the Effective Time, automatically be converted into the right to receive $55.00 per share in cash, without interest, subject to any required tax withholding. The Merger Agreement requires us to operate in the ordinary course of business and restricts us, without the consent of Purchaser, from taking certain specified actions agreed by the parties to be outside the ordinary course of business until the pending Merger occurs or the Merger Agreement terminates. |
New Accounting Standards
New Accounting Standards | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Standards | New Accounting Standards During the three months ended March 31, 2024 and the twelve months ended December 31, 2023, there were no accounting standards and interpretations issued which are expected to have a material impact on the Company's financial position, operations or cash flows. In March 2024, the Securities and Exchange Commission (SEC) adopted final rules that will require certain climate related disclosures. Certain disclosures will be required in a footnote to the audited financial statements beginning in fiscal year 2025. The audited financial statement disclosures include capitalized costs and expenses related to severe weather events and other natural conditions subject to certain materiality thresholds. Beginning in annual disclosures for fiscal year 2026, certain greenhouse gas emission disclosures will also be required. In April 2024, the SEC issued a stay on the rules until legal challenges to the rule are addressed. U. S. Steel is monitoring the legal challenges and assessing the impact of the rules on its disclosures. In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2023-09, Improvements to Income Tax Disclosures (ASU 2023-09). ASU 2023-09 includes requirements that an entity disclose specific categories in the rate reconciliation, provide additional information for reconciling items that are greater than 5 percent of the amount computed by multiplying pretax income (or loss) by the applicable statutory income tax rate, and income taxes paid by jurisdiction that are greater than 5 percent of total income taxes paid. The standard also requires that entities disclose income (or loss) from continuing operations before income tax expense (or benefit) and income tax expense (or benefit) each disaggregated between domestic and foreign. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. U. S. Steel is currently assessing the impact of ASU 2023-09 on its disclosures. In November 2023, the FASB issued Accounting Standards Update 2023-07, Improvements to Reportable Segment Disclosures (ASU 2023-07). ASU 2023-07 includes requirements that an entity disclose the title of the chief operating decision maker (CODM) and on an interim and annual basis, significant segment expenses and the composition of other segment items for each segment's reported profit. The standard also permits disclosure of additional measures of segment profit. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. U. S. Steel is currently assessing the impact of ASU 2023-07 on its disclosures. Recently Adopted Accounting Standards In September 2022, the FASB issued Accounting Standards Update 2022-04, Disclosure of Supplier Finance Program Obligations (ASU 2022-04). ASU 2022-04 requires that an entity disclose certain information about supplier finance programs used in connection with the purchase of goods and services. ASU 2022-04 is effective for all entities with fiscal years beginning after December 15, 2022, and interim periods within those fiscal years, except for the amendment on annual roll-forward information, which is effective for fiscal years beginning after December 15, 2023. U. S. Steel adopted this guidance effective January 1, 2023, with the exception of the amendment on roll-forward information, which will be adopted in our fiscal year beginning on January 1, 2024. The Company has a SCF arrangement with a third-party administrator which allows participating suppliers, at their sole discretion, to make offers to sell payment obligations of the Company prior to their scheduled due dates at a discounted price to a participating financial institution. The third-party administrator entered into a separate agreement with the Export Import Bank of the United States to guarantee 90 percent of supplier obligations sold for up to $200 million. No guarantees or collateral are provided by the Company or any of its subsidiaries under the SCF program, and the Company does not benefit from any preferential payment terms or discounts as a result of supplier participation. The Company’s goal is to capture overall supplier savings and improve working capital efficiency. The agreements facilitate the suppliers’ ability to sell payment obligations, while providing them with greater working capital flexibility. The Company has no economic interest in the sale of the suppliers’ receivables and no direct financial relationship with the financial institution concerning these services. The Company’s obligations to its suppliers, including amounts due and scheduled payment dates, are not impacted by suppliers’ decisions to sell amounts under the arrangements. The SCF program requires the Company to pay the third-party administrator the stated amount of the confirmed participating supplier invoices. The payment terms for confirmed invoices range from 75 to 90 days after the end of the month in which the invoice was issued. The underlying costs from suppliers that elected to participate in the SCF program are generally recorded in cost of sales in the Company’s Condensed Consolidated Statement of Operations. Amounts due to suppliers who participate in the SCF program are reflected in accounts payable and accrued expenses on the Company’s Condensed Consolidated Balance Sheet and payments on the obligations by our suppliers are included in cash used in operating activities in the Condensed Consolidated Statement of Cash Flows. As of March 31, 2024, accounts payable and accrued expenses included $63 million of outstanding payment obligations which suppliers elected to sell to participating financial institutions. In October 2021, the 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 for public companies with 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. U. S. Steel adopted this guidance effective January 1, 2023, and will apply it to any future business combinations. |
Recently Adopted Accounting Sta
Recently Adopted Accounting Standards | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Adopted Accounting Standards | New Accounting Standards During the three months ended March 31, 2024 and the twelve months ended December 31, 2023, there were no accounting standards and interpretations issued which are expected to have a material impact on the Company's financial position, operations or cash flows. In March 2024, the Securities and Exchange Commission (SEC) adopted final rules that will require certain climate related disclosures. Certain disclosures will be required in a footnote to the audited financial statements beginning in fiscal year 2025. The audited financial statement disclosures include capitalized costs and expenses related to severe weather events and other natural conditions subject to certain materiality thresholds. Beginning in annual disclosures for fiscal year 2026, certain greenhouse gas emission disclosures will also be required. In April 2024, the SEC issued a stay on the rules until legal challenges to the rule are addressed. U. S. Steel is monitoring the legal challenges and assessing the impact of the rules on its disclosures. In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2023-09, Improvements to Income Tax Disclosures (ASU 2023-09). ASU 2023-09 includes requirements that an entity disclose specific categories in the rate reconciliation, provide additional information for reconciling items that are greater than 5 percent of the amount computed by multiplying pretax income (or loss) by the applicable statutory income tax rate, and income taxes paid by jurisdiction that are greater than 5 percent of total income taxes paid. The standard also requires that entities disclose income (or loss) from continuing operations before income tax expense (or benefit) and income tax expense (or benefit) each disaggregated between domestic and foreign. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. U. S. Steel is currently assessing the impact of ASU 2023-09 on its disclosures. In November 2023, the FASB issued Accounting Standards Update 2023-07, Improvements to Reportable Segment Disclosures (ASU 2023-07). ASU 2023-07 includes requirements that an entity disclose the title of the chief operating decision maker (CODM) and on an interim and annual basis, significant segment expenses and the composition of other segment items for each segment's reported profit. The standard also permits disclosure of additional measures of segment profit. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. U. S. Steel is currently assessing the impact of ASU 2023-07 on its disclosures. Recently Adopted Accounting Standards In September 2022, the FASB issued Accounting Standards Update 2022-04, Disclosure of Supplier Finance Program Obligations (ASU 2022-04). ASU 2022-04 requires that an entity disclose certain information about supplier finance programs used in connection with the purchase of goods and services. ASU 2022-04 is effective for all entities with fiscal years beginning after December 15, 2022, and interim periods within those fiscal years, except for the amendment on annual roll-forward information, which is effective for fiscal years beginning after December 15, 2023. U. S. Steel adopted this guidance effective January 1, 2023, with the exception of the amendment on roll-forward information, which will be adopted in our fiscal year beginning on January 1, 2024. The Company has a SCF arrangement with a third-party administrator which allows participating suppliers, at their sole discretion, to make offers to sell payment obligations of the Company prior to their scheduled due dates at a discounted price to a participating financial institution. The third-party administrator entered into a separate agreement with the Export Import Bank of the United States to guarantee 90 percent of supplier obligations sold for up to $200 million. No guarantees or collateral are provided by the Company or any of its subsidiaries under the SCF program, and the Company does not benefit from any preferential payment terms or discounts as a result of supplier participation. The Company’s goal is to capture overall supplier savings and improve working capital efficiency. The agreements facilitate the suppliers’ ability to sell payment obligations, while providing them with greater working capital flexibility. The Company has no economic interest in the sale of the suppliers’ receivables and no direct financial relationship with the financial institution concerning these services. The Company’s obligations to its suppliers, including amounts due and scheduled payment dates, are not impacted by suppliers’ decisions to sell amounts under the arrangements. The SCF program requires the Company to pay the third-party administrator the stated amount of the confirmed participating supplier invoices. The payment terms for confirmed invoices range from 75 to 90 days after the end of the month in which the invoice was issued. The underlying costs from suppliers that elected to participate in the SCF program are generally recorded in cost of sales in the Company’s Condensed Consolidated Statement of Operations. Amounts due to suppliers who participate in the SCF program are reflected in accounts payable and accrued expenses on the Company’s Condensed Consolidated Balance Sheet and payments on the obligations by our suppliers are included in cash used in operating activities in the Condensed Consolidated Statement of Cash Flows. As of March 31, 2024, accounts payable and accrued expenses included $63 million of outstanding payment obligations which suppliers elected to sell to participating financial institutions. In October 2021, the 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 for public companies with 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. U. S. Steel adopted this guidance effective January 1, 2023, and will apply it to any future business combinations. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2024 | |
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 results of our real estate businesses are disclosed in the Other category. The chief operating decision maker evaluates performance and determines resource allocations based on a number of factors, the primary measure being earnings (loss) before interest and income taxes. Earnings (loss) before interest and income taxes for reportable segments and the Other category does not include net interest and other financial costs (income), income taxes, stock-based compensation expense, and certain other items that management believes are not indicative of future results. The accounting principles applied at the operating segment level in determining earnings (loss) before interest and income taxes are generally the same as those applied at the consolidated financial statement level. Intersegment sales and transfers are accounted for at market-based prices and are eliminated at the corporate consolidation level. Corporate-level selling, general and administrative expenses and costs related to certain former businesses are allocated to the reportable segments and Other based on measures of activity that management believes are reasonable. The results of segment operations for the three months ended March 31, 2024, and 2023 are: (In millions) Three Months Ended March 31, 2024 Customer Intersegment Net Earnings (loss) Earnings (loss) before interest and income taxes Flat-Rolled $ 2,391 $ 62 $ 2,453 $ 5 $ 34 Mini Mill 578 125 703 — 99 USSE 918 7 925 — 16 Tubular 271 4 275 9 57 Total reportable segments 4,158 198 4,356 14 206 Other 2 — 2 — (2) Reconciling Items and Eliminations — (198) (198) — (50) Total $ 4,160 $ — $ 4,160 $ 14 $ 154 Three Months Ended March 31, 2023 Flat-Rolled $ 2,570 $ 90 $ 2,660 $ (16) $ (7) Mini Mill 553 70 623 — 12 USSE 838 6 844 — (34) Tubular 505 1 506 3 232 Total reportable segments 4,466 167 4,633 (13) 203 Other 4 — 4 — 3 Reconciling Items and Eliminations — (167) (167) — (17) Total $ 4,470 $ — $ 4,470 $ (13) $ 189 A summary of total assets by segment is as follows: (In millions) March 31, 2024 December 31, 2023 Flat-Rolled $ 7,443 $ 7,546 Mini Mill (a) 8,059 7,569 USSE 2,351 2,229 Tubular 1,001 1,002 Total reportable segments $ 18,854 $ 18,346 Other $ 132 $ 140 Corporate, reconciling items, and eliminations (b) 1,462 1,965 Total assets $ 20,448 $ 20,451 (a) Includes assets of $3.4 billion and $3.0 billion at March 31, 2024, and December 31, 2023, respectively, related to a new technologically advanced flat rolled steelmaking facility, Big River 2 (BR2), currently under construction near 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) 2024 2023 Items not allocated to segments: Restructuring and other charges (Note 20) $ (6) $ (1) Stock-based compensation expense (Note 11) (11) (11) Asset impairment charges (7) (4) Environmental remediation charges (2) — Strategic alternatives review process costs (23) — Granite City idling costs (1) — Other charges, net — (1) Total reconciling items $ (50) $ (17) |
Dispositions
Dispositions | 3 Months Ended |
Mar. 31, 2024 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Dispositions | 5. Disposition |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024, and 2023, respectively (Net Sales by Product, in millions, excluding intersegment sales): Three Months Ended March 31, 2024 Flat-Rolled Mini Mill USSE Tubular Other Total Semi-finished $ 28 $ — $ 25 $ — $ — $ 53 Hot-rolled sheets 492 314 475 — — 1,281 Cold-rolled sheets 945 98 77 — — 1,120 Coated sheets 760 165 300 — — 1,225 Tubular products — — 12 268 — 280 All Other (a) 166 1 29 3 2 201 Total $ 2,391 $ 578 $ 918 $ 271 $ 2 $ 4,160 (a) Consists primarily of sales of raw materials and coke making by-products. Three Months Ended March 31, 2023 Flat-Rolled Mini Mill USSE Tubular Other Total Semi-finished $ 59 $ — $ 32 $ — $ — $ 91 Hot-rolled sheets 554 332 348 — — 1,234 Cold-rolled sheets 901 72 71 — — 1,044 Coated sheets 853 148 340 — — 1,341 Tubular products — — 12 500 — 512 All Other (a) 203 1 35 5 4 248 Total $ 2,570 $ 553 $ 838 $ 505 $ 4 $ 4,470 (a) Consists primarily of sales of raw materials and coke making by-products. |
Cash, Cash Equivalents and Rest
Cash, Cash Equivalents and Restricted Cash | 3 Months Ended |
Mar. 31, 2024 | |
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 Condensed Consolidated Balance Sheets that sum to the total of the same amounts shown in the Condensed Consolidated Statement of Cash Flows: (In millions) March 31, 2024 December 31, 2023 March 31, 2023 Cash and cash equivalents $ 2,221 $ 2,948 $ 2,837 Restricted cash in other current assets 9 8 4 Long-term restricted cash 32 32 32 Total cash, cash equivalents and restricted cash $ 2,262 $ 2,988 $ 2,873 Amounts included in restricted cash represent cash balances which are legally or contractually restricted, primarily for insurance purposes, environmental liabilities and certain capital projects. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2024 | |
Inventory Disclosure [Abstract] | |
Inventories | 8. Inventories The last-in, first-out (LIFO) method is the predominant method of inventory costing for our Flat-Rolled and Tubular segments. The first-in, first-out (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, 2024, and December 31, 2023, the LIFO method accounted for 52 percent and 53 percent of total inventory values, respectively. (In millions) March 31, 2024 December 31, 2023 Raw materials $ 925 $ 773 Semi-finished products 834 877 Finished products 351 428 Supplies and sundry items 47 50 Total $ 2,157 $ 2,128 Current acquisition costs for LIFO inventories were estimated to exceed the above inventory values by $1.3 billion and $1.2 billion at March 31, 2024, and December 31, 2023, respectively. As a result of the liquidation of LIFO inventories, cost of sales decreased and earnings before interest and income taxes increased by $1 million and $9 million for the three months ended March 31, 2024 and 2023, respectively. |
Intangible Assets
Intangible Assets | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 As of December 31, 2023 (In millions) Useful Gross Accumulated Net Gross Accumulated Net Customer relationships 22 Years $ 413 $ 60 $ 353 $ 413 $ 56 $ 357 Patents 5-15 Years 17 14 3 17 13 4 Energy Contract 2 Years — — — 54 54 — Total amortizable intangible assets $ 430 $ 74 $ 356 $ 484 $ 123 $ 361 Amortization expense was $5 million and $11 million for the three months ended March 31, 2024 and 2023, respectively. Total estimated amortization expense for the remainder of 2024 is $15 million. We expect approximately $97 million in total amortization expense from 2025 through 2029 and approximately $244 million in remaining amortization expense thereafter. The carrying amount of acquired water rights with indefinite lives as of March 31, 2024, and December 31, 2023, totaled $75 million. Below is a summary of goodwill by segment for the three months ended March 31, 2024: Flat-Rolled Mini Mill USSE Tubular Total Balance at December 31, 2023 $ — $ 916 $ 4 $ — $ 920 Additions — — — — — Balance at March 31, 2024 $ — $ 916 $ 4 $ — $ 920 |
Pensions and Other Benefits
Pensions and Other Benefits | 3 Months Ended |
Mar. 31, 2024 | |
Retirement Benefits [Abstract] | |
Pensions and Other Benefits | 10. Pensions and Other Benefits The following table reflects the components of net periodic benefit cost (income) for the three months ended March 31, 2024, and 2023: Pension Benefits Other Benefits (In millions) 2024 2023 2024 2023 Service cost $ 7 $ 8 $ 1 $ 1 Interest cost 53 55 15 17 Expected return on plan assets (74) (82) (18) (15) Amortization of prior service cost (credit) 4 5 (7) (6) Amortization of actuarial net loss (gain) 11 3 (16) (18) Net periodic benefit cost (income), excluding below 1 (11) (25) (21) Multiemployer plans 20 21 — — Net periodic benefit cost (income) $ 21 $ 10 $ (25) $ (21) Employer Contributions During the first three months of 2024, U. S. Steel made cash payments of $21 million to the Steelworkers Pension Trust and $0.3 million of pension payments not funded by trusts. During the first three months of 2024, cash payments of $4 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, 2024 | |
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 (the Committee) of the Board of Directors, or its designee, under the 2005 Stock Incentive Plan (the 2005 Plan) and the 2016 Omnibus Incentive Compensation Plan, as amended and restated (the Omnibus Plan). On April 26, 2016, the Company's stockholders approved the Omnibus Plan and, between 2016 and the present, authorized the Company to issue up to 32,700,000 shares in the aggregate 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, 2024, there were 3,520,973 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 2024 and 2023. 2024 2023 Grant Details Shares (a) Fair Value (b) Shares (a) Fair Value (b) Restricted Stock Units 796,820 $ 47.36 1,274,520 $ 29.90 Performance Awards (c) TSR — $ — 185,120 $ 37.41 ROCE (d) 230,350 $ 46.96 357,020 $ 29.35 (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 2024 and 2023 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 $11 million in both the three-month periods ended March 31, 2024, and 2023. As of March 31, 2024, total future compensation expense related to nonvested stock-based compensation arrangements was $75 million, and the weighted average period over which this expense is expected to be recognized is approximately 28 months. Stock Options There have been no stock options granted since 2017 other than the 171,000 performance-based stock options granted in December 2021, which are further described below. The 171,000 performance-based stock options granted in December 2021, which were valued using a lattice model, 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 (a) Percentage of Performance-Based Stock Options Exercisable $ 35.00 33.33 % $ 45.00 33.33 % $ 55.00 33.34 % (a) The $35.00 tranche vested in April 2022 and the $45.00 tranche vested in January 2024. Stock Awards Restricted stock units awarded as part of annual grants generally vest ratably over three years. Their fair value is the average 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 shareholder return compared to the total shareholder return of a peer group of companies meets performance criteria during the three-year performance period. TSR is calculated as follows: 20 percent for each year in the three-year performance period and 40 percent for the full three-year period. TSR performance awards may vest and pay out 50 percent at the threshold level, 100 percent at the target level and 200 percent at the maximum level. Payment for performance in between the threshold percentages will be interpolated. The fair value of the 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 ROCE performance goals approved by the Committee. For the 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 may vest and pay out 50 percent at the threshold level, 100 percent at the target level and 200 percent at the maximum level. Payment for performance in between the threshold percentages will be interpolated. 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, and August 2022, 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-year performance period, January 1, 2022, through December 31, 2025. Shares may vest following the expiration of the Performance Period if the Company satisfies the performance criteria. 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 BR2 (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, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12. Income Taxes Tax provision For the three months ended March 31, 2024, and 2023, the Company recorded a tax provision of $38 million and $51 million, respectively. The tax provisions for the first three months of 2024 and 2023 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, if applicable. 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 2024 pretax results for U.S. and foreign income or loss vary from estimates applied herein, the actual tax provision or benefit recognized in 2024 could be materially different from the forecasted amount used to estimate the tax provision for the three months ended March 31, 2024. In March 2022, the Company and the Arkansas Economic Development Commission entered into the Recycling Tax Credit Incentive Agreement, whereby the Company may earn state income tax credits in an amount equal to 30 percent of the cost of waste reduction, reuse, or recycling equipment, subject to meeting the requirements of the Arkansas Code Ann. Section 26-51-506, for BR2 which is currently under construction near Osceola, Arkansas. Documentation supporting the Company's investment in qualifying equipment must be submitted as part of an application for certification expected to be completed on or before 2025. In March 2022, the Company received a lump-sum payment of approximately $82 million as proceeds from the sale of a portion of expected future tax credits to be earned by the Company (see Note 21 for additional information). The Company estimates that it could earn tax credits in excess of $700 million, exclusive of the amount sold in March 2022, which the Company will recognize in the year the assets are placed into service and meet the requirements of Arkansas Code Ann. Section 26-51-506. Any unused tax credit that cannot be claimed in a tax year may be carried forward indefinitely by the Company and applied to its future state tax liability. On August 16, 2022, H.R. 5376 (commonly called the Inflation Reduction Act of 2022) was signed into law, which, among other things, implemented a corporate alternative minimum tax (CAMT) of 15 percent on net book income of certain large corporations adjusted for certain items prescribed by the legislation. The Organization for Economic Co-operation and Development (the “OECD”), an international association of 38 countries including the U.S., has proposed changes to numerous long-standing tax principles, including a global minimum tax initiative. On December 12, 2022, the European Union member states agreed to implement the OECD’s Pillar 2 global corporate minimum tax rate of 15 percent on companies with revenues of at least €750 million, which went into effect in 2024. The law on minimum top-up tax for multinational enterprise groups and large-scale domestic groups in Slovakia was approved by the parliament on December 8, 2023 and signed by the President on December 21, 2023, with an effective date of December 31, 2023. The tax provision for the three months ended March 31, 2024, reflects the impact of CAMT and Pillar 2, which were not material to the Condensed Consolidated Financial Statements. |
Earnings and Dividends Per Comm
Earnings and Dividends Per Common Share | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024, and March 31, 2023, were as follows. Three Months Ended March 31, (Dollars in millions, except per share amounts) 2024 2023 Earnings attributable to United States Steel Corporation stockholders: Basic $ 171 $ 199 Interest expense on Senior Convertible Notes, net of tax 3 3 Diluted $ 174 $ 202 Weighted-average shares outstanding (in thousands): Basic 224,099 227,332 Effect of Senior Convertible Notes 26,168 26,194 Effect of stock options, restricted stock units and performance awards 4,317 3,921 Diluted 254,584 257,447 Earnings per share attributable to United States Steel Corporation stockholders: Basic $ 0.76 $ 0.87 Diluted $ 0.68 $ 0.78 Excluded from the computation of diluted earnings per common share due to their anti-dilutive effect were 0.3 million and 0.9 million outstanding securities granted under the Omnibus Plan for the three months ended March 31, 2024, and 2023 respectively. The dividend for each of the first quarter of 2024 and 2023 was five cents per common share. |
Derivative Instruments
Derivative Instruments | 3 Months Ended |
Mar. 31, 2024 | |
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 11 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. 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 (commodity purchase swaps). We elected cash flow hedge accounting for commodity purchase swaps for natural gas, zinc, tin, iron ore, and electricity. The commodity purchase swaps where hedge accounting was elected have maturities of up to 9 months. U. S. Steel has entered into financial swaps that are used to partially manage the sales price risk of certain hot-rolled coil sales and iron ore sales (sales swaps). The sales swaps 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, 2024, and March 31, 2023: Hedge Contracts Classification March 31, 2024 March 31, 2023 Natural gas (in mmbtus) Commodity purchase swaps 15,688,000 32,976,000 Tin (in metric tons) Commodity purchase swaps — 1,045 Zinc (in metric tons) Commodity purchase swaps 18,933 23,783 Electricity (in megawatt hours) Commodity purchase swaps 110,880 367,200 Iron ore (in metric tons) Commodity purchase swaps — 280,000 Iron ore (in metric tons) Sales swaps 408,233 1,087,500 Hot-rolled coils (in tons) Sales swaps 202,000 215,000 Foreign currency (in millions of euros) Foreign exchange forwards € 428 € 383 Foreign currency (in millions of dollars) Foreign exchange forwards $ 16 $ 85 The following summarizes the fair value amounts included in our Condensed Consolidated Balance Sheets as of March 31, 2024, and December 31, 2023: Balance Sheet Location (in millions) March 31, 2024 December 31, 2023 Designated as Hedging Instruments Accounts receivable $ 15 $ 4 Accounts payable 30 81 Other long-term liabilities — 2 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, 2024, and 2023: Gain (Loss) on Derivatives in AOCI Amount of Gain (Loss) Recognized in Income (In millions) Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Location of Reclassification from AOCI Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Sales swaps $ 50 $ (31) Net sales $ (30) $ 3 Commodity purchase swaps (3) (18) Cost of sales (a) (16) (9) Foreign exchange forwards 12 (8) Cost of sales 1 4 (a) Costs for commodity purchase swaps are recognized in cost of sales as products are sold. At current contract values, $20 million currently in AOCI as of March 31, 2024, will be recognized as an increase in cost of sales over the next year and $4 million currently in AOCI as of March 31, 2024, will be recognized an increase in net sales over the next year. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Debt | 15. Debt (In millions) Issuer/Borrower Interest Maturity March 31, 2024 December 31, 2023 2037 Senior Notes U. S. Steel 6.650 2037 274 274 2026 Senior Convertible Notes U. S. Steel 5.000 2026 349 350 2029 Senior Notes U. S. Steel 6.875 2029 475 475 2029 Senior Secured Notes Big River Steel 6.625 2029 720 720 Environmental Revenue Bonds U. S. Steel 4.125 - 6.750 2024 - 2053 1,164 1,164 Environmental Revenue Bonds Big River Steel 4.500 - 4.750 2049 752 752 Finance leases and all other obligations U. S. Steel Various 2024 - 2029 177 157 Finance leases and all other obligations Big River Steel Various 2024 - 2027 167 167 Export Credit Agreement U. S. Steel Variable 2031 97 97 Credit Facility Agreement U. S. Steel Variable 2027 — — 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 4,175 4,156 Less unamortized discount, premium, and debt issuance costs (66) (66) Less short-term debt, long-term debt due within one year, and short-term issuance costs 159 142 Long-term debt $ 4,082 $ 4,080 Arkansas Development Finance Authority Environmental Improvement Revenue Bonds, Series 2023 On May 18, 2023, U. S. Steel closed on an offering consisting of an aggregate principal amount of $240 million unsecured Arkansas Development Finance Authority environmental improvement revenue bonds, which carry a green bond designation. The bonds, issued through Arkansas Development Finance Authority, have a coupon rate of 5.700% and carry a final maturity of 2053 (2053 ADFA Green Bonds). U. S. Steel received net proceeds of approximately $238 million after fees of approximately $2 million related to the underwriting and third-party expenses, and will pay semiannual interest. The net proceeds from the issuance of the 2053 ADFA Green Bonds were used to partially fund work related to BR2, currently under construction near Osceola, Arkansas. On and after May 1, 2026, the Company may redeem the 2053 ADFA Green Bonds at its option, at any time in whole or from time to time in part at the redemption prices (expressed in percentages of principal amount) listed below, plus accrued and unpaid interest on the 2053 ADFA Green Bonds, if any, to, but excluding, the applicable redemption date, if redeemed during the twelve-month period beginning on May 1 of each of the years indicated below. Year Redemption Price 2026 105.000 % 2027 104.000 % 2028 103.000 % 2029 102.000 % 2030 101.000 % 2031 and thereafter 100.000 % At any time prior to May 1, 2026, U. S. Steel may also redeem the 2053 ADFA Green Bonds, at our option, in whole or in part, or from time to time, at a price equal to the greater of 100 percent of the principal amount of the 2053 ADFA Green Bonds plus accrued and unpaid interest, if any, or the sum of the present value of the redemption price of the 2053 ADFA Green Bonds if they were redeemed on May 1, 2026, plus interest payments due through May 1, 2026, discounted to the date of redemption on a semi-annual basis at the applicable tax-exempt municipal bond rate, plus accrued and unpaid interest, if any. 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 26,155,592 shares of U. S. Steel common stock and we reserved for the possible issuance of 33,348,361 shares, which is the maximum amount that could be issued upon conversion at maturity. 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. Anytime 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 greenhouse gas emissions intensity 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, 2024, 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, 2024. Availability under the Big River Steel ABL Facility, pursuant to the available borrowing base was $350 million at March 31, 2024. U. S. Steel - Sustainability Linked Credit Facility Agreement On May 27, 2022, U. S. Steel entered into the Sixth Amended and Restated Credit Facility Agreement (Credit Facility Agreement) to replace the existing Fifth Amended and Restated Credit Facility Agreement (Fifth Credit Facility Agreement). The Credit Facility Agreement has substantially the same terms as the Fifth Credit Facility Agreement, except the Credit Facility Agreement references the Secured Overnight Financing Rate instead of the London Interbank Offered Rate, adjusts the individual lenders' commitments, and renews the five-year maturity to May 27, 2027. The Credit Facility Agreement also adjusts the threshold for the fixed charge coverage ratio. The total availability under the facility remained the same at $1,750 million, and the financial impact from replacing the Fifth Credit Facility Agreement was immaterial. Consistent with the Fifth Credit Facility Agreement, the Credit Facility Agreement is secured by first-priority liens on certain accounts receivable and inventory and includes targets related to greenhouse gas emissions intensity 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, 2024, there were approximately $4 million of letters of credit issued and no amounts 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 maximum facility availability and $140 million. Based on the most recent four quarters as of March 31, 2024, the Company would have met the fixed charge coverage ratio test. U. S. Steel Košice ( USSK) Credit Facilities On September 28, 2023, the Company elected to reduce the size of the USSK Credit Agreement from €300 million to €150 million (approximately $162 million). The reduced credit facility size supports USSK’s liquidity needs and is consistent with efforts to optimize costs and the global liquidity position. The USSK Credit Agreement matures in 2026 and contains sustainability targets related to greenhouse gas emissions intensity reduction, safety performance and facility certification by ResponsibleSteel™. Under the USSK Credit Agreement, USSK is required to maintain a net debt to EBITDA ratio of less than 3.50:1.00 (the “EBITDA Ratio Covenant”), as measured on a rolling twelve month basis on June 30th and December 31st of each year. At March 31, 2024, USSK was in compliance with the EBITDA Ratio Covenant and the USSK Credit Agreement was undrawn and fully available. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2024 | |
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, 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 Interest, 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 noncontrolling interests in the Condensed Consolidated Balance Sheet. The option can be exercised any time before January 31, 2027, and 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. Surplus VEBA assets During the fourth quarter 2022, U. S. Steel and the United Steelworkers (USW) agreed to utilize the overfunded OPEB plans to support the benefits provided to active represented employees. Beginning January 1, 2023, this agreement allows the Company to use a certain amount of surplus VEBA assets (the surplus amount) to pay for legally permissible benefits under Section 501(c)(9) of the Internal Revenue Code for active employees and retirees of the USW. The surplus amount of $595 million was determined as of December 31, 2022, and was the balance of VEBA assets in excess of 135% of the retiree obligation at that time. On January 1, 2023, a subaccount was created and consisted of a pro-rata share of the existing trust. On February 1, 2023, using January 31, 2023 asset values, a new investment strategy was implemented and comprised of existing investments from the VEBA trust and cash. On February 1, 2023, certain assets were transferred from the VEBA to the subaccount. The Company is permitted to withdraw a target of $75 million annually, with a guaranteed annual minimum of $50 million, on a quarterly pro rata basis, from the subaccount to cover the cost of the permissible benefits for active USW employees and USW retirees. The surplus VEBA assets subaccount portfolio consists of fixed income securities including corporate bonds, U.S. government bonds, a commingled equity fund, and U.S. Treasury notes, in addition to alternatives including investments in private credit partnerships and real estate funds. A portion of the corporate bonds are classified as available-for-sale debt securities, with unrealized gains and losses reported in Accumulated other comprehensive loss. Upon sale, realized gains and losses are reported in earnings. All other investments in the subaccount are financial instruments measured at fair value or net asset value, with gains and losses recognized through net earnings and are reported as Net gain from investments related to active employee benefits on the Company's Condensed Consolidated Statements of Operations. As of March 31, 2024, the fair value of the surplus VEBA assets subaccount portfolio was $540 million, with $75 million in Other current assets and $465 million in Other noncurrent assets on the Condensed Consolidated Balance Sheet. As of December 31, 2023, the fair value of the surplus VEBA assets subaccount portfolio was $570 million, with $89 million in Other current assets and $481 million in Other noncurrent assets on the Consolidated Balance Sheet. The value of corporate bonds classified as available-for-sale debt securities was $192 million and $208 million as of March 31, 2024, and December 31, 2023, respectively. A total pretax net gain related to available for sale securities of $7 million was included in Accumulated other comprehensive income at both March 31, 2024, and December 31, 2023. During the three months ended March 31, 2024, pretax net gains of $4 million and an immaterial amount were recognized in Net gain from investments related to active employee benefits and in Accumulated other comprehensive income, respectively. During the three months ended March 31, 2023, pretax net gains of $22 million and $4 million were recognized in Net gain from investments related to active employee benefits and in Accumulated other comprehensive income, respectively. The fair value of the subaccount portfolio by asset category as of March 31, 2024, and December 31, 2023, were as follows (in millions): March 31, 2024 December 31, 2023 Level 1 Level 2 Level 3 measured at NAV (a) Total Level 1 Level 2 Level 3 measured at NAV (a) Total Asset Category Fixed Income Corporate bonds - U.S. $ — $ 179 $ — $ — $ 179 $ — $ 191 $ — $ — $ 191 Corporate bonds - Non-U.S. — 54 — — 54 — 56 — — 56 U.S. government bonds — 59 — — 59 — 86 — — 86 Mortgage and asset-backed securities — 15 — — 15 — 12 — — 12 Total fixed income $ — $ 307 $ — $ — $ 307 $ — $ 345 $ — $ — $ 345 Alternatives Private credit partnerships — — 57 69 126 — — 58 64 122 Other alternatives — — — 18 18 — — — 18 18 Total alternatives $ — $ — $ 57 $ 87 $ 144 $ — $ — $ 58 $ 82 $ 140 Commingled Funds — — — 62 62 — — — 61 61 Other (b) 27 — — — 27 25 — (1) — 24 Total assets at fair value $ 27 $ 307 $ 57 $ 149 $ 540 $ 25 $ 345 $ 57 $ 143 $ 570 (a) In accordance with ASC Topic 820, certain investments that were measured at net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. (b) Includes cash, accrued income, and miscellaneous payables. The following table summarizes U. S. Steel’s financial liabilities that were not carried at fair value at March 31, 2024, and December 31, 2023. The fair value of long-term debt was determined using Level 2 inputs. As of March 31, 2024 As of December 31, 2023 (In millions) Fair Carrying Fair Carrying Financial liabilities: Long-term debt (a) $ 4,595 $ 3,897 $ 4,797 $ 3,899 (a) Excludes finance lease obligations. |
Statement of Changes in Stockho
Statement of Changes in Stockholders' Equity | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Statement of Changes in Stockholders' Equity | 17. Statement of Changes in Stockholders' Equity The following table reflects the first three months of 2024 and 2023 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, 2024 (In millions) Total Retained Earnings Accumulated Common Treasury Paid-in Non- Balance at beginning of year $ 11,140 $ 6,880 $ 46 $ 286 $ (1,418) $ 5,253 $ 93 Comprehensive income (loss): Net earnings 171 171 — — — — — Other comprehensive income (loss), net of tax: Pension and other benefit adjustments (7) — (7) — — — — Currency translation adjustment (36) — (36) — — — — Derivative financial instruments 43 — 43 — — — — Active employee benefit investments — — — — — — — Employee stock plans (8) — — 2 (23) 13 — Dividends paid on common stock (12) (12) — — — — — Other 1 1 — — — — — Balance at March 31, 2024 $ 11,292 $ 7,040 $ 46 $ 288 $ (1,441) $ 5,266 $ 93 Three Months Ended March 31, 2023 (In millions) Total Retained Earnings Accumulated Common Treasury Paid-in Non- Balance at beginning of year $ 10,311 $ 6,030 $ (85) $ 283 $ (1,204) $ 5,194 $ 93 Comprehensive income (loss): Net earnings 199 199 — — — — — Other comprehensive income (loss), net of tax: Pension and other benefit adjustments (10) — (10) — — — — Currency translation adjustment 32 — 32 — — — — Derivative financial instruments (44) — (44) — — — — Active employee benefit investments 3 — 3 — — — — Employee stock plans (9) — — 2 (22) 11 — Common stock repurchased (75) — — — (75) — — Dividends paid on common stock (12) (12) — — — — — Balance at March 31, 2023 $ 10,395 $ 6,217 $ (104) $ 285 $ (1,301) $ 5,205 $ 93 |
Reclassifications from Accumula
Reclassifications from Accumulated Other Comprehensive Income (AOCI) | 3 Months Ended |
Mar. 31, 2024 | |
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 Active Employee Benefit Investments Total Balance at December 31, 2023 $ (241) $ 334 $ (52) $ 5 $ 46 Other comprehensive (loss) income before reclassifications — (36) 16 — (20) Amounts reclassified from AOCI (a) (7) — 27 — 20 Net current-period other comprehensive (loss) income (7) (36) 43 — — Balance at March 31, 2024 $ (248) $ 298 $ (9) $ 5 $ 46 Balance at December 31, 2022 $ (322) $ 280 $ (43) $ — $ (85) Other comprehensive income (loss) before reclassifications 1 32 (65) 3 (29) Amounts reclassified from AOCI (a) (11) — 21 — 10 Net current-period other comprehensive (loss) income (10) 32 (44) 3 (19) Balance at March 31, 2023 $ (332) $ 312 $ (87) $ 3 $ (104) (a) See table below for further details. Amount reclassified from AOCI Three Months Ended March 31, Details about AOCI components (in millions) 2024 2023 Amortization of pension and other benefit items (a) Prior service credits $ (3) $ (1) Actuarial gains (6) (16) Total pensions and other benefits items (9) (17) Derivative reclassifications to Condensed Consolidated Statements of Operations 38 28 Total before tax 29 11 Tax benefit (9) (1) Net of tax $ 20 $ 10 (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, 2024 | |
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 $660 million and $558 million for the three months ended March 31, 2024, and 2023, respectively. Accounts payable to related parties include balances due to PRO-TEC Coating Company, LLC (PRO-TEC) of $197 million and $137 million at March 31, 2024, and December 31, 2023, 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 $2 million for both periods ending March 31, 2024 and December 31, 2023, respectively. Purchases from related parties for outside processing services provided by equity investees amounted to $5 million and $7 million for the three months ended March 31, 2024, and 2023, respectively. Purchases of iron ore pellets from related parties amounted to $19 million and $21 million for the three months ended March 31, 2024, and 2023, respectively. On December 18, 2023, the Company entered into the Merger Agreement by and among the Company, Purchaser, Merger Sub, and solely as provided in Section 9.13 therein, NSC. Pursuant to the Merger Agreement, and upon the terms and subject to the conditions described therein, Merger Sub will merge with and into the Company, with the Company continuing as the surviving corporation and a wholly owned subsidiary of Purchaser. Wheeling-Nippon Steel, Inc., ("WNS") a wholly owned subsidiary of NSC (party to the Merger Agreement described above), currently is a customer of the Company. Net sales to related parties pertaining to business with WNS during the three months ended March 31, 2024 were $93 million. Receivables from related parties as of March 31, 2024 include $7 million due from WNS. |
Restructuring and Other Charges
Restructuring and Other Charges | 3 Months Ended |
Mar. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Other Charges | 20. Restructuring and Other Charges During the three months ended March 31, 2024, the Company recorded restructuring and other charges of $6 million, which related primarily to restructuring of the Company's Corporate information technology function. Cash payments related to previously accrued restructuring programs made during the three months ended March 31, 2024, were approximately $52 million. During the three months ended March 31, 2023, the Company recorded restructuring and other charges of $1 million, which related to the planned idling and disposition of UPI. Cash payments related to restructuring made during the three months ended March 31, 2023, were approximately $46 million. The activity in the accrued balances incurred in relation to restructuring during the three months ended March 31, 2024, was as follows: (In millions) Employee Related Costs Exit Costs Non-cash Charges Total Balance at December 31, 2023 $ 110 $ 30 $ — $ 140 Additional charges 1 5 — 6 Cash payments/utilization (b) (44) (8) — (52) Balance at March 31, 2024 $ 67 $ 27 $ — $ 94 (a) Includes releases of accruals to reflect the current estimate of costs to complete approved restructuring programs. (b) $10 million of payments were made from the pension fund trust assets in the Employee Related Costs column during the three months ended March 31, 2024. |
Contingencies and Commitments
Contingencies and Commitments | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024, U. S. Steel was a defendant in approximately 915 active asbestos cases involving approximately 2,500 plaintiffs. The vast majority of these cases involve multiple defendants. About 1,545, or approximately 62 percent, of these plaintiff claims are currently pending in a jurisdiction which permits filings with massive numbers of plaintiffs. At December 31, 2023, 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, 2021 2,445 200 260 2,505 December 31, 2022 2,505 230 235 2,510 December 31, 2023 2,510 235 230 2,505 March 31, 2024 2,505 70 65 2,500 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, 2024 Beginning of period $ 107 Accruals for environmental remediation deemed probable and reasonably estimable — Adjustments for changes in estimates — Obligations settled (1) End of period $ 106 Accrued liabilities for remediation activities are included in the following Condensed Consolidated Balance Sheet lines: As of As of (In millions) March 31, 2024 December 31, 2023 Accounts payable $ 28 $ 27 Deferred credits and other noncurrent liabilities 78 80 Total $ 106 $ 107 Expenses related to remediation are recorded in cost of sales and were immaterial for the three-month periods ended March 31, 2024, and March 31, 2023, respectively. 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 10 to 15 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 two environmental remediation projects where additional costs for completion are not currently estimable but could be material. These projects are at UPI and the former steelmaking plant at Joliet, Illinois. As of March 31, 2024, accrued liabilities for these projects totaled $4 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 $8 million to $11 million. (2) Projects with Significant Accrued liabilities with a Defined Scope - As of March 31, 2024, there are four significant projects with defined scope greater than or equal to $5 million each, with a total accrued liability of $60 million. These projects are Gary Resource Conservation and Recovery Act (accrued liability of $24 million), Duluth Works (accrued liability of $10 million), Fairfield Works (accrued liability of $8 million) and the former Geneva facility (accrued liability of $18 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 four 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, 2024, was $6 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, 2024, was approximately $4 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 $23 million at March 31, 2024, and were based on known scopes of work. Administrative and Legal Costs – As of March 31, 2024, U. S. Steel had an accrued liability of $9 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 $12 million and $11 million in the first three months of 2024 and 2023, 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 updated 2021-2025 Slovak National Allocation table in February 2022. The Slovak Ministry of Environment has allocated 6.2 million metric tons of European Union Emission Allowances (EUA) at no charge (free allowances or free allocation) to USSE. As of March 31, 2024, we have pre-purchased and settled approximately 2.08 million EUA totaling €151 million (approximately $163 million) via spot purchases or settled forwards to cover the expected 2024 shortfall of emission allowances and a portion of the 2025 shortfall. 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 go beyond BAT requirements were €138 million (approximately $149 million). 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. 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. USSK complied with these covenants as of March 31, 2024, and no additional collateral will be required by the end of June 30, 2024. By this next assessment date, we expect that two projects of the total fifteen will pass the sustainability monitoring and will be excluded from further assessment to provide additional collateral if the covenants are not met. The last assessment of financial covenants will be performed as of June 30, 2026. 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 $106 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, 2024. 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 $12 million at March 31, 2024). No liability has been recorded for these guarantees as the potential loss is not probable. The Company's BR2 project near 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 as proceeds from the sale of a portion of expected future tax credits to be earned by the Company under the State of Arkansas's Recycling Tax Credit 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. In April 2022, the Company received a $3 million grant from Mississippi County, Arkansas, and in May 2022, the Company received a $50 million grant from the State of Arkansas Quick Action Closing Fund. Both grants pertain to the reimbursement of qualifying project costs. Deferred liabilities were recognized for each of these grants and are included in deferred credits and other noncurrent liabilities on the Condensed Consolidated Balance Sheet. For each of these incentives and grants, the balance of 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. We have incurred and expect to continue to incur significant expenses in connection with the pending Merger, including legal and investment banking fees. If the Merger is not consummated, we may under certain circumstances be required to pay to Purchaser a termination fee of $565 million. 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 $191 million as of March 31, 2024, 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 $41 million and $40 million at March 31, 2024, and December 31, 2023, respectively. Capital Commitments – At March 31, 2024, U. S. Steel’s contractual commitments to acquire property, plant and equipment totaled $1.269 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 2024 2025 2026 2027 2028 Later Total $422 $299 $267 $208 $164 $711 $2,071 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 14 months to 20 years. Unconditional purchase obligations also include coke and steam purchase commitments related to a coke supply agreement with Gateway Energy & Coke Company LLC (Gateway) under which Gateway is obligated to supply a minimum volume of the expected targeted annual production of the heat recovery coke plant, and U. S. Steel is obligated to purchase the coke from Gateway at the contract price. As of March 31, 2024, if U. S. Steel were to terminate the agreement, it may be obligated to pay in excess of $32 million. As a result of the indefinite idling of Granite City Works, there were $77 million and $86 million of liabilities for unconditional purchase obligations as of March 31, 2024, and December 31, 2023, respectively. Total payments relating to unconditional purchase obligations were $200 million and $275 million for the three months ended March 31, 2024, and 2023, respectively. |
Common Stock Issued and Repurch
Common Stock Issued and Repurchased | 3 Months Ended |
Mar. 31, 2024 | |
Common Stock Issued [Abstract] | |
Common Stock Issued | 22. Common Stock Repurchased On July 25, 2022, the Board of Directors authorized a new share repurchase program that allows for the repurchase of up to $500 million of its outstanding common stock from time to time in the open market or privately negotiated transactions at the discretion of management. The Company's share repurchase program does not obligate it to acquire any specific number of shares. U. S. Steel repurchased 2.8 million shares of common stock for approximately $75 million under this program during the three months ended March 31, 2023. We do not expect to utilize the remainder of this authorization. No share repurchases were completed in the three months ended March 31, 2024 as the Merger Agreement prohibits us from engaging in additional share repurchases without the consent of Purchaser. |
New Accounting Standards (Polic
New Accounting Standards (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Changes and Error Corrections [Abstract] | |
New and Recently Adopted Accounting Standards | During the three months ended March 31, 2024 and the twelve months ended December 31, 2023, there were no accounting standards and interpretations issued which are expected to have a material impact on the Company's financial position, operations or cash flows. In March 2024, the Securities and Exchange Commission (SEC) adopted final rules that will require certain climate related disclosures. Certain disclosures will be required in a footnote to the audited financial statements beginning in fiscal year 2025. The audited financial statement disclosures include capitalized costs and expenses related to severe weather events and other natural conditions subject to certain materiality thresholds. Beginning in annual disclosures for fiscal year 2026, certain greenhouse gas emission disclosures will also be required. In April 2024, the SEC issued a stay on the rules until legal challenges to the rule are addressed. U. S. Steel is monitoring the legal challenges and assessing the impact of the rules on its disclosures. In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2023-09, Improvements to Income Tax Disclosures (ASU 2023-09). ASU 2023-09 includes requirements that an entity disclose specific categories in the rate reconciliation, provide additional information for reconciling items that are greater than 5 percent of the amount computed by multiplying pretax income (or loss) by the applicable statutory income tax rate, and income taxes paid by jurisdiction that are greater than 5 percent of total income taxes paid. The standard also requires that entities disclose income (or loss) from continuing operations before income tax expense (or benefit) and income tax expense (or benefit) each disaggregated between domestic and foreign. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. U. S. Steel is currently assessing the impact of ASU 2023-09 on its disclosures. In November 2023, the FASB issued Accounting Standards Update 2023-07, Improvements to Reportable Segment Disclosures (ASU 2023-07). ASU 2023-07 includes requirements that an entity disclose the title of the chief operating decision maker (CODM) and on an interim and annual basis, significant segment expenses and the composition of other segment items for each segment's reported profit. The standard also permits disclosure of additional measures of segment profit. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. U. S. Steel is currently assessing the impact of ASU 2023-07 on its disclosures. In September 2022, the FASB issued Accounting Standards Update 2022-04, Disclosure of Supplier Finance Program Obligations (ASU 2022-04). ASU 2022-04 requires that an entity disclose certain information about supplier finance programs used in connection with the purchase of goods and services. ASU 2022-04 is effective for all entities with fiscal years beginning after December 15, 2022, and interim periods within those fiscal years, except for the amendment on annual roll-forward information, which is effective for fiscal years beginning after December 15, 2023. U. S. Steel adopted this guidance effective January 1, 2023, with the exception of the amendment on roll-forward information, which will be adopted in our fiscal year beginning on January 1, 2024. The Company has a SCF arrangement with a third-party administrator which allows participating suppliers, at their sole discretion, to make offers to sell payment obligations of the Company prior to their scheduled due dates at a discounted price to a participating financial institution. The third-party administrator entered into a separate agreement with the Export Import Bank of the United States to guarantee 90 percent of supplier obligations sold for up to $200 million. No guarantees or collateral are provided by the Company or any of its subsidiaries under the SCF program, and the Company does not benefit from any preferential payment terms or discounts as a result of supplier participation. The Company’s goal is to capture overall supplier savings and improve working capital efficiency. The agreements facilitate the suppliers’ ability to sell payment obligations, while providing them with greater working capital flexibility. The Company has no economic interest in the sale of the suppliers’ receivables and no direct financial relationship with the financial institution concerning these services. The Company’s obligations to its suppliers, including amounts due and scheduled payment dates, are not impacted by suppliers’ decisions to sell amounts under the arrangements. The SCF program requires the Company to pay the third-party administrator the stated amount of the confirmed participating supplier invoices. The payment terms for confirmed invoices range from 75 to 90 days after the end of the month in which the invoice was issued. The underlying costs from suppliers that elected to participate in the SCF program are generally recorded in cost of sales in the Company’s Condensed Consolidated Statement of Operations. Amounts due to suppliers who participate in the SCF program are reflected in accounts payable and accrued expenses on the Company’s Condensed Consolidated Balance Sheet and payments on the obligations by our suppliers are included in cash used in operating activities in the Condensed Consolidated Statement of Cash Flows. As of March 31, 2024, accounts payable and accrued expenses included $63 million of outstanding payment obligations which suppliers elected to sell to participating financial institutions. In October 2021, the 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 |
Accounting Changes and Error Co
Accounting Changes and Error Corrections (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Adopted Accounting Standards | During the three months ended March 31, 2024 and the twelve months ended December 31, 2023, there were no accounting standards and interpretations issued which are expected to have a material impact on the Company's financial position, operations or cash flows. In March 2024, the Securities and Exchange Commission (SEC) adopted final rules that will require certain climate related disclosures. Certain disclosures will be required in a footnote to the audited financial statements beginning in fiscal year 2025. The audited financial statement disclosures include capitalized costs and expenses related to severe weather events and other natural conditions subject to certain materiality thresholds. Beginning in annual disclosures for fiscal year 2026, certain greenhouse gas emission disclosures will also be required. In April 2024, the SEC issued a stay on the rules until legal challenges to the rule are addressed. U. S. Steel is monitoring the legal challenges and assessing the impact of the rules on its disclosures. In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2023-09, Improvements to Income Tax Disclosures (ASU 2023-09). ASU 2023-09 includes requirements that an entity disclose specific categories in the rate reconciliation, provide additional information for reconciling items that are greater than 5 percent of the amount computed by multiplying pretax income (or loss) by the applicable statutory income tax rate, and income taxes paid by jurisdiction that are greater than 5 percent of total income taxes paid. The standard also requires that entities disclose income (or loss) from continuing operations before income tax expense (or benefit) and income tax expense (or benefit) each disaggregated between domestic and foreign. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. U. S. Steel is currently assessing the impact of ASU 2023-09 on its disclosures. In November 2023, the FASB issued Accounting Standards Update 2023-07, Improvements to Reportable Segment Disclosures (ASU 2023-07). ASU 2023-07 includes requirements that an entity disclose the title of the chief operating decision maker (CODM) and on an interim and annual basis, significant segment expenses and the composition of other segment items for each segment's reported profit. The standard also permits disclosure of additional measures of segment profit. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. U. S. Steel is currently assessing the impact of ASU 2023-07 on its disclosures. In September 2022, the FASB issued Accounting Standards Update 2022-04, Disclosure of Supplier Finance Program Obligations (ASU 2022-04). ASU 2022-04 requires that an entity disclose certain information about supplier finance programs used in connection with the purchase of goods and services. ASU 2022-04 is effective for all entities with fiscal years beginning after December 15, 2022, and interim periods within those fiscal years, except for the amendment on annual roll-forward information, which is effective for fiscal years beginning after December 15, 2023. U. S. Steel adopted this guidance effective January 1, 2023, with the exception of the amendment on roll-forward information, which will be adopted in our fiscal year beginning on January 1, 2024. The Company has a SCF arrangement with a third-party administrator which allows participating suppliers, at their sole discretion, to make offers to sell payment obligations of the Company prior to their scheduled due dates at a discounted price to a participating financial institution. The third-party administrator entered into a separate agreement with the Export Import Bank of the United States to guarantee 90 percent of supplier obligations sold for up to $200 million. No guarantees or collateral are provided by the Company or any of its subsidiaries under the SCF program, and the Company does not benefit from any preferential payment terms or discounts as a result of supplier participation. The Company’s goal is to capture overall supplier savings and improve working capital efficiency. The agreements facilitate the suppliers’ ability to sell payment obligations, while providing them with greater working capital flexibility. The Company has no economic interest in the sale of the suppliers’ receivables and no direct financial relationship with the financial institution concerning these services. The Company’s obligations to its suppliers, including amounts due and scheduled payment dates, are not impacted by suppliers’ decisions to sell amounts under the arrangements. The SCF program requires the Company to pay the third-party administrator the stated amount of the confirmed participating supplier invoices. The payment terms for confirmed invoices range from 75 to 90 days after the end of the month in which the invoice was issued. The underlying costs from suppliers that elected to participate in the SCF program are generally recorded in cost of sales in the Company’s Condensed Consolidated Statement of Operations. Amounts due to suppliers who participate in the SCF program are reflected in accounts payable and accrued expenses on the Company’s Condensed Consolidated Balance Sheet and payments on the obligations by our suppliers are included in cash used in operating activities in the Condensed Consolidated Statement of Cash Flows. As of March 31, 2024, accounts payable and accrued expenses included $63 million of outstanding payment obligations which suppliers elected to sell to participating financial institutions. In October 2021, the 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 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Results of Segment Operations | The results of segment operations for the three months ended March 31, 2024, and 2023 are: (In millions) Three Months Ended March 31, 2024 Customer Intersegment Net Earnings (loss) Earnings (loss) before interest and income taxes Flat-Rolled $ 2,391 $ 62 $ 2,453 $ 5 $ 34 Mini Mill 578 125 703 — 99 USSE 918 7 925 — 16 Tubular 271 4 275 9 57 Total reportable segments 4,158 198 4,356 14 206 Other 2 — 2 — (2) Reconciling Items and Eliminations — (198) (198) — (50) Total $ 4,160 $ — $ 4,160 $ 14 $ 154 Three Months Ended March 31, 2023 Flat-Rolled $ 2,570 $ 90 $ 2,660 $ (16) $ (7) Mini Mill 553 70 623 — 12 USSE 838 6 844 — (34) Tubular 505 1 506 3 232 Total reportable segments 4,466 167 4,633 (13) 203 Other 4 — 4 — 3 Reconciling Items and Eliminations — (167) (167) — (17) Total $ 4,470 $ — $ 4,470 $ (13) $ 189 |
Schedule of Assets by Segment | A summary of total assets by segment is as follows: (In millions) March 31, 2024 December 31, 2023 Flat-Rolled $ 7,443 $ 7,546 Mini Mill (a) 8,059 7,569 USSE 2,351 2,229 Tubular 1,001 1,002 Total reportable segments $ 18,854 $ 18,346 Other $ 132 $ 140 Corporate, reconciling items, and eliminations (b) 1,462 1,965 Total assets $ 20,448 $ 20,451 (a) Includes assets of $3.4 billion and $3.0 billion at March 31, 2024, and December 31, 2023, respectively, related to a new technologically advanced flat rolled steelmaking facility, Big River 2 (BR2), currently under construction near Osceola, Arkansas. (b) |
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) 2024 2023 Items not allocated to segments: Restructuring and other charges (Note 20) $ (6) $ (1) Stock-based compensation expense (Note 11) (11) (11) Asset impairment charges (7) (4) Environmental remediation charges (2) — Strategic alternatives review process costs (23) — Granite City idling costs (1) — Other charges, net — (1) Total reconciling items $ (50) $ (17) |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue by Product | Three Months Ended March 31, 2024 Flat-Rolled Mini Mill USSE Tubular Other Total Semi-finished $ 28 $ — $ 25 $ — $ — $ 53 Hot-rolled sheets 492 314 475 — — 1,281 Cold-rolled sheets 945 98 77 — — 1,120 Coated sheets 760 165 300 — — 1,225 Tubular products — — 12 268 — 280 All Other (a) 166 1 29 3 2 201 Total $ 2,391 $ 578 $ 918 $ 271 $ 2 $ 4,160 (a) Consists primarily of sales of raw materials and coke making by-products. Three Months Ended March 31, 2023 Flat-Rolled Mini Mill USSE Tubular Other Total Semi-finished $ 59 $ — $ 32 $ — $ — $ 91 Hot-rolled sheets 554 332 348 — — 1,234 Cold-rolled sheets 901 72 71 — — 1,044 Coated sheets 853 148 340 — — 1,341 Tubular products — — 12 500 — 512 All Other (a) 203 1 35 5 4 248 Total $ 2,570 $ 553 $ 838 $ 505 $ 4 $ 4,470 (a) Consists primarily of sales of raw materials and coke making by-products. |
Cash, Cash Equivalents and Re_2
Cash, Cash Equivalents and Restricted Cash (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 Condensed Consolidated Balance Sheets that sum to the total of the same amounts shown in the Condensed Consolidated Statement of Cash Flows: (In millions) March 31, 2024 December 31, 2023 March 31, 2023 Cash and cash equivalents $ 2,221 $ 2,948 $ 2,837 Restricted cash in other current assets 9 8 4 Long-term restricted cash 32 32 32 Total cash, cash equivalents and restricted cash $ 2,262 $ 2,988 $ 2,873 |
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 Condensed Consolidated Balance Sheets that sum to the total of the same amounts shown in the Condensed Consolidated Statement of Cash Flows: (In millions) March 31, 2024 December 31, 2023 March 31, 2023 Cash and cash equivalents $ 2,221 $ 2,948 $ 2,837 Restricted cash in other current assets 9 8 4 Long-term restricted cash 32 32 32 Total cash, cash equivalents and restricted cash $ 2,262 $ 2,988 $ 2,873 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Inventory Disclosure [Abstract] | |
Inventories | (In millions) March 31, 2024 December 31, 2023 Raw materials $ 925 $ 773 Semi-finished products 834 877 Finished products 351 428 Supplies and sundry items 47 50 Total $ 2,157 $ 2,128 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 As of December 31, 2023 (In millions) Useful Gross Accumulated Net Gross Accumulated Net Customer relationships 22 Years $ 413 $ 60 $ 353 $ 413 $ 56 $ 357 Patents 5-15 Years 17 14 3 17 13 4 Energy Contract 2 Years — — — 54 54 — Total amortizable intangible assets $ 430 $ 74 $ 356 $ 484 $ 123 $ 361 |
Summary of Goodwill by Segment | Below is a summary of goodwill by segment for the three months ended March 31, 2024: Flat-Rolled Mini Mill USSE Tubular Total Balance at December 31, 2023 $ — $ 916 $ 4 $ — $ 920 Additions — — — — — Balance at March 31, 2024 $ — $ 916 $ 4 $ — $ 920 |
Pensions and Other Benefits (Ta
Pensions and Other Benefits (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Retirement Benefits [Abstract] | |
Net Periodic Benefit Cost | The following table reflects the components of net periodic benefit cost (income) for the three months ended March 31, 2024, and 2023: Pension Benefits Other Benefits (In millions) 2024 2023 2024 2023 Service cost $ 7 $ 8 $ 1 $ 1 Interest cost 53 55 15 17 Expected return on plan assets (74) (82) (18) (15) Amortization of prior service cost (credit) 4 5 (7) (6) Amortization of actuarial net loss (gain) 11 3 (16) (18) Net periodic benefit cost (income), excluding below 1 (11) (25) (21) Multiemployer plans 20 21 — — Net periodic benefit cost (income) $ 21 $ 10 $ (25) $ (21) |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 2024 and 2023. 2024 2023 Grant Details Shares (a) Fair Value (b) Shares (a) Fair Value (b) Restricted Stock Units 796,820 $ 47.36 1,274,520 $ 29.90 Performance Awards (c) TSR — $ — 185,120 $ 37.41 ROCE (d) 230,350 $ 46.96 357,020 $ 29.35 (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 2024 and 2023 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, which were valued using a lattice model, 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 (a) Percentage of Performance-Based Stock Options Exercisable $ 35.00 33.33 % $ 45.00 33.33 % $ 55.00 33.34 % (a) The $35.00 tranche vested in April 2022 and the $45.00 tranche vested in January 2024. |
Earnings and Dividends Per Co_2
Earnings and Dividends Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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) 2024 2023 Earnings attributable to United States Steel Corporation stockholders: Basic $ 171 $ 199 Interest expense on Senior Convertible Notes, net of tax 3 3 Diluted $ 174 $ 202 Weighted-average shares outstanding (in thousands): Basic 224,099 227,332 Effect of Senior Convertible Notes 26,168 26,194 Effect of stock options, restricted stock units and performance awards 4,317 3,921 Diluted 254,584 257,447 Earnings per share attributable to United States Steel Corporation stockholders: Basic $ 0.76 $ 0.87 Diluted $ 0.68 $ 0.78 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024, and March 31, 2023: Hedge Contracts Classification March 31, 2024 March 31, 2023 Natural gas (in mmbtus) Commodity purchase swaps 15,688,000 32,976,000 Tin (in metric tons) Commodity purchase swaps — 1,045 Zinc (in metric tons) Commodity purchase swaps 18,933 23,783 Electricity (in megawatt hours) Commodity purchase swaps 110,880 367,200 Iron ore (in metric tons) Commodity purchase swaps — 280,000 Iron ore (in metric tons) Sales swaps 408,233 1,087,500 Hot-rolled coils (in tons) Sales swaps 202,000 215,000 Foreign currency (in millions of euros) Foreign exchange forwards € 428 € 383 Foreign currency (in millions of dollars) Foreign exchange forwards $ 16 $ 85 |
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, 2024, and December 31, 2023: Balance Sheet Location (in millions) March 31, 2024 December 31, 2023 Designated as Hedging Instruments Accounts receivable $ 15 $ 4 Accounts payable 30 81 Other long-term liabilities — 2 |
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, 2024, and 2023: Gain (Loss) on Derivatives in AOCI Amount of Gain (Loss) Recognized in Income (In millions) Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Location of Reclassification from AOCI Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Sales swaps $ 50 $ (31) Net sales $ (30) $ 3 Commodity purchase swaps (3) (18) Cost of sales (a) (16) (9) Foreign exchange forwards 12 (8) Cost of sales 1 4 (a) Costs for commodity purchase swaps are recognized in cost of sales as products are sold. |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Debt | (In millions) Issuer/Borrower Interest Maturity March 31, 2024 December 31, 2023 2037 Senior Notes U. S. Steel 6.650 2037 274 274 2026 Senior Convertible Notes U. S. Steel 5.000 2026 349 350 2029 Senior Notes U. S. Steel 6.875 2029 475 475 2029 Senior Secured Notes Big River Steel 6.625 2029 720 720 Environmental Revenue Bonds U. S. Steel 4.125 - 6.750 2024 - 2053 1,164 1,164 Environmental Revenue Bonds Big River Steel 4.500 - 4.750 2049 752 752 Finance leases and all other obligations U. S. Steel Various 2024 - 2029 177 157 Finance leases and all other obligations Big River Steel Various 2024 - 2027 167 167 Export Credit Agreement U. S. Steel Variable 2031 97 97 Credit Facility Agreement U. S. Steel Variable 2027 — — 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 4,175 4,156 Less unamortized discount, premium, and debt issuance costs (66) (66) Less short-term debt, long-term debt due within one year, and short-term issuance costs 159 142 Long-term debt $ 4,082 $ 4,080 |
Summary of Debt Instrument Redemption Percentages | On and after May 1, 2026, the Company may redeem the 2053 ADFA Green Bonds at its option, at any time in whole or from time to time in part at the redemption prices (expressed in percentages of principal amount) listed below, plus accrued and unpaid interest on the 2053 ADFA Green Bonds, if any, to, but excluding, the applicable redemption date, if redeemed during the twelve-month period beginning on May 1 of each of the years indicated below. Year Redemption Price 2026 105.000 % 2027 104.000 % 2028 103.000 % 2029 102.000 % 2030 101.000 % 2031 and thereafter 100.000 % |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of Allocation of Plan Assets | The fair value of the subaccount portfolio by asset category as of March 31, 2024, and December 31, 2023, were as follows (in millions): March 31, 2024 December 31, 2023 Level 1 Level 2 Level 3 measured at NAV (a) Total Level 1 Level 2 Level 3 measured at NAV (a) Total Asset Category Fixed Income Corporate bonds - U.S. $ — $ 179 $ — $ — $ 179 $ — $ 191 $ — $ — $ 191 Corporate bonds - Non-U.S. — 54 — — 54 — 56 — — 56 U.S. government bonds — 59 — — 59 — 86 — — 86 Mortgage and asset-backed securities — 15 — — 15 — 12 — — 12 Total fixed income $ — $ 307 $ — $ — $ 307 $ — $ 345 $ — $ — $ 345 Alternatives Private credit partnerships — — 57 69 126 — — 58 64 122 Other alternatives — — — 18 18 — — — 18 18 Total alternatives $ — $ — $ 57 $ 87 $ 144 $ — $ — $ 58 $ 82 $ 140 Commingled Funds — — — 62 62 — — — 61 61 Other (b) 27 — — — 27 25 — (1) — 24 Total assets at fair value $ 27 $ 307 $ 57 $ 149 $ 540 $ 25 $ 345 $ 57 $ 143 $ 570 (a) In accordance with ASC Topic 820, certain investments that were measured at net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. (b) Includes cash, accrued income, and miscellaneous payables. |
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, 2024, and December 31, 2023. The fair value of long-term debt was determined using Level 2 inputs. As of March 31, 2024 As of December 31, 2023 (In millions) Fair Carrying Fair Carrying Financial liabilities: Long-term debt (a) $ 4,595 $ 3,897 $ 4,797 $ 3,899 (a) Excludes finance lease obligations. |
Statement of Changes in Stock_2
Statement of Changes in Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Consolidated Statement of Changes in Equity | The following table reflects the first three months of 2024 and 2023 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, 2024 (In millions) Total Retained Earnings Accumulated Common Treasury Paid-in Non- Balance at beginning of year $ 11,140 $ 6,880 $ 46 $ 286 $ (1,418) $ 5,253 $ 93 Comprehensive income (loss): Net earnings 171 171 — — — — — Other comprehensive income (loss), net of tax: Pension and other benefit adjustments (7) — (7) — — — — Currency translation adjustment (36) — (36) — — — — Derivative financial instruments 43 — 43 — — — — Active employee benefit investments — — — — — — — Employee stock plans (8) — — 2 (23) 13 — Dividends paid on common stock (12) (12) — — — — — Other 1 1 — — — — — Balance at March 31, 2024 $ 11,292 $ 7,040 $ 46 $ 288 $ (1,441) $ 5,266 $ 93 Three Months Ended March 31, 2023 (In millions) Total Retained Earnings Accumulated Common Treasury Paid-in Non- Balance at beginning of year $ 10,311 $ 6,030 $ (85) $ 283 $ (1,204) $ 5,194 $ 93 Comprehensive income (loss): Net earnings 199 199 — — — — — Other comprehensive income (loss), net of tax: Pension and other benefit adjustments (10) — (10) — — — — Currency translation adjustment 32 — 32 — — — — Derivative financial instruments (44) — (44) — — — — Active employee benefit investments 3 — 3 — — — — Employee stock plans (9) — — 2 (22) 11 — Common stock repurchased (75) — — — (75) — — Dividends paid on common stock (12) (12) — — — — — Balance at March 31, 2023 $ 10,395 $ 6,217 $ (104) $ 285 $ (1,301) $ 5,205 $ 93 |
Reclassifications from Accumu_2
Reclassifications from Accumulated Other Comprehensive Income (AOCI) (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Other Comprehensive Income Activity Net of Tax | (In millions) Pension and Foreign Unrealized (Loss) Gain on Derivatives Active Employee Benefit Investments Total Balance at December 31, 2023 $ (241) $ 334 $ (52) $ 5 $ 46 Other comprehensive (loss) income before reclassifications — (36) 16 — (20) Amounts reclassified from AOCI (a) (7) — 27 — 20 Net current-period other comprehensive (loss) income (7) (36) 43 — — Balance at March 31, 2024 $ (248) $ 298 $ (9) $ 5 $ 46 Balance at December 31, 2022 $ (322) $ 280 $ (43) $ — $ (85) Other comprehensive income (loss) before reclassifications 1 32 (65) 3 (29) Amounts reclassified from AOCI (a) (11) — 21 — 10 Net current-period other comprehensive (loss) income (10) 32 (44) 3 (19) Balance at March 31, 2023 $ (332) $ 312 $ (87) $ 3 $ (104) (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) 2024 2023 Amortization of pension and other benefit items (a) Prior service credits $ (3) $ (1) Actuarial gains (6) (16) Total pensions and other benefits items (9) (17) Derivative reclassifications to Condensed Consolidated Statements of Operations 38 28 Total before tax 29 11 Tax benefit (9) (1) Net of tax $ 20 $ 10 (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, 2024 | |
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, 2024, was as follows: (In millions) Employee Related Costs Exit Costs Non-cash Charges Total Balance at December 31, 2023 $ 110 $ 30 $ — $ 140 Additional charges 1 5 — 6 Cash payments/utilization (b) (44) (8) — (52) Balance at March 31, 2024 $ 67 $ 27 $ — $ 94 (a) Includes releases of accruals to reflect the current estimate of costs to complete approved restructuring programs. (b) $10 million of payments were made from the pension fund trust assets in the Employee Related Costs column during the three months ended March 31, 2024. |
Contingencies and Commitments (
Contingencies and Commitments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2021 2,445 200 260 2,505 December 31, 2022 2,505 230 235 2,510 December 31, 2023 2,510 235 230 2,505 March 31, 2024 2,505 70 65 2,500 |
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, 2024 Beginning of period $ 107 Accruals for environmental remediation deemed probable and reasonably estimable — Adjustments for changes in estimates — Obligations settled (1) End of period $ 106 |
Accrued Liabilities for Remediation Activities Included in Balance Sheet | Accrued liabilities for remediation activities are included in the following Condensed Consolidated Balance Sheet lines: As of As of (In millions) March 31, 2024 December 31, 2023 Accounts payable $ 28 $ 27 Deferred credits and other noncurrent liabilities 78 80 Total $ 106 $ 107 |
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 2024 2025 2026 2027 2028 Later Total $422 $299 $267 $208 $164 $711 $2,071 |
Basis of Presentation and Sig_2
Basis of Presentation and Significant Accounting Policies (Details) - Nippon Steel North America, Inc. | Dec. 18, 2023 $ / shares |
Business Acquisition [Line Items] | |
Par value (in dollars per share) | $ 1 |
Right to receive cash per share (in dollars per share) | $ 55 |
Recently Adopted Accounting S_2
Recently Adopted Accounting Standards (Details) $ in Millions | Mar. 31, 2024 USD ($) |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Supplier finance program, percentage | 90% |
Supplier financing sold | $ 200 |
Supplier Finance Program, Obligation | $ 63 |
Minimum | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Invoice period (in days) | 75 days |
Maximum | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Invoice period (in days) | 90 days |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2024 Segment | |
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, 2024 | Mar. 31, 2023 | |
Segment Reporting Information [Line Items] | ||
Earnings (loss) from investees | $ 14 | $ (13) |
Earnings (loss) before interest and income taxes | 154 | 189 |
Flat-Rolled | ||
Segment Reporting Information [Line Items] | ||
Earnings (loss) from investees | 5 | (16) |
Earnings (loss) before interest and income taxes | 34 | (7) |
Mini Mill | ||
Segment Reporting Information [Line Items] | ||
Earnings (loss) from investees | 0 | 0 |
Earnings (loss) before interest and income taxes | 99 | 12 |
USSE | ||
Segment Reporting Information [Line Items] | ||
Earnings (loss) from investees | 0 | 0 |
Earnings (loss) before interest and income taxes | 16 | (34) |
Tubular | ||
Segment Reporting Information [Line Items] | ||
Earnings (loss) from investees | 9 | 3 |
Earnings (loss) before interest and income taxes | 57 | 232 |
Total reportable segments | ||
Segment Reporting Information [Line Items] | ||
Earnings (loss) from investees | 14 | (13) |
Earnings (loss) before interest and income taxes | 206 | 203 |
Other | ||
Segment Reporting Information [Line Items] | ||
Earnings (loss) from investees | 0 | 0 |
Earnings (loss) before interest and income taxes | (2) | 3 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Sales | 4,160 | 4,470 |
Earnings (loss) before interest and income taxes | (50) | (17) |
Operating Segments | Flat-Rolled | ||
Segment Reporting Information [Line Items] | ||
Sales | 2,391 | 2,570 |
Operating Segments | Mini Mill | ||
Segment Reporting Information [Line Items] | ||
Sales | 578 | 553 |
Operating Segments | USSE | ||
Segment Reporting Information [Line Items] | ||
Sales | 918 | 838 |
Operating Segments | Tubular | ||
Segment Reporting Information [Line Items] | ||
Sales | 271 | 505 |
Operating Segments | Total reportable segments | ||
Segment Reporting Information [Line Items] | ||
Sales | 4,158 | 4,466 |
Operating Segments | Other | ||
Segment Reporting Information [Line Items] | ||
Sales | 2 | 4 |
Intersegment Sales | Flat-Rolled | ||
Segment Reporting Information [Line Items] | ||
Sales | 62 | 90 |
Intersegment Sales | Mini Mill | ||
Segment Reporting Information [Line Items] | ||
Sales | 125 | 70 |
Intersegment Sales | USSE | ||
Segment Reporting Information [Line Items] | ||
Sales | 7 | 6 |
Intersegment Sales | Tubular | ||
Segment Reporting Information [Line Items] | ||
Sales | 4 | 1 |
Intersegment Sales | Total reportable segments | ||
Segment Reporting Information [Line Items] | ||
Sales | 198 | 167 |
Intersegment Sales | Other | ||
Segment Reporting Information [Line Items] | ||
Sales | 0 | 0 |
Intersegment Sales | Reconciling Items and Eliminations | ||
Segment Reporting Information [Line Items] | ||
Sales | (198) | (167) |
Reportable Legal Entities | ||
Segment Reporting Information [Line Items] | ||
Sales | 4,160 | 4,470 |
Reportable Legal Entities | Flat-Rolled | ||
Segment Reporting Information [Line Items] | ||
Sales | 2,453 | 2,660 |
Reportable Legal Entities | Mini Mill | ||
Segment Reporting Information [Line Items] | ||
Sales | 703 | 623 |
Reportable Legal Entities | USSE | ||
Segment Reporting Information [Line Items] | ||
Sales | 925 | 844 |
Reportable Legal Entities | Tubular | ||
Segment Reporting Information [Line Items] | ||
Sales | 275 | 506 |
Reportable Legal Entities | Total reportable segments | ||
Segment Reporting Information [Line Items] | ||
Sales | 4,356 | 4,633 |
Reportable Legal Entities | Other | ||
Segment Reporting Information [Line Items] | ||
Sales | 2 | 4 |
Reconciling Items and Eliminations | Reconciling Items and Eliminations | ||
Segment Reporting Information [Line Items] | ||
Sales | (198) | (167) |
Earnings (loss) before interest and income taxes | $ (50) | $ (17) |
Segment Information - Schedule
Segment Information - Schedule of Assets by Segment (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 20,448 | $ 20,451 |
Corporate, reconciling items, and eliminations (b) | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 1,462 | 1,965 |
Flat-Rolled | Operating Segments | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 7,443 | 7,546 |
Mini Mill | Operating Segments | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 8,059 | 7,569 |
USSE | Operating Segments | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 2,351 | 2,229 |
Tubular | Operating Segments | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 1,001 | 1,002 |
Total reportable segments | Operating Segments | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 18,854 | 18,346 |
Other | Operating Segments | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 132 | 140 |
Big River | Operating Segments | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 3,400 | $ 3,000 |
Segment Information - Schedul_2
Segment Information - Schedule of Reconciling Items to Income (Loss) from Operations (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Other items not allocated to segment | ||
Total reconciling items | $ 154 | $ 189 |
Operating Segments | ||
Other items not allocated to segment | ||
Total reconciling items | (50) | (17) |
Restructuring and other charges (Note 20) | Operating Segments | ||
Other items not allocated to segment | ||
Total reconciling items | (6) | (1) |
Stock-based compensation expense (Note 11) | Operating Segments | ||
Other items not allocated to segment | ||
Total reconciling items | (11) | (11) |
Asset impairment charges | Operating Segments | ||
Other items not allocated to segment | ||
Total reconciling items | (7) | (4) |
Environmental remediation charges | Operating Segments | ||
Other items not allocated to segment | ||
Total reconciling items | (2) | 0 |
Strategic alternatives review process costs | Operating Segments | ||
Other items not allocated to segment | ||
Total reconciling items | (23) | 0 |
Granite City idling costs | Operating Segments | ||
Other items not allocated to segment | ||
Total reconciling items | (1) | 0 |
Other charges, net | Operating Segments | ||
Other items not allocated to segment | ||
Total reconciling items | $ 0 | $ (1) |
Dispositions (Details)
Dispositions (Details) - UPI - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Accrued business exit costs | $ 66 | $ 108 |
Payments of business exit costs | $ 40 |
Revenue - Disaggregation of Rev
Revenue - Disaggregation of Revenue by Product (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 4,160 | $ 4,470 |
Consolidated Entities | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 4,160 | 4,470 |
Semi-finished | Consolidated Entities | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 53 | 91 |
Hot-rolled sheets | Consolidated Entities | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 1,281 | 1,234 |
Cold-rolled sheets | Consolidated Entities | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 1,120 | 1,044 |
Coated sheets | Consolidated Entities | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 1,225 | 1,341 |
Tubular products | Consolidated Entities | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 280 | 512 |
All Other | Consolidated Entities | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 201 | 248 |
Flat-Rolled | Consolidated Entities | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 2,391 | 2,570 |
Flat-Rolled | Semi-finished | Consolidated Entities | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 28 | 59 |
Flat-Rolled | Hot-rolled sheets | Consolidated Entities | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 492 | 554 |
Flat-Rolled | Cold-rolled sheets | Consolidated Entities | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 945 | 901 |
Flat-Rolled | Coated sheets | Consolidated Entities | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 760 | 853 |
Flat-Rolled | Tubular products | Consolidated Entities | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Flat-Rolled | All Other | Consolidated Entities | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 166 | 203 |
Mini Mill | Consolidated Entities | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 578 | 553 |
Mini Mill | Semi-finished | Consolidated Entities | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Mini Mill | Hot-rolled sheets | Consolidated Entities | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 314 | 332 |
Mini Mill | Cold-rolled sheets | Consolidated Entities | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 98 | 72 |
Mini Mill | Coated sheets | Consolidated Entities | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 165 | 148 |
Mini Mill | Tubular products | Consolidated Entities | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Mini Mill | All Other | Consolidated Entities | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 1 | 1 |
USSE | Consolidated Entities | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 918 | 838 |
USSE | Semi-finished | Consolidated Entities | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 25 | 32 |
USSE | Hot-rolled sheets | Consolidated Entities | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 475 | 348 |
USSE | Cold-rolled sheets | Consolidated Entities | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 77 | 71 |
USSE | Coated sheets | Consolidated Entities | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 300 | 340 |
USSE | Tubular products | Consolidated Entities | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 12 | 12 |
USSE | All Other | Consolidated Entities | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 29 | 35 |
Tubular | Consolidated Entities | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 271 | 505 |
Tubular | Semi-finished | Consolidated Entities | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Tubular | Hot-rolled sheets | Consolidated Entities | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Tubular | Cold-rolled sheets | Consolidated Entities | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Tubular | Coated sheets | Consolidated Entities | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Tubular | Tubular products | Consolidated Entities | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 268 | 500 |
Tubular | All Other | Consolidated Entities | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 3 | 5 |
Other | Consolidated Entities | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 2 | 4 |
Other | Semi-finished | Consolidated Entities | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Other | Hot-rolled sheets | Consolidated Entities | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Other | Cold-rolled sheets | Consolidated Entities | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Other | Coated sheets | Consolidated Entities | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Other | Tubular products | Consolidated Entities | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Other | All Other | Consolidated Entities | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 2 | $ 4 |
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, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 2,221 | $ 2,948 | $ 2,837 | |
Restricted cash in other current assets | 9 | 8 | 4 | |
Long-term restricted cash | 32 | 32 | 32 | |
Total cash, cash equivalents and restricted cash | $ 2,262 | $ 2,988 | $ 2,873 | $ 3,539 |
Inventories - Inventory Disclos
Inventories - Inventory Disclosure (Detail) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 925 | $ 773 |
Semi-finished products | 834 | 877 |
Finished products | 351 | 428 |
Supplies and sundry items | 47 | 50 |
Total | $ 2,157 | $ 2,128 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |||
Percent of Last-in, First-out (LIFO) inventory to total inventory values | 52% | 53% | |
Estimate in excess of current acquisition costs over stated inventory values | $ 1,300 | $ 1,200 | |
Cost of sales increase (reduction), liquidations of LIFO inventories | $ 1 | $ 9 |
Intangible Assets - Amortizable
Intangible Assets - Amortizable Intangible Assets (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 430 | $ 484 |
Accumulated Amortization | 74 | 123 |
Net Amount | $ 356 | 361 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Lives | 22 years | |
Gross Carrying Amount | $ 413 | 413 |
Accumulated Amortization | 60 | 56 |
Net Amount | 353 | 357 |
Patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 17 | 17 |
Accumulated Amortization | 14 | 13 |
Net Amount | $ 3 | 4 |
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 | $ 0 | 54 |
Accumulated Amortization | 0 | 54 |
Net Amount | $ 0 | $ 0 |
Intangible Assets - Goodwill (D
Intangible Assets - Goodwill (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Goodwill [Line Items] | |
Balance at December 31, 2023 | $ 920 |
Additions | 0 |
Balance at March 31, 2024 | 920 |
Flat-Rolled | |
Goodwill [Line Items] | |
Balance at December 31, 2023 | 0 |
Additions | 0 |
Balance at March 31, 2024 | 0 |
Mini Mill | |
Goodwill [Line Items] | |
Balance at December 31, 2023 | 916 |
Additions | 0 |
Balance at March 31, 2024 | 916 |
USSE | |
Goodwill [Line Items] | |
Balance at December 31, 2023 | 4 |
Additions | 0 |
Balance at March 31, 2024 | 4 |
Tubular | |
Goodwill [Line Items] | |
Balance at December 31, 2023 | 0 |
Additions | 0 |
Balance at March 31, 2024 | $ 0 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Indefinite-lived Intangible Assets [Line Items] | |||
Amortization expense | $ 5 | $ 11 | |
Estimated amortization expense for the remainder of 2024 | 15 | ||
Estimated amortization expense for years 2025 through 2029 | 97 | ||
Estimated amortization expense for thereafter | 244 | ||
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, 2024 | Mar. 31, 2023 | |
Pension Benefits | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Service cost | $ 7 | $ 8 |
Interest cost | 53 | 55 |
Expected return on plan assets | (74) | (82) |
Amortization of prior service cost (credit) | 4 | 5 |
Amortization of actuarial net loss (gain) | 11 | 3 |
Net periodic benefit cost (income), excluding below | 1 | (11) |
Multiemployer plans | 20 | 21 |
Net periodic benefit cost (income) | 21 | 10 |
Other Benefits | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Service cost | 1 | 1 |
Interest cost | 15 | 17 |
Expected return on plan assets | (18) | (15) |
Amortization of prior service cost (credit) | (7) | (6) |
Amortization of actuarial net loss (gain) | (16) | (18) |
Net periodic benefit cost (income), excluding below | (25) | (21) |
Multiemployer plans | 0 | 0 |
Net periodic benefit cost (income) | $ (25) | $ (21) |
Pensions and Other Benefits - A
Pensions and Other Benefits - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Cash contribution by employer to defined contribution plans | $ 11 | $ 12 |
Steelworkers Pension Trust | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Employer contributions, defined benefit plan | 21 | |
Other Pension Plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Employer contributions, defined benefit plan | 0.3 | |
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 | $ 4 |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans - Summary of Awards Made under Plans (Detail) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Restricted Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares, other than stock options (in shares) | 796,820 | 1,274,520 |
Grant date fair value per share of awards other than stock options (in dollars per share) | $ 47.36 | $ 29.90 |
Total Shareholder Return (TSR) Performance Awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares, other than stock options (in shares) | 0 | 185,120 |
Grant date fair value per share of awards other than stock options (in dollars per share) | $ 0 | $ 37.41 |
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) | 230,350 | 357,020 |
Grant date fair value per share of awards other than stock options (in dollars per share) | $ 46.96 | $ 29.35 |
Stock-Based Compensation Plan_3
Stock-Based Compensation Plans - Performance-Based Stock Options Vesting and Exercising Conditions (Details) - Share-based Payment Arrangement, Option - $ / shares shares in Thousands | 1 Months Ended | |
Jan. 31, 2024 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options, Grants in Period, Gross | 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 | |
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 | $ 45 |
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 | |
Percentage of options exercisable | 33.34% |
Stock-Based Compensation Plan_4
Stock-Based Compensation Plans - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | |
Dec. 31, 2021 | Mar. 31, 2024 | Mar. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense recognized | $ 11 | $ 11 | |
Unrecognized compensation costs related to non-vested stocks | $ 75 | ||
Weighted average period for recognizing non-vested stock-based compensation costs | 28 months | ||
Share-based Payment Arrangement, Option | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
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% | ||
Performance Period Weighting All Three Years | 40% | ||
Total Shareholder Return (TSR) Performance Awards | 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, Payout Amount, Percentage | 50% | ||
Total Shareholder Return (TSR) Performance Awards | 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, Payout Amount, Percentage | 100% | ||
Total Shareholder Return (TSR) Performance Awards | 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, Payout Amount, Percentage | 200% | ||
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% | ||
Performance Period Weighting All Three Years | 40% | ||
Return On Capital Employed (ROCE) Performance Awards | 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, Payout Amount, Percentage | 50% | ||
Return On Capital Employed (ROCE) Performance Awards | 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, Payout Amount, Percentage | 100% | ||
Return On Capital Employed (ROCE) Performance Awards | 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, Payout Amount, Percentage | 200% | ||
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% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Payout Amount, Percentage | 50% | ||
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% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Payout Amount, Percentage | 100% | ||
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% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Payout Amount, Percentage | 200% | ||
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 | 3,520,973 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2024 | Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |||
Income tax expense (Note 12) | $ 38 | $ 51 | |
Tax credit percentage | 30% | ||
Tax credit amount | $ 82 | ||
Income from tax credit | $ 700 |
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, 2024 | Mar. 31, 2023 | |
Earnings Per Share [Abstract] | ||
Basic | $ 171 | $ 199 |
Interest expense on Senior Convertible Notes, net of tax | 3 | 3 |
Diluted | $ 174 | $ 202 |
Weighted-average shares outstanding (in thousands): | ||
Basic (in shares) | 224,099 | 227,332 |
Effect of Senior Convertible Notes (in shares) | 26,168 | 26,194 |
Effect of stock options, restricted stock units and performance awards (in shares) | 4,317 | 3,921 |
Adjusted weighted-average shares outstanding, diluted (in shares) | 254,584 | 257,447 |
Basic (loss) earnings per common share (in dollars per share) | $ 0.76 | $ 0.87 |
Diluted (loss) earnings per common share (in dollars per share) | $ 0.68 | $ 0.78 |
Earnings and Dividends Per Co_4
Earnings and Dividends Per Common Share - Additional Information (Details) - $ / shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Quarterly dividend per common share (in dollars per share) | $ 0.05 | $ 0.05 |
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) | 300 | 900 |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Foreign exchange forwards | ||
Derivative [Line Items] | ||
Derivatives, term of contract | 11 months | |
Commodity purchase swaps | ||
Derivative [Line Items] | ||
Derivatives, term of contract | 9 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 | $ (20) | |
Cost of sales | Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Amount of gain (loss) recognized in income | (1) | $ (10) |
Cost of sales | Foreign exchange forwards | ||
Derivative [Line Items] | ||
Amount of gain (loss) recognized in income | 1 | 4 |
Cost of sales | Commodity purchase swaps | ||
Derivative [Line Items] | ||
Amount of gain (loss) recognized in income | (16) | (9) |
Net sales | ||
Derivative [Line Items] | ||
Derivative in AOCI to be recognized in income within 1 year | 4 | |
Net sales | Sales swaps | ||
Derivative [Line Items] | ||
Amount of gain (loss) recognized in income | $ (30) | $ 3 |
Derivative Instruments - Schedu
Derivative Instruments - Schedule of Notional Amounts of Outstanding Derivative Positions (Detail) - Cash flow hedges € in Millions, $ in Millions | Mar. 31, 2024 EUR (€) T metricTon MMBTU | Mar. 31, 2024 USD ($) T metricTon MMBTU | Mar. 31, 2023 EUR (€) T metricTon MMBTU | Mar. 31, 2023 USD ($) T metricTon MMBTU |
Foreign exchange forwards | ||||
Derivative [Line Items] | ||||
Notional amount of derivatives | € 428 | $ 16 | € 383 | $ 85 |
Natural gas (in mmbtus) | Commodity purchase swaps | ||||
Derivative [Line Items] | ||||
Quantities of derivatives held | MMBTU | 15,688,000 | 15,688,000 | 32,976,000 | 32,976,000 |
Tin (in metric tons) | Commodity purchase swaps | ||||
Derivative [Line Items] | ||||
Quantities of derivatives held | 0 | 0 | 1,045 | 1,045 |
Zinc (in metric tons) | Commodity purchase swaps | ||||
Derivative [Line Items] | ||||
Quantities of derivatives held | 18,933 | 18,933 | 23,783 | 23,783 |
Electricity (in megawatt hours) | Commodity purchase swaps | ||||
Derivative [Line Items] | ||||
Quantities of derivatives held | 110,880 | 110,880 | 367,200 | 367,200 |
Iron ore (in metric tons) | Commodity purchase swaps | ||||
Derivative [Line Items] | ||||
Quantities of derivatives held | metricTon | 0 | 0 | 280,000 | 280,000 |
Iron ore (in metric tons) | Sales swaps | ||||
Derivative [Line Items] | ||||
Quantities of derivatives held | metricTon | 408,233 | 408,233 | 1,087,500 | 1,087,500 |
Hot-rolled coils (in tons) | Sales swaps | ||||
Derivative [Line Items] | ||||
Quantities of derivatives held | 202,000 | 202,000 | 215,000 | 215,000 |
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, 2024 | Dec. 31, 2023 |
Accounts receivable | ||
Derivative [Line Items] | ||
Derivative instruments in hedges, assets, at fair value | $ 15 | $ 4 |
Accounts payable | ||
Derivative [Line Items] | ||
Derivative instruments in hedges, liabilities, at fair value | 30 | 81 |
Other long-term liabilities | ||
Derivative [Line Items] | ||
Derivative instruments in hedges, liabilities, at fair value | $ 0 | $ 2 |
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, 2024 | Mar. 31, 2023 | |
Sales swaps | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on derivatives in AOCI | $ 50 | $ (31) |
Commodity purchase swaps | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on derivatives in AOCI | (3) | (18) |
Foreign exchange forwards | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on derivatives in AOCI | 12 | (8) |
Net sales | Sales swaps | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain (loss) recognized in income | (30) | 3 |
Cost of sales | Commodity purchase swaps | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain (loss) recognized in income | (16) | (9) |
Cost of sales | Foreign exchange forwards | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain (loss) recognized in income | $ 1 | $ 4 |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Debt Instrument [Line Items] | ||
Debt and finance lease obligation | $ 4,175 | $ 4,156 |
Less unamortized discount, premium, and debt issuance costs | (66) | (66) |
Less short-term debt, long-term debt due within one year, and short-term issuance costs | 159 | 142 |
Long-term debt | $ 4,082 | 4,080 |
2037 Senior Notes | ||
Debt Instrument [Line Items] | ||
Interest rate | 6.65% | |
Debt and finance lease obligation | $ 274 | 274 |
2026 Senior Convertible Notes | ||
Debt Instrument [Line Items] | ||
Interest rate | 5% | |
Debt and finance lease obligation | $ 349 | 350 |
2029 Senior Notes | ||
Debt Instrument [Line Items] | ||
Interest rate | 6.875% | |
Debt and finance lease obligation | $ 475 | 475 |
2029 Senior Secured Notes | ||
Debt Instrument [Line Items] | ||
Interest rate | 6.625% | |
Debt and finance lease obligation | $ 720 | 720 |
Environmental Revenue Bonds | ||
Debt Instrument [Line Items] | ||
Debt and finance lease obligation | $ 1,164 | 1,164 |
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 | $ 177 | 157 |
Finance leases and all other obligations | ||
Debt Instrument [Line Items] | ||
Interest rate description | Various | |
Debt and finance lease obligation | $ 167 | 167 |
Export Credit Agreement | ||
Debt Instrument [Line Items] | ||
Interest rate description | Variable | |
Debt and finance lease obligation | $ 97 | 97 |
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 - Schedule of Redemption P
Debt - Schedule of Redemption Price (Details) - Bonds - 2053 ADFA Green Bonds | May 18, 2023 |
Debt Instrument, Redemption [Line Items] | |
Redemption price percentage | 100% |
Period One | |
Debt Instrument, Redemption [Line Items] | |
Redemption price percentage | 105% |
Period Two | |
Debt Instrument, Redemption [Line Items] | |
Redemption price percentage | 104% |
Period Three | |
Debt Instrument, Redemption [Line Items] | |
Redemption price percentage | 103% |
Period Four | |
Debt Instrument, Redemption [Line Items] | |
Redemption price percentage | 102% |
Period Five | |
Debt Instrument, Redemption [Line Items] | |
Redemption price percentage | 101% |
Debt - Narrative (Details)
Debt - Narrative (Details) $ / shares in Units, € in Millions | 1 Months Ended | ||||||||
May 18, 2023 USD ($) | May 27, 2022 USD ($) | Oct. 31, 2019 USD ($) $ / shares shares | Mar. 31, 2024 USD ($) | Mar. 31, 2024 EUR (€) | Sep. 28, 2023 USD ($) | Sep. 28, 2023 EUR (€) | Sep. 27, 2023 EUR (€) | Jul. 23, 2021 USD ($) | |
2053 ADFA Green Bonds | Bonds | |||||||||
Debt Instrument [Line Items] | |||||||||
Aggregate principal amount | $ 240,000,000 | ||||||||
Interest rate | 5.70% | ||||||||
Proceeds from debt | $ 238,000,000 | ||||||||
Debt Instrument, Fee Amount | $ 2,000,000 | ||||||||
Redemption price percentage | 100% | ||||||||
2026 Senior Convertible Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate | 5% | 5% | |||||||
2026 Senior Convertible Notes | Convertible Debt | |||||||||
Debt Instrument [Line Items] | |||||||||
Aggregate principal amount | $ 350,000,000 | ||||||||
Interest rate | 5% | ||||||||
Redemption price percentage | 100% | ||||||||
Conversion rate | 0.0748391 | ||||||||
Conversion price (in dollars per share) | $ / shares | $ 13.36 | ||||||||
Threshold percentage of stock price trigger | 130% | ||||||||
2026 Senior Convertible Notes | Convertible Debt | Common Stock | |||||||||
Debt Instrument [Line Items] | |||||||||
Shares authorized to be converted (in shares) | shares | 26,155,592 | ||||||||
Shares reserved for future issuance (in shares) | shares | 33,348,361 | ||||||||
Big River Steel ABL Facility | Revolving Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Threshold percentage of borrowing base | 10% | ||||||||
Big River Steel ABL Facility | Revolving Credit Facility | Covenant Requirement | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity on credit facility | $ 350,000,000 | ||||||||
Fixed charge coverage ratio, minimum | 1 | ||||||||
Fixed charge coverage ratio, maximum | 1 | ||||||||
Threshold amount | $ 13,000,000 | ||||||||
Available borrowing capacity | $ 350,000,000 | ||||||||
Credit Facility Agreement | Revolving Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Letters of credit outstanding | 4,000,000 | ||||||||
Credit Facility Agreement | Revolving Credit Facility | Covenant Requirement | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity on credit facility | $ 1,750,000,000 | $ 1,750,000,000 | |||||||
Fixed charge coverage ratio, minimum | 1 | 1 | |||||||
Fixed charge coverage ratio, maximum | 1 | 1 | |||||||
Maturity (in years) | 5 years | ||||||||
Percentage of total aggregate commitments, upper range under financial covenant | 10% | 10% | |||||||
Credit Agreement, upper range of outstanding debt | $ 140,000,000 | ||||||||
USSK Credit Agreement | Revolving Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity on credit facility | $ 162,000,000 | € 150 | € 300 | ||||||
USSK Credit Agreement | Revolving Credit Facility | Covenant Requirement | |||||||||
Debt Instrument [Line Items] | |||||||||
Fixed charge coverage ratio, minimum | 1 | 1 | |||||||
Fixed charge coverage ratio, maximum | 3.50 | 3.50 | |||||||
USSK €20 Million Unsecured Credit Facility | Revolving Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity on credit facility | € | € 20 | ||||||||
USSK €30 Million Unsecured Credit Facility | Revolving Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity on credit facility | $ 32,000,000 | € 30 | |||||||
Available borrowing capacity | 16,000,000 | ||||||||
Customs and other guarantees outstanding | $ 16,000,000 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Pension Plan and Other Plan Assets Carried at Fair Value (Details) - Surplus VEBA Assets - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Surplus VEBA Assets Disclosure [Line Items] | ||
Assets at fair value | $ 540 | $ 570 |
Level 1 | ||
Surplus VEBA Assets Disclosure [Line Items] | ||
Assets at fair value | 27 | 25 |
Level 2 | ||
Surplus VEBA Assets Disclosure [Line Items] | ||
Assets at fair value | 307 | 345 |
Level 3 | ||
Surplus VEBA Assets Disclosure [Line Items] | ||
Assets at fair value | 57 | 57 |
Measured at NAV | ||
Surplus VEBA Assets Disclosure [Line Items] | ||
Assets at fair value | 149 | 143 |
Fixed Income | ||
Surplus VEBA Assets Disclosure [Line Items] | ||
Assets at fair value | 307 | 345 |
Fixed Income | Level 1 | ||
Surplus VEBA Assets Disclosure [Line Items] | ||
Assets at fair value | 0 | 0 |
Fixed Income | Level 2 | ||
Surplus VEBA Assets Disclosure [Line Items] | ||
Assets at fair value | 307 | 345 |
Fixed Income | Level 3 | ||
Surplus VEBA Assets Disclosure [Line Items] | ||
Assets at fair value | 0 | 0 |
Fixed Income | Measured at NAV | ||
Surplus VEBA Assets Disclosure [Line Items] | ||
Assets at fair value | 0 | 0 |
Corporate Bonds - U.S. | ||
Surplus VEBA Assets Disclosure [Line Items] | ||
Assets at fair value | 179 | 191 |
Corporate Bonds - U.S. | Level 1 | ||
Surplus VEBA Assets Disclosure [Line Items] | ||
Assets at fair value | 0 | 0 |
Corporate Bonds - U.S. | Level 2 | ||
Surplus VEBA Assets Disclosure [Line Items] | ||
Assets at fair value | 179 | 191 |
Corporate Bonds - U.S. | Level 3 | ||
Surplus VEBA Assets Disclosure [Line Items] | ||
Assets at fair value | 0 | 0 |
Corporate Bonds - U.S. | Measured at NAV | ||
Surplus VEBA Assets Disclosure [Line Items] | ||
Assets at fair value | 0 | 0 |
Corporate Bonds - Non-U.S. | ||
Surplus VEBA Assets Disclosure [Line Items] | ||
Assets at fair value | 54 | 56 |
Corporate Bonds - Non-U.S. | Level 1 | ||
Surplus VEBA Assets Disclosure [Line Items] | ||
Assets at fair value | 0 | 0 |
Corporate Bonds - Non-U.S. | Level 2 | ||
Surplus VEBA Assets Disclosure [Line Items] | ||
Assets at fair value | 54 | 56 |
Corporate Bonds - Non-U.S. | Level 3 | ||
Surplus VEBA Assets Disclosure [Line Items] | ||
Assets at fair value | 0 | 0 |
Corporate Bonds - Non-U.S. | Measured at NAV | ||
Surplus VEBA Assets Disclosure [Line Items] | ||
Assets at fair value | 0 | 0 |
U.S. government and agencies | ||
Surplus VEBA Assets Disclosure [Line Items] | ||
Assets at fair value | 59 | 86 |
U.S. government and agencies | Level 1 | ||
Surplus VEBA Assets Disclosure [Line Items] | ||
Assets at fair value | 0 | 0 |
U.S. government and agencies | Level 2 | ||
Surplus VEBA Assets Disclosure [Line Items] | ||
Assets at fair value | 59 | 86 |
U.S. government and agencies | Level 3 | ||
Surplus VEBA Assets Disclosure [Line Items] | ||
Assets at fair value | 0 | 0 |
U.S. government and agencies | Measured at NAV | ||
Surplus VEBA Assets Disclosure [Line Items] | ||
Assets at fair value | 0 | 0 |
Mortgage and asset-backed securities | ||
Surplus VEBA Assets Disclosure [Line Items] | ||
Assets at fair value | 15 | 12 |
Mortgage and asset-backed securities | Level 1 | ||
Surplus VEBA Assets Disclosure [Line Items] | ||
Assets at fair value | 0 | 0 |
Mortgage and asset-backed securities | Level 2 | ||
Surplus VEBA Assets Disclosure [Line Items] | ||
Assets at fair value | 15 | 12 |
Mortgage and asset-backed securities | Level 3 | ||
Surplus VEBA Assets Disclosure [Line Items] | ||
Assets at fair value | 0 | 0 |
Mortgage and asset-backed securities | Measured at NAV | ||
Surplus VEBA Assets Disclosure [Line Items] | ||
Assets at fair value | 0 | 0 |
Alternatives | ||
Surplus VEBA Assets Disclosure [Line Items] | ||
Assets at fair value | 144 | 140 |
Alternatives | Level 1 | ||
Surplus VEBA Assets Disclosure [Line Items] | ||
Assets at fair value | 0 | 0 |
Alternatives | Level 2 | ||
Surplus VEBA Assets Disclosure [Line Items] | ||
Assets at fair value | 0 | 0 |
Alternatives | Level 3 | ||
Surplus VEBA Assets Disclosure [Line Items] | ||
Assets at fair value | 57 | 58 |
Alternatives | Measured at NAV | ||
Surplus VEBA Assets Disclosure [Line Items] | ||
Assets at fair value | 87 | 82 |
Private Credit Partnerships | ||
Surplus VEBA Assets Disclosure [Line Items] | ||
Assets at fair value | 126 | 122 |
Private Credit Partnerships | Level 1 | ||
Surplus VEBA Assets Disclosure [Line Items] | ||
Assets at fair value | 0 | 0 |
Private Credit Partnerships | Level 2 | ||
Surplus VEBA Assets Disclosure [Line Items] | ||
Assets at fair value | 0 | 0 |
Private Credit Partnerships | Level 3 | ||
Surplus VEBA Assets Disclosure [Line Items] | ||
Assets at fair value | 57 | 58 |
Private Credit Partnerships | Measured at NAV | ||
Surplus VEBA Assets Disclosure [Line Items] | ||
Assets at fair value | 69 | 64 |
Other Alternatives | ||
Surplus VEBA Assets Disclosure [Line Items] | ||
Assets at fair value | 18 | 18 |
Other Alternatives | Level 1 | ||
Surplus VEBA Assets Disclosure [Line Items] | ||
Assets at fair value | 0 | 0 |
Other Alternatives | Level 2 | ||
Surplus VEBA Assets Disclosure [Line Items] | ||
Assets at fair value | 0 | 0 |
Other Alternatives | Level 3 | ||
Surplus VEBA Assets Disclosure [Line Items] | ||
Assets at fair value | 0 | 0 |
Other Alternatives | Measured at NAV | ||
Surplus VEBA Assets Disclosure [Line Items] | ||
Assets at fair value | 18 | 18 |
Commingled Funds | ||
Surplus VEBA Assets Disclosure [Line Items] | ||
Assets at fair value | 62 | 61 |
Commingled Funds | Level 1 | ||
Surplus VEBA Assets Disclosure [Line Items] | ||
Assets at fair value | 0 | 0 |
Commingled Funds | Level 2 | ||
Surplus VEBA Assets Disclosure [Line Items] | ||
Assets at fair value | 0 | 0 |
Commingled Funds | Level 3 | ||
Surplus VEBA Assets Disclosure [Line Items] | ||
Assets at fair value | 0 | 0 |
Commingled Funds | Measured at NAV | ||
Surplus VEBA Assets Disclosure [Line Items] | ||
Assets at fair value | 62 | 61 |
Other | ||
Surplus VEBA Assets Disclosure [Line Items] | ||
Assets at fair value | 27 | 24 |
Other | Level 1 | ||
Surplus VEBA Assets Disclosure [Line Items] | ||
Assets at fair value | 27 | 25 |
Other | Level 2 | ||
Surplus VEBA Assets Disclosure [Line Items] | ||
Assets at fair value | 0 | 0 |
Other | Level 3 | ||
Surplus VEBA Assets Disclosure [Line Items] | ||
Assets at fair value | 0 | (1) |
Other | Measured at NAV | ||
Surplus VEBA Assets Disclosure [Line Items] | ||
Assets at fair value | $ 0 | $ 0 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Financial Assets and Liabilities Not Carried at Fair Value (Detail) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value | ||
Financial liabilities: | ||
Long-term debt (a) | $ 4,595 | $ 4,797 |
Carrying Amount | ||
Financial liabilities: | ||
Long-term debt (a) | $ 3,897 | $ 3,899 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Additional Information (Details) $ in Millions | 3 Months Ended | |||||
Apr. 30, 2020 USD ($) installment | Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | Feb. 01, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Surplus VEBA Assets | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Surplus Amount | $ 540 | $ 570 | $ 595 | |||
Surplus Amount, Percentage | 135% | |||||
Surplus, Withdrawal Amount | $ 75 | |||||
Value of Investment in Corporate Bonds | 192 | 208 | ||||
Cumulative Gain On Surplus, Accumulated Other Comprehensive Income | 7 | 7 | ||||
Gain On Surplus, Other Financial Costs (Benefits) | 4 | $ 22 | ||||
Gain On Surplus, Accumulated Other Comprehensive Income | $ 4 | |||||
Surplus VEBA Assets | Other Current Assets | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Surplus Amount | 75 | 89 | ||||
Surplus VEBA Assets | Other Noncurrent Assets | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Surplus Amount | $ 465 | $ 481 | ||||
Surplus VEBA Assets | Minimum | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Surplus, Withdrawal Amount | $ 50 | |||||
Stelco [Member] | Minntac Mine | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Interest offered in option | 25% | |||||
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, 2024 | Mar. 31, 2023 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Balance at beginning of year | $ 11,140 | $ 10,311 |
Comprehensive income (loss): | ||
Net earnings | 171 | 199 |
Other comprehensive income (loss), net of tax: | ||
Pension and other benefit adjustments | (7) | (10) |
Currency translation adjustment | (36) | 32 |
Derivative financial instruments | 43 | (44) |
Active employee benefit investments | 0 | 3 |
Employee stock plans | (8) | (9) |
Common stock repurchased | (75) | |
Dividends paid on common stock | (12) | (12) |
Other | 1 | |
Ending balance | 11,292 | 10,395 |
Retained Earnings | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Balance at beginning of year | 6,880 | 6,030 |
Comprehensive income (loss): | ||
Net earnings | 171 | 199 |
Other comprehensive income (loss), net of tax: | ||
Dividends paid on common stock | (12) | (12) |
Other | 1 | |
Ending balance | 7,040 | 6,217 |
Accumulated Other Comprehensive Income | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Balance at beginning of year | 46 | (85) |
Other comprehensive income (loss), net of tax: | ||
Pension and other benefit adjustments | (7) | (10) |
Currency translation adjustment | (36) | 32 |
Derivative financial instruments | 43 | (44) |
Active employee benefit investments | 0 | 3 |
Ending balance | 46 | (104) |
Common Stock | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Balance at beginning of year | 286 | 283 |
Other comprehensive income (loss), net of tax: | ||
Employee stock plans | 2 | 2 |
Ending balance | 288 | 285 |
Treasury Stock | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Balance at beginning of year | (1,418) | (1,204) |
Other comprehensive income (loss), net of tax: | ||
Employee stock plans | (23) | (22) |
Common stock repurchased | (75) | |
Ending balance | (1,441) | (1,301) |
Paid-in Capital | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Balance at beginning of year | 5,253 | 5,194 |
Other comprehensive income (loss), net of tax: | ||
Employee stock plans | 13 | 11 |
Dividends paid on common stock | 0 | 0 |
Ending balance | 5,266 | 5,205 |
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, 2024 | Mar. 31, 2023 | |
Accumulated Other Comprehensive Income [Roll Forward] | ||
Beginning Balance | $ 46 | $ (85) |
Other comprehensive (loss) income before reclassifications | (20) | (29) |
Amounts reclassified from AOCI | 20 | 10 |
Total other comprehensive income (loss), net of tax | 0 | (19) |
Ending Balance | 46 | (104) |
Pension and Other Benefit Items | ||
Accumulated Other Comprehensive Income [Roll Forward] | ||
Beginning Balance | (241) | (322) |
Other comprehensive (loss) income before reclassifications | 0 | 1 |
Amounts reclassified from AOCI | (7) | (11) |
Total other comprehensive income (loss), net of tax | (7) | (10) |
Ending Balance | (248) | (332) |
Foreign Currency Items | ||
Accumulated Other Comprehensive Income [Roll Forward] | ||
Beginning Balance | 334 | 280 |
Other comprehensive (loss) income before reclassifications | (36) | 32 |
Amounts reclassified from AOCI | 0 | 0 |
Total other comprehensive income (loss), net of tax | (36) | 32 |
Ending Balance | 298 | 312 |
Unrealized (Loss) Gain on Derivatives | ||
Accumulated Other Comprehensive Income [Roll Forward] | ||
Beginning Balance | (52) | (43) |
Other comprehensive (loss) income before reclassifications | 16 | (65) |
Amounts reclassified from AOCI | 27 | 21 |
Total other comprehensive income (loss), net of tax | 43 | (44) |
Ending Balance | (9) | (87) |
Active Employee Benefit Investments | ||
Accumulated Other Comprehensive Income [Roll Forward] | ||
Beginning Balance | 5 | 0 |
Other comprehensive (loss) income before reclassifications | 0 | 3 |
Amounts reclassified from AOCI | 0 | 0 |
Total other comprehensive income (loss), net of tax | 0 | 3 |
Ending Balance | $ 5 | $ 3 |
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, 2024 | Mar. 31, 2023 | |
Amortization of pension and other benefit items | ||
Derivative reclassifications to Condensed Consolidated Statements of Operations | $ (43) | $ 44 |
Total before tax | 209 | 250 |
Tax benefit | (38) | (51) |
Net of tax | 171 | 199 |
Amount reclassified from AOCI | ||
Amortization of pension and other benefit items | ||
Total before tax | 29 | 11 |
Tax benefit | (9) | (1) |
Net of tax | 20 | 10 |
Pension and Other Benefit Items | Amount reclassified from AOCI | ||
Amortization of pension and other benefit items | ||
Prior service credits | (3) | (1) |
Actuarial gains | (6) | (16) |
Total pensions and other benefits items | (9) | (17) |
Unrealized (Loss) Gain on Derivatives | Amount reclassified from AOCI | ||
Amortization of pension and other benefit items | ||
Derivative reclassifications to Condensed Consolidated Statements of Operations | $ 38 | $ 28 |
Transactions with Related Par_2
Transactions with Related Parties - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Related Party | |||
Related Party Transaction [Line Items] | |||
Net sales | $ 660 | $ 558 | |
Accounts payable and other accrued liabilities | 199 | $ 139 | |
Receivables | 192 | 158 | |
Related Party | Wheeling-Nippon Steel, Inc. | |||
Related Party Transaction [Line Items] | |||
Net sales | 93 | ||
Receivables | 7 | ||
PRO-TEC Coating Company | |||
Related Party Transaction [Line Items] | |||
Accounts payable and other accrued liabilities | 197 | 137 | |
Other Related Parties | |||
Related Party Transaction [Line Items] | |||
Accounts payable and other accrued liabilities | 2 | $ 2 | |
Outside processing services | |||
Related Party Transaction [Line Items] | |||
Purchases from related parties | 5 | 7 | |
Taconite pellets | |||
Related Party Transaction [Line Items] | |||
Purchases from related parties | $ 19 | $ 21 |
Restructuring and Other Charg_3
Restructuring and Other Charges - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Restructuring Cost and Reserve [Line Items] | ||
Additional charges | $ 6 | $ 1 |
Cash payments for restructuring | 52 | 46 |
Information Technology Function | ||
Restructuring Cost and Reserve [Line Items] | ||
Additional charges | $ 6 | |
Planned Sale of Flat-Rolled Segment Component | ||
Restructuring Cost and Reserve [Line Items] | ||
Additional charges | $ 1 |
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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Restructuring Reserve [Roll Forward] | ||
Balance at December 31, 2023 | $ 140 | |
Additional charges | 6 | $ 1 |
Cash payments/utilization(b) | (52) | $ (46) |
Balance at March 31, 2024 | 94 | |
Employee Related Costs | ||
Restructuring Reserve [Roll Forward] | ||
Balance at December 31, 2023 | 110 | |
Additional charges | 1 | |
Cash payments/utilization(b) | (44) | |
Balance at March 31, 2024 | 67 | |
Payments for restructuring from pension fund trust assets | 10 | |
Exit Costs | ||
Restructuring Reserve [Roll Forward] | ||
Balance at December 31, 2023 | 30 | |
Additional charges | 5 | |
Cash payments/utilization(b) | (8) | |
Balance at March 31, 2024 | 27 | |
Non - Cash Charges | ||
Restructuring Reserve [Roll Forward] | ||
Balance at December 31, 2023 | 0 | |
Additional charges | 0 | |
Cash payments/utilization(b) | 0 | |
Balance at March 31, 2024 | $ 0 |
Contingencies and Commitments -
Contingencies and Commitments - Asbestos Litigation Activity (Details) - Asbestos Matters | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2024 LegalMatter | Mar. 31, 2024 Claim_Group | Dec. 31, 2023 Claim_Group | Dec. 31, 2022 Claim_Group | Dec. 31, 2021 Claim_Group | |
Loss Contingency Accrual [Roll Forward] | |||||
Opening Number of Claims | 2,505 | 2,510 | 2,505 | 2,445 | |
Claims Dismissed, Settled and Resolved | 70 | 235 | 230 | 200 | |
New Claims | 65 | 230 | 235 | 260 | |
Closing Number of Claims | 1,545 | 2,500 | 2,505 | 2,510 | 2,505 |
Contingencies and Commitments_2
Contingencies and Commitments - Changes in Accrued Liabilities for Remediation Activities (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Change in Accrued Liabilities for Remediation Activities [Roll Forward] | |
Beginning of period | $ 107 |
Accruals for environmental remediation deemed probable and reasonably estimable | 0 |
Adjustments for changes in estimates | 0 |
Obligations settled | (1) |
End of period | $ 106 |
Contingencies and Commitments_3
Contingencies and Commitments - Accrued Liabilities for Remediation Activities Included in Balance Sheet (Detail) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Loss Contingencies [Line Items] | ||
Total | $ 106 | $ 107 |
Accounts payable | ||
Loss Contingencies [Line Items] | ||
Total | 28 | 27 |
Deferred credits and other noncurrent liabilities | ||
Loss Contingencies [Line Items] | ||
Total | $ 78 | $ 80 |
Contingencies and Commitments_4
Contingencies and Commitments - Payments for Contracts with Remaining Terms in Excess of One Year (Detail) $ in Millions | Mar. 31, 2024 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Remainder of 2024 | $ 422 |
2025 | 299 |
2026 | 267 |
2027 | 208 |
2028 | 164 |
Later Years | 711 |
Total | $ 2,071 |
Contingencies and Commitments_5
Contingencies and Commitments - Additional Information (Detail) Allowances in Thousands, € in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||
Feb. 28, 2022 Allowances | Dec. 31, 2023 USD ($) LegalMatter Claim_Group | May 31, 2022 USD ($) | Apr. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Mar. 31, 2024 USD ($) Plaintiff Allowances LegalMatter | Mar. 31, 2024 EUR (€) Plaintiff Allowances LegalMatter | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) Plaintiff LegalMatter Claim_Group | Mar. 31, 2024 | Mar. 31, 2024 Claim_Group | Mar. 31, 2024 USD ($) | Mar. 31, 2024 Project | Mar. 31, 2024 project | Dec. 31, 2022 Claim_Group | Dec. 31, 2021 Claim_Group | Dec. 31, 2020 Claim_Group | |
Loss Contingencies [Line Items] | |||||||||||||||||
Accrued liabilities for remediation activities | $ 107,000,000 | $ 107,000,000 | $ 106,000,000 | ||||||||||||||
Accrued liabilities for post-closure site monitoring and other costs | 23,000,000 | ||||||||||||||||
Accrued liability for administrative and legal costs | 9,000,000 | ||||||||||||||||
Number of years of projected administrative and legal costs included in accrual | 3 years | 3 years | |||||||||||||||
Capital expenditures | $ 12,000,000 | $ 11,000,000 | |||||||||||||||
Estimated Shortfall in Emissions Allowances | Allowances | 6,200 | 2,080 | 2,080 | ||||||||||||||
Cost Of Emission Allowances Pre-Purchased | $ 163,000,000 | € 151 | |||||||||||||||
Estimated capital expenditures of complying with BAT over 2017 to 2020 period | 149,000,000 | € 138 | |||||||||||||||
Number Of Environmental Requirement Projects | project | 15 | ||||||||||||||||
Financial assurance guarantees, maximum | 7,000,000 | ||||||||||||||||
Residual value of equipment | 12,000,000 | ||||||||||||||||
Residual value liability | 0 | ||||||||||||||||
Proceeds from Government Incentives, Financing Activities | $ 82,000,000 | ||||||||||||||||
Proceeds from Government Incentives, Investing Activities | $ 50,000,000 | $ 3,000,000 | |||||||||||||||
Termination fee | 565,000,000 | ||||||||||||||||
Restricted cash | $ 40,000,000 | $ 40,000,000 | 41,000,000 | ||||||||||||||
Contract commitments to acquire property, plant and equipment | 1,269,000,000 | ||||||||||||||||
Maximum default payment on termination of agreement | 32,000,000 | ||||||||||||||||
Total payment under take-or-pay contracts | $ 200,000,000 | $ 275,000,000 | |||||||||||||||
Minimum | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Projected percentage remediation costs may exceed accrued liabilities | 10% | 10% | |||||||||||||||
Number Of Environmental Requirement Projects | project | 2 | ||||||||||||||||
Unconditional purchase obligation term | 14 months | 14 months | |||||||||||||||
Maximum | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Projected percentage remediation costs may exceed accrued liabilities | 15% | 15% | |||||||||||||||
Unconditional purchase obligation term | 20 years | 20 years | |||||||||||||||
Asbestos Matters | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Active cases brought against U.S. Steel | LegalMatter | 915 | 915 | 915 | 915 | |||||||||||||
Number of plaintiffs involved | Plaintiff | 2,500 | 2,500 | 2,505 | ||||||||||||||
Number of claims pending in jurisdictions | 2,505 | 1,545 | 1,545 | 2,505 | 2,500 | 2,510 | 2,505 | 2,445 | |||||||||
Percentage of claims pending in jurisdictions | 62% | ||||||||||||||||
Projects with Ongoing Study and Scope Development | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Environmental remediation projects | Project | 2 | ||||||||||||||||
Accrued liabilities for remediation activities | 4,000,000 | ||||||||||||||||
Projects with Ongoing Study and Scope Development | Minimum | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Environment exit costs, possible additional loss | $ 8,000,000 | ||||||||||||||||
Projects with Ongoing Study and Scope Development | Maximum | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Environment exit costs, possible additional loss | 11,000,000 | ||||||||||||||||
Significant Projects with Defined Scope | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Environmental remediation projects | Project | 4 | ||||||||||||||||
Accrued liabilities for remediation activities | 60,000,000 | ||||||||||||||||
Significant Projects with Defined Scope | Minimum | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Accrued liabilities for remediation activities | 5,000,000 | ||||||||||||||||
Gary Works, Project with Defined Scope | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Accrued liabilities for remediation activities | 24,000,000 | ||||||||||||||||
Duluth | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Accrued liabilities for remediation activities | 10,000,000 | ||||||||||||||||
Fairfield Works | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Accrued liabilities for remediation activities | 8,000,000 | ||||||||||||||||
Geneva Project | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Accrued liabilities for remediation activities | 18,000,000 | ||||||||||||||||
Environmental Remediation Other Projects | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Environmental remediation projects | Project | 4 | ||||||||||||||||
Accrued liabilities for remediation activities | 6,000,000 | ||||||||||||||||
Environmental Remediation Other Projects | Minimum | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Accrued liabilities for remediation activities | 1,000,000 | ||||||||||||||||
Environmental Remediation Other Projects | Maximum | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Accrued liabilities for remediation activities | 5,000,000 | ||||||||||||||||
Environmental Remediation Projects Less Than One Million | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Accrued liabilities for remediation activities | 4,000,000 | ||||||||||||||||
Environmental Remediation Projects Less Than One Million | Maximum | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Accrued liabilities for remediation activities | 1,000,000 | ||||||||||||||||
Surety Bonds | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Financial assurance guarantees, maximum | $ 191,000,000 | ||||||||||||||||
Granite City idling costs | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Total payment under take-or-pay contracts | $ 86,000,000 | $ 77,000,000 |
Common Stock Issued and Repur_2
Common Stock Issued and Repurchased - Additional Information (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Jul. 25, 2022 | |
Common Stock Issued [Abstract] | ||
Amount of shares authorized to be repurchased | $ 500 | |
Treasury Stock, Shares, Acquired | 2.8 | |
Treasury Stock, Value, Acquired, Cost Method | $ 75 |