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			☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

			☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number 1-16811

Delaware

25-1897152

(State or other jurisdiction of incorporation)

(IRS Employer Identification No.)

600 Grant Street,

Pittsburgh,

PA

15219-2800

(Address of principal executive offices)

(Zip Code)

Title of each class			Trading Symbol			Name of each exchange on which registered
United States Steel Corporation Common Stock			X			New York Stock Exchange
United States Steel Corporation Common Stock			X			Chicago Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Large accelerated filer

x

Accelerated filer

o

Non-accelerated filer

o

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No x

									Page
PART I – FINANCIAL INFORMATION
			Item 1.			Financial Statements:
						Condensed Consolidated Statement of Operations (Unaudited)			1
						Condensed Consolidated Statement of Comprehensive Income (Loss) (Unaudited)			2
						Condensed Consolidated Balance Sheet (Unaudited)			3
						Condensed Consolidated Statement of Cash Flows (Unaudited)			4
						Notes to Condensed Consolidated Financial Statements (Unaudited)			5
			Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			27
			Item 3.			Quantitative and Qualitative Disclosures about Market Risk			40
			Item 4.			Controls and Procedures			40
PART II – OTHER INFORMATION
			Item 1.			Legal Proceedings			41
			Item 1A.			Risk Factors			45
			Item 2			Purchases of Equity Securities by Issuer and Affiliated Purchasers			45
			Item 3			Defaults upon Senior Securities			45
			Item 4.			Mine Safety Disclosure			45
			Item 5.			Other Information			45
			Item 6.			Exhibits			46
SIGNATURE									47
WEB SITE POSTING									47

						Three Months Ended June 30,												Six Months Ended June 30,
(Dollars in millions, except per share amounts)						2021						2020						2021						2020
Net sales:
Net sales						$	4,684					$	2,000					$	8,053					$	4,397
Net sales to related parties (Note 19)						341						91						636						442
Total (Note 6)						5,025						2,091						8,689						4,839
Operating expenses (income):
Cost of sales						3,678						2,274						6,752						4,879
Selling, general and administrative expenses						106						62						208						134
Depreciation, depletion and amortization						202						159						391						319
(Earnings) loss from investees						(35)						39						(49)						47
Asset impairment charges (Note 1)						28						—						28						263
Gain on equity investee transactions (Note 5)						—						—						(111)						(31)
Restructuring and other charges (Note 20)						31						89						37						130
Net gain on sale of assets						(15)						—						(15)						—
Other (gains) losses, net						(4)						—						(11)						5
Total						3,991						2,623						7,230						5,746
Earnings (loss) before interest and income taxes						1,034						(532)						1,459						(907)
Interest expense						84						64						176						114
Interest income						(1)						(1)						(2)						(5)
Loss on debt extinguishment						1						—						256						—
Other financial costs						4						7						22						4
Net periodic benefit income						(29)						(8)						(60)						(16)
Net interest and other financial costs						59						62						392						97
Earnings (loss) before income taxes						975						(594)						1,067						(1,004)
Income tax benefit (Note 12)						(37)						(5)						(36)						(24)
Net earnings (loss)						1,012						(589)						1,103						(980)
Less: Net earnings attributable to noncontrolling interests						—						—						—						—
Net earnings (loss) attributable to United States Steel Corporation						$	1,012					$	(589)					$	1,103					$	(980)
Earnings (loss) per common share (Note 13):
Earnings (loss) per share attributable to United States Steel Corporation stockholders:
-Basic						$	3.75					$	(3.36)					$	4.25					$	(5.67)
-Diluted						$	3.53					$	(3.36)					$	4.02					$	(5.67)

						Three Months Ended June 30,												Six Months Ended June 30,
(Dollars in millions)						2021						2020						2021						2020
Net earnings (loss)						$	1,012					$	(589)					$	1,103					$	(980)
Other comprehensive income (loss), net of tax:
Changes in foreign currency translation adjustments						23						20						(24)						(3)
Changes in pension and other employee benefit accounts						205						29						229						81
Changes in derivative financial instruments						(31)						15						(51)						10
Total other comprehensive income, net of tax						197						64						154						88
Comprehensive income (loss) including noncontrolling interest						1,209						(525)						1,257						(892)
Comprehensive income attributable to noncontrolling interest						—						—						—						—
Comprehensive income (loss) attributable to United States Steel Corporation						$	1,209					$	(525)					$	1,257					$	(892)

(Dollars in millions)						June 30, 2021						December 31, 2020
Assets
Current assets:
Cash and cash equivalents (Note 7)						$	1,329					$	1,985
Receivables, less allowance of $43 and $34						1,903						914
Receivables from related parties (Note 19)						107						80
Inventories (Note 8)						1,914						1,402
Assets held for sale						154						—
Other current assets						231						51
Total current assets						5,638						4,432
Long-term restricted cash (Note 7)						95						130
Operating lease assets						192						214
Property, plant and equipment						19,757						17,704
Less accumulated depreciation and depletion						12,382						12,260
Total property, plant and equipment, net						7,375						5,444
Investments and long-term receivables, less allowance of $4 and $5						572						1,177
Intangibles, net (Note 9)						533						129
Deferred income tax benefits (Note 12)						44						22
Goodwill (Note 9)						909						4
Other noncurrent assets						726						507
Total assets						$	16,084					$	12,059
Liabilities
Current liabilities:
Accounts payable and other accrued liabilities						$	2,675					$	1,779
Accounts payable to related parties (Note 19)						144						105
Payroll and benefits payable						425						308
Accrued taxes						208						154
Accrued interest						100						59
Current operating lease liabilities						56						59
Short-term debt and current maturities of long-term debt (Note 15)						763						192
Liabilities held for sale						80						—
Total current liabilities						4,451						2,656
Noncurrent operating lease liabilities						145						163
Long-term debt, less unamortized discount and debt issuance costs (Note 15)						4,803						4,695
Employee benefits						208						322
Deferred income tax liabilities (Note 12)						46						11
Deferred credits and other noncurrent liabilities						488						333
Total liabilities						10,141						8,180
Contingencies and commitments (Note 21)
Stockholders’ Equity (Note 17):
Common stock (279,242,676 and 229,105,589 shares issued) (Note 13)						279						229
Treasury stock, at cost (9,118,582 shares and 8,673,131 shares)						(183)						(175)
Additional paid-in capital						5,168						4,402
Retained earnings (accumulated deficit)						480						(623)
Accumulated other comprehensive income (loss) (Note 18)						107						(47)
Total United States Steel Corporation stockholders’ equity						5,851						3,786
Noncontrolling interests						92						93
Total liabilities and stockholders’ equity						$	16,084					$	12,059

						Six Months Ended June 30,
(Dollars in millions)						2021						2020
Increase (decrease) in cash, cash equivalents and restricted cash
Operating activities:
Net earnings (loss)						$	1,103					$	(980)
Adjustments to reconcile to net cash provided by operating activities:
Depreciation, depletion and amortization						391						319
Asset impairment charges (Note 1)						28						263
Gain on equity investee transactions						(111)						(31)
Restructuring and other charges (Note 20)						37						130
Loss on debt extinguishment						256						—
Pensions and other postretirement benefits						(46)						(10)
Deferred income taxes (Note 12)						(77)						(12)
Net gain on sale of assets						(15)						—
Equity investee (earnings) loss, net of distributions received						(49)						47
Changes in:
Current receivables						(875)						134
Inventories						(343)						244
Current accounts payable and accrued expenses						789						(420)
Income taxes receivable/payable						47						10
All other, net						(32)						(56)
Net cash provided by (used in) operating activities						1,103						(362)
Investing activities:
Capital expenditures						(284)						(455)
Acquisition of Big River Steel, net of cash acquired (Note 5)						(625)						—
Investment in Big River Steel						—						(3)
Proceeds from sale of assets						25						1
Proceeds from sale of ownership interests in equity investees						—						8
Other investing activities						(1)						(4)
Net cash used in investing activities						(885)						(453)
Financing activities:
Repayment of short-term debt (Note 15)						(180)						—
Revolving credit facilities - borrowings, net of financing costs (Note 15)						50						1,462
Revolving credit facilities - repayments (Note 15)						(911)						(644)
Issuance of long-term debt, net of financing costs (Note 15)						825						1,048
Repayment of long-term debt (Note 15)						(1,418)						(6)
Proceeds from public offering of common stock (Note 22)						790						410
Proceeds from Stelco Option Agreement						—						40
Other financing activities						(11)						(4)
Net cash (used in) provided by financing activities						(855)						2,306
Effect of exchange rate changes on cash						(9)						(1)
Net (decrease) increase in cash, cash equivalents and restricted cash						(646)						1,490
Cash, cash equivalents and restricted cash at beginning of year (Note 7)						2,118						939
Cash, cash equivalents and restricted cash at end of period (Note 7)						$	1,472					$	2,429

Non-cash investing and financing activities:
Change in accrued capital expenditures						$	(26)					$	(98)
U. S. Steel common stock issued for employee/non-employee director stock plans						27						18
Capital expenditures funded by finance lease borrowings						10						30
Export Credit Agreement (ECA) financing						23						34

The year-end Consolidated Balance Sheet data was derived from audited statements but does not include all disclosures required for complete financial statements by accounting principles generally accepted in the United States of America (U.S. GAAP). The other information in these condensed financial statements is unaudited but, in the opinion of management, reflects all adjustments necessary for a fair statement of the results for the periods covered, including assessment of certain accounting matters using all available information including consideration of forecasted financial information in context with other information reasonably available to us. However, our future assessment of our current expectations, including consideration of the unknown future impacts of the COVID-19 pandemic, could result in material impacts to our consolidated financial statements in future reporting periods. All such adjustments are of a normal recurring nature unless disclosed otherwise. These condensed financial statements, including notes, have been prepared in accordance with the applicable rules of the Securities and Exchange Commission and do not include all of the information and disclosures required by U.S. GAAP for complete financial statements. Additional information is contained in the United States Steel Corporation Annual Report on Form 10-K for the fiscal year ended December 31, 2020, which should be read in conjunction with these condensed financial statements.

Asset Impairment

In August 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (ASU 2020-06). ASU 2020-06 simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. ASU 2020-06 requires entities to provide expanded disclosures about the terms and features of convertible instruments and amends certain guidance in ASC 260 on the computation of EPS for convertible instruments and contracts on an entity’s own equity. ASU 2020-06 is effective for public companies for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years, with early adoption of all amendments in the same period permitted. The Company is continuing to assess the impact of adoption of the ASU.

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes (ASU 2019-12). ASU 2019-12 simplifies accounting for income taxes by removing certain exceptions from the general principles in Topic 740 including elimination of the exception to the incremental approach for intraperiod tax allocation when there is a loss from continuing operations and income or a gain from other items such as other comprehensive income. U. S. Steel adopted this guidance on January 1, 2021. The adoption of this guidance did not have a material impact on the Company's Condensed Consolidated Financial Statements.

U. S. Steel has four reportable segments: North American Flat-Rolled (Flat-Rolled), Mini Mill, U. S. Steel Europe (USSE); and Tubular Products (Tubular). The Mini Mill segment reflects the acquisition of Big River Steel after the purchase of the remaining equity interest on January 15, 2021. See Note 5 for further details. Prior to the purchase, the equity earnings of Big River Steel were included in the Other segment. The Tubular Products segment includes the newly constructed EAF at our Fairfield Tubular Operations in Fairfield, Alabama. The results of our railroad, real estate businesses and the previously held equity method investment in Big River Steel are combined and disclosed in the Other category.

The results of segment operations for the three months ended June 30, 2021 and 2020 are:

(In millions) Three Months Ended June 30, 2021			Customer Sales			Intersegment Sales			Net Sales			Earnings (loss) from investees			Earnings (loss) before interest and income taxes
Flat-Rolled			$	2,991		$	63		$	3,054		$	32		$	579
Mini Mill			759			142			901			—			284
USSE			1,078			1			1,079			—			207
Tubular			184			3			187			3			—
Total reportable segments			5,012			209			5,221			35			1,070
Other			13			27			40			—			14
Reconciling Items and Eliminations			—			(236)			(236)			—			(50)
Total			$	5,025		$	—		$	5,025		$	35		$	1,034
Three Months Ended June 30, 2020
Flat-Rolled			$	1,497		$	42		$	1,539		$	(16)		$	(329)
USSE			403			1			404			—			(26)
Tubular			182			3			185			2			(47)
Total reportable segments			2,082			46			2,128			(14)			(402)
Other			9			19			28			(25)			(21)
Reconciling Items and Eliminations			—			(65)			(65)			—			(109)
Total			$	2,091		$	—		$	2,091		$	(39)		$	(532)

The results of segment operations for the six months ended June 30, 2021 and 2020 are:

(In millions) Six Months Ended June 30, 2021			Customer Sales			Intersegment Sales			Net Sales			Earnings (Loss) from investees			Earnings (loss) before interest and income taxes
Flat-Rolled			$	5,263		$	106		$	5,369		$	37		$	725
Mini Mill			1,209			204			1,413			—			416
USSE			1,876			2			1,878			—			312
Tubular			318			7			325			6			(29)
Total reportable segments			8,666			319			8,985			43			1,424
Other			23			56			79			6			22
Reconciling Items and Eliminations			—			(375)			(375)			—			13
Total			$	8,689		$	—		$	8,689		$	49		$	1,459
Six Months Ended June 30, 2020
Flat-Rolled			$	3,471		$	104		$	3,575		$	(12)		$	(364)
USSE			908			2			910			—			(40)
Tubular			437			6			443			3			(95)
Total reportable segments			4,816			112			4,928			(9)			(499)
Other			23			47			70			(38)			(20)
Reconciling Items and Eliminations			—			(159)			(159)			—			(388)
Total			$	4,839		$	—		$	4,839		$	(47)		$	(907)

A summary of total assets by segment is as follows:

(In millions)						June 30, 2021						December 31, 2020
Flat-Rolled						$	7,468					$	7,099
Mini Mill						4,246						—
USSE						5,871						5,502
Tubular						1,026						887
Total reportable segments						$	18,611					$	13,488
Other						$	313					$	911
Corporate, reconciling items, and eliminations(a)						(2,840)						(2,340)
Total assets						$	16,084					$	12,059

(a)The majority of Corporate, reconciling items, and eliminations total assets 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 June 30,												Six Months Ended June 30,
(In millions)						2021						2020						2021						2020
Items not allocated to segments:
Gain on previously held investment in Big River Steel						$	—					$	—					$	111					$	—
Big River Steel - inventory step-up amortization						—						—						(24)						—
Big River Steel - unrealized losses (a)						(6)						—						(15)						—
Big River Steel - acquisition costs						—						—						(9)						—
Restructuring and other charges (Note 20)						(31)						(89)						(37)						(130)
Asset impairment charges (Note 1)						(28)						—						(28)						(263)
Property Sale						15						—						15						—
Gain on previously held investment in UPI						—						—						—						25
Tubular inventory impairment charge						—						(24)						—						(24)
December 24, 2018 Clairton coke making facility fire						—						4						—						4
Total reconciling items						$	(50)					$	(109)					$	13					$	(388)

a) Big River Steel – unrealized losses represent the post-acquisition mark-to-market impacts of hedging instruments acquired with the purchase of the remaining equity interest in Big River Steel on January 15, 2021. See Note 14 for further details.

The acquisition has been accounted for in accordance with ASC 805, Business combinations. There were step-ups to fair value of approximately $308 million, $194 million and $24 million for property, plant and equipment, debt and inventory, respectively. An intangible asset for customer relationships and goodwill of approximately $413 million and $905 million were also recorded, respectively. Goodwill represents the excess of purchase price over the fair market value of the net assets. Goodwill is primarily attributable to Big River Steel's operational abilities, workforce and the anticipated benefits from their recent expansion and will be partially tax deductible. The inventory step-up was fully amortized as of March 31, 2021, the intangible asset will be amortized over a 22-year period and the debt step-up will be amortized over the contractual life of the underlying debt. See Note 15 for further details.

			(in millions)
Assets Acquired:
Receivables			$	166
Receivables with U. S. Steel (1)			99
Inventories			184
Other current assets			16
Property, plant and equipment			2,188
Intangibles			413
Goodwill			905
Other noncurrent assets			19
Total Assets Acquired			$	3,990

Liabilities Assumed:
Accounts payable and accrued liabilities			$	224
Payroll and benefits payable			27
Accrued taxes			9
Accrued interest			33
Short-term debt and current maturities of long-term debt			29
Long-term debt			1,997
Deferred income tax liabilities			44
Deferred credits and other long-term liabilities			182
Total Liabilities Assumed			$	2,545
Fair value of previously held investment in Big River Steel			$	770
Purchase price, including assumed liabilities and net of cash acquired			675
Difference in assets acquired and liabilities assumed			$	1,445

(1) The transaction to purchase Big River Steel included receivables for payments made by Big River Steel on behalf of U. S. Steel for retention bonuses of $22 million that impacted the previously held equity investment and for U. S. Steel liabilities assumed in the purchase of approximately $50 million. In addition, there were assumed receivables of approximately $27 million for steel substrate sales from Big River Steel to U. S. Steel. The receivables with U. S. Steel eliminate in consolidation with offsetting intercompany payables from U. S. Steel.

						Six Months Ended June 30,
(in millions)						2021			2020
Net sales						$	8,761		$	5,289
Net earnings (loss)						$	1,033		$	(967)

USS-POSCO Industries (UPI) Acquisition

Using step acquisition accounting the Company increased the value of its previously held equity investment to its fair value of $5 million which resulted in a gain of approximately $25 million. The gain was recorded in gain on equity investee transactions in the Condensed Consolidated Statement of Operations.

Receivables of $44 million, inventories of $96 million, accounts payable and accrued liabilities of $19 million, current portion of long-term debt of $55 million and payroll and employee benefits liabilities of $78 million were recorded with the acquisition. Property, plant and equipment of $97 million which included a fair value step-up of $47 million and an intangible asset of $54 million were also recorded on the Company's Condensed Consolidated Balance Sheet. The intangible asset, which will be amortized over ten years, arises from a land lease contract, under which a certain portion of payment owed to UPI is realized in the form of deductions from electricity costs.

Three Months Ended June 30, 2021			Flat-Rolled			Mini Mill			USSE			Tubular			Other			Total
Semi-finished			$	—		$	—		$	46		$	—		$	—		$	46
Hot-rolled sheets			653			451			561			—			—			1,665
Cold-rolled sheets			889			127			102			—			—			1,118
Coated sheets			1,020			179			334			—			—			1,533
Tubular products			—			—			14			178			—			192
All Other (a)			429			2			21			6			13			471
Total			$	2,991		$	759		$	1,078		$	184		$	13		$	5,025
(a) Consists primarily of sales of raw materials and coke making by-products.

Three Months Ended June 30, 2020			Flat-Rolled						USSE			Tubular			Other			Total
Semi-finished			$	31					$	1		$	—		$	—		$	32
Hot-rolled sheets			239						146			—			—			385
Cold-rolled sheets			342						26			—			—			368
Coated sheets			713						202			—			—			915
Tubular products			—						11			178			—			189
All Other (a)			172						17			4			9			202
Total			$	1,497					$	403		$	182		$	9		$	2,091
(a) Consists primarily of sales of raw materials and coke making by-products.

Six Months Ended June 30, 2021			Flat-Rolled			Mini Mill			USSE			Tubular			Other			Total
Semi-finished			$	12		$	—		$	49		$	—		$	—		$	61
Hot-rolled sheets			1,103			700			947			—			—			2,750
Cold-rolled sheets			1,673			206			185			—			—			2,064
Coated sheets			1,898			300			632			—			—			2,830
Tubular products			—			—			24			306			—			330
All Other (a)			577			3			39			12			23			654
Total			$	5,263		$	1,209		$	1,876		$	318		$	23		$	8,689
(a) Consists primarily of sales of raw materials and coke making by-products.

Six Months Ended June 30, 2020			Flat-Rolled						USSE			Tubular			Other			Total
Semi-finished			$	58					$	2		$	—		$	—		$	60
Hot-rolled sheets			741						351			—			—			1,092
Cold-rolled sheets			940						71			—			—			1,011
Coated sheets			1,424						431			—			—			1,855
Tubular products			—						20			429			—			449
All Other (a)			308						33			8			23			372
Total			$	3,471					$	908		$	437		$	23		$	4,839
(a) Consists primarily of sales of raw materials and coke making by-products.

(In millions)						June 30, 2021						June 30, 2020
Cash and cash equivalents						$	1,329					$	2,300
Restricted cash in other current assets						47						1
Restricted cash in other noncurrent assets						95						128
Transtar cash in assets held for sale						$	1					$	—
Total cash, cash equivalents and restricted cash						$	1,472					$	2,429

The LIFO method is the predominant method of inventory costing for our Flat-Rolled and Tubular segments. The FIFO and moving average methods are the predominant inventory costing methods for our Mini Mill segment and the FIFO method is the predominant inventory costing method for our USSE segment. At June 30, 2021 and December 31, 2020, the LIFO method accounted for 46 percent and 59 percent of total inventory values, respectively.

(In millions)			June 30, 2021						December 31, 2020
Raw materials			$	658					$	416
Semi-finished products			900						633
Finished products			305						300
Supplies and sundry items			51						53
Total			$	1,914					$	1,402

Current acquisition costs were estimated to exceed the above inventory values by $667 million and $848 million at June 30, 2021 and December 31, 2020, respectively. As a result of the liquidation of LIFO inventories, cost of sales decreased and earnings before interest and income taxes increased by $6 million and $7 million for the three months and six months ended June 30, 2021, respectively. Cost of sales increased and earnings before interest and income taxes decreased by $1 million and $6 million for the three months and six months ended June 30, 2020, respectively, as a result of liquidation of LIFO inventories.

Intangible assets that are being amortized on a straight-line basis over their estimated useful lives are detailed below:

									As of June 30, 2021												As of December 31, 2020
(In millions)			Useful Lives						Gross Carrying Amount			Accumulated Amortization			Net Amount						Gross Carrying Amount			Accumulated Impairment			Accumulated Amortization			Net Amount
Customer relationships			22 Years						$	413		$	9		$	404					$	132		$	55		$	77		$	—
Patents			10-15 Years						17			10			7						22			7			10			5
Energy Contract			10 Years						54			7			47						54			—			5			49
Other			4-20 Years						—			—			—						14			5			9			—
Total amortizable intangible assets									$	484		$	26		$	458					$	222		$	67		$	101		$	54

Total estimated amortization expense for the remainder of 2021 is $13 million. We expect approximately $25 million in annual amortization expense through 2026 and approximately $320 million in remaining amortization expense thereafter.

The carrying amount of acquired water rights with indefinite lives as of June 30, 2021 and December 31, 2020 totaled $75 million.

Below is a summary of goodwill by segment for the six months ended June 30, 2021:

			Flat-Rolled			Mini Mill			USSE			Tubular			Total
Balance at December 31, 2020			$	—		$	—		$	4		$	—		$	4
Additions			—			905			—			—			905
Balance at June 30, 2021			$	—		$	905		$	4		$	—		$	909

The following table reflects the components of net periodic benefit cost (income) for the three months ended June 30, 2021 and 2020:

			Pension Benefits												Other Benefits
(In millions)			2021						2020						2021						2020
Service cost			$	14					$	13					$	3					$	3
Interest cost			41						48						12						16
Expected return on plan assets			(89)						(84)						(20)						(20)
Amortization of prior service credit			1						1						(7)						(2)
Amortization of actuarial net loss (gain)			37						36						(6)						(4)
Net periodic benefit cost (income), excluding below			4						14						(18)						(7)
Multiemployer plans			18						18						—						—
Settlement, termination and curtailment losses (a)			3						2						—						—
Net periodic benefit cost (income)			$	25					$	34					$	(18)					$	(7)
(a) During the three months ended June 30, 2021 the pension plan incurred curtailment charges of approximately $3 million with the sale of Transtar. For the three months ended June 30, 2020 the pension plan incurred special termination charges of $2 million due to workforce restructuring.

The following table reflects the components of net periodic benefit cost (income) for the six months ended June 30, 2021 and 2020:

						Pension Benefits												Other Benefits
(In millions)						2021						2020						2021						2020
Service cost						$	28					$	25					$	6					$	6
Interest cost						81						96						24						32
Expected return on plan assets						(178)						(165)						(40)						(40)
Amortization of prior service cost						1						1						(14)						(4)
Amortization of actuarial net loss (gain)						75						72						(12)						(8)
Net periodic benefit cost (income), excluding below						7						29						(36)						(14)
Multiemployer plans						37						39						—						—
Settlement, termination and curtailment losses (a)						3						8						—						—
Net periodic benefit cost (income)						$	47					$	76					$	(36)					$	(14)
(a) During the six months ended June 30, 2021 the pension plan incurred curtailment charges of approximately $3 million with the sale of Transtar. For the six months ended June 30, 2020 the pension plan incurred settlement and special termination charges of approximately $8 million due to workforce restructuring and lump sum payments made to certain individuals

Employer Contributions

During the first six months of 2021, cash payments of $18 million were made for other postretirement benefit payments not funded by trusts.

Company contributions to defined contribution plans totaled $11 million and $4 million for the three months ended June 30, 2021 and 2020, respectively. Company contributions to defined contribution plans totaled $21 million and $15 million for the six months ended June 30, 2021 and 2020, respectively.

Transtar Disposition

						2021									2020
Grant Details						Shares(a)			Fair Value(b)						Shares(a)			Fair Value(b)
Restricted Stock Units						1,492,880			$	18.30					2,640,690			$	8.82
Performance Awards (c)
TSR						306,930			$	19.46					671,390			$	8.19
ROCE (d)						485,900			$	17.92					—			$	—

(a) The share amounts shown in this table do not reflect an adjustment for estimated forfeitures.

(b) Represents the per share weighted average for all grants during the period.

(c) The number of performance awards shown represents the target share grant of the award.

(d) The ROCE awards granted in 2020 and a portion of ROCE awards granted in 2021 are not shown in the table because they were granted in cash.

Earnings (Loss) 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 (loss) per common share for the three and six months ended June 30, 2021 and June 30, 2020 were as follows.

			Three Months Ended June 30,									Six Months Ended June 30,
(Dollars in millions, except per share amounts)			2021			2020						2021			2020
Earnings (loss) attributable to United States Steel Corporation stockholders			$	1,012		$	(589)					$	1,103		$	(980)
Weighted-average shares outstanding (in thousands):
Basic			269,872			175,327						259,668			172,775
Effect of Senior Convertible Notes			11,975			—						10,439			—
Effect of stock options, restricted stock units and performance awards			4,490			—						4,405			—
Adjusted weighted-average shares outstanding, diluted			286,337			175,327						274,512			172,775
Basic earnings (loss) per common share			$	3.75		$	(3.36)					$	4.25		$	(5.67)
Diluted earnings (loss) per common share			$	3.53		$	(3.36)					$	4.02		$	(5.67)

Excluded from the computation of diluted earnings (loss) per common share due to their anti-dilutive effect were 0.9 million and 1.3 million outstanding securities granted under the Omnibus Plan for the three and six months ended June 30, 2021, respectively and 5.9 million and 5.4 million outstanding securities granted under the Omnibus Plan for the three and six months ended June 30, 2020, respectively.

Dividends Paid Per Share

The USSE segment uses foreign exchange forward sales contracts (foreign exchange forwards) to exchange euros for U.S. dollars (USD), our Flat-Rolled segment used foreign exchange forwards to exchange USD for Canadian dollars and our Mini Mill segment uses foreign exchange forwards to exchange USD for euros. All of our foreign exchange forwards have maturities no longer than 13 months and are used to mitigate the risk of foreign currency exchange rate fluctuations and manage our foreign currency requirements. The USSE and Flat-Rolled segments use hedge accounting for their foreign exchange forwards. The Mini Mill segment has not elected hedge accounting; therefore, the changes in the fair value of their foreign exchange forwards are recognized immediately in the Condensed Consolidated Statements of Operations (mark-to-market accounting).

The table below shows the outstanding swap quantities used to hedge forecasted purchases and sales as of June 30, 2021 and June 30, 2020:

Hedge Contracts			Classification			June 30, 2021						June 30, 2020
Natural gas (in mmbtus)			Commodity purchase swaps			25,251,000						44,462,000
Tin (in metric tons)			Commodity purchase swaps			796						1,221
Zinc (in metric tons)			Commodity purchase swaps			12,851						12,564
Electricity (in megawatt hours)			Commodity purchase swaps			986,400						936,000
Hot-rolled coils (in tons)			Sales swaps			159,880						—
Foreign currency (in millions of euros)			Foreign exchange forwards			€	278					€	239
Foreign currency (in millions of dollars)			Foreign exchange forwards			$	9					$	—
Foreign currency (in millions of CAD)			Foreign exchange forwards			$	—					$	15

The table below summarizes the effect of hedge accounting on AOCI and amounts reclassified from AOCI into earnings for the three and six months ended June 30, 2021 and 2020:

			Gain (Loss) on Derivatives in AOCI												Amount of Gain (Loss) Recognized in Income
(In millions)			Three Months Ended June 30, 2021			Three Months Ended June 30, 2020						Location of Reclassification from AOCI (a)			Three Months Ended June 30, 2021			Three Months Ended June 30, 2020
Sales swaps			$	(79)		$	—					Net sales			$	(23)		$	—
Commodity purchase swaps			22			19						Cost of sales (b)			5			(12)
Foreign exchange forwards			2			(4)						Cost of sales			(5)			—

(a) The earnings impact of our hedging instruments substantially offsets the earnings impact of the related hedged items resulting in immaterial ineffectiveness.

(b) Costs for commodity purchase swaps are recognized in cost of sales as products are sold.

			Gain (Loss) on Derivatives in AOCI															Amount of Gain (Loss) Recognized in Income
(In millions)			Six Months Ended June 30, 2021			Six Months Ended June 30, 2020						Location of Reclassification from AOCI (a)						Six Months Ended June 30, 2021			Six Months Ended June 30, 2020
Sales swaps			$	(123)		$	—					Net sales						$	(33)		$	—
Commodity purchase swaps			32			11						Cost of sales (b)						4			(20)
Foreign exchange forwards			21			1						Cost of sales						(10)			—

(a) The earnings impact of our hedging instruments substantially offsets the earnings impact of the related hedged items resulting in immaterial ineffectiveness.

(b) Costs for commodity purchase swaps are recognized in cost of sales as products are sold.

The loss recognized for sales swaps where hedge accounting was not elected was $6 million and $15 million and was recognized in cost of sales for the three and six months ended June 30, 2021, respectively. The loss recognized for sales swaps where hedge accounting was not elected was not material for the three and six months ended June 30, 2020.

(In millions)			Issuer/Borrower			Interest Rates %			Maturity			June 30, 2021						December 31, 2020
2037 Senior Notes			U. S. Steel			6.650			2037			350						350
2029 Senior Secured Notes			Big River Steel			6.625			2029			900						—
2029 Senior Notes			U. S. Steel			6.875			2029			750						—
2026 Senior Notes			U. S. Steel			6.250			2026			600						650
2026 Senior Convertible Notes			U. S. Steel			5.000			2026			350						350
2025 Senior Notes			U. S. Steel			6.875			2025			718						750
2025 Senior Secured Notes			U. S. Steel			12.000			2025			—						1,056
Arkansas Teacher Retirement System Notes Payable			Big River Steel			5.500 - 7.750			2023			106						—
Export-Import Credit Agreement			U. S. Steel			Variable			2021			—						180
Environmental Revenue Bonds			U. S. Steel			4.125 - 6.750			2024 - 2050			717						717
Environmental Revenue Bonds			Big River Steel			4.500 - 4.750			2049			752						—
Finance leases and all other obligations			U. S. Steel			Various			2021 - 2029			80						81
Finance leases and all other obligations			Big River Steel			Various			2021 - 2031			115						—
Export Credit Agreement (ECA)			U. S. Steel			Variable			2031			136						113
Credit Facility Agreement			U. S. Steel			Variable			2024			—						500
Big River Steel ABL Facility, $350 million			Big River Steel			Variable			2022			—						—
USSK Credit Agreement			U. S. Steel Kosice			Variable			2023			—						368
USSK Credit Facilities			U. S. Steel Kosice			Variable			2021			—						—
Total Debt												5,574						5,115
Less unamortized discount, premium, and debt issuance costs												8						228
Less short-term debt, long-term debt due within one year, and short-term issuance costs												763						192
Long-term debt												$	4,803					$	4,695