FALSE2021Q20001163302--12-311010P2Y00011633022021-01-012021-06-300001163302exch:XNYS2021-01-012021-06-300001163302exch:XCHI2021-01-012021-06-30xbrli:shares00011633022021-07-26iso4217:USD00011633022021-04-012021-06-3000011633022020-04-012020-06-3000011633022020-01-012020-06-30iso4217:USDxbrli:shares00011633022021-06-3000011633022020-12-3100011633022019-12-3100011633022020-06-30x:Segment0001163302x:FlatRolledProductsMember2021-04-012021-06-300001163302x:FlatRolledProductsMemberus-gaap:IntersegmentEliminationMember2021-04-012021-06-300001163302srt:ReportableLegalEntitiesMemberx:FlatRolledProductsMember2021-04-012021-06-300001163302x:MiniMillMember2021-04-012021-06-300001163302x:MiniMillMemberus-gaap:IntersegmentEliminationMember2021-04-012021-06-300001163302srt:ReportableLegalEntitiesMemberx:MiniMillMember2021-04-012021-06-300001163302x:UsSteelEuropeMember2021-04-012021-06-300001163302x:UsSteelEuropeMemberus-gaap:IntersegmentEliminationMember2021-04-012021-06-300001163302srt:ReportableLegalEntitiesMemberx:UsSteelEuropeMember2021-04-012021-06-300001163302x:TubularProductsMember2021-04-012021-06-300001163302x:TubularProductsMemberus-gaap:IntersegmentEliminationMember2021-04-012021-06-300001163302x:TubularProductsMembersrt:ReportableLegalEntitiesMember2021-04-012021-06-300001163302x:TotalReportableSegmentsMember2021-04-012021-06-300001163302x:TotalReportableSegmentsMemberus-gaap:IntersegmentEliminationMember2021-04-012021-06-300001163302srt:ReportableLegalEntitiesMemberx:TotalReportableSegmentsMember2021-04-012021-06-300001163302us-gaap:AllOtherSegmentsMember2021-04-012021-06-300001163302us-gaap:AllOtherSegmentsMemberus-gaap:IntersegmentEliminationMember2021-04-012021-06-300001163302srt:ReportableLegalEntitiesMemberus-gaap:AllOtherSegmentsMember2021-04-012021-06-300001163302us-gaap:IntersegmentEliminationMember2021-04-012021-06-300001163302us-gaap:MaterialReconcilingItemsMember2021-04-012021-06-300001163302srt:ReportableLegalEntitiesMember2021-04-012021-06-300001163302x:FlatRolledProductsMember2020-04-012020-06-300001163302x:FlatRolledProductsMemberus-gaap:IntersegmentEliminationMember2020-04-012020-06-300001163302srt:ReportableLegalEntitiesMemberx:FlatRolledProductsMember2020-04-012020-06-300001163302x:UsSteelEuropeMember2020-04-012020-06-300001163302x:UsSteelEuropeMemberus-gaap:IntersegmentEliminationMember2020-04-012020-06-300001163302srt:ReportableLegalEntitiesMemberx:UsSteelEuropeMember2020-04-012020-06-300001163302x:TubularProductsMember2020-04-012020-06-300001163302x:TubularProductsMemberus-gaap:IntersegmentEliminationMember2020-04-012020-06-300001163302x:TubularProductsMembersrt:ReportableLegalEntitiesMember2020-04-012020-06-300001163302x:TotalReportableSegmentsMember2020-04-012020-06-300001163302x:TotalReportableSegmentsMemberus-gaap:IntersegmentEliminationMember2020-04-012020-06-300001163302srt:ReportableLegalEntitiesMemberx:TotalReportableSegmentsMember2020-04-012020-06-300001163302us-gaap:AllOtherSegmentsMember2020-04-012020-06-300001163302us-gaap:AllOtherSegmentsMemberus-gaap:IntersegmentEliminationMember2020-04-012020-06-300001163302srt:ReportableLegalEntitiesMemberus-gaap:AllOtherSegmentsMember2020-04-012020-06-300001163302us-gaap:IntersegmentEliminationMember2020-04-012020-06-300001163302us-gaap:MaterialReconcilingItemsMember2020-04-012020-06-300001163302srt:ReportableLegalEntitiesMember2020-04-012020-06-300001163302x:FlatRolledProductsMember2021-01-012021-06-300001163302x:FlatRolledProductsMemberus-gaap:IntersegmentEliminationMember2021-01-012021-06-300001163302srt:ReportableLegalEntitiesMemberx:FlatRolledProductsMember2021-01-012021-06-300001163302x:MiniMillMember2021-01-012021-06-300001163302x:MiniMillMemberus-gaap:IntersegmentEliminationMember2021-01-012021-06-300001163302srt:ReportableLegalEntitiesMemberx:MiniMillMember2021-01-012021-06-300001163302x:UsSteelEuropeMember2021-01-012021-06-300001163302x:UsSteelEuropeMemberus-gaap:IntersegmentEliminationMember2021-01-012021-06-300001163302srt:ReportableLegalEntitiesMemberx:UsSteelEuropeMember2021-01-012021-06-300001163302x:TubularProductsMember2021-01-012021-06-300001163302x:TubularProductsMemberus-gaap:IntersegmentEliminationMember2021-01-012021-06-300001163302x:TubularProductsMembersrt:ReportableLegalEntitiesMember2021-01-012021-06-300001163302x:TotalReportableSegmentsMember2021-01-012021-06-300001163302x:TotalReportableSegmentsMemberus-gaap:IntersegmentEliminationMember2021-01-012021-06-300001163302srt:ReportableLegalEntitiesMemberx:TotalReportableSegmentsMember2021-01-012021-06-300001163302us-gaap:AllOtherSegmentsMember2021-01-012021-06-300001163302us-gaap:AllOtherSegmentsMemberus-gaap:IntersegmentEliminationMember2021-01-012021-06-300001163302srt:ReportableLegalEntitiesMemberus-gaap:AllOtherSegmentsMember2021-01-012021-06-300001163302us-gaap:IntersegmentEliminationMember2021-01-012021-06-300001163302us-gaap:MaterialReconcilingItemsMember2021-01-012021-06-300001163302srt:ReportableLegalEntitiesMember2021-01-012021-06-300001163302x:FlatRolledProductsMember2020-01-012020-06-300001163302x:FlatRolledProductsMemberus-gaap:IntersegmentEliminationMember2020-01-012020-06-300001163302srt:ReportableLegalEntitiesMemberx:FlatRolledProductsMember2020-01-012020-06-300001163302x:UsSteelEuropeMember2020-01-012020-06-300001163302x:UsSteelEuropeMemberus-gaap:IntersegmentEliminationMember2020-01-012020-06-300001163302srt:ReportableLegalEntitiesMemberx:UsSteelEuropeMember2020-01-012020-06-300001163302x:TubularProductsMember2020-01-012020-06-300001163302x:TubularProductsMemberus-gaap:IntersegmentEliminationMember2020-01-012020-06-300001163302x:TubularProductsMembersrt:ReportableLegalEntitiesMember2020-01-012020-06-300001163302x:TotalReportableSegmentsMember2020-01-012020-06-300001163302x:TotalReportableSegmentsMemberus-gaap:IntersegmentEliminationMember2020-01-012020-06-300001163302srt:ReportableLegalEntitiesMemberx:TotalReportableSegmentsMember2020-01-012020-06-300001163302us-gaap:AllOtherSegmentsMember2020-01-012020-06-300001163302us-gaap:AllOtherSegmentsMemberus-gaap:IntersegmentEliminationMember2020-01-012020-06-300001163302srt:ReportableLegalEntitiesMemberus-gaap:AllOtherSegmentsMember2020-01-012020-06-300001163302us-gaap:IntersegmentEliminationMember2020-01-012020-06-300001163302us-gaap:MaterialReconcilingItemsMember2020-01-012020-06-300001163302srt:ReportableLegalEntitiesMember2020-01-012020-06-300001163302x:FlatRolledProductsMember2021-06-300001163302x:FlatRolledProductsMember2020-12-310001163302x:MiniMillMember2021-06-300001163302x:MiniMillMember2020-12-310001163302x:UsSteelEuropeMember2021-06-300001163302x:UsSteelEuropeMember2020-12-310001163302x:TubularProductsMember2021-06-300001163302x:TubularProductsMember2020-12-310001163302x:TotalReportableSegmentsMember2021-06-300001163302x:TotalReportableSegmentsMember2020-12-310001163302us-gaap:AllOtherSegmentsMember2021-06-300001163302us-gaap:AllOtherSegmentsMember2020-12-310001163302us-gaap:MaterialReconcilingItemsMember2021-06-300001163302us-gaap:MaterialReconcilingItemsMember2020-12-310001163302x:GainOnPreviouslyHeldInvestmentMemberus-gaap:MaterialReconcilingItemsMemberx:BigRiverSteelMember2021-04-012021-06-300001163302x:GainOnPreviouslyHeldInvestmentMemberus-gaap:MaterialReconcilingItemsMemberx:BigRiverSteelMember2020-04-012020-06-300001163302x:GainOnPreviouslyHeldInvestmentMemberus-gaap:MaterialReconcilingItemsMemberx:BigRiverSteelMember2021-01-012021-06-300001163302x:GainOnPreviouslyHeldInvestmentMemberus-gaap:MaterialReconcilingItemsMemberx:BigRiverSteelMember2020-01-012020-06-300001163302x:InventoryStepUpAmortizationMemberus-gaap:MaterialReconcilingItemsMemberx:BigRiverSteelMember2021-04-012021-06-300001163302x:InventoryStepUpAmortizationMemberus-gaap:MaterialReconcilingItemsMemberx:BigRiverSteelMember2020-04-012020-06-300001163302x:InventoryStepUpAmortizationMemberus-gaap:MaterialReconcilingItemsMemberx:BigRiverSteelMember2021-01-012021-06-300001163302x:InventoryStepUpAmortizationMemberus-gaap:MaterialReconcilingItemsMemberx:BigRiverSteelMember2020-01-012020-06-300001163302x:UnrealizedLossesMemberus-gaap:MaterialReconcilingItemsMemberx:BigRiverSteelMember2021-04-012021-06-300001163302x:UnrealizedLossesMemberus-gaap:MaterialReconcilingItemsMemberx:BigRiverSteelMember2020-04-012020-06-300001163302x:UnrealizedLossesMemberus-gaap:MaterialReconcilingItemsMemberx:BigRiverSteelMember2021-01-012021-06-300001163302x:UnrealizedLossesMemberus-gaap:MaterialReconcilingItemsMemberx:BigRiverSteelMember2020-01-012020-06-300001163302us-gaap:MaterialReconcilingItemsMemberx:AcquisitionCostsMemberx:BigRiverSteelMember2021-04-012021-06-300001163302us-gaap:MaterialReconcilingItemsMemberx:AcquisitionCostsMemberx:BigRiverSteelMember2020-04-012020-06-300001163302us-gaap:MaterialReconcilingItemsMemberx:AcquisitionCostsMemberx:BigRiverSteelMember2021-01-012021-06-300001163302us-gaap:MaterialReconcilingItemsMemberx:AcquisitionCostsMemberx:BigRiverSteelMember2020-01-012020-06-300001163302us-gaap:RestructuringChargesMemberus-gaap:MaterialReconcilingItemsMember2021-04-012021-06-300001163302us-gaap:RestructuringChargesMemberus-gaap:MaterialReconcilingItemsMember2020-04-012020-06-300001163302us-gaap:RestructuringChargesMemberus-gaap:MaterialReconcilingItemsMember2021-01-012021-06-300001163302us-gaap:RestructuringChargesMemberus-gaap:MaterialReconcilingItemsMember2020-01-012020-06-300001163302x:TubularAssetImpairmentChargesDomainus-gaap:MaterialReconcilingItemsMember2021-04-012021-06-300001163302x:TubularAssetImpairmentChargesDomainus-gaap:MaterialReconcilingItemsMember2020-04-012020-06-300001163302x:TubularAssetImpairmentChargesDomainus-gaap:MaterialReconcilingItemsMember2021-01-012021-06-300001163302x:TubularAssetImpairmentChargesDomainus-gaap:MaterialReconcilingItemsMember2020-01-012020-06-300001163302x:PropertySaleDomainus-gaap:MaterialReconcilingItemsMember2021-04-012021-06-300001163302x:PropertySaleDomainus-gaap:MaterialReconcilingItemsMember2020-04-012020-06-300001163302x:PropertySaleDomainus-gaap:MaterialReconcilingItemsMember2021-01-012021-06-300001163302x:PropertySaleDomainus-gaap:MaterialReconcilingItemsMember2020-01-012020-06-300001163302x:GainOnPreviouslyHeldInvestmentMemberx:UPIMemberMemberus-gaap:MaterialReconcilingItemsMember2021-04-012021-06-300001163302x:GainOnPreviouslyHeldInvestmentMemberx:UPIMemberMemberus-gaap:MaterialReconcilingItemsMember2020-04-012020-06-300001163302x:GainOnPreviouslyHeldInvestmentMemberx:UPIMemberMemberus-gaap:MaterialReconcilingItemsMember2021-01-012021-06-300001163302x:GainOnPreviouslyHeldInvestmentMemberx:UPIMemberMemberus-gaap:MaterialReconcilingItemsMember2020-01-012020-06-300001163302x:TubularInventoryAdjustmentMemberus-gaap:MaterialReconcilingItemsMemberx:TubularMember2021-04-012021-06-300001163302x:TubularInventoryAdjustmentMemberus-gaap:MaterialReconcilingItemsMemberx:TubularMember2020-04-012020-06-300001163302x:TubularInventoryAdjustmentMemberus-gaap:MaterialReconcilingItemsMemberx:TubularMember2021-01-012021-06-300001163302x:TubularInventoryAdjustmentMemberus-gaap:MaterialReconcilingItemsMemberx:TubularMember2020-01-012020-06-300001163302us-gaap:FireMemberx:ClairtonMemberus-gaap:MaterialReconcilingItemsMember2021-04-012021-06-300001163302us-gaap:FireMemberx:ClairtonMemberus-gaap:MaterialReconcilingItemsMember2020-04-012020-06-300001163302us-gaap:FireMemberx:ClairtonMemberus-gaap:MaterialReconcilingItemsMember2021-01-012021-06-300001163302us-gaap:FireMemberx:ClairtonMemberus-gaap:MaterialReconcilingItemsMember2020-01-012020-06-30xbrli:pure0001163302x:TranstarLLCMemberus-gaap:SubsequentEventMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2021-07-272021-07-270001163302x:TranstarLLCMemberus-gaap:SubsequentEventMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2021-07-270001163302x:TranstarLLCMemberus-gaap:PropertyPlantAndEquipmentMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2021-06-300001163302x:TranstarLLCMemberus-gaap:AccountsReceivableMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2021-06-300001163302us-gaap:AccountsPayableMemberx:TranstarLLCMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2021-06-300001163302us-gaap:PostemploymentRetirementBenefitsMemberx:TranstarLLCMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2021-06-300001163302x:BigRiverSteelMember2021-01-152021-01-150001163302x:BigRiverSteelMember2019-10-310001163302x:BigRiverSteelMember2021-01-150001163302x:BigRiverSteelMemberus-gaap:CustomerRelationshipsMember2021-01-150001163302x:BigRiverSteelMemberus-gaap:CustomerRelationshipsMember2021-01-152021-01-150001163302x:BigRiverSteelMember2020-01-012020-06-300001163302x:BigRiverSteelMember2021-01-012021-06-300001163302x:USSPOSCOIndustriesUPIMember2020-02-292020-02-290001163302x:USSPOSCOIndustriesUPIMember2020-02-290001163302x:USSPOSCOIndustriesUPIMemberx:EnergyContractDomain2020-02-292020-02-290001163302x:SemifinishedProductsMemberx:FlatRolledProductsMember2021-04-012021-06-300001163302x:SemifinishedProductsMemberx:MiniMillMember2021-04-012021-06-300001163302x:SemifinishedProductsMemberx:UsSteelEuropeMember2021-04-012021-06-300001163302x:TubularProductsMemberx:SemifinishedProductsMember2021-04-012021-06-300001163302x:SemifinishedProductsMemberus-gaap:AllOtherSegmentsMember2021-04-012021-06-300001163302x:SemifinishedProductsMember2021-04-012021-06-300001163302x:FlatRolledProductsMemberx:HotrolledsheetsMember2021-04-012021-06-300001163302x:MiniMillMemberx:HotrolledsheetsMember2021-04-012021-06-300001163302x:UsSteelEuropeMemberx:HotrolledsheetsMember2021-04-012021-06-300001163302x:TubularProductsMemberx:HotrolledsheetsMember2021-04-012021-06-300001163302us-gaap:AllOtherSegmentsMemberx:HotrolledsheetsMember2021-04-012021-06-300001163302x:HotrolledsheetsMember2021-04-012021-06-300001163302x:FlatRolledProductsMemberx:ColdrolledsheetsMember2021-04-012021-06-300001163302x:MiniMillMemberx:ColdrolledsheetsMember2021-04-012021-06-300001163302x:UsSteelEuropeMemberx:ColdrolledsheetsMember2021-04-012021-06-300001163302x:TubularProductsMemberx:ColdrolledsheetsMember2021-04-012021-06-300001163302us-gaap:AllOtherSegmentsMemberx:ColdrolledsheetsMember2021-04-012021-06-300001163302x:ColdrolledsheetsMember2021-04-012021-06-300001163302x:FlatRolledProductsMemberx:CoatedsheetsMember2021-04-012021-06-300001163302x:MiniMillMemberx:CoatedsheetsMember2021-04-012021-06-300001163302x:UsSteelEuropeMemberx:CoatedsheetsMember2021-04-012021-06-300001163302x:TubularProductsMemberx:CoatedsheetsMember2021-04-012021-06-300001163302us-gaap:AllOtherSegmentsMemberx:CoatedsheetsMember2021-04-012021-06-300001163302x:CoatedsheetsMember2021-04-012021-06-300001163302x:TubularMemberx:FlatRolledProductsMember2021-04-012021-06-300001163302x:TubularMemberx:MiniMillMember2021-04-012021-06-300001163302x:TubularMemberx:UsSteelEuropeMember2021-04-012021-06-300001163302x:TubularProductsMemberx:TubularMember2021-04-012021-06-300001163302us-gaap:AllOtherSegmentsMemberx:TubularMember2021-04-012021-06-300001163302x:TubularMember2021-04-012021-06-300001163302x:OtherProductsMemberx:FlatRolledProductsMember2021-04-012021-06-300001163302x:OtherProductsMemberx:MiniMillMember2021-04-012021-06-300001163302x:OtherProductsMemberx:UsSteelEuropeMember2021-04-012021-06-300001163302x:TubularProductsMemberx:OtherProductsMember2021-04-012021-06-300001163302x:OtherProductsMemberus-gaap:AllOtherSegmentsMember2021-04-012021-06-300001163302x:OtherProductsMember2021-04-012021-06-300001163302x:SemifinishedProductsMemberx:FlatRolledProductsMember2020-04-012020-06-300001163302x:SemifinishedProductsMemberx:UsSteelEuropeMember2020-04-012020-06-300001163302x:TubularProductsMemberx:SemifinishedProductsMember2020-04-012020-06-300001163302x:SemifinishedProductsMemberus-gaap:AllOtherSegmentsMember2020-04-012020-06-300001163302x:SemifinishedProductsMember2020-04-012020-06-300001163302x:FlatRolledProductsMemberx:HotrolledsheetsMember2020-04-012020-06-300001163302x:UsSteelEuropeMemberx:HotrolledsheetsMember2020-04-012020-06-300001163302x:TubularProductsMemberx:HotrolledsheetsMember2020-04-012020-06-300001163302us-gaap:AllOtherSegmentsMemberx:HotrolledsheetsMember2020-04-012020-06-300001163302x:HotrolledsheetsMember2020-04-012020-06-300001163302x:FlatRolledProductsMemberx:ColdrolledsheetsMember2020-04-012020-06-300001163302x:UsSteelEuropeMemberx:ColdrolledsheetsMember2020-04-012020-06-300001163302x:TubularProductsMemberx:ColdrolledsheetsMember2020-04-012020-06-300001163302us-gaap:AllOtherSegmentsMemberx:ColdrolledsheetsMember2020-04-012020-06-300001163302x:ColdrolledsheetsMember2020-04-012020-06-300001163302x:FlatRolledProductsMemberx:CoatedsheetsMember2020-04-012020-06-300001163302x:UsSteelEuropeMemberx:CoatedsheetsMember2020-04-012020-06-300001163302x:TubularProductsMemberx:CoatedsheetsMember2020-04-012020-06-300001163302us-gaap:AllOtherSegmentsMemberx:CoatedsheetsMember2020-04-012020-06-300001163302x:CoatedsheetsMember2020-04-012020-06-300001163302x:TubularMemberx:FlatRolledProductsMember2020-04-012020-06-300001163302x:TubularMemberx:UsSteelEuropeMember2020-04-012020-06-300001163302x:TubularProductsMemberx:TubularMember2020-04-012020-06-300001163302us-gaap:AllOtherSegmentsMemberx:TubularMember2020-04-012020-06-300001163302x:TubularMember2020-04-012020-06-300001163302x:OtherProductsMemberx:FlatRolledProductsMember2020-04-012020-06-300001163302x:OtherProductsMemberx:UsSteelEuropeMember2020-04-012020-06-300001163302x:TubularProductsMemberx:OtherProductsMember2020-04-012020-06-300001163302x:OtherProductsMemberus-gaap:AllOtherSegmentsMember2020-04-012020-06-300001163302x:OtherProductsMember2020-04-012020-06-300001163302x:SemifinishedProductsMemberx:FlatRolledProductsMember2021-01-012021-06-300001163302x:SemifinishedProductsMemberx:MiniMillMember2021-01-012021-06-300001163302x:SemifinishedProductsMemberx:UsSteelEuropeMember2021-01-012021-06-300001163302x:TubularProductsMemberx:SemifinishedProductsMember2021-01-012021-06-300001163302x:SemifinishedProductsMemberus-gaap:AllOtherSegmentsMember2021-01-012021-06-300001163302x:SemifinishedProductsMember2021-01-012021-06-300001163302x:FlatRolledProductsMemberx:HotrolledsheetsMember2021-01-012021-06-300001163302x:MiniMillMemberx:HotrolledsheetsMember2021-01-012021-06-300001163302x:UsSteelEuropeMemberx:HotrolledsheetsMember2021-01-012021-06-300001163302x:TubularProductsMemberx:HotrolledsheetsMember2021-01-012021-06-300001163302us-gaap:AllOtherSegmentsMemberx:HotrolledsheetsMember2021-01-012021-06-300001163302x:HotrolledsheetsMember2021-01-012021-06-300001163302x:FlatRolledProductsMemberx:ColdrolledsheetsMember2021-01-012021-06-300001163302x:MiniMillMemberx:ColdrolledsheetsMember2021-01-012021-06-300001163302x:UsSteelEuropeMemberx:ColdrolledsheetsMember2021-01-012021-06-300001163302x:TubularProductsMemberx:ColdrolledsheetsMember2021-01-012021-06-300001163302us-gaap:AllOtherSegmentsMemberx:ColdrolledsheetsMember2021-01-012021-06-300001163302x:ColdrolledsheetsMember2021-01-012021-06-300001163302x:FlatRolledProductsMemberx:CoatedsheetsMember2021-01-012021-06-300001163302x:MiniMillMemberx:CoatedsheetsMember2021-01-012021-06-300001163302x:UsSteelEuropeMemberx:CoatedsheetsMember2021-01-012021-06-300001163302x:TubularProductsMemberx:CoatedsheetsMember2021-01-012021-06-300001163302us-gaap:AllOtherSegmentsMemberx:CoatedsheetsMember2021-01-012021-06-300001163302x:CoatedsheetsMember2021-01-012021-06-300001163302x:TubularMemberx:FlatRolledProductsMember2021-01-012021-06-300001163302x:TubularMemberx:MiniMillMember2021-01-012021-06-300001163302x:TubularMemberx:UsSteelEuropeMember2021-01-012021-06-300001163302x:TubularProductsMemberx:TubularMember2021-01-012021-06-300001163302us-gaap:AllOtherSegmentsMemberx:TubularMember2021-01-012021-06-300001163302x:TubularMember2021-01-012021-06-300001163302x:OtherProductsMemberx:FlatRolledProductsMember2021-01-012021-06-300001163302x:OtherProductsMemberx:MiniMillMember2021-01-012021-06-300001163302x:OtherProductsMemberx:UsSteelEuropeMember2021-01-012021-06-300001163302x:TubularProductsMemberx:OtherProductsMember2021-01-012021-06-300001163302x:OtherProductsMemberus-gaap:AllOtherSegmentsMember2021-01-012021-06-300001163302x:OtherProductsMember2021-01-012021-06-300001163302x:SemifinishedProductsMemberx:FlatRolledProductsMember2020-01-012020-06-300001163302x:SemifinishedProductsMemberx:UsSteelEuropeMember2020-01-012020-06-300001163302x:TubularProductsMemberx:SemifinishedProductsMember2020-01-012020-06-300001163302x:SemifinishedProductsMemberus-gaap:AllOtherSegmentsMember2020-01-012020-06-300001163302x:SemifinishedProductsMember2020-01-012020-06-300001163302x:FlatRolledProductsMemberx:HotrolledsheetsMember2020-01-012020-06-300001163302x:UsSteelEuropeMemberx:HotrolledsheetsMember2020-01-012020-06-300001163302x:TubularProductsMemberx:HotrolledsheetsMember2020-01-012020-06-300001163302us-gaap:AllOtherSegmentsMemberx:HotrolledsheetsMember2020-01-012020-06-300001163302x:HotrolledsheetsMember2020-01-012020-06-300001163302x:FlatRolledProductsMemberx:ColdrolledsheetsMember2020-01-012020-06-300001163302x:UsSteelEuropeMemberx:ColdrolledsheetsMember2020-01-012020-06-300001163302x:TubularProductsMemberx:ColdrolledsheetsMember2020-01-012020-06-300001163302us-gaap:AllOtherSegmentsMemberx:ColdrolledsheetsMember2020-01-012020-06-300001163302x:ColdrolledsheetsMember2020-01-012020-06-300001163302x:FlatRolledProductsMemberx:CoatedsheetsMember2020-01-012020-06-300001163302x:UsSteelEuropeMemberx:CoatedsheetsMember2020-01-012020-06-300001163302x:TubularProductsMemberx:CoatedsheetsMember2020-01-012020-06-300001163302us-gaap:AllOtherSegmentsMemberx:CoatedsheetsMember2020-01-012020-06-300001163302x:CoatedsheetsMember2020-01-012020-06-300001163302x:TubularMemberx:FlatRolledProductsMember2020-01-012020-06-300001163302x:TubularMemberx:UsSteelEuropeMember2020-01-012020-06-300001163302x:TubularProductsMemberx:TubularMember2020-01-012020-06-300001163302us-gaap:AllOtherSegmentsMemberx:TubularMember2020-01-012020-06-300001163302x:TubularMember2020-01-012020-06-300001163302x:OtherProductsMemberx:FlatRolledProductsMember2020-01-012020-06-300001163302x:OtherProductsMemberx:UsSteelEuropeMember2020-01-012020-06-300001163302x:TubularProductsMemberx:OtherProductsMember2020-01-012020-06-300001163302x:OtherProductsMemberus-gaap:AllOtherSegmentsMember2020-01-012020-06-300001163302x:OtherProductsMember2020-01-012020-06-300001163302us-gaap:CustomerRelationshipsMember2021-01-012021-06-300001163302us-gaap:CustomerRelationshipsMember2021-06-300001163302us-gaap:CustomerRelationshipsMember2020-12-310001163302us-gaap:PatentsMembersrt:MinimumMember2021-01-012021-06-300001163302srt:MaximumMemberus-gaap:PatentsMember2021-01-012021-06-300001163302us-gaap:PatentsMember2021-06-300001163302us-gaap:PatentsMember2020-12-310001163302x:EnergyContractDomain2021-01-012021-06-300001163302x:EnergyContractDomain2021-06-300001163302x:EnergyContractDomain2020-12-310001163302us-gaap:OtherIntangibleAssetsMembersrt:MinimumMember2021-01-012021-06-300001163302srt:MaximumMemberus-gaap:OtherIntangibleAssetsMember2021-01-012021-06-300001163302us-gaap:OtherIntangibleAssetsMember2021-06-300001163302us-gaap:OtherIntangibleAssetsMember2020-12-310001163302us-gaap:UseRightsMember2021-06-300001163302us-gaap:UseRightsMember2020-12-310001163302us-gaap:PensionPlansDefinedBenefitMember2021-04-012021-06-300001163302us-gaap:PensionPlansDefinedBenefitMember2020-04-012020-06-300001163302us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-04-012021-06-300001163302us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-04-012020-06-300001163302us-gaap:EmployeeSeveranceMemberus-gaap:PensionPlansDefinedBenefitMember2021-04-012021-06-300001163302us-gaap:EmployeeSeveranceMemberus-gaap:PensionPlansDefinedBenefitMember2020-04-012020-06-300001163302us-gaap:PensionPlansDefinedBenefitMember2021-01-012021-06-300001163302us-gaap:PensionPlansDefinedBenefitMember2020-01-012020-06-300001163302us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-01-012021-06-300001163302us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-01-012020-06-300001163302us-gaap:EmployeeSeveranceMemberus-gaap:PensionPlansDefinedBenefitMember2021-01-012021-06-300001163302us-gaap:EmployeeSeveranceMemberus-gaap:PensionPlansDefinedBenefitMember2020-01-012020-06-300001163302x:SteelworkersPensionTrustMember2021-01-012021-06-300001163302us-gaap:OtherPensionPlansDefinedBenefitMember2021-01-012021-06-300001163302x:UnfundedOtherPostretirementBenefitPlansMember2021-01-012021-06-300001163302us-gaap:PensionPlansDefinedBenefitMember2021-06-300001163302x:OmnibusIncentiveCompensationPlan2016Member2021-06-300001163302us-gaap:RestrictedStockMember2021-01-012021-06-300001163302us-gaap:RestrictedStockMember2020-01-012020-06-300001163302x:TotalStockholdersReturnTSRPerformanceBasedRestrictedStockMember2021-01-012021-06-300001163302x:TotalStockholdersReturnTSRPerformanceBasedRestrictedStockMember2020-01-012020-06-300001163302x:ReturnOnCapitalEmployedROCEPerformanceBasedRestrictedStockMember2021-01-012021-06-300001163302x:ReturnOnCapitalEmployedROCEPerformanceBasedRestrictedStockMember2020-01-012020-06-300001163302x:TotalStockholdersReturnTSRPerformanceBasedRestrictedStockMembersrt:MinimumMember2021-01-012021-06-300001163302srt:MaximumMemberx:TotalStockholdersReturnTSRPerformanceBasedRestrictedStockMember2021-01-012021-06-300001163302srt:MinimumMemberx:ReturnOnCapitalEmployedROCEPerformanceBasedRestrictedStockMember2021-01-012021-06-300001163302srt:MaximumMemberx:ReturnOnCapitalEmployedROCEPerformanceBasedRestrictedStockMember2021-01-012021-06-300001163302us-gaap:StockCompensationPlanMember2021-04-012021-06-300001163302us-gaap:StockCompensationPlanMember2021-01-012021-06-300001163302us-gaap:StockCompensationPlanMember2020-04-012020-06-300001163302us-gaap:StockCompensationPlanMember2020-01-012020-06-3000011633022020-01-012020-03-3100011633022021-01-012021-03-310001163302us-gaap:ForeignExchangeForwardMember2021-01-012021-06-300001163302us-gaap:DesignatedAsHedgingInstrumentMemberx:CommoditySwapMember2021-01-012021-06-300001163302x:CommoditySwapMemberus-gaap:NondesignatedMember2021-01-012021-06-300001163302x:SalesSwapMember2021-01-012021-06-30utr:MMBTU0001163302srt:NaturalGasReservesMemberus-gaap:CashFlowHedgingMemberx:CommoditySwapMember2021-06-300001163302srt:NaturalGasReservesMemberus-gaap:CashFlowHedgingMemberx:CommoditySwapMember2020-06-30utr:T0001163302us-gaap:CashFlowHedgingMemberx:TinMemberx:CommoditySwapMember2021-06-300001163302us-gaap:CashFlowHedgingMemberx:TinMemberx:CommoditySwapMember2020-06-300001163302us-gaap:CashFlowHedgingMemberx:ZincMemberx:CommoditySwapMember2021-06-300001163302us-gaap:CashFlowHedgingMemberx:ZincMemberx:CommoditySwapMember2020-06-300001163302us-gaap:CashFlowHedgingMemberus-gaap:ElectricityMemberx:CommoditySwapMember2021-06-300001163302us-gaap:CashFlowHedgingMemberus-gaap:ElectricityMemberx:CommoditySwapMember2020-06-300001163302x:HotrolledCoilMemberus-gaap:CashFlowHedgingMemberx:SalesSwapMember2021-06-300001163302x:HotrolledCoilMemberus-gaap:CashFlowHedgingMemberx:SalesSwapMember2020-06-30iso4217:EUR0001163302us-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeForwardMember2021-06-300001163302us-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeForwardMember2020-06-30iso4217:CAD0001163302us-gaap:AccountsReceivableMemberus-gaap:CashFlowHedgingMember2021-06-300001163302us-gaap:AccountsReceivableMemberus-gaap:CashFlowHedgingMember2020-12-310001163302us-gaap:AccountsPayableMemberus-gaap:CashFlowHedgingMember2021-06-300001163302us-gaap:AccountsPayableMemberus-gaap:CashFlowHedgingMember2020-12-310001163302us-gaap:AccountsPayableMemberus-gaap:CashFlowHedgingMemberus-gaap:NondesignatedMember2021-06-300001163302x:SalesSwapMember2021-04-012021-06-300001163302x:SalesSwapMember2020-04-012020-06-300001163302us-gaap:SalesMemberx:SalesSwapMember2021-04-012021-06-300001163302us-gaap:SalesMemberx:SalesSwapMember2020-04-012020-06-300001163302x:CommoditySwapMember2021-04-012021-06-300001163302x:CommoditySwapMember2020-04-012020-06-300001163302us-gaap:CostOfSalesMemberx:CommoditySwapMember2021-04-012021-06-300001163302us-gaap:CostOfSalesMemberx:CommoditySwapMember2020-04-012020-06-300001163302us-gaap:ForeignExchangeForwardMember2021-04-012021-06-300001163302us-gaap:ForeignExchangeForwardMember2020-04-012020-06-300001163302us-gaap:CostOfSalesMemberus-gaap:ForeignExchangeForwardMember2021-04-012021-06-300001163302us-gaap:CostOfSalesMemberus-gaap:ForeignExchangeForwardMember2020-04-012020-06-300001163302x:SalesSwapMember2020-01-012020-06-300001163302us-gaap:SalesMemberx:SalesSwapMember2021-01-012021-06-300001163302us-gaap:SalesMemberx:SalesSwapMember2020-01-012020-06-300001163302x:CommoditySwapMember2021-01-012021-06-300001163302x:CommoditySwapMember2020-01-012020-06-300001163302us-gaap:CostOfSalesMemberx:CommoditySwapMember2021-01-012021-06-300001163302us-gaap:CostOfSalesMemberx:CommoditySwapMember2020-01-012020-06-300001163302us-gaap:ForeignExchangeForwardMember2020-01-012020-06-300001163302us-gaap:CostOfSalesMemberus-gaap:ForeignExchangeForwardMember2021-01-012021-06-300001163302us-gaap:CostOfSalesMemberus-gaap:ForeignExchangeForwardMember2020-01-012020-06-300001163302us-gaap:CostOfSalesMember2021-01-012021-06-300001163302us-gaap:SalesMember2021-01-012021-06-300001163302us-gaap:CostOfSalesMemberx:SalesSwapMemberus-gaap:NondesignatedMember2021-04-012021-06-300001163302us-gaap:CostOfSalesMemberx:SalesSwapMemberus-gaap:NondesignatedMember2021-01-012021-06-300001163302x:SeniorNotesDueTwentyThirtySevenMember2021-06-300001163302x:SeniorNotesDueTwentyThirtySevenMember2020-12-310001163302x:A2029SeniorSecuredNotesBigRiverSteelMember2021-06-300001163302x:A2029SeniorSecuredNotesBigRiverSteelMember2020-12-310001163302x:A2029SeniorNotesMember2021-06-300001163302x:A2029SeniorNotesMember2020-12-310001163302x:SeniorNotesDueTwentyTwentySixDomain2021-06-300001163302x:SeniorNotesDueTwentyTwentySixDomain2020-12-310001163302x:A2026SeniorConvertibleNotesMember2021-06-300001163302x:A2026SeniorConvertibleNotesMember2020-12-310001163302x:SeniorNotesDueTwentyTwentyFiveMember2021-06-300001163302x:SeniorNotesDueTwentyTwentyFiveMember2020-12-310001163302x:A12000SeniorSecuredNotesDueJune120252025SeniorSecuredNotesMember2021-06-300001163302x:A12000SeniorSecuredNotesDueJune120252025SeniorSecuredNotesMember2020-12-310001163302x:ArkansasTeacherRetirementSystemNotesPayableMembersrt:MinimumMember2021-06-300001163302srt:MaximumMemberx:ArkansasTeacherRetirementSystemNotesPayableMember2021-06-300001163302x:ArkansasTeacherRetirementSystemNotesPayableMember2021-06-300001163302x:ArkansasTeacherRetirementSystemNotesPayableMember2020-12-310001163302x:ExportImportCreditAgreementMember2021-01-012021-06-300001163302x:ExportImportCreditAgreementMember2021-06-300001163302x:ExportImportCreditAgreementMember2020-12-310001163302x:EnvironmentalRevenueBondsUSSteelMembersrt:MinimumMember2021-06-300001163302srt:MaximumMemberx:EnvironmentalRevenueBondsUSSteelMember2021-06-300001163302x:EnvironmentalRevenueBondsUSSteelMember2021-06-300001163302x:EnvironmentalRevenueBondsUSSteelMember2020-12-310001163302x:EnvironmentalRevenueBondsBigRiverSteelMembersrt:MinimumMember2021-06-300001163302x:EnvironmentalRevenueBondsBigRiverSteelMembersrt:MaximumMember2021-06-300001163302x:EnvironmentalRevenueBondsBigRiverSteelMember2021-06-300001163302x:EnvironmentalRevenueBondsBigRiverSteelMember2020-12-310001163302x:FinanceLeasesAndAllOtherObligationsUSSteelMember2021-01-012021-06-300001163302x:FinanceLeasesAndAllOtherObligationsUSSteelMember2021-06-300001163302x:FinanceLeasesAndAllOtherObligationsUSSteelMember2020-12-310001163302x:FinanceLeasesAndAllOtherObligationsBigRiverSteelMember2021-01-012021-06-300001163302x:FinanceLeasesAndAllOtherObligationsBigRiverSteelMember2021-06-300001163302x:FinanceLeasesAndAllOtherObligationsBigRiverSteelMember2020-12-310001163302x:ExportCreditAgreementMember2021-01-012021-06-300001163302x:ExportCreditAgreementMember2021-06-300001163302x:ExportCreditAgreementMember2020-12-310001163302x:FifthAmendedandRestatedCreditAgreementMember2021-01-012021-06-300001163302x:FifthAmendedandRestatedCreditAgreementMember2021-06-300001163302x:FifthAmendedandRestatedCreditAgreementMember2020-12-310001163302x:BigRiverSteelABLFacilityMember2021-06-300001163302x:BigRiverSteelABLFacilityMember2021-01-012021-06-300001163302x:BigRiverSteelABLFacilityMember2020-12-310001163302x:UsSteelKosiceRevolverMember2021-01-012021-06-300001163302x:UsSteelKosiceRevolverMember2021-06-300001163302x:UsSteelKosiceRevolverMember2020-12-310001163302x:UsSteelKosiceCreditFacilityMember2021-01-012021-06-300001163302x:UsSteelKosiceCreditFacilityMember2021-06-300001163302x:UsSteelKosiceCreditFacilityMember2020-12-310001163302x:ExportImportCreditAgreementMember2021-01-012021-02-280001163302x:A12000SeniorSecuredNotesDueJune120252025SeniorSecuredNotesMember2021-03-310001163302x:A12000SeniorSecuredNotesDueJune120252025SeniorSecuredNotesMember2021-03-012021-03-310001163302x:SeniorNotesDueTwentyTwentySixDomain2021-03-310001163302x:SeniorNotesDueTwentyTwentyFiveMember2021-03-310001163302x:SeniorNotesDueTwentyTwentyFiveMember2021-06-170001163302x:SeniorNotesDueTwentyTwentyFiveMember2021-06-172021-06-170001163302x:A2029SeniorNotesMember2021-02-110001163302x:A2029SeniorNotesMember2021-02-112021-02-110001163302x:DebtInstrumentRedemptionCondition1Memberx:A2029SeniorNotesMembersrt:MinimumMember2021-02-112021-02-110001163302x:DebtInstrumentRedemptionCondition1Membersrt:MaximumMemberx:A2029SeniorNotesMember2021-02-112021-02-110001163302x:DebtInstrumentRedemptionCondition1Memberx:A2029SeniorNotesMemberus-gaap:DebtInstrumentRedemptionPeriodTwoMember2021-02-112021-02-110001163302x:DebtInstrumentRedemptionCondition1Memberus-gaap:DebtInstrumentRedemptionPeriodThreeMemberx:A2029SeniorNotesMember2021-02-112021-02-110001163302us-gaap:DebtInstrumentRedemptionPeriodFourMemberx:DebtInstrumentRedemptionCondition1Memberx:A2029SeniorNotesMember2021-02-112021-02-110001163302us-gaap:DebtInstrumentRedemptionPeriodOneMemberx:DebtInstrumentRedemptionCondition1Memberx:A2029SeniorNotesMember2021-02-112021-02-110001163302us-gaap:DebtInstrumentRedemptionPeriodOneMemberx:A2029SeniorNotesMemberx:DebtInstrumentRedemptionCondition2Member2021-02-112021-02-110001163302x:A2029SeniorSecuredNotesBigRiverSteelMember2020-09-180001163302x:A2029SeniorSecuredNotesBigRiverSteelMemberus-gaap:DebtInstrumentRedemptionPeriodOneMemberx:DebtInstrumentRedemptionCondition1Member2020-09-182020-09-180001163302x:A2029SeniorSecuredNotesBigRiverSteelMemberx:DebtInstrumentRedemptionCondition1Memberus-gaap:DebtInstrumentRedemptionPeriodTwoMember2020-09-182020-09-180001163302x:A2029SeniorSecuredNotesBigRiverSteelMemberx:DebtInstrumentRedemptionCondition1Memberus-gaap:DebtInstrumentRedemptionPeriodThreeMember2020-09-182020-09-180001163302x:A2029SeniorSecuredNotesBigRiverSteelMemberx:DebtInstrumentRedemptionCondition2Member2020-09-182020-09-180001163302x:BigRiverSteelEnvironmentalRevenueBondsSeries2019Member2019-05-310001163302x:BigRiverSteelLLCMemberx:BigRiverSteelEnvironmentalRevenueBondsSeries2019Member2019-05-310001163302us-gaap:DebtInstrumentRedemptionPeriodOneMemberx:DebtInstrumentRedemptionCondition1Memberx:BigRiverSteelEnvironmentalRevenueBondsSeries2019Member2019-05-312019-05-310001163302x:DebtInstrumentRedemptionCondition1Memberx:BigRiverSteelEnvironmentalRevenueBondsSeries2019Memberus-gaap:DebtInstrumentRedemptionPeriodTwoMember2019-05-312019-05-310001163302x:DebtInstrumentRedemptionCondition1Memberus-gaap:DebtInstrumentRedemptionPeriodThreeMemberx:BigRiverSteelEnvironmentalRevenueBondsSeries2019Member2019-05-312019-05-310001163302us-gaap:DebtInstrumentRedemptionPeriodFourMemberx:DebtInstrumentRedemptionCondition1Memberx:BigRiverSteelEnvironmentalRevenueBondsSeries2019Member2019-05-312019-05-310001163302us-gaap:DebtInstrumentRedemptionPeriodOneMemberx:BigRiverSteelEnvironmentalRevenueBondsSeries2019Memberx:DebtInstrumentRedemptionCondition2Member2019-05-312019-05-310001163302x:BigRiverSteelEnvironmentalRevenueBondsSeries2020Member2020-09-100001163302x:BigRiverSteelLLCMemberx:BigRiverSteelEnvironmentalRevenueBondsSeries2020Member2020-09-100001163302us-gaap:DebtInstrumentRedemptionPeriodOneMemberx:DebtInstrumentRedemptionCondition1Memberx:BigRiverSteelEnvironmentalRevenueBondsSeries2020Member2020-09-102020-09-100001163302x:DebtInstrumentRedemptionCondition1Memberus-gaap:DebtInstrumentRedemptionPeriodTwoMemberx:BigRiverSteelEnvironmentalRevenueBondsSeries2020Member2020-09-102020-09-100001163302x:DebtInstrumentRedemptionCondition1Memberus-gaap:DebtInstrumentRedemptionPeriodThreeMemberx:BigRiverSteelEnvironmentalRevenueBondsSeries2020Member2020-09-102020-09-100001163302us-gaap:DebtInstrumentRedemptionPeriodFourMemberx:DebtInstrumentRedemptionCondition1Memberx:BigRiverSteelEnvironmentalRevenueBondsSeries2020Member2020-09-102020-09-100001163302x:BigRiverSteelEnvironmentalRevenueBondsSeries2020Member2020-09-102020-09-10x:agreement0001163302x:ArkansasTeacherRetirementSystemNotesPayableMember2019-12-310001163302x:ArkansasTeacherRetirementSystemNotesPayableMembersrt:MinimumMember2019-12-310001163302srt:MaximumMemberx:ArkansasTeacherRetirementSystemNotesPayableMember2019-12-310001163302x:BigRiverSteelABLFacilityMemberus-gaap:RevolvingCreditFacilityMember2017-08-230001163302x:BigRiverSteelABLFacilityMemberus-gaap:RevolvingCreditFacilityMember2021-06-300001163302x:CovenantRequirementMemberx:FifthAmendedandRestatedCreditAgreementMember2021-06-300001163302us-gaap:RevolvingCreditFacilityMemberx:UsSteelKosiceRevolverMember2021-06-300001163302us-gaap:RevolvingCreditFacilityMemberx:UsSteelKosiceCreditFacilityMember2021-06-300001163302us-gaap:RevolvingCreditFacilityMemberx:USSK20MillionUnsecuredCreditFacilityMember2021-06-300001163302x:UsSteelKosiceTenMillionCreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2021-06-300001163302x:BigRiverSteelMember2019-10-310001163302x:BigRiverSteelMember2019-10-312019-10-310001163302x:BigRiverSteelMember2020-12-080001163302x:StelcoMemberx:MinntacMineMember2020-04-300001163302x:StelcoMemberx:MinntacMineMember2020-04-302020-04-30x:installment0001163302us-gaap:EstimateOfFairValueFairValueDisclosureMember2021-06-300001163302us-gaap:CarryingReportedAmountFairValueDisclosureMember2021-06-300001163302us-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310001163302us-gaap:CarryingReportedAmountFairValueDisclosureMember2020-12-310001163302us-gaap:RetainedEarningsMember2020-12-310001163302us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001163302us-gaap:CommonStockMember2020-12-310001163302us-gaap:TreasuryStockMember2020-12-310001163302us-gaap:AdditionalPaidInCapitalMember2020-12-310001163302us-gaap:NoncontrollingInterestMember2020-12-310001163302us-gaap:RetainedEarningsMember2021-01-012021-03-310001163302us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310001163302us-gaap:CommonStockMember2021-01-012021-03-310001163302us-gaap:TreasuryStockMember2021-01-012021-03-310001163302us-gaap:AdditionalPaidInCapitalMember2021-01-012021-03-3100011633022021-03-310001163302us-gaap:RetainedEarningsMember2021-03-310001163302us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310001163302us-gaap:CommonStockMember2021-03-310001163302us-gaap:TreasuryStockMember2021-03-310001163302us-gaap:AdditionalPaidInCapitalMember2021-03-310001163302us-gaap:NoncontrollingInterestMember2021-03-310001163302us-gaap:RetainedEarningsMember2021-04-012021-06-300001163302us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300001163302us-gaap:CommonStockMember2021-04-012021-06-300001163302us-gaap:TreasuryStockMember2021-04-012021-06-300001163302us-gaap:AdditionalPaidInCapitalMember2021-04-012021-06-300001163302us-gaap:NoncontrollingInterestMember2021-04-012021-06-300001163302us-gaap:RetainedEarningsMember2021-06-300001163302us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300001163302us-gaap:CommonStockMember2021-06-300001163302us-gaap:TreasuryStockMember2021-06-300001163302us-gaap:AdditionalPaidInCapitalMember2021-06-300001163302us-gaap:NoncontrollingInterestMember2021-06-300001163302us-gaap:RetainedEarningsMember2019-12-310001163302us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310001163302us-gaap:CommonStockMember2019-12-310001163302us-gaap:TreasuryStockMember2019-12-310001163302us-gaap:AdditionalPaidInCapitalMember2019-12-310001163302us-gaap:NoncontrollingInterestMember2019-12-310001163302us-gaap:RetainedEarningsMember2020-01-012020-03-310001163302us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-03-310001163302us-gaap:CommonStockMember2020-01-012020-03-310001163302us-gaap:TreasuryStockMember2020-01-012020-03-310001163302us-gaap:AdditionalPaidInCapitalMember2020-01-012020-03-3100011633022020-03-310001163302us-gaap:RetainedEarningsMember2020-03-310001163302us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-03-310001163302us-gaap:CommonStockMember2020-03-310001163302us-gaap:TreasuryStockMember2020-03-310001163302us-gaap:AdditionalPaidInCapitalMember2020-03-310001163302us-gaap:NoncontrollingInterestMember2020-03-310001163302us-gaap:RetainedEarningsMember2020-04-012020-06-300001163302us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-04-012020-06-300001163302us-gaap:CommonStockMember2020-04-012020-06-300001163302us-gaap:TreasuryStockMember2020-04-012020-06-300001163302us-gaap:AdditionalPaidInCapitalMember2020-04-012020-06-300001163302us-gaap:NoncontrollingInterestMember2020-04-012020-06-300001163302us-gaap:RetainedEarningsMember2020-06-300001163302us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-06-300001163302us-gaap:CommonStockMember2020-06-300001163302us-gaap:TreasuryStockMember2020-06-300001163302us-gaap:AdditionalPaidInCapitalMember2020-06-300001163302us-gaap:NoncontrollingInterestMember2020-06-300001163302us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-12-310001163302us-gaap:AccumulatedTranslationAdjustmentMember2020-12-310001163302us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2020-12-310001163302us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-01-012021-06-300001163302us-gaap:AccumulatedTranslationAdjustmentMember2021-01-012021-06-300001163302us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2021-01-012021-06-300001163302us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-06-300001163302us-gaap:AccumulatedTranslationAdjustmentMember2021-06-300001163302us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2021-06-300001163302us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-12-310001163302us-gaap:AccumulatedTranslationAdjustmentMember2019-12-310001163302us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2019-12-310001163302us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-01-012020-06-300001163302us-gaap:AccumulatedTranslationAdjustmentMember2020-01-012020-06-300001163302us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2020-01-012020-06-300001163302us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-06-300001163302us-gaap:AccumulatedTranslationAdjustmentMember2020-06-300001163302us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2020-06-300001163302us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-04-012021-06-300001163302us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-04-012020-06-300001163302us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-01-012021-06-300001163302us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-01-012020-06-300001163302us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2021-04-012021-06-300001163302us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2020-04-012020-06-300001163302us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2021-01-012021-06-300001163302us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2020-01-012020-06-300001163302us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300001163302us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2020-04-012020-06-300001163302us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-01-012021-06-300001163302us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2020-01-012020-06-300001163302x:ProTecCoatingCompanyMember2021-06-300001163302x:ProTecCoatingCompanyMember2020-12-310001163302x:OtherEquityInvesteesMember2021-06-300001163302x:OtherEquityInvesteesMember2020-12-310001163302x:OutsideProcessingServicesMember2021-04-012021-06-300001163302x:OutsideProcessingServicesMember2020-04-012020-06-300001163302x:OutsideProcessingServicesMember2021-01-012021-06-300001163302x:OutsideProcessingServicesMember2020-01-012020-06-300001163302x:TaconitePelletsMember2021-04-012021-06-300001163302x:TaconitePelletsMember2020-04-012020-06-300001163302x:TaconitePelletsMember2021-01-012021-06-300001163302x:TaconitePelletsMember2020-01-012020-06-300001163302x:GreatLakesWorksRestructuringMember2021-04-012021-06-300001163302x:EnvironmentalAndOtherChargesMember2021-04-012021-06-300001163302x:BusinessExitAndEmployeeSeveranceMember2021-04-012021-06-300001163302x:GreatLakesWorksRestructuringMember2021-01-012021-06-300001163302x:EnvironmentalAndOtherChargesMember2021-01-012021-06-300001163302x:BusinessExitAndEmployeeSeveranceMember2021-01-012021-06-300001163302x:IdlingOfKeetacMiningOperationsAndPortionOfGreatLakeWorksMember2020-04-012020-06-300001163302us-gaap:OtherRestructuringMember2020-04-012020-06-300001163302us-gaap:SpecialTerminationBenefitsMember2020-04-012020-06-300001163302x:ReductionsUnderVoluntaryEarlyRetirementProgramVERPMember2020-04-012020-06-300001163302x:IdlingOfKeetacMiningOperationsAndPortionOfGreatLakeWorksMember2020-01-012020-06-300001163302x:IdlingOfLorainTubularOperationsAndLoneStarTubularOperationsMember2020-01-012020-06-300001163302us-gaap:SpecialTerminationBenefitsMember2020-01-012020-06-300001163302x:ReductionsUnderVoluntaryEarlyRetirementProgramVERPMember2020-01-012020-06-300001163302x:BusinessExitAndEmployeeSeveranceMember2020-01-012020-06-300001163302us-gaap:EmployeeSeveranceMember2020-12-310001163302us-gaap:FacilityClosingMember2020-12-310001163302x:NonCashChargesMember2020-12-310001163302us-gaap:EmployeeSeveranceMember2021-01-012021-06-300001163302us-gaap:FacilityClosingMember2021-01-012021-06-300001163302x:NonCashChargesMember2021-01-012021-06-300001163302us-gaap:EmployeeSeveranceMember2021-06-300001163302us-gaap:FacilityClosingMember2021-06-300001163302x:NonCashChargesMember2021-06-300001163302us-gaap:AccountsPayableMember2021-06-300001163302us-gaap:AccountsPayableMember2020-12-310001163302x:PayrollandBenefitsPayableMember2021-06-300001163302x:PayrollandBenefitsPayableMember2020-12-310001163302x:LiabilityPensionandOtherPostretirementandPostemploymentBenefitsNoncurrentMember2021-06-300001163302x:LiabilityPensionandOtherPostretirementandPostemploymentBenefitsNoncurrentMember2020-12-310001163302x:OtherNoncurrentLiabilitiesAndDeferredCreditsMember2021-06-300001163302x:OtherNoncurrentLiabilitiesAndDeferredCreditsMember2020-12-31x:LegalMatter0001163302us-gaap:AsbestosIssueMember2021-06-30x:Plaintiff0001163302us-gaap:AsbestosIssueMember2021-01-012021-06-300001163302us-gaap:AsbestosIssueMember2020-12-310001163302us-gaap:AsbestosIssueMember2020-01-012020-12-31x:Claim_Group0001163302us-gaap:AsbestosIssueMember2017-12-310001163302us-gaap:AsbestosIssueMember2018-01-012018-12-310001163302us-gaap:AsbestosIssueMember2018-12-310001163302us-gaap:AsbestosIssueMember2019-01-012019-12-310001163302us-gaap:AsbestosIssueMember2019-12-310001163302us-gaap:AccountsPayableMember2021-06-300001163302us-gaap:AccountsPayableMember2020-12-310001163302x:OtherNoncurrentLiabilitiesAndDeferredCreditsMember2021-06-300001163302x:OtherNoncurrentLiabilitiesAndDeferredCreditsMember2020-12-310001163302srt:MinimumMember2021-01-012021-06-300001163302srt:MaximumMember2021-01-012021-06-30x:Project0001163302x:ProjectsWithOngoingStudyAndScopeDevelopmentMember2021-06-300001163302x:ProjectsWithOngoingStudyAndScopeDevelopmentMembersrt:MinimumMember2021-01-012021-06-300001163302srt:MaximumMemberx:ProjectsWithOngoingStudyAndScopeDevelopmentMember2021-01-012021-06-300001163302x:SignificantProjectswithDefinedScopeMember2021-06-300001163302x:SignificantProjectswithDefinedScopeMembersrt:MinimumMember2021-06-300001163302x:GaryWorksProjectWithDefinedScopeMember2021-06-300001163302x:GenevaProjectWithDefinedScopeMember2021-06-300001163302x:OtherEnvironmentalRemediationProjectsMember2021-06-300001163302x:OtherEnvironmentalRemediationProjectsMembersrt:MinimumMember2021-06-300001163302srt:MaximumMemberx:OtherEnvironmentalRemediationProjectsMember2021-06-300001163302srt:MaximumMemberx:EnvironmentalRemediationProjectsLessThanOneMillionMember2021-06-300001163302x:EnvironmentalRemediationProjectsLessThanOneMillionMember2021-06-30x:Allowances0001163302us-gaap:SuretyBondMember2021-06-300001163302x:PublicOfferingMember2021-02-012021-02-280001163302x:PublicOfferingMember2020-06-222020-06-220001163302us-gaap:SubsequentEventMemberx:FifthAmendedandRestatedCreditAgreementMember2021-07-23

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended June 30, 2021
Or
  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     

Commission file number 1-16811
X-20210630_G1.JPG
United States Steel Corporation
(Exact name of registrant as specified in its charter)
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)
(412) 433-1121
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
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
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company”, and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer
x
Accelerated filer
o
Non-accelerated filer
o
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No x
Common stock outstanding at July 26, 2021 – 270,128,597 shares



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


CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This report contains information that may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend the forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in those sections. Generally, we have identified such forward-looking statements by using the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “target,” “forecast,” “aim,” “should,” “will,” "may" and similar expressions or by using future dates in connection with any discussion of, among other things, operating performance, trends, events or developments that we expect or anticipate will occur in the future, statements relating to volume changes, share of sales and earnings per share changes, anticipated cost savings, potential capital and operational cash improvements, anticipated disruptions to our operations and industry due to the COVID-19 pandemic, changes in global supply and demand conditions and prices for our products, international trade duties and other aspects of international trade policy, the integration of Big River Steel in our existing business, business strategies related to the combined business and statements expressing general views about future operating results. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. Forward-looking statements are not historical facts, but instead represent only the Company’s beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of the Company’s control. It is possible that the Company’s actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Management believes that these forward-looking statements are reasonable as of the time made. However, caution should be taken not to place undue reliance on any such forward-looking statements because such statements speak only as of the date when made. Our Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our Company's historical experience and our present expectations or projections. These risks and uncertainties include, but are not limited to, the risks and uncertainties described in this report and in “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020 and those described from time to time in our future reports filed with the Securities and Exchange Commission.

References in this Quarterly Report on Form 10-Q to (i) "U. S. Steel," "the Company," "we," "us," and "our" refer to United States Steel Corporation and its consolidated subsidiaries unless otherwise indicated by the context, and (ii) “Big River Steel” refer to Big River Steel Holdings LLC and its direct and indirect subsidiaries unless otherwise indicated by the context.





UNITED STATES STEEL CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
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)
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  22 
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)
The accompanying notes are an integral part of these condensed consolidated financial statements.
-1-


UNITED STATES STEEL CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
Three Months Ended 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)
The accompanying notes are an integral part of these condensed consolidated financial statements.
-2-


UNITED STATES STEEL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET
(Unaudited)
(Dollars in millions) 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 
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 
The accompanying notes are an integral part of these condensed consolidated financial statements.
-3-


UNITED STATES STEEL CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
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 
Proceeds from sale of ownership interests in equity investees  
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 accompanying notes are an integral part of these condensed consolidated financial statements.
-4-


Notes to Condensed Consolidated Financial Statements (Unaudited)
1.     Basis of Presentation and Significant Accounting Policies
The year-end Consolidated Balance Sheet data was derived from audited statements but does not include all disclosures required for complete financial statements by accounting principles generally accepted in the United States of America (U.S. GAAP). The other information in these condensed financial statements is unaudited but, in the opinion of management, reflects all adjustments necessary for a fair statement of the results for the periods covered, including assessment of certain accounting matters using all available information including consideration of forecasted financial information in context with other information reasonably available to us. However, our future assessment of our current expectations, including consideration of the unknown future impacts of the COVID-19 pandemic, could result in material impacts to our consolidated financial statements in future reporting periods. All such adjustments are of a normal recurring nature unless disclosed otherwise. These condensed financial statements, including notes, have been prepared in accordance with the applicable rules of the Securities and Exchange Commission and do not include all of the information and disclosures required by U.S. GAAP for complete financial statements. Additional information is contained in the United States Steel Corporation Annual Report on Form 10-K for the fiscal year ended December 31, 2020, which should be read in conjunction with these condensed financial statements.
Asset Impairment
In May 2019, U. S. Steel announced that it planned to construct a new endless casting and rolling facility at its Edgar Thomson Plant in Braddock, Pennsylvania, and a cogeneration facility at its Clairton Plant in Clairton, Pennsylvania, both part of the Company's Mon Valley Works. The Company purchased certain equipment for this project before delaying groundbreaking in March 2020 in response to COVID-19. In April 2021, the Company determined not to pursue this project and is re-evaluating uses for the already purchased equipment. An impairment of $28 million was recognized for this project during the three-month period ended June 30, 2021.

There were no triggering events that required an impairment evaluation of our long-lived asset groups as of June 30, 2021.
2.    New Accounting Standards
In August 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (ASU 2020-06). ASU 2020-06 simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. ASU 2020-06 requires entities to provide expanded disclosures about the terms and features of convertible instruments and amends certain guidance in ASC 260 on the computation of EPS for convertible instruments and contracts on an entity’s own equity. ASU 2020-06 is effective for public companies for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years, with early adoption of all amendments in the same period permitted. The Company is continuing to assess the impact of adoption of the ASU.
3.    Recently Adopted Accounting Standards
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.
4.    Segment Information
U. S. Steel has four reportable segments: North American Flat-Rolled (Flat-Rolled), Mini Mill, U. S. Steel Europe (USSE); and Tubular Products (Tubular). The Mini Mill segment reflects the acquisition of Big River Steel after the purchase of the remaining equity interest on January 15, 2021. See Note 5 for further details. 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.
-5-


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  404  —  (26)
Tubular 182  185  (47)
Total reportable segments 2,082  46  2,128  (14) (402)
Other 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  910  —  (40)
Tubular 437  443  (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)
-6-



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    
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.
5.    Acquisitions and Disposition

Transtar Disposition
On July 28, 2021, U. S. Steel sold 100 percent of the equity interests in its wholly-owned short-line railroad, Transtar, LLC (Transtar) to an affiliate of Fortress Transportation and Infrastructure Investors, LLC for a cash purchase price of $640 million subject to certain customary adjustments as set forth in the Membership Interest Purchase Agreement. In connection with the closing of the transaction, the Company entered into certain ancillary agreements including a railway services agreement, providing for continued rail services for its Gary and Mon Valley Works facilities, and a transition services agreement. Because Transtar does not represent a significant component of U. S. Steel's business and does not constitute a reportable business segment, its results are reported in the Other category. See Note 4 for further details. The assets and liabilities that are included in the transaction are reported as assets held for sale and liabilities held for sale in the Condensed Consolidated Balance Sheet as of June 30, 2021. Assets held for sale consist primarily of property, plant and equipment and receivables of $129 million and $10 million, respectively. Liabilities held for sale primarily consist of accounts payable and employee benefits of $33 million and $28 million, respectively.

Big River Steel Acquisition
On January 15, 2021, U. S. Steel purchased the remaining equity interest in Big River Steel for approximately $625 million in cash net of $36 million and $62 million in cash and restricted cash received, respectively, and the assumption of liabilities of approximately $50 million. There were acquisition related costs of approximately $9 million during the six months ended June 30, 2021.

Prior to the closing of the acquisition on January 15, 2021, U. S. Steel accounted for its 49.9% equity interest in Big River Steel under the equity method as control and risk of loss were shared among the partnership members. Using step
-7-


acquisition accounting the Company increased the value of its previously held equity investment to its fair value of $770 million which resulted in a gain of approximately $111 million. The gain was recorded in gain on equity investee transactions in the Condensed Consolidated Statement of Operations.

The acquisition has been accounted for in accordance with ASC 805, Business combinations. There were step-ups to fair value of approximately $308 million, $194 million and $24 million for property, plant and equipment, debt and inventory, respectively. An intangible asset for customer relationships and goodwill of approximately $413 million and $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.

The value of Big River Steel was determined using Level 3 valuation techniques. Level 3 valuation techniques include inputs to the valuation methodology that are considered unobservable and significant to the fair value measurement. A significant factor in determining the equity value was the discounted forecasted cash flows of Big River Steel. Forecasted cash flows are primarily impacted by the forecasted market price of steel and metallic inputs as well as the expected timing of significant capital expenditures. The model utilized a risk adjusted discount rate of 11.0% and a terminal growth rate of 2%.

The following table presents the preliminary allocation of the aggregate purchase price based on estimated fair values:

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

U. S. Steel is continuing to conform accounting policies and procedures and evaluate assets and liabilities assumed. During the one-year measurement period, we will continue to obtain information to assist in finalizing the fair value of assets acquired and liabilities assumed, which may differ materially from these preliminary estimates. The final purchase price allocation may include changes in allocations to intangible assets, such as customer relationships, as well as
-8-


goodwill, changes to the fair value of long-term debt and other changes to assets and liabilities. We will apply any material adjustments in the reporting period in which the adjustments are determined.

The following unaudited pro forma information for U. S. Steel includes the results of the Big River Steel acquisition as if it had been consummated on January 1, 2020. The unaudited pro forma information is based on historical information and is adjusted for amortization of the intangible asset, property, plant and equipment and debt fair value step-ups discussed above. Non-recurring acquisition related items included in the 2020 period include $111 million for the gain on previously held equity investment, $9 million in acquisition related costs and $24 million in inventory step-up amortization related to the purchase of the remaining interest in Big River Steel. In addition, costs for non-recurring retention bonuses of $44 million that occurred in January 2021 prior to the purchase of the remaining equity interest are included in the 2020 period. The pro forma information does not include any anticipated cost savings or other effects of the integration of Big River Steel. Accordingly, the unaudited pro forma information does not necessarily reflect the actual results that would have occurred, nor is it necessarily indicative of future results of operations. Pro forma adjustments were not tax-effected in 2020 as U. S. Steel had a full valuation allowance on its domestic deferred tax assets.

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
On February 29, 2020, U. S. Steel purchased the remaining equity interest in USS-POSCO Industries (UPI) that it did not already own, now known as USS-UPI, LLC, from its joint venture partner for $3 million, net of cash received of $2 million. There was an assumption of accounts payable owed to U. S. Steel for prior sales of steel substrate of $135 million associated with the purchase that is reflected as a reduction in receivables from related parties on the Company's Condensed Consolidated Balance Sheet.
Using step acquisition accounting the Company increased the value of its previously held equity investment to its fair value of $5 million which resulted in a gain of approximately $25 million. The gain was recorded in gain on equity investee transactions in the Condensed Consolidated Statement of Operations.
Receivables of $44 million, inventories of $96 million, accounts payable and accrued liabilities of $19 million, current portion of long-term debt of $55 million and payroll and employee benefits liabilities of $78 million were recorded with the acquisition. Property, plant and equipment of $97 million which included a fair value step-up of $47 million and an intangible asset of $54 million were also recorded on the Company's Condensed Consolidated Balance Sheet. The intangible asset, which will be amortized over ten years, arises from a land lease contract, under which a certain portion of payment owed to UPI is realized in the form of deductions from electricity costs.
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 and six months ended June 30, 2021 and 2020, respectively:

-9-


Net Sales by Product (In millions):
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  $ $ —  $ —  $ 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  202 
Total $ 1,497  $ 403  $ 182  $ $ 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  $ $ —  $ —  $ 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  23  372 
Total $ 3,471  $ 908  $ 437  $ 23  $ 4,839 
(a) Consists primarily of sales of raw materials and coke making by-products.
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:
-10-


(In millions) June 30, 2021 June 30, 2020
Cash and cash equivalents $ 1,329  $ 2,300 
Restricted cash in other current assets 47 
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 

Amounts included in restricted cash represent cash balances which are legally or contractually restricted, primarily for electric arc furnace construction, environmental and other capital projects, collateral for open cash flow hedge positions and insurance purposes.
8.    Inventories
The LIFO method is the predominant method of inventory costing for our Flat-Rolled and Tubular segments. The FIFO and moving average methods are the predominant inventory costing methods for our Mini Mill segment and the FIFO method is the predominant inventory costing method for our USSE segment. At 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.
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 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  10 
Energy Contract
10 Years
54  7  47  54  —  49 
Other
4-20 Years
      14  — 
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:
-11-


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 
10.    Pensions and Other Benefits
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  $
Interest cost 41  48  12  16 
Expected return on plan assets (89) (84) (20) (20)
Amortization of prior service credit 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     
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  $
Interest cost 81  96  24  32 
Expected return on plan assets (178) (165) (40) (40)
Amortization of prior service cost 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, U. S. Steel made cash payments of $37 million to the Steelworkers’ Pension Trust and $2 million of pension payments not funded by trusts.
During the first six months of 2021, cash payments of $18 million were made for other postretirement benefit payments not funded by trusts.
-12-


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
In connection with the Transtar sale, U. S. Steel remeasured its main pension benefit plan as of June 30, 2021. As a result of the remeasurement, the net pension obligation was reduced by $255 million and the funded status level of plan increased to 103 percent.

11.    Stock-Based Compensation Plans

U. S. Steel has outstanding stock-based compensation awards that were granted by the Compensation & Organization Committee of the Board of Directors (Committee), or its designee, under the 2005 Stock Incentive Plan (2005 Plan) and the 2016 Omnibus Incentive Compensation Plan, as amended and restated (Omnibus Plan). The Company's stockholders approved the Omnibus Plan and authorized the Company to issue up to 32,700,000 shares of U. S. Steel common stock under the Omnibus Plan. While the awards that were previously granted under the 2005 Plan remain outstanding, all future awards will be granted under the Omnibus Plan. As of June 30, 2021, there were 16,428,281 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 six months of 2021 and 2020.
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.

U. S. Steel recognized pretax stock-based compensation expense in the amount of $15 million and $9 million in the three-month periods ended June 30, 2021 and 2020, respectively and $26 million and $13 million in the first six months of 2021 and 2020 respectively.

As of June 30, 2021, total future compensation expense related to nonvested stock-based compensation arrangements was $48 million, and the weighted average period over which this expense is expected to be recognized is approximately 17 months.

Restricted stock units awarded as part of annual grants generally vest ratably over three years. Their fair value is the market price of the underlying common stock on the date of grant. Restricted stock units granted in connection with new-hire or retention grants generally cliff vest three years from the date of the grant.

TSR performance awards may vest at varying levels at the end of a three-year performance period if U. S. Steel's total stockholder return compared to the total stockholder return of a peer group of companies meets specified performance criteria with each year in the three-year performance period weighted at 20 percent and the full three-year performance weighted at 40 percent. TSR performance awards can vest at between zero and 200 percent of the target award. The fair value of the TSR performance awards is calculated using a Monte Carlo simulation.

ROCE performance awards may vest at the end of a three-year performance period contingent upon meeting the specified ROCE performance metric. ROCE performance awards can vest between zero and 200 percent of the target award. The fair value of the ROCE performance awards is the average market price of the underlying common stock on the date of grant.

-13-


12.    Income Taxes
Tax benefit
For the six months ended June 30, 2021 and 2020, the Company recorded a tax benefit of $36 million and $24 million, respectively. The tax benefit for the first six months of 2021 was based on an estimated annual effective rate, which requires management to make its best estimate of annual pretax income or loss and discrete items recognized during the period.

The tax benefit for the six months ended June 30, 2021 includes a benefit of $262 million for the release of the domestic valuation allowance recorded against domestic deferred tax assets that are more likely than not to be realized. During the second quarter of 2021, the Company evaluated all available positive and negative evidence, including the impact of profitability generated from current year operations and future projections of profitability. As a result, the Company determined that all of its domestic deferred tax assets were more likely than not to be realized with the exception of certain of its state net operating losses and state tax credits and reversed the valuation allowance against those deferred tax assets accordingly.

The tax benefit for the six months ended June 30, 2020 includes a $14 million benefit related to recording a loss from continuing operations and income from other comprehensive income categories.

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 2021 pretax results for U.S. and foreign income or loss vary from estimates applied herein, the actual tax provision or benefit recognized in 2021 could be materially different from the forecasted amount used to estimate the tax benefit for the six months ended June 30, 2021.
13.    Earnings and Dividends Per Common Share
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 dividend for each of the first and second quarters of 2021 and 2020 was one cent per common share.
14.    Derivative Instruments
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).

-14-


The Flat-Rolled and USSE segments also use financial swaps to protect from the commodity price risk associated with purchases of natural gas, zinc, tin and electricity (commodity purchase swaps). We elected cash flow hedge accounting for Flat-Rolled commodity purchase swaps for natural gas, zinc and tin and use mark-to-market accounting for electricity swaps used in our domestic operations and for commodity purchase swaps used in our European operations. The maximum derivative contract duration for commodity purchase swaps where hedge accounting was elected and was not elected is six months and 30 months, respectively.

The Flat-Rolled and Mini Mill segments have entered into financial swaps that are used to partially manage the sales price risk of certain hot-rolled coil sales (sales swaps). The Flat-Rolled segment uses hedge accounting for its sales swaps and the Mini Mill segment uses mark-to-market accounting for its sales swaps. Sales swaps have maturities of up to six months.
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 

There were $34 million and $5 million in accounts receivable and $151 million and $54 million in accounts payable recorded for derivatives designated as hedging instruments as of June 30, 2021 and December 31, 2020, respectively. Amounts recorded in long-term asset and long-term liability accounts for derivatives were not material as of June 30, 2021 and December 31, 2020. Accounts payable recorded in the Condensed Consolidated Balance sheet for derivatives not designated as hedging instruments was $14 million as of June 30, 2021 and was immaterial as of December 31, 2020.

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.
-15-


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  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.


At current contract values, $31 million currently in AOCI as of June 30, 2021 will be recognized as a decrease in cost of sales over the next year and $149 million currently in AOCI as of June 30, 2021 will be recognized as a decrease in net sales over the next year.
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.
15.    Debt
(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 

Senior Secured Notes, Senior Notes and Export-Import Credit Agreement Repayments
The following debt repayments were made by U. S. Steel during the six-month period ended June 30, 2021:
-16-


All of the remaining outstanding principal of approximately $180 million under the Export-Import Credit Agreement was repaid. There were approximately $3 million in non-cash debt extinguishment costs associated with the repayment. The Export-Import Credit Agreement and related security interests were terminated in conjunction with the payment in full. No early termination penalties applied with respect to the prepayment.
The full optional redemption of the outstanding 12.000% Senior Secured Notes due 2025 for an aggregate principal amount of approximately $1.056 billion was completed. There were redemption premiums and unamortized discount and debt issuance write-offs of approximately $181 million and $71 million, respectively related to the repayment.
Open market repurchases were made of approximately $50 million and $32 million of aggregate principal on the 6.250% Senior Notes due 2026 and its 6.875% Senior Notes due 2025, respectively.

2025 Senior Notes
On June 17, 2021, U. S. Steel issued an irrevocable notice of redemption to redeem the entirety of its approximately $718 million aggregate principal amount of outstanding 6.875% Senior Notes due 2025 (2025 Senior Notes). The Company expects the total payment to the holders including the redemption premium to be approximately $730 million (reflecting a redemption price of 101.719% of the aggregate principal amount), plus accrued and unpaid interest to, but excluding, the redemption date of August 15, 2021. The 2025 Senior Notes will be redeemed with cash on hand. The 2025 Senior Notes are reflected in short-term debt and current maturities of long-term debt on the Condensed Consolidated Balance Sheet as of June 30, 2021.

2029 Senior Notes
On February 11, 2021, U. S. Steel issued $750 million aggregate principal amount of 6.875% Senior Notes due 2029 (2029 Senior Notes). U. S. Steel received net proceeds of approximately $739 million after fees of approximately $11 million related to underwriting and third-party expenses. The net proceeds from the issuance of the 2029 Senior Notes, together with the proceeds of our recent common stock issuance were used to redeem all of our outstanding 2025 Senior Secured Notes as discussed above. See Note 22 for further details regarding our recent common stock issuance. The 2029 Senior Notes will pay interest semi-annually in arrears on March 1 and September 1 of each year beginning on September 1, 2021, and will mature on March 1, 2029, unless earlier redeemed or repurchased.

On and after March 1, 2024, the Company may redeem the 2029 Senior Notes at its option, at any time in whole or from time to time in part, upon not less than 15 nor more than 60 days’ notice, at the redemption prices (expressed in percentages of principal amount) listed below, plus accrued and unpaid interest on the 2029 Senior Notes, if any, to, but excluding, the applicable redemption date, if redeemed during the twelve-month period beginning on March 1 of each of the years indicated below.

Year Redemption Price
2024 103.438  %
2025 101.719  %
2026 and thereafter 100.000  %

At any time prior to March 1, 2024, U. S. Steel may also redeem the 2029 Senior Notes, 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 2029 Senior Notes to be redeemed, or the sum of the present value of the redemption price of the 2029 Senior Notes if they were redeemed on March 1, 2024 plus interest payments due through March 1, 2024 discounted to the date of redemption on a semi-annual basis at the applicable treasury yield, plus 50 basis points and accrued and unpaid interest, if any.

At any time prior to March 1, 2024 we may also purchase up to 35% of the original aggregate principal amount of the 2029 Senior Notes at 106.875%, plus accrued and unpaid interest, if any, up to, but excluding the applicable date of redemption, with proceeds from equity offerings.

Similar to our other senior notes, the indenture governing the 2029 Senior Notes restricts our ability to create certain liens, to enter into sale leaseback transactions and to consolidate, merge, transfer or sell all, or substantially all of our assets. It also contains provisions requiring that U. S. Steel make an offer to purchase the 2029 Senior Notes from holders upon a change of control under certain specified circumstances, as well as other customary provisions.

2029 Senior Secured Notes
On September 18, 2020, Big River Steel's indirect subsidiaries, Big River Steel LLC and BRS Finance Corp. (Issuers), issued $900 million in aggregate principal amount of 6.625% Senior Secured Notes (Green Bonds) (2029 Senior Secured Notes). The 2029 Senior Secured Notes pay interest semi-annually in arrears on January 31 and July 31 of each year and will mature on January 31, 2029, unless earlier redeemed or repurchased.

-17-


On and after September 15, 2023, Big River Steel LLC may redeem the 2029 Senior Secured Notes 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 Notes, if any, to, but excluding, the applicable redemption date, if redeemed during the twelve-month period beginning on September 15 of each of the years indicated below.

Year Redemption Price
2023 103.313  %
2024 101.656  %
2025 and thereafter 100.000  %

The obligations under the 2029 Senior Secured Notes are fully and unconditionally guaranteed, jointly and severally, on a secured basis by the Issuers’ parent company, BRS Intermediate Holdings LLC (BRS Intermediate), which is a direct subsidiary of Big River Steel, and by all future direct and indirect wholly owned domestic subsidiaries of the Issuers. Additionally, the 2029 Senior Secured Notes and related guarantees are secured by (i) first priority liens on most of the tangible and intangible assets of the Issuers and the guarantors and all of the equity interests of the Issuers held by BRS Intermediate (shared in equal priority with each other pari passu lien secured party) (ii) and second priority liens on accounts receivable, inventory and certain other related assets of the Issuers and the guarantors (shared in equal priority with each other pari passu lien secured party).

If the Issuers or BRS Intermediate experience specified change in control events, the Issuers must make an offer to purchase the 2029 Senior Secured Notes. If the Issuers sell assets under specified circumstances, the Issuers must make an offer to purchase the 2029 Senior Secured Notes at a price equal to 100% of the aggregate principal amount plus accrued and unpaid interest. The Indenture also limits the ability of the Issuers and their restricted subsidiaries to: incur or guarantee additional indebtedness; pay dividends and make other restricted payments; make investments; consummate certain asset sales; engage in transactions with affiliates; grant or assume liens; and consolidate, merge or transfer all or substantially all of their assets. The Indenture also includes other customary events of default.

Big River Steel Environmental Revenue Bonds - Series 2019
On May 31, 2019, Arkansas Development Finance Authority (ADFA) issued $487 million of tax-exempt bonds and loaned 100% of the proceeds to Big River Steel LLC under a bond financing agreement to finance the expansion of Big River Steel's electric arc furnace steel mill and fund the issuance cost of the bonds (2019 ADFA Bonds). The 2019 ADFA Bonds accrue interest at the rate of 4.50% per annum payable semiannually on March 1 and September 1 of each year with a final maturity of September 1, 2049.

The 2019 ADFA Bonds are subject to optional redemption during the periods and at the redemption prices shown below plus, in each case, accrued interest.

Year Redemption Price
September 1, 2026 to August 31, 2027 103  %
September 1, 2027 to August 31, 2028 102  %
September 1, 2028 to August 31, 2029 101  %
On and after September 1, 2029 100  %
Prior to September 1, 2026, the 2019 ADFA Bonds are not redeemable.

The 2019 ADFA Bonds are fully and unconditionally guaranteed, jointly and severally, on a senior secured basis by first priority liens on most of the tangible and intangible assets and second priority liens on accounts receivable, inventory and certain other related assets of BRS Intermediate and by all future direct and indirect wholly owned domestic subsidiaries of the Issuers.

The 2019 ADFA Bonds are subject to certain mandatory sinking fund redemption provisions beginning in 2040, as well as extraordinary mandatory redemption, at a redemption price equal to 100% of the principal amount thereof plus accrued interest to the date fixed for redemption, from surplus funds at the earlier of the completion of the tax-exempt project or expiration of a certain period for construction financings, and upon an event of taxability. The 2019 ADFA Bonds are subject to substantially similar asset sale offer and change of control offer provisions, affirmative and negative covenants, events of default and remedies as the Indenture governing the 2029 Senior Secured Notes.

Big River Steel Environmental Revenue Bonds - Series 2020
On September 10, 2020, ADFA issued $265 million of tax-exempt bonds with a green bond designation and loaned 100% of the proceeds to Big River Steel LLC under a bond financing agreement to finance or refinance the expansion of Big River Steel's electric arc furnace steel mill and fund the issuance cost of the bonds (2020 ADFA Bonds). The 2020 ADFA Bonds accrue interest at 4.75% per annum payable semi-annually on March 1 and September 1 of each year with final maturity on September 1, 2049.
-18-



The 2020 ADFA Bonds are subject to optional redemption during the periods and at the redemption prices shown below, plus, in each case accrued interest.

Year Redemption Price
September 1, 2027 to August 31, 2028 103  %
September 1, 2028 to August 31, 2029 102  %
September 1, 2029 to August 31, 2030 101  %
On and after September 1, 2030 100  %

At any time prior to September 1, 2027, Big River Steel LLC may also redeem the 2020 ADFA Bonds, at its 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 2020 ADFA Bonds to be redeemed, or the present value of the redemption price of the 2020 ADFA Bonds if they were redeemed on September 1, 2027 plus interest payments due through September 1, 2027 discounted to the date of redemption on a semi-annual basis at the applicable tax exempt municipal bond rate and accrued and unpaid interest to the date fixed for redemption.

The 2020 ADFA Bonds are fully and unconditionally guaranteed, jointly and severally, on a secured basis by certain of Big River Steel's subsidiaries and subject to first priority liens and second priority liens on certain Big River Steel collateral.

The 2020 ADFA Bonds are subject to substantially similar asset sale offer and change of control offer provisions, affirmative and negative covenants, events of default and remedies as the Indenture governing the 2029 Senior Secured Notes.

Arkansas Teacher Retirement System Notes Payable
Big River Steel entered into three financing agreements with the Arkansas Teacher Retirement System during 2018 and 2019. The interest rates on the notes range from 5.50% to 7.75% at present. Interest on these agreements may be paid-in-kind through the respective dates of maturity and therefore requires no interim debt service by Big River Steel prior to the date of maturity or early repayment, as the case may be. Big River Steel may prepay amounts owed under these agreements at any time without penalty. One such agreement has the benefit of a pledge of future income streams generated through an anticipated monetization of recycling tax credits provided by the State of Arkansas in conjunction with the expansion of Big River Steel. As of June 30, 2021, the outstanding balance for these financing agreements was $106 million.

Big River Steel ABL Facility
On August 23, 2017, subsidiaries of Big River Steel entered into a senior secured asset-based revolving credit facility and subsequently amended such facility (Big River Steel ABL Facility) by entering into the First Amendment to the Big River Steel ABL Credit Agreement, dated as of September 10, 2020. The Big River Steel ABL 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.

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. The Big River Steel ABL Facility matures on August 23, 2022. The outstanding principal balance was zero at June 30, 2021. Availability under the Big River Steel ABL Facility, pursuant to the available borrowing base was $350 million at June 30, 2021.

The Big River Steel ABL Facility provides for borrowings at interest rates based on defined, short-term market rates plus a spread based on availability. The Big River Steel ABL Facility also requires a commitment fee on the unused portion of the Big River Steel ABL Facility, determined quarterly based on Big River Steel LLC's utilization levels.

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, 2021, Big River Steel would have met the fixed charge coverage ratio test. The Big River Steel ABL Facility includes affirmative and negative covenants that are customary for facilities of this type. The Big River Steel ABL Facility also includes customary events of default.

Credit Facility Agreement
As of June 30, 2021, there were approximately $5 million of letters of credit issued, and no loans drawn under the Fifth Amended and Restated Credit Facility Agreement (Credit Facility Agreement). U. S. Steel must maintain a fixed charge coverage ratio of at least 1.00 to 1.00 for the most recent four consecutive quarters when availability under the Credit Facility Agreement is less than the greater of ten percent of the total aggregate commitments and $200 million. Based on the most recent four quarters as of June 30, 2021, the Company would have met the fixed charge coverage ratio test. In
-19-


addition, since the value of our inventory and trade accounts receivable less specified reserves calculated in accordance with the Credit Facility Agreement do not support the full amount of the facility at June 30, 2021, the amount available to the Company under this facility was further reduced by $77 million. The availability under the Credit Facility Agreement was $1.918 billion as of June 30, 2021.

U. S. Steel Košice (USSK) Credit Facilities
At June 30, 2021, USSK had no borrowings under its €460 million (approximately $547 million) revolving credit facility (USSK Credit Agreement).

At June 30, 2021, USSK had no borrowings under its €20 million and €10 million credit facilities (collectively, approximately $36 million) and the availability was approximately $32 million due to approximately $4 million of customs and other guarantees outstanding.
16.    Fair Value of Financial Instruments
The carrying value of cash and cash equivalents, current accounts and notes receivable, accounts payable, bank checks outstanding, and accrued interest included in the 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.
Big River Steel
On October 31, 2019, a wholly owned subsidiary of U. S. Steel purchased a 49.9% ownership interest in Big River Steel. The transaction included a call option (U. S. Steel Call Option) to acquire the remaining equity interest within the next four years at an agreed-upon price formula. The investment purchase included other options that were marked to fair value during 2020. The net change in fair value of the options during the six months ended June 30, 2020 resulted in a $6 million decrease to other financial costs. When the U. S. Steel Call Option was exercised on December 8, 2020, the other options were legally extinguished and a new contingent forward asset was recorded for $11 million. As the contingent forward was a contract to purchase a business, it was no longer considered a derivative subject to ASC 815, Derivative Instruments and Hedging Activities, and was not subject to subsequent fair value adjustments. The contingent forward asset was removed with the recognition of the gain on the previously held investment in Big River Steel when the purchase of the remaining interest closed on January 15, 2021. See Note 20 to the Consolidated Financial Statements in our Annual Report on Form 10-K for the year-ended December 31, 2020 and Note 5 for further details.

Prior to exercise of the U. S. Steel Call Option, the options were marked to fair value each period using a Monte Carlo simulation which is considered a Level 3 valuation technique. Level 3 valuation techniques include inputs to the valuation methodology that are considered unobservable and significant to the fair value measurement. The simulation relied on assumptions that included Big River Steel's equity value, volatility, the risk-free interest rate and U. S. Steel's credit spread.
Stelco Option for Minntac Mine Interest
On April 30, 2020 (Effective Date), the Company entered into an Option Agreement with Stelco, Inc. (Stelco), that grants Stelco the option to purchase a 25 percent interest (Option Interest) in a to-be-formed entity (Joint Venture) that will own the Company’s current iron ore mine located in Mt. Iron, Minnesota (Minntac Mine). As consideration for the Option, Stelco paid the Company an aggregate amount of $100 million in five $20 million installments, which began on the Effective Date and ended on December 31, 2020 and are recorded net of transaction costs in noncontrolling interest in the Condensed Consolidated Balance Sheet. In the event Stelco exercises the option, Stelco will contribute an additional $500 million to the Joint Venture, which amount shall be remitted solely to U. S. Steel in the form of a one-time special distribution, and the parties will engage in good faith negotiations to finalize the master agreement (pursuant to which Stelco will acquire the Option Interest) and the limited liability company agreement of the Joint Venture.
The following table summarizes U. S. Steel’s financial liabilities that were not carried at fair value at June 30, 2021 and December 31, 2020. The fair value of long-term debt was determined using Level 2 inputs.
June 30, 2021 December 31, 2020
(In millions) Fair
Value
Carrying
Amount
Fair
Value
Carrying
Amount
Financial liabilities:
Short-term and long-term debt (a)
$ 6,005  $ 5,265  $ 5,323  $ 4,806 
(a) Excludes finance lease obligations.

-20-



17.    Statement of Changes in Stockholders’ Equity

The following table reflects the first six months of 2021 and 2020 reconciliation of the carrying amount of total equity, equity attributable to U. S. Steel and equity attributable to noncontrolling interests:

Six Months Ended June 30, 2021 (In millions) Total (Accumulated Deficit) Retained Earnings Accumulated
Other
Comprehensive
(Loss) Income
Common
Stock
Treasury
Stock
Paid-in
Capital
Non-
Controlling
Interest
Balance at beginning of year $ 3,879  $ (623) $ (47) $ 229  $ (175) $ 4,402  $ 93 
Comprehensive income (loss):
Net earnings 91  91           
Other comprehensive income (loss), net of tax:
Pension and other benefit adjustments 24    24         
Currency translation adjustment (47)   (47)        
Derivative financial instruments (20)   (20)        
Employee stock plans 6      2  (7) 11   
Common Stock Issued 790      48    742   
Dividends paid on common stock (3)         (3)  
Balance at March 31, 2021 $ 4,720  $ (532) $ (90) $ 279  $ (182) $ 5,152  $ 93 
Comprehensive income (loss):
Net earnings 1,012  1,012  —  —  —  —  — 
Other comprehensive income (loss), net of tax:
Pension and other benefit adjustments 205  —  205  —  —  —  — 
Currency translation adjustment 23  —  23  —  —  —  — 
Derivative financial instruments (31) —  (31) —  —  —  — 
Employee stock plans 17  —  —  —  (1) 18  — 
Dividends paid on common stock (2) —  —  —  —  (2) — 
Other (1) —  —        (1)
Balance at June 30, 2021 $ 5,943  $ 480  $ 107  $ 279  $ (183) $ 5,168  $ 92 
-21-



Six Months Ended June 30, 2020 (In millions) Total Retained Earnings (Accumulated Deficit) Accumulated
Other
Comprehensive
Loss
Common
Stock
Treasury
Stock
Paid-in
Capital
Non-
Controlling
Interest
Balance at beginning of year $ 4,093  $ 544  $ (478) $ 179  $ (173) $ 4,020  $ 1 
Comprehensive income (loss):
Net loss (391) (391)          
Other comprehensive income (loss), net of tax:
Pension and other benefit adjustments 52    52         
Currency translation adjustment (23)   (23)        
Derivative financial instruments (5)   (5)        
Employee stock plans 2        (2) 4   
Dividends paid on common stock (2) (2)          
Balance at March 31, 2020 $ 3,726  $ 151  $ (454) $ 179  $ (175) $ 4,024  $ 1 
Comprehensive income (loss):
Net loss (589) (589)          
Other comprehensive income (loss), net of tax:
Pension and other benefit adjustments 29    29         
Currency translation adjustment 20    20         
Derivative financial instruments 15    15         
Employee stock plans 8          8   
Common Stock Issued