Analysis of Inventory
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Current Ratio since 2005
- Analysis of Revenues
- Aggregate Accruals
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Inventory Disclosure
United States Steel Corp., balance sheet: inventory
US$ in millions
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Raw materials | |||||||||||
| Semi-finished products | |||||||||||
| Finished products | |||||||||||
| Supplies and sundry items | |||||||||||
| Inventories |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
The analysis of inventory components over the five-year period reveals several notable trends and fluctuations.
- Raw materials
- There is a marked increase in the value of raw materials, rising substantially from 605 million US dollars in 2018 to 1,098 million US dollars in 2022. This more than 80% increase over the period is particularly pronounced from 2020 onward, indicating either a buildup of inventory or increased input costs.
- Semi-finished products
- This category shows considerable variability. Starting at 1,021 million US dollars in 2018, the value decreases sharply to 720 million in 2019 and continues declining to 633 million in 2020. However, there is a strong rebound in 2021 reaching 1,056 million, followed by a decrease again to 811 million in 2022. This pattern suggests fluctuations in production levels or inventory management strategies during the period.
- Finished products
- The value of finished products shows a general downward trend from 404 million in 2018 to 300 million in 2020, followed by a modest recovery to 398 million in 2022. These changes indicate variations in sales or production completion rates but with less volatility compared to semi-finished products.
- Supplies and sundry items
- This category remains relatively stable throughout the period, with values fluctuating narrowly between 52 and 62 million US dollars. This stability suggests consistent levels of minor inventory items or supplies used in operations.
- Total Inventories
- The aggregate inventory value follows a U-shaped trend. It decreases steadily from 2,092 million in 2018 to 1,402 million in 2020, then sharply rises to 2,210 million in 2021 and further to 2,359 million in 2022. This indicates an initial reduction in overall inventory levels or costs until 2020, followed by a significant accumulation or revaluation in subsequent years.
Overall, the data reflects a period of inventory contraction until 2020, likely driven by external or operational factors, followed by a strong inventory buildup, especially in raw materials and semi-finished products, which may suggest anticipation of increased production demand or rising input costs in the later years.