United States Steel Corp. (NYSE:X)

Current Assets

The current assets showed a declining trend from 2018 to 2019, decreasing from 4,830 million USD to 3,813 million USD. This was followed by a recovery in 2020, with a moderate increase to 4,432 million USD. A more notable growth occurred in 2021, where current assets rose significantly to 7,152 million USD, and continued to grow modestly, reaching 7,866 million USD in 2022.

Adjusted Current Assets

Adjusted current assets followed a similar pattern to current assets. Initially, there was a decline from 4,859 million USD in 2018 to 3,841 million USD in 2019. Subsequently, the adjusted current assets increased to 4,466 million USD in 2020. A strong upward trend was observed in the subsequent years, with adjusted current assets peaking at 7,196 million USD in 2021 and rising slightly to 7,904 million USD in 2022.

General Observations

Both current and adjusted current assets experienced a dip during 2019, likely indicating a period of reduced liquidity. The recovery from 2020 onwards was robust, with a substantially higher level of assets sustained in 2021 and 2022. This suggests an improved liquidity position and potentially better operational capacity or working capital management in the latter years. The close alignment between current and adjusted current assets implies consistency in asset valuation adjustments over the period.

The analysis of the annual financial data reveals several important trends in the company's asset base over the period from the end of 2018 to the end of 2022.

Total assets

The total assets showed a consistent upward trend throughout the period. Starting from US$ 10,982 million at the end of 2018, the assets increased incrementally each year, reaching US$ 11,608 million in 2019 and US$ 12,059 million in 2020. A more significant rise occurred in 2021, with total assets surging to US$ 17,816 million, followed by a further increase to US$ 19,458 million in 2022. This suggests a strong asset growth momentum, especially notable in the last two years.

Adjusted total assets

The adjusted total assets closely followed the trend of total assets with values slightly lower or very similar throughout the periods. The values increased from US$ 10,809 million in 2018 to US$ 11,617 million in 2019, US$ 12,071 million in 2020, then saw a sharp increase to US$ 17,828 million in 2021, and finally reached US$ 19,486 million in 2022. The parallel movement between adjusted and total assets indicates consistent adjustments without significant volatility or large one-off impacts affecting asset valuation.

Overall, the data illustrates a substantial expansion in the asset base over the five-year timeline, with particularly accelerated growth observed in the most recent two years. The alignment between total and adjusted asset values suggests stability in accounting adjustments during this period. This expansion may reflect strategic investments, acquisitions, or growth in operational capacity.

The financial data reveals a consistent upward trend in the company's liabilities over the five-year period ending December 31, 2022. Both total liabilities and adjusted total liabilities show an increase year over year, indicating a growing obligation profile.

Total Liabilities

The total liabilities increased steadily from US$6,779 million in 2018 to US$9,147 million in 2022. This represents an approximate 35% increase over the period, highlighting a sustained expansion in the company's debt or other liability categories.

The yearly increments suggest continuous financing or accumulation of obligations, with no significant reversals or reductions at any point.

Adjusted Total Liabilities

Adjusted total liabilities also rose from US$6,991 million in 2018 to US$8,509 million in 2022. While the upward trend is clear, the growth rate is somewhat more moderate compared to total liabilities, showing a roughly 22% increase over the five-year span.

There is a slight divergence between total liabilities and adjusted total liabilities, with adjusted figures being higher in 2018 but lower by 2022. This may reflect changes in accounting adjustments or refinements in liability measurement over time.

Overall, the increasing liabilities suggest an expansion in financial commitments, which may be related to growth initiatives, investment activity, or an increase in operational scale. The consistent rise in both measures indicates no significant deleveraging or reduction efforts occurred during this period. The data signifies a need for close monitoring of leverage and its impact on financial stability and risk exposure.

The analysis of the provided financial data indicates significant changes in the equity position over the five-year period from 2018 to 2022.

Total United States Steel Corporation stockholders’ equity

This metric shows a decline from 4,202 million US dollars in 2018 to 3,786 million US dollars in 2020, indicating a reduction in total equity during this period. However, there is a notable reversal starting in 2021, with equity increasing sharply to 9,010 million US dollars, followed by a further rise to 10,218 million US dollars in 2022. This suggests a substantial strengthening of the company's overall equity base in the last two years of the period analyzed.

Adjusted stockholders’ equity

Adjusted stockholders’ equity presents a somewhat different trend. Beginning at 3,818 million US dollars in 2018, it increased to 4,318 million US dollars in 2019, then dipped slightly to 4,079 million US dollars in 2020. From 2021 onward, this figure also exhibits a significant upward trajectory, reaching 9,477 million US dollars in 2021 and continuing to grow to 10,977 million US dollars in 2022. The adjusted measures account for certain adjustments not reflected in the total equity, showing a consistent increase that aligns with the company's apparent improvement in financial health during the latter years.

Overall, both total and adjusted stockholders’ equity experienced a decline or stagnation during the 2018-2020 period, potentially reflecting operational or market challenges. The marked improvement beginning in 2021 suggests effective financial management or favorable market conditions leading to enhanced shareholder value. The adjusted equity consistently remains below total equity but follows a similar trend, indicating that adjustments have a persistent but proportionate impact on the equity figures.

An examination of the financial data over the five-year period reveals several notable trends in the company's capital structure and equity position.

Debt Levels

Total reported debt increased significantly from 2018 to 2020, rising from approximately 2.4 billion to nearly 4.9 billion US dollars. However, a reduction is observed in 2021 to about 3.9 billion, followed by a slight uptick in 2022 to roughly 4.0 billion. The adjusted total debt exhibits a similar pattern, peaking in 2020 before declining in 2021 and marginally increasing again in 2022.

Stockholders' Equity

Stockholders’ equity displayed a contrasting trend. From 2018 to 2020, it decreased steadily from around 4.2 billion to approximately 3.8 billion dollars. A sharp reversal occurs in 2021, with equity climbing substantially to over 9 billion, and continuing to grow in 2022 to exceed 10 billion. Adjusted stockholders’ equity mirrors this trajectory, confirming the notable increase beginning in 2021.

Total Capital

Total reported capital, which combines debt and equity, rose consistently throughout the period, starting at approximately 6.6 billion in 2018 and nearly doubling to about 14.2 billion by 2022. The adjusted total capital closely follows the reported capital, confirming robust overall growth in the company’s financial base.

Overall Insights

The data indicates a period of rising leverage up to 2020, followed by deleveraging in 2021 coupled with a substantial increase in equity. This shift suggests an improvement in the financial stability and possibly a strategic recapitalization or successful retention of earnings. The significant increase in equity starting in 2021 may be indicative of enhanced profitability or capital raising activities. The steady growth in total capital highlights an expanding financial base, potentially supporting greater operational capacity or investment opportunities going forward.

Net earnings (loss) attributable to United States Steel Corporation

The net earnings showed significant volatility over the five-year period. In 2018, the company reported a profit of US$ 1115 million. This was followed by a sharp decline in 2019 and 2020, with losses of US$ 630 million and US$ 1165 million, respectively. A notable recovery occurred in 2021, with net earnings rising dramatically to US$ 4174 million. In 2022, earnings decreased to US$ 2524 million but remained positive and substantially higher than the initial years.

Adjusted net earnings (loss)

The adjusted net earnings followed a similar trend to the net earnings, albeit with smaller absolute values in some years. Starting at US$ 585 million in 2018, the adjusted earnings decreased to US$ 314 million in 2019, turning negative in 2020 with a loss of US$ 893 million. A strong rebound is observed in 2021, with adjusted earnings peaking at US$ 4573 million. In 2022, adjusted earnings declined to US$ 2545 million but remained significantly higher than earlier years.

Overall, the data indicates considerable fluctuations in profitability, with a trough in 2020 followed by substantial recovery in 2021. The adjusted net earnings, which may reflect core operating performance excluding certain items, closely mirror the trend in net earnings but show less extreme negative figures in the downturn year of 2020. The sharp uptick in 2021 suggests improved operational conditions or other favorable factors impacting profitability, though 2022 shows some moderation while still maintaining a strong profit level relative to the start of the period.