Name: United States Steel Corp. (NYSE:X) | Cash Flow Statement
Creator: Stock Analysis on Net

Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

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United States Steel Corp., consolidated cash flow statement

US$ in millions

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Net earnings (loss)	2,524)	4,174)	(1,165)	(630)	1,115)
Depreciation, depletion and amortization	791)	791)	643)	616)	521)
Gain on sale of Transtar	—)	(506)	—)	—)	—)
Asset impairment charges	163)	273)	263)	—)	—)
Gain on equity investee transactions	(6)	(111)	(31)	—)	(38)
Restructuring and other charges	48)	128)	138)	275)	—)
Loss on debt extinguishment	—)	292)	—)	—)	98)
Pensions and other post-employment benefits	(213)	15)	(21)	101)	77)
Deferred income taxes	501)	(52)	(130)	202)	(329)
Net gain on sale of assets	(12)	(7)	(149)	(1)	(6)
Equity investees (earnings) loss, net of distributions received	(215)	(168)	117)	(74)	(47)
Current receivables	370)	(955)	98)	453)	(312)
Inventories	(222)	(677)	506)	296)	(374)
Current accounts payable and accrued expenses	(180)	783)	(29)	(473)	282)
Income taxes receivable/payable	(15)	161)	20)	13)	(8)
All other, net	(29)	(51)	(122)	(96)	(41)
Changes in assets and liabilities	(76)	(739)	473)	193)	(453)
Adjustments to reconcile net cash provided by operating activities	981)	(84)	1,303)	1,312)	(177)
Net cash provided by operating activities	3,505)	4,090)	138)	682)	938)
Capital expenditures	(1,769)	(863)	(725)	(1,252)	(1,001)
Acquisition of Big River Steel, net of cash acquired	—)	(625)	—)	—)	—)
Investment in Big River Steel	—)	—)	(9)	(710)	—)
Proceeds from sale of Transtar	—)	627)	—)	—)	—)
Proceeds from cost reimbursement government grants	54)	—)	—)	—)	—)
Proceeds from sale of assets	32)	26)	167)	4)	10)
Proceeds from sale of ownership interests in equity investees	12)	—)	8)	—)	30)
Other investing activities	(8)	(5)	(4)	—)	(2)
Net cash used in investing activities	(1,679)	(840)	(563)	(1,958)	(963)
Issuance of short-term debt, net of financing costs	—)	—)	240)	—)	—)
Repayment of short-term debt	—)	(180)	(70)	—)	—)
Revolving credit facilities, borrowings, net of financing costs	—)	50)	1,402)	860)	228)
Revolving credit facilities, repayments	—)	(911)	(1,621)	(100)	—)
Issuance of long-term debt, net of financing costs	343)	864)	1,148)	702)	640)
Repayment of long-term debt	(382)	(3,183)	(13)	(155)	(1,299)
Net proceeds from public offering of common stock	—)	790)	410)	—)	—)
Proceeds from Stelco Option Agreement, net of financing costs	—)	—)	94)	—)	—)
Common stock repurchased	(849)	(150)	—)	(88)	(75)
Proceeds from government incentives	82)	—)	—)	—)	—)
Receipts from exercise of stock options	—)	—)	—)	—)	35)
Other financing activities	(62)	(27)	(9)	(42)	(44)
Net cash provided by (used in) financing activities	(868)	(2,747)	1,581)	1,177)	(515)
Effect of exchange rate changes on cash	(19)	(21)	23)	(2)	(17)
Net increase (decrease) in cash, cash equivalents and restricted cash	939)	482)	1,179)	(101)	(557)
Cash, cash equivalents and restricted cash at beginning of year	2,600)	2,118)	939)	1,040)	1,597)
Cash, cash equivalents and restricted cash at end of year	3,539)	2,600)	2,118)	939)	1,040)

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 cash flow profile of United States Steel Corp. between 2018 and 2022 is characterized by significant volatility in net earnings, a strategic shift in capital allocation, and a substantial strengthening of the overall liquidity position.

Operating Cash Flow Dynamics: Net earnings exhibited extreme fluctuations, transitioning from a profit of 1,115 million US$ in 2018 to substantial losses in 2019 and 2020, before rebounding sharply to 4,174 million US$ in 2021 and 2,524 million US$ in 2022. Despite these earnings swings, net cash provided by operating activities remained positive throughout the period. A notable surge occurred in 2021 and 2022, with cash flows from operations reaching 4,090 million US$ and 3,505 million US$ respectively, driven largely by the recovery in net earnings and adjustments for non-cash items such as depreciation and deferred income taxes.
Investing Activities and Capital Deployment: Investing activities consistently resulted in net cash outflows, reflecting a sustained commitment to capital expenditures. Annual capital expenditures peaked in 2022 at 1,769 million US$. Strategic movements are evident in 2021, where the acquisition of Big River Steel (625 million US$) was offset by the proceeds from the sale of Transtar (627 million US$). Net cash used in investing activities was highest in 2019 at 1,958 million US$, coinciding with significant investments in Big River Steel.
Financing and Capital Structure Management: Financing activities shifted from providing cash in 2019 and 2020 to consuming cash in 2021 and 2022. A major deleveraging event occurred in 2021, with 3,183 million US$ used for the repayment of long-term debt. To support liquidity and strategic growth during the downturn, the company issued common stock in 2020 and 2021, raising a combined 1,200 million US$. Shareholder returns through stock repurchases accelerated significantly in 2022, reaching 849 million US$, compared to more modest amounts in previous years.
Liquidity and Cash Position Trends: The company's ending cash, cash equivalents, and restricted cash balance demonstrated a consistent upward trajectory from 2020 onwards. Starting at 1,040 million US$ at the end of 2018, the balance grew to 3,539 million US$ by the end of 2022. This growth indicates that the surge in operating cash flows since 2021 has been more than sufficient to fund aggressive capital expenditures, substantial debt repayments, and increased shareholder distributions.

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