Stock Analysis on Net

United States Steel Corp. (NYSE:X)

This company has been moved to the archive! The financial data has not been updated since July 28, 2023.

Cash Flow Statement
Quarterly Data

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.

United States Steel Corp., consolidated cash flow statement (quarterly data)

US$ in millions

Microsoft Excel
3 months ended: Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Net earnings (loss) 477 199 174 490 978 882 1,069 2,002 1,012 91 49 (234) (589) (391) (668) (84) 68 54 592 291 214 18
Depreciation, depletion and amortization 224 221 197 198 198 198 204 196 202 189 162 162 159 160 162 161 150 143 137 126 130 128
Gain on sale of Transtar (506)
Asset impairment charges 4 6 157 245 28 263
Gain on equity investee transactions (6) (111) (31) (20) (18)
Restructuring and other charges 2 1 (9) 23 17 17 91 31 6 8 89 41 221 54
Loss on debt extinguishment (2) 2 10 26 1 255 21 3 28 46
Pensions and other postretirement benefits (43) (41) (49) (58) (46) (60) 103 (42) (21) (25) (3) (8) (9) (1) 25 21 25 30 20 20 15 22
Active employee benefit investments 10 (3)
Deferred income taxes 97 38 (60) 314 126 121 (111) 136 (80) 3 (94) (24) (18) 6 240 (35) (9) 6 (330) 2 (1)
Net (gain) loss on sale of assets (2) (2) (6) (2) (2) 1 7 (15) (147) (2) (4) (1) 4 (3) (5) 1 1
Equity investees (earnings) loss, net of distributions received (37) 13 (34) (71) (74) (36) (62) (57) (35) (14) 39 31 39 8 (10) (29) (26) (9) (12) (16) (16) (3)
Current receivables (54) (178) 406 579 (260) (355) 326 (406) (398) (477) 116 (152) 231 (97) 244 237 96 (124) 45 (63) (125) (169)
Inventories (167) 475 188 (418) (467) (138) (196) (160) (183) 11 251 448 (204) 300 73 (27) (50) (146) (105) (47) (76)
Current accounts payable and accrued expenses (10) 298 (368) (387) 215 360 (185) 179 403 386 238 153 (559) 139 (148) (297) 45 (73) (20) 127 199 (24)
Income taxes receivable/payable 38 10 73 (317) 89 140 24 90 44 3 7 3 7 3 (14) (12) (2) 41 (61) 56 5 (8)
All other, net 9 (212) (48) 123 (77) (27) (92) 73 (20) (12) (99) 33 (18) (38) (62) (58) 17 7 (7) (7) 7 (34)
Changes in assets and liabilities (17) (249) 538 186 (451) (349) (65) (260) (131) (283) 273 288 109 (197) 320 (57) 129 (199) (189) 8 39 (311)
Adjustments to reconcile net cash provided by (used in) operating activities 236 (18) 581 584 (73) (111) 416 (500) (20) 20 238 447 369 249 954 114 269 (25) (376) 138 178 (117)
Net cash provided by (used in) operating activities 713 181 755 1,074 905 771 1,485 1,502 992 111 287 213 (220) (142) 286 30 337 29 216 429 392 (99)
Capital expenditures (613) (740) (631) (478) (311) (349) (403) (176) (148) (136) (134) (136) (173) (282) (274) (350) (326) (302) (355) (265) (173) (208)
Acquisition of Big River Steel, net of cash acquired (625)
Investment in Big River Steel (6) (3) (710)
Proceeds from sale of Transtar 627
Proceeds from cost reimbursement government grants 1 53
Proceeds from sale of assets 1 2 4 16 8 4 1 25 164 2 1 3 1 9 1
Proceeds from sale of ownership interests in equity investees 12 8 30
Other investing activities (1) (7) (2) (2) (1) (4) (1) (1)
Net cash used in investing activities (612) (738) (614) (463) (250) (352) (404) 449 (123) (762) 24 (134) (176) (277) (984) (347) (325) (302) (326) (256) (173) (208)
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 (72) 12 260 1,202 695 165 228
Revolving credit facilities, repayments (240) (671) 12 (989) (363) (281) (100)
Issuance of long-term debt, net of financing costs 238 52 287 4 2 37 (1) 826 105 (5) 981 67 702 640
Repayment of long-term debt (10) (10) (7) (302) (67) (6) (464) (1,301) (39) (1,379) (5) (2) (4) (2) (151) (3) (1) (377) (48) (336) (538)
Net proceeds from public offering of common stock (1) 791 410
Proceeds from Stelco Option Agreement, net of financing costs 39 15 40
Common stock repurchased (75) (75) (150) (177) (399) (123) (150) (18) (28) (42) (75)
Proceeds from government incentives 82
Receipts from exercise of stock options 1 1 3 30
Other financing activities (10) (32) (11) (12) (11) (28) (15) (1) (1) (10) (2) (3) (1) (3) (9) (8) (11) (14) (8) (10) (11) (15)
Net cash provided by (used in) financing activities 143 (117) (116) (204) (477) (71) (627) (1,265) (282) (573) 7 (732) 1,323 983 1,137 136 (40) (56) (231) (57) (344) 117
Effect of exchange rate changes on cash 8 27 (19) (20) (7) (6) (6) 3 (12) 13 11 5 (6) 4 (5) 1 (2) (4) (3) (20) 10
Net increase (decrease) in cash, cash equivalents and restricted cash 244 (666) 52 388 158 341 448 680 590 (1,236) 331 (642) 932 558 443 (186) (27) (331) (345) 113 (145) (180)

Based on: 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).


Net earnings (loss)
The net earnings show a fluctuating pattern with periods of losses notably during 2019 and the early part of 2020, including a significant loss of -668 million USD in December 2019. From 2021 onwards, net earnings improve substantially, peaking at over 2000 million USD in December 2021, and remain positive but somewhat variable through mid-2023.
Depreciation, depletion, and amortization
This expense displays a steady, slight upward trend over time, increasing from approximately 128 million USD in early 2018 to above 220 million USD by mid-2023, indicating an ongoing investment in assets or increasing asset base.
Asset impairment charges
These charges are reported sporadically, with notable spikes in September 2018 and June 2021, followed by smaller charges more recently, suggesting occasional write-downs impacting earnings periodically.
Restructuring and other charges
The restructuring charges appear intermittently with some significant values in late 2019 and early 2021, and reducing to minimal or even negative charges in 2023, indicating periods of operational adjustments and cost control efforts.
Pensions and other postretirement benefits
The expenses related to pensions fluctuate, with certain quarters showing negative values (income or reductions in expense), particularly between 2020 and 2023, which may reflect changes in actuarial assumptions or investment returns.
Deferred income taxes
The deferred income tax figures exhibit considerable volatility, with large negative and positive amounts alternating, indicating variable tax impacts on earnings possibly related to timing differences and tax planning strategies.
Equity investees earnings (loss), net of distributions
These earnings reflect a negative trend from 2018 through 2021 with notable losses, but some recovery is observed in 2023, suggesting fluctuations in the performance of affiliated companies.
Current receivables and inventories
These working capital components show significant variability, with large swings between positive and negative changes, reflecting changes in sales, collections, or inventory management practices throughout the periods.
Current accounts payable and accrued expenses
Accounts payable changes are highly volatile, with sharp increases and decreases inconsistent over time, which may indicate changing payment terms or operational cash flow management reflecting supplier relationships and expenses.
Net cash provided by (used in) operating activities
Operating cash flow generally trends upward with peaks in late 2021, reflecting improved operating performance consistent with increased net earnings. Some negative quarters are seen in 2020, likely impacted by operational challenges.
Capital expenditures
Capital spending remains consistently high throughout the periods, with increased levels in late 2021 to mid-2023. This suggests a continued commitment to asset development and maintenance, possibly including the acquisition-related investments observed.
Acquisition and investment activities
The acquisition of Big River Steel in 2020 and related investments are marked by significant cash outflows, indicating strategic expansion. The sale of Transtar in 2021 provided a sizable inflow, tempering investment cash use in that period.
Net cash used in investing activities
Investing cash flows are predominantly negative due to consistent capital expenditures and acquisition-related payments, with occasional periods of inflows related to asset sales or strategic divestitures.
Financing activities
Financing cash flows are volatile, with large inflows from debt issuances and public stock offerings interspersed with repayments and stock repurchases. Notably, debt levels appear actively managed through various borrowings and repayments, with equity transactions providing periodic capital.
Effect of exchange rate changes on cash
The impact of exchange rate fluctuations on cash balances is relatively minor and inconsistent, not showing a clear trend but contributing negligible influence to overall cash position changes.
Net increase (decrease) in cash, cash equivalents and restricted cash
The net cash position varies widely across quarters, including steep decreases in some periods, particularly early 2021, and notable increases at other times such as mid-2020 and mid-2021, reflecting the combined effects of operating, investing, and financing activities.