Selected Financial Data
since 2005
Income Statement
United States Steel Corp., selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Net sales | Earnings (loss) before interest and income taxes | Net earnings (loss) attributable to United States Steel Corporation |
|---|---|---|---|
| Dec 31, 2022 | 21,065) | 3,160) | 2,524) |
| Dec 31, 2021 | 20,275) | 4,946) | 4,174) |
| Dec 31, 2020 | 9,741) | (1,075) | (1,165) |
| Dec 31, 2019 | 12,937) | (230) | (630) |
| Dec 31, 2018 | 14,178) | 1,124) | 1,115) |
| Dec 31, 2017 | 12,250) | 608) | 387) |
| Dec 31, 2016 | 10,261) | (165) | (440) |
| Dec 31, 2015 | 11,574) | (1,202) | (1,642) |
| Dec 31, 2014 | 17,507) | 413) | 102) |
| Dec 31, 2013 | 17,424) | (1,900) | (1,672) |
| Dec 31, 2012 | 19,328) | 247) | (124) |
| Dec 31, 2011 | 19,884) | 265) | (53) |
| Dec 31, 2010 | 17,374) | (111) | (482) |
| Dec 31, 2009 | 11,048) | (1,684) | (1,401) |
| Dec 31, 2008 | 23,754) | 3,069) | 2,112) |
| Dec 31, 2007 | 16,873) | 1,213) | 879) |
| Dec 31, 2006 | 15,715) | 1,785) | 1,374) |
| Dec 31, 2005 | 14,039) | 1,439) | 910) |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial performance from 2005 to 2022 is characterized by significant volatility in both revenue and profitability, reflecting a highly cyclical operational environment. Net sales experienced major fluctuations, reaching a peak of 23.75 billion US dollars in 2008 before a sharp contraction to 11.05 billion US dollars in 2009. Following a period of stabilization and subsequent decline between 2010 and 2020, revenue reached its lowest point in 2020 at 9.74 billion US dollars, followed by a rapid recovery to 21.07 billion US dollars by 2022.
- Revenue Trends and Stability
- Revenue patterns exhibit three distinct cycles: a growth phase ending in 2008, a period of instability and gradual decline between 2009 and 2020, and a sharp rebound starting in 2021. The decline in 2020 represents a nearly 60% decrease from the 2008 peak, although the 2022 figures indicate a return to near-historic high levels of sales volume.
- Operational Profitability (EBIT)
- Earnings before interest and income taxes demonstrate extreme variance, oscillating between substantial gains and deep losses. The period between 2009 and 2020 was marked by frequent shifts into negative territory, with notable losses in 2009, 2013, 2015, and 2020. The most significant operational recovery occurred in 2021, where EBIT surged to 4.95 billion US dollars, the highest value in the analyzed period, before moderating to 3.16 billion US dollars in 2022.
- Net Earnings Correlation
- Net earnings closely track operational EBIT, indicating that bottom-line results are primarily driven by operating performance rather than non-operating items. The company experienced several years of heavy losses, most notably in 2009, 2013, and 2015, where net losses exceeded 1.4 billion US dollars. Conversely, the profitability spike in 2021, reaching 4.17 billion US dollars, represents a significant reversal of the losses sustained during the 2019-2020 period.
- Margin Volatility
- The relationship between net sales and net earnings reveals inconsistent margin performance. While high sales in 2008 and 2022 coincided with profitability, the period between 2010 and 2014 showed that relatively high sales (ranging from 17 billion to 19 billion US dollars) did not consistently translate to net profits, as evidenced by the substantial loss in 2013.
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Balance Sheet: Assets
United States Steel Corp., selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2022 | 7,866) | 19,458) |
| Dec 31, 2021 | 7,152) | 17,816) |
| Dec 31, 2020 | 4,432) | 12,059) |
| Dec 31, 2019 | 3,813) | 11,608) |
| Dec 31, 2018 | 4,830) | 10,982) |
| Dec 31, 2017 | 4,755) | 9,862) |
| Dec 31, 2016 | 4,356) | 9,160) |
| Dec 31, 2015 | 3,917) | 9,190) |
| Dec 31, 2014 | 6,431) | 12,314) |
| Dec 31, 2013 | 6,078) | 13,143) |
| Dec 31, 2012 | 5,374) | 15,217) |
| Dec 31, 2011 | 5,774) | 16,073) |
| Dec 31, 2010 | 5,304) | 15,350) |
| Dec 31, 2009 | 5,015) | 15,422) |
| Dec 31, 2008 | 5,732) | 16,087) |
| Dec 31, 2007 | 4,959) | 15,632) |
| Dec 31, 2006 | 5,196) | 10,586) |
| Dec 31, 2005 | 4,831) | 9,822) |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The balance sheet of United States Steel Corp. from 2005 to 2022 reflects significant volatility in asset valuation, characterized by a period of expansion, a subsequent contraction, and a sharp recovery in the final years of the analyzed timeframe.
- Total Asset Trajectory
- Total assets experienced an initial growth phase between 2005 and 2008, peaking at 16,087 million USD. Following a period of relative stability, a significant contraction occurred between 2013 and 2015, with assets falling to a low of 9,160 million USD. This decline was followed by a consistent upward trend, culminating in a substantial increase to 19,458 million USD by 2022, marking the highest valuation in the recorded period.
- Current Asset Fluctuations
- Current assets remained relatively stable between 2005 and 2014, generally fluctuating between 4,831 million USD and 6,431 million USD. A notable decline was observed in 2015, where values dropped to 3,917 million USD, with further volatility appearing in 2019. However, a sharp escalation began in 2020, with current assets rising to 7,866 million USD by 2022.
- Asset Composition and Liquidity Patterns
- The relationship between current assets and total assets indicates shifts in the organization's asset structure. While total assets grew rapidly from 2020 to 2022, current assets also saw a significant increase, though they represent a smaller proportional share of the total balance sheet in 2022 compared to the 2005-2007 period. The concurrent rise in both metrics during the 2021-2022 period suggests a period of aggressive asset accumulation and increased liquidity.
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Balance Sheet: Liabilities and Stockholders’ Equity
United States Steel Corp., selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Total liabilities | Short-term debt and long-term debt, less unamortized discount and debt issuance costs | Total United States Steel Corporation stockholders’ equity | |
|---|---|---|---|---|
| Dec 31, 2022 | 3,959) | 9,147) | 3,977) | 10,218) |
| Dec 31, 2021 | 3,852) | 8,713) | 3,891) | 9,010) |
| Dec 31, 2020 | 2,656) | 8,180) | 4,887) | 3,786) |
| Dec 31, 2019 | 2,625) | 7,515) | 3,641) | 4,092) |
| Dec 31, 2018 | 3,197) | 6,779) | 2,381) | 4,202) |
| Dec 31, 2017 | 2,721) | 6,541) | 2,703) | 3,320) |
| Dec 31, 2016 | 2,331) | 6,885) | 3,031) | 2,274) |
| Dec 31, 2015 | 2,148) | 6,753) | 3,161) | 2,436) |
| Dec 31, 2014 | 3,569) | 8,514) | 3,498) | 3,799) |
| Dec 31, 2013 | 3,245) | 9,794) | 3,939) | 3,348) |
| Dec 31, 2012 | 2,990) | 11,739) | 3,938) | 3,477) |
| Dec 31, 2011 | 3,649) | 12,572) | 3,848) | 3,500) |
| Dec 31, 2010 | 3,147) | 11,498) | 3,733) | 3,851) |
| Dec 31, 2009 | 2,474) | 10,443) | 3,364) | 4,676) |
| Dec 31, 2008 | 2,778) | 11,028) | 3,145) | 4,895) |
| Dec 31, 2007 | 3,003) | 10,013) | 3,257) | 5,531) |
| Dec 31, 2006 | 2,702) | 6,183) | 1,025) | 4,365) |
| Dec 31, 2005 | 2,749) | 6,466) | 1,612) | 3,324) |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial position of the organization from 2005 to 2022 is characterized by a significant shift in capital structure, moving from a period of increasing leverage and volatility toward a substantially strengthened equity base in the final two years of the period.
- Liability Trends
- Total liabilities exhibited a marked increase between 2005 and 2011, rising from 6,466 million US$ to a peak of 12,572 million US$. This growth was followed by a sustained period of deleveraging from 2012 to 2017, where total liabilities declined to a low of 6,541 million US$. Since 2017, liabilities have trended upward again, reaching 9,147 million US$ by December 31, 2022.
- Current liabilities remained relatively stable for much of the timeframe, generally oscillating between 2,100 million US$ and 3,600 million US$. A notable peak occurred in 2022 at 3,959 million US$, indicating a rise in short-term obligations at the end of the observed period.
- Debt Profile
- Short-term and long-term debt patterns closely mirrored the movement of total liabilities, increasing from 1,612 million US$ in 2005 to nearly 4,000 million US$ by 2012. After a period of reduction that bottomed at 2,381 million US$ in 2018, a sharp spike to 4,887 million US$ was recorded in 2020. By 2022, debt levels normalized to 3,977 million US$.
- Stockholders' Equity and Solvency
- Stockholders' equity remained volatile and relatively stagnant between 2007 and 2020, fluctuating within a range of 2,274 million US$ to 5,531 million US$. However, a dramatic escalation in equity occurred starting in 2021, with values jumping to 9,010 million US$ and further increasing to 10,218 million US$ in 2022.
- This surge in equity fundamentally altered the company's solvency profile. While the total liabilities to equity ratio was high during the 2011 peak, the ratio shifted dramatically by 2022, where stockholders' equity exceeded total liabilities for the first time in the recorded period, indicating a significantly lower reliance on external debt for financing assets.
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Cash Flow Statement
United States Steel Corp., selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Net cash provided by (used in) operating activities | Net cash used in investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Dec 31, 2022 | 3,505) | (1,679) | (868) |
| Dec 31, 2021 | 4,090) | (840) | (2,747) |
| Dec 31, 2020 | 138) | (563) | 1,581) |
| Dec 31, 2019 | 682) | (1,958) | 1,177) |
| Dec 31, 2018 | 938) | (963) | (515) |
| Dec 31, 2017 | 802) | (389) | (392) |
| Dec 31, 2016 | 727) | (318) | 359) |
| Dec 31, 2015 | 359) | (510) | (407) |
| Dec 31, 2014 | 1,492) | (366) | (341) |
| Dec 31, 2013 | 414) | (393) | 4) |
| Dec 31, 2012 | 1,135) | (602) | (373) |
| Dec 31, 2011 | 168) | (813) | 477) |
| Dec 31, 2010 | (379) | (583) | 335) |
| Dec 31, 2009 | (61) | (374) | 938) |
| Dec 31, 2008 | 1,658) | (1,032) | (305) |
| Dec 31, 2007 | 1,745) | (4,675) | 1,891) |
| Dec 31, 2006 | 1,686) | (590) | (1,155) |
| Dec 31, 2005 | 1,218) | (708) | (61) |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The cash flow profile reveals significant volatility over the period from 2005 to 2022, characterized by cyclical swings in operational efficiency and strategic shifts in investment and financing activities.
- Operating Activities
- Net cash provided by operating activities exhibited a strong performance from 2005 through 2008, followed by a sharp contraction into negative territory in 2009 and 2010. A period of recovery ensued from 2011 to 2019, although values remained inconsistent. A notable trough occurred in 2020, which was immediately followed by a substantial surge in 2021 and 2022, where net cash provided reached peak levels of 4.09 billion and 3.505 billion US dollars, respectively.
- Investing Activities
- Net cash used in investing activities remained negative throughout the entire duration, indicating continuous capital expenditure. A significant outlier occurred in 2007 with a cash outflow of 4.675 billion US dollars. Subsequent years generally saw outflows ranging between 300 million and 1 billion US dollars, with more recent spikes in 2019 at 1.958 billion US dollars and 2022 at 1.679 billion US dollars, suggesting periodic intensification of asset acquisition or infrastructure investment.
- Financing Activities
- Financing cash flows demonstrated a pattern of alternation between net inflows and outflows. Substantial inflows were observed in 2007, 2009 through 2011, and again in 2019 and 2020, frequently coinciding with periods of operational weakness or high investment spending. Conversely, significant outflows were recorded in 2006, 2021, and 2022, with the 2021 outflow of 2.747 billion US dollars representing the largest financing expenditure in the sequence, correlating with the period of peak operating cash flow.
The relationship between these three components suggests a cyclical financial strategy. During periods of operational decline, financing activities frequently provided the necessary liquidity to sustain operations and investments. Conversely, the period of exceptional operational cash generation in 2021 and 2022 coincided with aggressive financing outflows and increased investing activities, indicating a phase of debt reduction, shareholder returns, and capital reinvestment.
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Per Share Data
United States Steel Corp., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2022 | 10.22 | 9.16 | 0.20 |
| Dec 31, 2021 | 15.77 | 14.88 | 0.08 |
| Dec 31, 2020 | -5.92 | -5.92 | 0.04 |
| Dec 31, 2019 | -3.67 | -3.67 | 0.20 |
| Dec 31, 2018 | 6.31 | 6.25 | 0.20 |
| Dec 31, 2017 | 2.21 | 2.19 | 0.20 |
| Dec 31, 2016 | -2.81 | -2.81 | 0.20 |
| Dec 31, 2015 | -11.24 | -11.24 | 0.20 |
| Dec 31, 2014 | 0.71 | 0.69 | 0.20 |
| Dec 31, 2013 | -11.56 | -11.56 | 0.20 |
| Dec 31, 2012 | -0.86 | -0.86 | 0.20 |
| Dec 31, 2011 | -0.37 | -0.37 | 0.20 |
| Dec 31, 2010 | -3.36 | -3.36 | 0.20 |
| Dec 31, 2009 | -10.42 | -10.42 | 0.45 |
| Dec 31, 2008 | 18.04 | 17.96 | 1.10 |
| Dec 31, 2007 | 7.44 | 7.40 | 0.80 |
| Dec 31, 2006 | 11.88 | 11.18 | 0.60 |
| Dec 31, 2005 | 7.87 | 7.00 | 0.38 |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
The financial performance per share exhibits extreme volatility and a highly cyclical pattern over the period from 2005 to 2022. Earnings per share fluctuate significantly between substantial gains and deep losses, reflecting a sensitivity to external market conditions and industrial cycles.
- Earnings Per Share Trends
- Basic and diluted earnings per share followed a nearly identical trajectory, with dilution remaining minimal. A period of strong profitability occurred between 2005 and 2008, peaking in 2008 at a basic EPS of 18.04. This was followed by a protracted period of instability from 2009 to 2016, characterized by severe losses in 2009 (-10.42), 2013 (-11.56), and 2015 (-11.24). A brief recovery occurred in 2017 and 2018, before earnings turned negative again in 2019 and 2020. A significant rebound is observed in the final two years of the period, with basic EPS rising to 15.77 in 2021 and 10.22 in 2022.
- Dividend Distribution Policy
- Dividend payments show a distinct decoupling from the volatility of earnings. While dividends grew steadily from 0.38 in 2005 to a peak of 1.10 in 2008, they were reduced to 0.45 in 2009. From 2010 through 2018, the dividend remained stagnant at 0.20 per share, regardless of whether the company reported losses or profits. A further reduction occurred in 2020, where the dividend dropped to 0.04 before gradually recovering to 0.08 in 2021 and returning to the 0.20 level by 2022.
- Profitability Cycles
- Three distinct phases of profitability are observable. The first occurred from 2005 to 2008, the second from 2017 to 2018, and the third from 2021 to 2022. The intervening years are marked by inconsistent performance and deep deficits, suggesting a business model subject to severe periodic downturns.
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