Adjusted Financial Ratios (Summary)
Adjusted Total Asset Turnover
Adjusted Current Ratio
Adjusted Debt to Equity
Adjusted Debt to Capital
Adjusted Financial Leverage
Adjusted Net Profit Margin
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

United States Steel Corp., adjusted financial ratios

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Activity Ratio
Total Asset Turnover
Reported	1.08	1.14	0.81	1.11	1.29
Adjusted	1.08	1.14	0.81	1.11	1.31
Liquidity Ratio
Current Ratio
Reported	1.99	1.86	1.67	1.45	1.51
Adjusted	2.00	1.87	1.68	1.46	1.52
Solvency Ratios
Debt to Equity
Reported	0.39	0.43	1.29	0.89	0.57
Adjusted	0.38	0.43	1.25	0.90	0.69
Debt to Capital
Reported	0.28	0.30	0.56	0.47	0.36
Adjusted	0.27	0.30	0.56	0.47	0.41
Financial Leverage
Reported	1.90	1.98	3.19	2.84	2.61
Adjusted	1.78	1.88	2.96	2.69	2.83
Profitability Ratios
Net Profit Margin
Reported	11.98%	20.59%	-11.96%	-4.87%	7.86%
Adjusted	12.08%	22.55%	-9.17%	2.43%	4.13%
Return on Equity (ROE)
Reported	24.70%	46.33%	-30.77%	-15.40%	26.53%
Adjusted	23.18%	48.25%	-21.89%	7.27%	15.32%
Return on Assets (ROA)
Reported	12.97%	23.43%	-9.66%	-5.43%	10.15%
Adjusted	13.06%	25.65%	-7.40%	2.70%	5.41%

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).

Financial ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	United States Steel Corp. adjusted total asset turnover ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022.
Adjusted current ratio	A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities.	United States Steel Corp. adjusted current ratio improved from 2020 to 2021 and from 2021 to 2022.
Adjusted debt-to-equity ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total equity.	United States Steel Corp. adjusted debt-to-equity ratio improved from 2020 to 2021 and from 2021 to 2022.
Adjusted debt-to-capital ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity.	United States Steel Corp. adjusted debt-to-capital ratio improved from 2020 to 2021 and from 2021 to 2022.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	United States Steel Corp. adjusted financial leverage ratio decreased from 2020 to 2021 and from 2021 to 2022.
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	United States Steel Corp. adjusted net profit margin ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted total equity.	United States Steel Corp. adjusted ROE improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	United States Steel Corp. adjusted ROA improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022.

United States Steel Corp., Financial Ratios: Reported vs. Adjusted

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	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Reported
Selected Financial Data (US$ in millions)
Net sales	21,065)	20,275)	9,741)	12,937)	14,178)
Total assets	19,458)	17,816)	12,059)	11,608)	10,982)
Activity Ratio
Total asset turnover¹	1.08	1.14	0.81	1.11	1.29
Adjusted
Selected Financial Data (US$ in millions)
Net sales	21,065)	20,275)	9,741)	12,937)	14,178)
Adjusted total assets²	19,486)	17,828)	12,071)	11,617)	10,809)
Activity Ratio
Adjusted total asset turnover³	1.08	1.14	0.81	1.11	1.31

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).

¹ 2022 Calculation
Total asset turnover = Net sales ÷ Total assets
= 21,065 ÷ 19,458 = 1.08

² Adjusted total assets. See details »

³ 2022 Calculation
Adjusted total asset turnover = Net sales ÷ Adjusted total assets
= 21,065 ÷ 19,486 = 1.08

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	United States Steel Corp. adjusted total asset turnover ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022.

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Reported
Selected Financial Data (US$ in millions)
Current assets	7,866)	7,152)	4,432)	3,813)	4,830)
Current liabilities	3,959)	3,852)	2,656)	2,625)	3,197)
Liquidity Ratio
Current ratio¹	1.99	1.86	1.67	1.45	1.51
Adjusted
Selected Financial Data (US$ in millions)
Adjusted current assets²	7,904)	7,196)	4,466)	3,841)	4,859)
Current liabilities	3,959)	3,852)	2,656)	2,625)	3,197)
Liquidity Ratio
Adjusted current ratio³	2.00	1.87	1.68	1.46	1.52

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).

¹ 2022 Calculation
Current ratio = Current assets ÷ Current liabilities
= 7,866 ÷ 3,959 = 1.99

² Adjusted current assets. See details »

³ 2022 Calculation
Adjusted current ratio = Adjusted current assets ÷ Current liabilities
= 7,904 ÷ 3,959 = 2.00

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Liquidity ratio	Description	The company
Adjusted current ratio	A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities.	United States Steel Corp. adjusted current ratio improved from 2020 to 2021 and from 2021 to 2022.

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Reported
Selected Financial Data (US$ in millions)
Total debt	3,977)	3,891)	4,887)	3,641)	2,381)
Total United States Steel Corporation stockholders’ equity	10,218)	9,010)	3,786)	4,092)	4,202)
Solvency Ratio
Debt to equity¹	0.39	0.43	1.29	0.89	0.57
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt²	4,131)	4,085)	5,109)	3,878)	2,624)
Adjusted stockholders’ equity³	10,977)	9,477)	4,079)	4,318)	3,818)
Solvency Ratio
Adjusted debt to equity⁴	0.38	0.43	1.25	0.90	0.69

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).

¹ 2022 Calculation
Debt to equity = Total debt ÷ Total United States Steel Corporation stockholders’ equity
= 3,977 ÷ 10,218 = 0.39

² Adjusted total debt. See details »

³ Adjusted stockholders’ equity. See details »

⁴ 2022 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted stockholders’ equity
= 4,131 ÷ 10,977 = 0.38

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Solvency ratio	Description	The company
Adjusted debt-to-equity ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total equity.	United States Steel Corp. adjusted debt-to-equity ratio improved from 2020 to 2021 and from 2021 to 2022.

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Reported
Selected Financial Data (US$ in millions)
Total debt	3,977)	3,891)	4,887)	3,641)	2,381)
Total capital	14,195)	12,901)	8,673)	7,733)	6,583)
Solvency Ratio
Debt to capital¹	0.28	0.30	0.56	0.47	0.36
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt²	4,131)	4,085)	5,109)	3,878)	2,624)
Adjusted total capital³	15,108)	13,562)	9,188)	8,196)	6,442)
Solvency Ratio
Adjusted debt to capital⁴	0.27	0.30	0.56	0.47	0.41

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).

¹ 2022 Calculation
Debt to capital = Total debt ÷ Total capital
= 3,977 ÷ 14,195 = 0.28

² Adjusted total debt. See details »

³ Adjusted total capital. See details »

⁴ 2022 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 4,131 ÷ 15,108 = 0.27

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Solvency ratio	Description	The company
Adjusted debt-to-capital ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity.	United States Steel Corp. adjusted debt-to-capital ratio improved from 2020 to 2021 and from 2021 to 2022.

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Reported
Selected Financial Data (US$ in millions)
Total assets	19,458)	17,816)	12,059)	11,608)	10,982)
Total United States Steel Corporation stockholders’ equity	10,218)	9,010)	3,786)	4,092)	4,202)
Solvency Ratio
Financial leverage¹	1.90	1.98	3.19	2.84	2.61
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets²	19,486)	17,828)	12,071)	11,617)	10,809)
Adjusted stockholders’ equity³	10,977)	9,477)	4,079)	4,318)	3,818)
Solvency Ratio
Adjusted financial leverage⁴	1.78	1.88	2.96	2.69	2.83

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).

¹ 2022 Calculation
Financial leverage = Total assets ÷ Total United States Steel Corporation stockholders’ equity
= 19,458 ÷ 10,218 = 1.90

² Adjusted total assets. See details »

³ Adjusted stockholders’ equity. See details »

⁴ 2022 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted stockholders’ equity
= 19,486 ÷ 10,977 = 1.78

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Solvency ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	United States Steel Corp. adjusted financial leverage ratio decreased from 2020 to 2021 and from 2021 to 2022.

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Reported
Selected Financial Data (US$ in millions)
Net earnings (loss) attributable to United States Steel Corporation	2,524)	4,174)	(1,165)	(630)	1,115)
Net sales	21,065)	20,275)	9,741)	12,937)	14,178)
Profitability Ratio
Net profit margin¹	11.98%	20.59%	-11.96%	-4.87%	7.86%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net earnings (loss)²	2,545)	4,573)	(893)	314)	585)
Net sales	21,065)	20,275)	9,741)	12,937)	14,178)
Profitability Ratio
Adjusted net profit margin³	12.08%	22.55%	-9.17%	2.43%	4.13%

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).

¹ 2022 Calculation
Net profit margin = 100 × Net earnings (loss) attributable to United States Steel Corporation ÷ Net sales
= 100 × 2,524 ÷ 21,065 = 11.98%

² Adjusted net earnings (loss). See details »

³ 2022 Calculation
Adjusted net profit margin = 100 × Adjusted net earnings (loss) ÷ Net sales
= 100 × 2,545 ÷ 21,065 = 12.08%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	United States Steel Corp. adjusted net profit margin ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022.

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Reported
Selected Financial Data (US$ in millions)
Net earnings (loss) attributable to United States Steel Corporation	2,524)	4,174)	(1,165)	(630)	1,115)
Total United States Steel Corporation stockholders’ equity	10,218)	9,010)	3,786)	4,092)	4,202)
Profitability Ratio
ROE¹	24.70%	46.33%	-30.77%	-15.40%	26.53%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net earnings (loss)²	2,545)	4,573)	(893)	314)	585)
Adjusted stockholders’ equity³	10,977)	9,477)	4,079)	4,318)	3,818)
Profitability Ratio
Adjusted ROE⁴	23.18%	48.25%	-21.89%	7.27%	15.32%

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).

¹ 2022 Calculation
ROE = 100 × Net earnings (loss) attributable to United States Steel Corporation ÷ Total United States Steel Corporation stockholders’ equity
= 100 × 2,524 ÷ 10,218 = 24.70%

² Adjusted net earnings (loss). See details »

³ Adjusted stockholders’ equity. See details »

⁴ 2022 Calculation
Adjusted ROE = 100 × Adjusted net earnings (loss) ÷ Adjusted stockholders’ equity
= 100 × 2,545 ÷ 10,977 = 23.18%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted total equity.	United States Steel Corp. adjusted ROE improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022.

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Reported
Selected Financial Data (US$ in millions)
Net earnings (loss) attributable to United States Steel Corporation	2,524)	4,174)	(1,165)	(630)	1,115)
Total assets	19,458)	17,816)	12,059)	11,608)	10,982)
Profitability Ratio
ROA¹	12.97%	23.43%	-9.66%	-5.43%	10.15%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net earnings (loss)²	2,545)	4,573)	(893)	314)	585)
Adjusted total assets³	19,486)	17,828)	12,071)	11,617)	10,809)
Profitability Ratio
Adjusted ROA⁴	13.06%	25.65%	-7.40%	2.70%	5.41%

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).

¹ 2022 Calculation
ROA = 100 × Net earnings (loss) attributable to United States Steel Corporation ÷ Total assets
= 100 × 2,524 ÷ 19,458 = 12.97%

² Adjusted net earnings (loss). See details »

³ Adjusted total assets. See details »

⁴ 2022 Calculation
Adjusted ROA = 100 × Adjusted net earnings (loss) ÷ Adjusted total assets
= 100 × 2,545 ÷ 19,486 = 13.06%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	United States Steel Corp. adjusted ROA improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022.

United States Steel Corp. (NYSE:X)

Adjusted Financial Ratios

Adjusted Financial Ratios (Summary)

United States Steel Corp., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Adjusted Current Ratio

Adjusted Debt to Equity

Adjusted Debt to Capital

Adjusted Financial Leverage

Adjusted Net Profit Margin

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)