Analysis of Geographic Areas
United States Steel Corp. operates in 2 regions: North America and Europe.
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- Income Statement
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Present Value of Free Cash Flow to Equity (FCFE)
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
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Area Asset Turnover
United States Steel Corp., asset turnover by geographic area
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| North America | |||||
| Europe |
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).
- North America Asset Turnover
- The asset turnover ratio in North America exhibited a declining trend from 2018 to 2020, decreasing from 2.48 to 1.39. This suggests a reduction in the efficiency with which assets were used to generate revenue during this period. However, a recovery occurred in 2021, with the ratio increasing significantly to 2.28, indicating improved asset utilization. The ratio slightly decreased to 1.99 in 2022 but remained substantially above the 2020 low, reflecting relatively stable yet moderated asset turnover compared to the earlier years.
- Europe Asset Turnover
- The asset turnover ratio for Europe showed a general upward trend across the years. Starting at 3.49 in 2018, it declined over the next two years to 1.98 in 2020, mirroring some reduction in efficiency similar to the North America region. However, from 2020 onwards, there was a marked increase, with the ratio rising sharply to 4.84 in 2021 and slightly further to 5.03 in 2022. This substantial growth indicates a significantly enhanced efficiency in asset utilization in Europe during the latter period.
- Comparative Observations
- Both geographic areas experienced decreases in asset turnover between 2018 and 2020, potentially reflecting challenges affecting asset efficiency across regions during this period. Subsequently, Europe demonstrated a more robust recovery and growth in asset turnover ratios compared to North America, particularly in 2021 and 2022. The European ratio not only surpassed its previous peak but also increased at a higher rate, suggesting a stronger rebound or improved operational performance relative to North America, where the asset turnover ratio recovered but with lesser momentum.
Area Asset Turnover: North America
United States Steel Corp.; North America; area asset turnover calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| External sales | |||||
| Assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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
Area asset turnover = External sales ÷ Assets
= ÷ =
- External sales
- External sales demonstrated a declining trend from 2018 to 2020, decreasing from 10,973 million US dollars in 2018 to 7,774 million US dollars in 2020. However, this was followed by a significant recovery and growth in 2021 and 2022, reaching 16,013 million US dollars and 16,822 million US dollars respectively. The overall pattern indicates strong volatility with a steep drop during 2019-2020, succeeded by a robust rebound and surpassing previous peak levels by 2022.
- Assets
- Total assets in the area showed a generally upward trend throughout the period. Starting at 4,432 million US dollars in 2018, assets increased steadily each year, reaching 8,459 million US dollars in 2022. The most notable growth was observed between 2021 and 2022, with an increase of approximately 1,425 million US dollars. This continuous asset expansion suggests ongoing investment or accumulation of resources in the region.
- Area asset turnover
- The area asset turnover ratio exhibited fluctuating trends over the reported years. The ratio declined sharply from 2.48 in 2018 to a low of 1.39 in 2020, reflecting reduced efficiency in generating sales from assets during this period. Following this trough, the ratio improved notably to 2.28 in 2021, indicating enhanced operational efficiency. However, this was followed by a slight decrease to 1.99 in 2022. Despite the fluctuations, turnover remained below the initial 2018 level by the end of the period, suggesting some variability in asset utilization effectiveness.
Area Asset Turnover: Europe
United States Steel Corp.; Europe; area asset turnover calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| External sales | |||||
| Assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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
Area asset turnover = External sales ÷ Assets
= ÷ =
The data for the Europe geographic area reveals notable fluctuations across the five-year period from 2018 to 2022.
- External Sales
- External sales experienced a significant decline from $3,205 million in 2018 to $1,967 million in 2020, representing a considerable reduction over two years. However, a strong recovery is observed in 2021 with sales surging to $4,262 million, followed by a stabilization at $4,243 million in 2022. The recovery after the decline suggests a rebound in demand or improved market conditions in the later years.
- Assets
- Assets in the Europe area remained relatively stable but show a mild downward trend. The asset base declined modestly from $919 million in 2018 to $843 million in 2022. While fluctuations occurred during the period, the overall asset level decreased by about 8% over five years, indicating some contraction or asset disposals.
- Area Asset Turnover
- The area asset turnover ratio, which measures sales generated per unit of assets, followed a pattern consistent with the sales and asset data. The ratio dropped from 3.49 in 2018 to 1.98 in 2020, reflecting decreased sales alongside relatively stable assets. Subsequently, a sharp increase was noted, with the turnover rising to 4.84 in 2021 and further to 5.03 in 2022, implying substantially higher efficiency in utilizing assets to generate sales in the latter years.
Overall, the Europe geographic area experienced a pronounced downturn in both sales and efficiency up to 2020, likely influenced by external market pressures. Following this, a robust recovery and enhanced asset efficiency were achieved in 2021 and 2022, despite a slight decline in the asset base. This indicates an improved operational performance and stronger revenue generation relative to the asset investment in recent periods.
External sales
United States Steel Corp., external sales by geographic area
US$ in millions
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| North America | |||||
| Europe | |||||
| Total |
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).
- North America Sales
- The sales figures in North America display a fluctuating trend over the five-year period. Initial sales decreased from 10,973 million USD in 2018 to 7,774 million USD in 2020, indicating a significant decline during this time. However, there was a notable recovery in 2021, with sales increasing sharply to 16,013 million USD, followed by a modest increase to 16,822 million USD in 2022. This recovery suggests a strong rebound after the downturn observed in 2019 and 2020.
- Europe Sales
- The sales in Europe similarly followed a declining trend from 3,205 million USD in 2018 to 1,967 million USD in 2020. Following this period, sales in Europe rose significantly to 4,262 million USD in 2021, stabilizing slightly lower at 4,243 million USD in 2022. This pattern indicates a recovery similar to that seen in North America, albeit with lower absolute values throughout the periods.
- Total Sales
- Total sales reflect the combined trends observed in North America and Europe. There was a decline from 14,178 million USD in 2018 to 9,741 million USD in 2020. Subsequently, there was a substantial resurgence in 2021 with total sales climbing to 20,275 million USD, followed by a further increase to 21,065 million USD in 2022. This overall trend indicates a recovery and growth phase after a period of decline likely influenced by external factors during 2019 and 2020.
- Insights
- Both geographic regions experienced a downturn in sales over the initial three-year period, reaching the lowest points in 2020. The sharp increase from 2020 to 2021 across both regions points to improved market conditions or operational performance. The continued growth or stabilization in 2022 suggests sustained recovery. North America consistently contributed the majority share of sales, with Europe comprising a smaller but similarly patterned portion. The data highlights the cyclical nature of sales in these regions and the company's capacity to recover from downturns.
Assets
United States Steel Corp., assets by geographic area
US$ in millions
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| North America | |||||
| Europe | |||||
| Total |
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).
- North America Asset Trend
- The assets in North America experienced a consistent increase over the five-year period. Starting at 4,432 million USD at the end of 2018, the value rose each year, reaching 8,459 million USD by the end of 2022. This reflects a strong growth trajectory, with the most significant annual increase observed between 2021 and 2022.
- Europe Asset Trend
- Assets in Europe showed relative stability with minor fluctuations over the same period. The value was 919 million USD at the end of 2018, slightly increasing and peaking at 993 million USD in 2020, followed by a downward trend to 843 million USD in 2022. This decline after 2020 contrasts with the rise in North American assets, indicating potential regional differences in asset allocation or market conditions.
- Total Asset Trend
- The total assets demonstrated a consistent upward trend, increasing from 5,351 million USD in 2018 to 9,302 million USD in 2022. The pattern reflects the dominance of North American growth, as it constitutes the majority of total assets. The overall increase suggests expansion or accumulation of assets over the years, despite the slight decrease in European assets in the latter years.
- Overall Insights
- The analysis reveals a strategic emphasis on asset growth in North America, contributing significantly to the total increase. The European asset base remained relatively stable but showed a modest decline in recent years. The data suggest a possible regional shift or challenges in the European market, whereas North America continues to be the primary driver of asset growth.