Analysis of Reportable Segments
United States Steel Corp. operates in 4 segments: North American Flat-Rolled; Mini Mill; USSE; and Tubular Products.
Segment Profit Margin
United States Steel Corp., profit margin by reportable segment
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| North American Flat-Rolled | 15.16% | 21.28% | -8.19% | 2.05% | 8.91% |
| Mini Mill | 15.79% | 34.30% | — | — | — |
| USSE | 10.43% | 22.86% | 0.46% | -2.36% | 11.12% |
| Tubular Products | 33.66% | 0.12% | -27.71% | -5.63% | -4.69% |
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).
The segment profit margins exhibit significant volatility over the five-year period, characterized by a synchronized trough in 2020 and a subsequent sharp recovery in 2021. While most segments experienced a peak in 2021 followed by a moderation in 2022, the Tubular Products segment demonstrated a distinct and delayed trajectory of profitability.
- North American Flat-Rolled
- Profit margins for this segment underwent a steady decline from 8.91% in 2018 to a negative 8.19% in 2020. A rapid recovery occurred in 2021, with margins peaking at 21.28% before moderating to 15.16% by the end of 2022.
- Mini Mill
- Financial data for this segment becomes available in 2021, showing an initial high profit margin of 34.30%. This margin contracted by more than half in 2022, closing at 15.79%.
- USSE
- Margins remained volatile, falling from 11.12% in 2018 to -2.36% in 2019 and barely recovering to 0.46% in 2020. The segment saw a substantial increase to 22.86% in 2021, followed by a decrease to 10.43% in 2022.
- Tubular Products
- This segment experienced the most severe losses, with margins deteriorating from -4.69% in 2018 to -27.71% in 2020. A significant turnaround was observed starting in 2021, where the segment reached a break-even point of 0.12%, eventually surging to a period-high of 33.66% in 2022.
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Segment Profit Margin: North American Flat-Rolled
United States Steel Corp.; North American Flat-Rolled; segment profit margin calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Earnings (loss) before interest and income taxes | 1,951) | 2,630) | (596) | 196) | 883) |
| Net sales | 12,872) | 12,358) | 7,279) | 9,560) | 9,912) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 15.16% | 21.28% | -8.19% | 2.05% | 8.91% |
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
Segment profit margin = 100 × Earnings (loss) before interest and income taxes ÷ Net sales
= 100 × 1,951 ÷ 12,872 = 15.16%
The North American Flat-Rolled segment experienced significant volatility in both profitability and revenue between 2018 and 2022, characterized by a severe contraction followed by a rapid recovery and subsequent stabilization.
- Revenue Trajectory
- Net sales exhibited a declining trend from 2018 to 2020, falling from US$ 9,912 million to a low of US$ 7,279 million. This contraction was followed by a sharp reversal in 2021, with sales surging to US$ 12,358 million and continuing to grow to US$ 12,872 million by the end of 2022.
- Earnings Performance
- Earnings before interest and income taxes demonstrated extreme fluctuations. Profits decreased sharply from US$ 883 million in 2018 to US$ 196 million in 2019, culminating in an operating loss of US$ 596 million in 2020. A substantial recovery occurred in 2021, with earnings reaching a peak of US$ 2,630 million, before moderating to US$ 1,951 million in 2022.
- Segment Profit Margin Analysis
- The segment profit margin reflected the volatility of the underlying earnings and sales. A steady decline is observed from 8.91% in 2018 to a negative margin of -8.19% in 2020. The subsequent recovery in 2021 resulted in a peak margin of 21.28%, the highest in the analyzed period. Despite the continued growth in net sales in 2022, the profit margin contracted to 15.16%, indicating that earnings growth did not keep pace with revenue expansion during that fiscal year.
The overall pattern indicates a period of high cyclicality, where a significant downturn in 2020 was countered by an exceptional expansion in 2021, followed by a slight normalization of margins in 2022.
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Segment Profit Margin: Mini Mill
United States Steel Corp.; Mini Mill; segment profit margin calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Earnings (loss) before interest and income taxes | 481) | 1,206) | —) | —) | —) |
| Net sales | 3,047) | 3,516) | —) | —) | —) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 15.79% | 34.30% | — | — | — |
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
Segment profit margin = 100 × Earnings (loss) before interest and income taxes ÷ Net sales
= 100 × 481 ÷ 3,047 = 15.79%
The Mini Mill segment experienced a significant contraction in both top-line revenue and bottom-line profitability between fiscal year 2021 and 2022. While both net sales and earnings before interest and income taxes declined, the reduction in earnings was disproportionately steeper than the decline in sales, resulting in a substantial compression of the segment's profit margin.
- Revenue and Earnings Performance
- Net sales decreased from 3,516 million US dollars in 2021 to 3,047 million US dollars in 2022, representing a moderate decline in volume or pricing. However, earnings before interest and income taxes fell more sharply, dropping from 1,206 million US dollars to 481 million US dollars over the same period.
- Segment Profit Margin Analysis
- The segment profit margin underwent a sharp decline, falling from 34.30% in 2021 to 15.79% in 2022. This reduction indicates that costs grew relative to revenue or that the segment faced significant pricing pressures, as the profit margin was reduced by more than half in a single fiscal year.
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Segment Profit Margin: USSE
United States Steel Corp.; USSE; segment profit margin calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Earnings (loss) before interest and income taxes | 444) | 975) | 9) | (57) | 359) |
| Net sales | 4,256) | 4,266) | 1,970) | 2,420) | 3,228) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 10.43% | 22.86% | 0.46% | -2.36% | 11.12% |
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
Segment profit margin = 100 × Earnings (loss) before interest and income taxes ÷ Net sales
= 100 × 444 ÷ 4,256 = 10.43%
The financial performance of the USSE segment from 2018 to 2022 is characterized by significant volatility in both revenue and profitability. A period of contraction and operational losses between 2019 and 2020 was followed by a sharp recovery in 2021, with a subsequent moderation in profit margins in 2022 despite sustained high sales levels.
- Net Sales Trends
- A consistent decline in net sales is observed from 2018 to 2020, with figures dropping from US$ 3,228 million to US$ 1,970 million. This downward trend reversed abruptly in 2021, as sales surged to US$ 4,266 million, remaining relatively stable at US$ 4,256 million through the end of 2022.
- Earnings Before Interest and Income Taxes
- Earnings experienced substantial fluctuations, moving from US$ 359 million in 2018 to a deficit of US$ 57 million in 2019. Following a marginal recovery to US$ 9 million in 2020, earnings peaked at US$ 975 million in 2021 before declining to US$ 444 million in 2022.
- Segment Profit Margin Dynamics
- The segment profit margin reflects high sensitivity to market conditions, falling from 11.12% in 2018 to a low of -2.36% in 2019. While the margin returned to positive territory in 2020 (0.46%), it reached a maximum of 22.86% in 2021. In 2022, the margin contracted to 10.43%, demonstrating a decrease in profitability per dollar of sales despite the maintenance of high revenue levels.
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Segment Profit Margin: Tubular Products
United States Steel Corp.; Tubular Products; segment profit margin calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Earnings (loss) before interest and income taxes | 544) | 1) | (179) | (67) | (58) |
| Net sales | 1,616) | 809) | 646) | 1,191) | 1,236) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 33.66% | 0.12% | -27.71% | -5.63% | -4.69% |
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
Segment profit margin = 100 × Earnings (loss) before interest and income taxes ÷ Net sales
= 100 × 544 ÷ 1,616 = 33.66%
The Tubular Products segment experienced a significant financial turnaround between 2018 and 2022, transitioning from a period of sustained operational losses to substantial profitability. The trajectory is characterized by a severe contraction in 2020 followed by an aggressive recovery in subsequent years.
- Net Sales Performance
- Revenue remained relatively stable between 2018 and 2019 before experiencing a sharp decline to 646 million US dollars in 2020. A recovery trend emerged in 2021 and accelerated in 2022, with net sales reaching a five-year peak of 1,616 million US dollars, representing a significant increase over pre-2020 levels.
- Operational Earnings Trend
- Earnings before interest and income taxes were negative from 2018 through 2020, with losses deepening to 179 million US dollars at the nadir in 2020. The segment reached a break-even point in 2021 with earnings of 1 million US dollars, which then surged to 544 million US dollars by the end of 2022.
- Segment Profit Margin Evolution
- The profit margin exhibited extreme volatility, shifting from -4.69% in 2018 to a low of -27.71% in 2020. This downward trend reversed sharply in 2021, moving to 0.12%, and culminated in a robust expansion to 33.66% in 2022. This shift indicates a substantial improvement in operational efficiency and a favorable change in the relationship between sales volume and cost structures.
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Segment Return on Assets (Segment ROA)
United States Steel Corp., ROA by reportable segment
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| North American Flat-Rolled | 24.58% | 35.85% | -8.40% | 2.70% | 12.66% |
| Mini Mill | 8.31% | 25.58% | — | — | — |
| USSE | 7.62% | 15.95% | 0.16% | -1.06% | 6.40% |
| Tubular Products | 47.72% | 0.09% | -20.18% | -5.83% | -5.39% |
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 segment return on assets (ROA) across the organization exhibits a period of extreme volatility between 2018 and 2022, characterized by a systemic decline peaking in 2020 and a subsequent broad recovery in 2021. While most segments followed a synchronized pattern of contraction and expansion, the degree of recovery varied significantly by business unit, with some segments achieving record profitability by 2022 while others experienced a secondary decline.
- North American Flat-Rolled
- This segment displayed a sharp V-shaped recovery. Following a decline from 12.66% in 2018 to a trough of -8.40% in 2020, a substantial rebound occurred in 2021, reaching a peak of 35.85%. Performance moderated in 2022 to 24.58%, though it remained significantly higher than pre-2021 levels.
- Mini Mill
- Reporting began in 2021 with a strong initial ROA of 25.58%. However, a significant downward adjustment followed in 2022, with the return on assets falling to 8.31%, indicating a compression of returns shortly after the segment's appearance in the reporting structure.
- USSE
- The USSE segment experienced inconsistent performance, dipping into negative territory in 2019 (-1.06%) before returning to a marginal positive of 0.16% in 2020. A peak was reached in 2021 at 15.95%, followed by a reduction to 7.62% in 2022, mirroring the broader trend of moderation seen in the Flat-Rolled and Mini Mill segments.
- Tubular Products
- This segment demonstrated the most dramatic turnaround in the portfolio. After three consecutive years of negative returns, including a severe low of -20.18% in 2020, the segment reached a break-even point in 2021 (0.09%). This was followed by an explosive increase in 2022, where the ROA surged to 47.72%, the highest recorded percentage across all segments and years.
Overall, 2020 served as a critical low point for the company's asset efficiency across almost all reportable segments. The subsequent recovery in 2021 was universal, though 2022 results indicate a divergence: North American Flat-Rolled, Mini Mill, and USSE saw their returns diminish, while Tubular Products entered a phase of rapid growth.
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Segment ROA: North American Flat-Rolled
United States Steel Corp.; North American Flat-Rolled; segment ROA calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Earnings (loss) before interest and income taxes | 1,951) | 2,630) | (596) | 196) | 883) |
| Total assets | 7,936) | 7,337) | 7,099) | 7,267) | 6,977) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 24.58% | 35.85% | -8.40% | 2.70% | 12.66% |
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
Segment ROA = 100 × Earnings (loss) before interest and income taxes ÷ Total assets
= 100 × 1,951 ÷ 7,936 = 24.58%
The North American Flat-Rolled segment exhibited significant volatility in profitability and asset efficiency between 2018 and 2022. While the asset base remained relatively stable, the segment experienced a sharp cyclical downturn followed by a substantial recovery, leading to wide fluctuations in the Segment Return on Assets (ROA).
- Earnings Performance and Asset Stability
- Earnings before interest and income taxes showed extreme variance, declining from 883 million USD in 2018 to a loss of 596 million USD in 2020. A rapid reversal occurred in 2021, with earnings peaking at 2,630 million USD before adjusting to 1,951 million USD in 2022. Concurrently, total assets grew modestly and consistently from 6,977 million USD in 2018 to 7,936 million USD in 2022, indicating that the changes in ROA were driven by operational earnings rather than significant changes in the asset base.
- Segment ROA Volatility
- The Segment ROA mirrored the volatility of pre-tax earnings, shifting from a positive 12.66% in 2018 to a low of -8.40% in 2020. This downward trajectory represents a period of diminished asset productivity. The recovery in 2021 was pronounced, with the ROA surging to 35.85%, the highest point in the analyzed period, reflecting a period of exceptional efficiency in generating earnings from the segment's assets.
- Post-Peak Normalization
- Following the 2021 peak, the Segment ROA declined to 24.58% in 2022. Despite this decrease, the 2022 performance remained substantially higher than the pre-2021 levels, suggesting a new, higher baseline for profitability relative to the asset base compared to the 2018-2020 period.
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Segment ROA: Mini Mill
United States Steel Corp.; Mini Mill; segment ROA calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Earnings (loss) before interest and income taxes | 481) | 1,206) | —) | —) | —) |
| Total assets | 5,787) | 4,715) | —) | —) | —) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 8.31% | 25.58% | — | — | — |
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
Segment ROA = 100 × Earnings (loss) before interest and income taxes ÷ Total assets
= 100 × 481 ÷ 5,787 = 8.31%
The Mini Mill segment experienced a significant decline in operational efficiency and profitability between the 2021 and 2022 fiscal years. This period was characterized by a simultaneous reduction in pre-tax earnings and an expansion of the asset base, resulting in a sharp contraction of the return on assets (ROA).
- Earnings Performance
- Earnings before interest and income taxes decreased from 1,206 million US dollars in 2021 to 481 million US dollars in 2022. This represents a substantial reduction in the segment's ability to generate operating income.
- Asset Base Expansion
- Total assets increased from 4,715 million US dollars in 2021 to 5,787 million US dollars in 2022. The growth in the asset base occurred despite the downward trend in earnings, suggesting continued capital allocation or asset accumulation.
- Segment ROA Compression
- The Segment ROA fell from 25.58% in 2021 to 8.31% in 2022. This degradation in the ratio is the result of a dual negative impact: a shrinking numerator (earnings) coupled with an expanding denominator (total assets), indicating a significant decrease in the productivity of the segment's deployed capital.
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Segment ROA: USSE
United States Steel Corp.; USSE; segment ROA calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Earnings (loss) before interest and income taxes | 444) | 975) | 9) | (57) | 359) |
| Total assets | 5,823) | 6,111) | 5,502) | 5,360) | 5,607) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 7.62% | 15.95% | 0.16% | -1.06% | 6.40% |
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
Segment ROA = 100 × Earnings (loss) before interest and income taxes ÷ Total assets
= 100 × 444 ÷ 5,823 = 7.62%
The USSE segment demonstrates significant volatility in operational performance over the five-year period from 2018 to 2022, with profitability exhibiting a cyclical pattern of decline, recovery, and subsequent correction.
- Earnings Before Interest and Income Taxes
- Operational earnings experienced substantial fluctuations, declining from 359 million US dollars in 2018 to a loss of 57 million US dollars in 2019. A marginal recovery was recorded in 2020 with earnings of 9 million US dollars, followed by a sharp increase to a period peak of 975 million US dollars in 2021. Earnings subsequently moderated to 444 million US dollars in 2022.
- Total Asset Base
- The asset base remained relatively stable throughout the analyzed period, fluctuating between a low of 5,360 million US dollars in 2019 and a high of 6,111 million US dollars in 2021. The consistency of the asset base indicates that the variance in profitability was driven by operational earnings rather than significant changes in the scale of invested capital.
- Segment Return on Assets (ROA)
- The Segment ROA closely mirrored the trajectory of earnings. A decline from 6.40% in 2018 to -1.06% in 2019 was followed by a recovery to 0.16% in 2020. The ratio reached a peak of 15.95% in 2021, representing the highest efficiency of asset utilization in the period, before adjusting to 7.62% in 2022.
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Segment ROA: Tubular Products
United States Steel Corp.; Tubular Products; segment ROA calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Earnings (loss) before interest and income taxes | 544) | 1) | (179) | (67) | (58) |
| Total assets | 1,140) | 1,054) | 887) | 1,150) | 1,076) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 47.72% | 0.09% | -20.18% | -5.83% | -5.39% |
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
Segment ROA = 100 × Earnings (loss) before interest and income taxes ÷ Total assets
= 100 × 544 ÷ 1,140 = 47.72%
The Tubular Products segment experienced a profound financial transformation between 2018 and 2022, transitioning from a period of sustained operating losses to a state of high profitability. This turnaround is characterized by a severe trough in performance during 2020 followed by an exponential recovery in earnings efficiency.
- Earnings Performance and Volatility
- Operating results remained negative from 2018 through 2020, with losses widening from 58 million in 2018 to a peak deficit of 179 million in 2020. A pivotal shift occurred in 2021, as the segment reached a break-even point with earnings of 1 million. This trajectory culminated in a substantial increase in 2022, where earnings before interest and income taxes surged to 544 million, indicating a robust recovery in operational profitability.
- Asset Base Stability
- Total assets remained relatively stable throughout the five-year period, fluctuating within a range of 887 million to 1,150 million. A temporary contraction in the asset base was observed in 2020, coinciding with the period of maximum losses, before returning to 1,140 million by 2022. The stability of the asset base suggests that the improvement in returns was driven by operational efficiency and revenue growth rather than a significant divestment of assets.
- Segment Return on Assets (ROA) Trends
- The Segment ROA mirrors the earnings volatility, showing a steep decline to -20.18% in 2020. The subsequent recovery in 2021 brought the ROA to a near-neutral 0.09%, before an exceptional leap to 47.72% in 2022. This dramatic swing indicates a substantial increase in the segment's ability to generate profit from its employed asset base, marking a shift from capital erosion to high-yield performance.
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Segment Asset Turnover
United States Steel Corp., asset turnover by reportable segment
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| North American Flat-Rolled | 1.62 | 1.68 | 1.03 | 1.32 | 1.42 |
| Mini Mill | 0.53 | 0.75 | — | — | — |
| USSE | 0.73 | 0.70 | 0.36 | 0.45 | 0.58 |
| Tubular Products | 1.42 | 0.77 | 0.73 | 1.04 | 1.15 |
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 segment asset turnover ratios reveal a synchronized cyclical trend across most business units, characterized by a notable contraction in asset efficiency during 2020 followed by a general recovery phase in 2021 and 2022. North American Flat-Rolled consistently demonstrates the highest efficiency in utilizing assets to generate revenue compared to other segments.
- North American Flat-Rolled
- This segment maintained the strongest asset turnover throughout the period. The ratio decreased from 1.42 in 2018 to a low of 1.03 in 2020, before rebounding strongly to 1.68 in 2021 and stabilizing at 1.62 in 2022.
- Mini Mill
- Asset turnover for this segment is first recorded in 2021 at 0.75. A downward trend followed in 2022, with the ratio falling to 0.53, indicating a decrease in asset productivity.
- USSE
- A U-shaped performance trend is observed for USSE. The ratio declined from 0.58 in 2018 to 0.36 in 2020, subsequently recovering to 0.70 in 2021 and reaching a period high of 0.73 in 2022.
- Tubular Products
- This segment exhibited significant volatility, with the ratio declining from 1.15 in 2018 to 0.73 in 2020. After a marginal increase to 0.77 in 2021, the ratio experienced a sharp increase to 1.42 in 2022, suggesting a substantial improvement in asset utilization efficiency.
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Segment Asset Turnover: North American Flat-Rolled
United States Steel Corp.; North American Flat-Rolled; segment asset turnover calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net sales | 12,872) | 12,358) | 7,279) | 9,560) | 9,912) |
| Total assets | 7,936) | 7,337) | 7,099) | 7,267) | 6,977) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 1.62 | 1.68 | 1.03 | 1.32 | 1.42 |
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
Segment asset turnover = Net sales ÷ Total assets
= 12,872 ÷ 7,936 = 1.62
The North American Flat-Rolled segment experienced significant volatility in revenue generation and asset utilization between 2018 and 2022. A marked contraction in performance occurred in 2020, followed by a robust recovery in 2021 and 2022, resulting in higher asset efficiency relative to the 2018 baseline.
- Revenue Trajectory
- Net sales exhibited a downward trend from 2018 to 2020, falling from US$ 9,912 million to a period low of US$ 7,279 million. This trend reversed sharply in 2021, with sales increasing to US$ 12,358 million and continuing to rise to US$ 12,872 million by the end of 2022.
- Asset Base Stability
- Total assets remained relatively stable over the five-year period, showing a gradual increase from US$ 6,977 million in 2018 to US$ 7,936 million in 2022. The consistency of the asset base indicates that the fluctuations in the turnover ratio were primarily driven by changes in sales volume or pricing rather than significant capital divestments or acquisitions.
- Segment Asset Turnover Analysis
- The asset turnover ratio closely mirrored the movement of net sales, declining from 1.42 in 2018 to 1.03 in 2020. A significant recovery was observed in 2021, where the ratio peaked at 1.68, before moderating slightly to 1.62 in 2022. The trajectory suggests that the segment improved its ability to generate revenue per unit of asset investment following the 2020 downturn.
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Segment Asset Turnover: Mini Mill
United States Steel Corp.; Mini Mill; segment asset turnover calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net sales | 3,047) | 3,516) | —) | —) | —) |
| Total assets | 5,787) | 4,715) | —) | —) | —) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 0.53 | 0.75 | — | — | — |
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
Segment asset turnover = Net sales ÷ Total assets
= 3,047 ÷ 5,787 = 0.53
Analysis of the Mini Mill segment reveals a significant decline in asset utilization efficiency between 2021 and 2022. This deterioration is characterized by a simultaneous reduction in revenue generation and an expansion of the asset base.
- Net Sales Performance
- Net sales for the segment decreased from US$ 3,516 million in 2021 to US$ 3,047 million in 2022, indicating a contraction in the volume of revenue generated by the Mini Mill operations.
- Asset Base Expansion
- Total assets grew from US$ 4,715 million in 2021 to US$ 5,787 million in 2022, reflecting a substantial increase in the capital invested within the segment.
- Segment Asset Turnover Ratio
- The asset turnover ratio experienced a marked decrease, falling from 0.75 in 2021 to 0.53 in 2022. This decline indicates a lower efficiency in using assets to drive sales, as the segment produced fewer dollars of revenue per dollar of assets held.
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Segment Asset Turnover: USSE
United States Steel Corp.; USSE; segment asset turnover calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net sales | 4,256) | 4,266) | 1,970) | 2,420) | 3,228) |
| Total assets | 5,823) | 6,111) | 5,502) | 5,360) | 5,607) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 0.73 | 0.70 | 0.36 | 0.45 | 0.58 |
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
Segment asset turnover = Net sales ÷ Total assets
= 4,256 ÷ 5,823 = 0.73
The USSE segment exhibited a cyclical trend in asset utilization between 2018 and 2022, characterized by an initial period of declining efficiency followed by a robust recovery. The operational capacity to generate revenue from the asset base reached its lowest point in 2020 before trending upward to peak at the end of the analyzed period.
- Net Sales Performance
- Revenue experienced a significant contraction from 2018 to 2020, decreasing from 3,228 million to 1,970 million. A sharp recovery occurred in 2021, with sales increasing to 4,266 million, and remaining relatively stable at 4,256 million in 2022.
- Asset Base Stability
- Total assets remained comparatively stable despite the volatility in sales. The asset base fluctuated within a range of 5,360 million in 2019 to 6,111 million in 2021, ending the period at 5,823 million in 2022.
- Asset Turnover Efficiency
- The segment asset turnover ratio mirrored the trajectory of net sales. A downward trend is observed from 2018 to 2020, where the ratio fell from 0.58 to 0.36, indicating a period of reduced asset productivity. This trend reversed sharply in 2021 as the ratio rose to 0.70, further improving to 0.73 in 2022. The increase in the final two years demonstrates an enhanced ability to generate higher sales volumes relative to the invested asset base.
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Segment Asset Turnover: Tubular Products
United States Steel Corp.; Tubular Products; segment asset turnover calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net sales | 1,616) | 809) | 646) | 1,191) | 1,236) |
| Total assets | 1,140) | 1,054) | 887) | 1,150) | 1,076) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 1.42 | 0.77 | 0.73 | 1.04 | 1.15 |
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
Segment asset turnover = Net sales ÷ Total assets
= 1,616 ÷ 1,140 = 1.42
The Tubular Products segment experienced significant volatility in revenue generation and asset efficiency between 2018 and 2022, characterized by a sharp mid-period decline followed by a robust recovery.
- Net Sales Trends
- Net sales exhibited a downward trajectory from 2018 to 2020, reaching a period low of 646 million US dollars. A subsequent recovery occurred in 2021, culminating in a peak of 1,616 million US dollars by December 31, 2022, representing a substantial increase over the 2018 baseline.
- Total Asset Movements
- Total assets remained relatively stable compared to the fluctuations in sales, although a contraction was noted in 2020 to 887 million US dollars. The asset base expanded thereafter, reaching 1,140 million US dollars by the end of 2022.
- Segment Asset Turnover Analysis
- The asset turnover ratio declined from 1.15 in 2018 to a minimum of 0.73 in 2020, reflecting decreased operational efficiency during the period of revenue contraction. A strong rebound was observed in 2022, with the ratio rising to 1.42, indicating a marked improvement in the segment's ability to utilize its asset base to generate sales.
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Segment Capital Expenditures to Depreciation
United States Steel Corp., capital expenditures to depreciation by reportable segment
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| North American Flat-Rolled | 1.01 | 0.86 | 0.98 | 2.07 | 2.23 |
| Mini Mill | 7.34 | 2.19 | — | — | — |
| USSE | 1.06 | 0.58 | 0.81 | 1.66 | 1.20 |
| Tubular Products | 0.35 | 1.11 | 4.08 | 3.15 | 0.96 |
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 analysis of capital expenditures relative to depreciation across reportable segments reveals divergent investment strategies and varying levels of asset intensification from 2018 through 2022. While certain segments exhibit cyclical fluctuations, others show evidence of aggressive expansion or strategic contraction in capital spending.
- North American Flat-Rolled
- A general downward trend was observed from 2018 to 2021, with the ratio declining from 2.23 to 0.86. This indicates a shift from aggressive capital investment to a phase where spending fell below the level of annual depreciation. A slight recovery occurred in 2022, with the ratio returning to 1.01, suggesting a return to a baseline maintenance capital expenditure level.
- Mini Mill
- This segment demonstrates the most aggressive growth in investment intensity. Starting from a ratio of 2.19 in 2021, the figure surged to 7.34 by 2022. This sharp increase indicates a massive acceleration in capital expenditures far exceeding the depreciation of existing assets, typically associated with significant capacity expansion or technological upgrades.
- USSE
- The investment pattern for USSE is characterized by volatility. After peaking at 1.66 in 2019, the ratio declined steadily to a low of 0.58 in 2021. Similar to the Flat-Rolled segment, 2022 saw a rebound to 1.06, signaling a stabilization of capital spending relative to asset wear.
- Tubular Products
- The ratio for Tubular Products exhibited extreme volatility. There was a substantial increase between 2018 and 2020, peaking at 4.08, which suggests a period of heavy investment. However, this was followed by a precipitous decline, reaching 0.35 in 2022. This trajectory indicates a pivot from high-growth investment to a period of minimal capital spending, well below the amount required to replace depreciating assets.
In summary, the overall corporate investment profile shifted toward the Mini Mill segment by 2022, while the Tubular Products segment transitioned from a peak investment phase to a state of significant capital expenditure reduction. The North American Flat-Rolled and USSE segments converged toward a ratio of approximately 1.0, indicating a transition toward sustaining current asset bases rather than expanding them.
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Segment Capital Expenditures to Depreciation: North American Flat-Rolled
United States Steel Corp.; North American Flat-Rolled; segment capital expenditures to depreciation calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | 503) | 422) | 484) | 943) | 820) |
| Depreciation, depletion & amortization | 499) | 491) | 496) | 456) | 367) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 1.01 | 0.86 | 0.98 | 2.07 | 2.23 |
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
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation, depletion & amortization
= 503 ÷ 499 = 1.01
The North American Flat-Rolled segment experienced a significant shift in capital allocation strategy between 2018 and 2022, transitioning from a period of aggressive investment to a phase of capital conservation and subsequent stabilization.
- Capital Expenditure Trends
- Investment levels peaked in 2019 at 943 million USD, followed by a sharp decline to a low of 422 million USD in 2021. A slight recovery was observed in 2022, with expenditures increasing to 503 million USD.
- Depreciation, Depletion, and Amortization Patterns
- There was a consistent upward trend in depreciation expenses, which rose from 367 million USD in 2018 to 499 million USD in 2022. This steady increase indicates a growing asset base resulting from previous investment cycles or the progression of asset aging.
- Analysis of the Capital Expenditures to Depreciation Ratio
- The ratio exhibited a marked downward trend, falling from 2.23 in 2018 to 0.86 in 2021. The values above 2.0 in 2018 and 2019 suggest that the segment was investing in growth or modernization at more than double the rate of asset depletion. The subsequent drop below 1.0 in 2020 and 2021 indicates a period where capital spending was insufficient to cover the depreciation of the asset base. By 2022, the ratio recovered to 1.01, signifying that capital expenditures have returned to a replacement level, where investment roughly equals the annual depreciation of assets.
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Segment Capital Expenditures to Depreciation: Mini Mill
United States Steel Corp.; Mini Mill; segment capital expenditures to depreciation calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | 1,159) | 331) | —) | —) | —) |
| Depreciation, depletion & amortization | 158) | 151) | —) | —) | —) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 7.34 | 2.19 | — | — | — |
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
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation, depletion & amortization
= 1,159 ÷ 158 = 7.34
The Mini Mill segment demonstrated a significant escalation in capital investment relative to its depreciation expenses between 2021 and 2022, signaling a period of aggressive asset expansion or modernization.
- Capital Expenditure Trends
- Capital expenditures increased substantially from 331 million US dollars in 2021 to 1,159 million US dollars in 2022. This represents a sharp rise in the allocation of financial resources toward long-term assets within the segment.
- Depreciation and Amortization Stability
- Depreciation, depletion, and amortization remained relatively stable, moving from 151 million US dollars in 2021 to 158 million US dollars in 2022. This indicates that the consumption of the existing asset base remained constant while new capital was being deployed.
- Segment Capital Expenditures to Depreciation Ratio
- The ratio of capital expenditures to depreciation rose from 2.19 in 2021 to 7.34 in 2022. Because a ratio exceeding 1.0 suggests that investment in new assets is outpacing the wear and tear of current assets, the increase to 7.34 reflects a strategic shift toward high-intensity capital spending. Such a trend is typically indicative of significant capacity expansion or a comprehensive technological upgrade of the Mini Mill operations.
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Segment Capital Expenditures to Depreciation: USSE
United States Steel Corp.; USSE; segment capital expenditures to depreciation calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | 90) | 57) | 79) | 153) | 104) |
| Depreciation, depletion & amortization | 85) | 98) | 97) | 92) | 87) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 1.06 | 0.58 | 0.81 | 1.66 | 1.20 |
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
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation, depletion & amortization
= 90 ÷ 85 = 1.06
The USSE segment exhibited significant volatility in capital expenditure relative to depreciation between 2018 and 2022, transitioning from a period of aggressive investment to a phase of constrained spending before returning to a replacement-level investment strategy.
- Capital Expenditure Trends
- Spending peaked in 2019 at 153 million USD before entering a sharp decline over the subsequent two years, reaching a low of 57 million USD in 2021. A recovery was observed in 2022, with expenditures increasing to 90 million USD.
- Depreciation, Depletion, and Amortization Stability
- Depreciation expenses remained relatively consistent throughout the analyzed period, fluctuating within a narrow range between 85 million USD and 98 million USD. This stability suggests a consistent baseline of asset aging and consumption regardless of the fluctuations in new capital spending.
- Capital Expenditures to Depreciation Ratio Analysis
- The ratio reveals a cyclical investment pattern. In 2018 and 2019, ratios of 1.20 and 1.66, respectively, indicate an expansionary phase where new investments exceeded the rate of asset depreciation. This trend reversed in 2020 and 2021, with ratios falling to 0.81 and 0.58, signifying a period of under-investment where spending did not cover the depreciation of the existing asset base. By 2022, the ratio returned to 1.06, indicating a return to a maintenance-level investment strategy where capital reinvestment slightly exceeds the rate of asset depletion.
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Segment Capital Expenditures to Depreciation: Tubular Products
United States Steel Corp.; Tubular Products; segment capital expenditures to depreciation calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | 17) | 51) | 159) | 145) | 45) |
| Depreciation, depletion & amortization | 48) | 46) | 39) | 46) | 47) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 0.35 | 1.11 | 4.08 | 3.15 | 0.96 |
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
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation, depletion & amortization
= 17 ÷ 48 = 0.35
The Tubular Products segment exhibited a volatile investment cycle between 2018 and 2022, characterized by a period of aggressive capital expansion followed by a significant contraction in spending.
- Investment Intensity and Peak Spending
- A substantial increase in capital expenditures is observed between 2018 and 2020, with spending rising from US$45 million to a peak of US$159 million. This surge drove the capital expenditures to depreciation ratio from 0.96 in 2018 to a high of 4.08 in 2020, indicating that investment levels were more than four times the annual depreciation charge during this peak period.
- Capital Expenditure Retrenchment
- Following the 2020 peak, a sharp downward trend in capital allocation occurred. Expenditures fell to US$51 million in 2021 and reached a period low of US$17 million in 2022. This decline resulted in the capital expenditures to depreciation ratio falling to 0.35 by the end of 2022, signaling a transition from aggressive growth to minimal reinvestment.
- Asset Base Maintenance and Depreciation Trends
- Depreciation, depletion, and amortization remained relatively stable throughout the analyzed period, fluctuating between US$39 million and US$48 million. The divergence between this stable depreciation baseline and the collapsing capital expenditure figures in 2021 and 2022 suggests that the segment stopped replacing or upgrading assets at a rate sufficient to offset the consumption of existing capital assets.
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Net sales
United States Steel Corp., net sales by reportable segment
US$ in millions
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| North American Flat-Rolled | 12,872) | 12,358) | 7,279) | 9,560) | 9,912) |
| Mini Mill | 3,047) | 3,516) | —) | —) | —) |
| USSE | 4,256) | 4,266) | 1,970) | 2,420) | 3,228) |
| Tubular Products | 1,616) | 809) | 646) | 1,191) | 1,236) |
| Reportable segments | 21,791) | 20,949) | 9,895) | 13,171) | 14,376) |
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).
Net sales across reportable segments exhibited a significant V-shaped trajectory between 2018 and 2022. A period of contraction was observed from 2018 through 2020, with aggregate sales declining from US$ 14,376 million to a low of US$ 9,895 million. This downward trend was followed by an aggressive recovery in 2021 and 2022, culminating in a peak of US$ 21,791 million.
- North American Flat-Rolled
- As the primary contributor to total net sales, this segment mirrored the overall corporate trend. Sales decreased from US$ 9,912 million in 2018 to US$ 7,279 million in 2020, before surging to US$ 12,358 million in 2021 and reaching US$ 12,872 million by the end of 2022.
- Mini Mill
- This segment appears in the reporting starting in 2021, contributing US$ 3,516 million. A slight contraction was noted in 2022, with sales decreasing to US$ 3,047 million.
- USSE
- Net sales in this segment experienced a steady decline from US$ 3,228 million in 2018 to US$ 1,970 million in 2020. A sharp increase occurred in 2021, with sales jumping to US$ 4,266 million and remaining stable at US$ 4,256 million in 2022.
- Tubular Products
- This segment showed the most volatility relative to its size, with sales dropping from US$ 1,236 million in 2018 to a low of US$ 646 million in 2020. A significant recovery followed, with sales accelerating to US$ 1,616 million in 2022, surpassing 2018 levels.
- Aggregate Revenue Growth
- The total net sales for all reportable segments increased by approximately 120% between the 2020 trough and the 2022 peak. The growth was driven by a simultaneous recovery across all existing segments and the introduction of the Mini Mill reporting segment in 2021.
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Earnings (loss) before interest and income taxes
United States Steel Corp., earnings (loss) before interest and income taxes by reportable segment
US$ in millions
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| North American Flat-Rolled | 1,951) | 2,630) | (596) | 196) | 883) |
| Mini Mill | 481) | 1,206) | —) | —) | —) |
| USSE | 444) | 975) | 9) | (57) | 359) |
| Tubular Products | 544) | 1) | (179) | (67) | (58) |
| Reportable segments | 3,420) | 4,812) | (766) | 72) | 1,184) |
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 total earnings before interest and income taxes for reportable segments exhibited extreme volatility between 2018 and 2022. A significant contraction was observed from 2018 to 2020, culminating in a loss of 766 million USD in 2020. This downturn was followed by a substantial recovery in 2021, where earnings peaked at 4,812 million USD, before moderating to 3,420 million USD in 2022.
- North American Flat-Rolled
- This segment acted as a primary driver of overall volatility. Performance declined from 883 million USD in 2018 to a loss of 596 million USD in 2020. A sharp reversal occurred in 2021, with earnings rising to 2,630 million USD, followed by a decrease to 1,951 million USD in 2022.
- Mini Mill
- Earnings data for this segment became available in 2021, contributing 1,206 million USD to the total. A downward trend followed in 2022, with earnings decreasing to 481 million USD.
- USSE
- The segment demonstrated cyclical fluctuations, moving from 359 million USD in 2018 to a loss of 57 million USD in 2019, and a marginal gain of 9 million USD in 2020. Earnings peaked at 975 million USD in 2021 before declining to 444 million USD in 2022.
- Tubular Products
- A consistent recovery pattern is evident in this segment. After recording consecutive losses from 2018 through 2020, reaching a low of -179 million USD, the segment transitioned to a break-even position in 2021 and achieved a significant increase to 544 million USD in 2022.
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Depreciation, depletion & amortization
United States Steel Corp., depreciation, depletion & amortization by reportable segment
US$ in millions
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| North American Flat-Rolled | 499) | 491) | 496) | 456) | 367) |
| Mini Mill | 158) | 151) | —) | —) | —) |
| USSE | 85) | 98) | 97) | 92) | 87) |
| Tubular Products | 48) | 46) | 39) | 46) | 47) |
| Reportable segments | 790) | 786) | 632) | 594) | 501) |
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).
Total depreciation, depletion, and amortization expenses for reportable segments exhibited a consistent upward trajectory over the five-year period from 2018 to 2022. Aggregate expenditures rose from 501 million US dollars in 2018 to 790 million US dollars by the end of 2022, representing a total increase of approximately 57.7%.
- North American Flat-Rolled
- This segment represents the largest portion of total expenses. A significant increase occurred between 2018 and 2020, where expenses rose from 367 million US dollars to 496 million US dollars. Following this period, the expenditure stabilized, ending 2022 at 499 million US dollars.
- Mini Mill
- Expenditures for this segment first appeared in the reporting in 2021 at 151 million US dollars and increased slightly to 158 million US dollars in 2022. The introduction of this segment contributed substantially to the overall increase in total reportable segment expenses during the 2021-2022 period.
- USSE
- Expenses remained relatively stable, peaking at 98 million US dollars in 2021 before declining to 85 million US dollars in 2022, which is slightly below the 2018 starting value of 87 million US dollars.
- Tubular Products
- This segment showed the lowest volatility and the smallest absolute values. Expenses fluctuated within a narrow range between 39 million US dollars in 2020 and 48 million US dollars in 2022.
The overall growth in expenses is primarily attributable to the steady increase in the North American Flat-Rolled segment and the addition of the Mini Mill segment in 2021. While the North American Flat-Rolled segment drove the initial growth from 2018 to 2020, the Mini Mill segment became a primary driver of the total expenditure increase in the final two years of the period.
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Capital expenditures
United States Steel Corp., capital expenditures by reportable segment
US$ in millions
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| North American Flat-Rolled | 503) | 422) | 484) | 943) | 820) |
| Mini Mill | 1,159) | 331) | —) | —) | —) |
| USSE | 90) | 57) | 79) | 153) | 104) |
| Tubular Products | 17) | 51) | 159) | 145) | 45) |
| Reportable segments | 1,769) | 861) | 722) | 1,241) | 969) |
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).
Total capital expenditures across reportable segments exhibited significant volatility over the five-year period, culminating in a substantial increase in 2022. While expenditures reached an early peak in 2019 and experienced a notable contraction in 2020, the spending level in 2022 represents the highest expenditure recorded in the analyzed timeframe.
- North American Flat-Rolled Segment
- This segment historically represented the largest portion of capital spending. A peak of 943 million US dollars was observed in 2019, followed by a sharp decline to 484 million US dollars in 2020. Expenditures remained relatively stable at these lower levels through 2021 and 2022, indicating a shift away from the high-intensity spending seen in 2019.
- Mini Mill Segment Expansion
- The Mini Mill segment emerged as the primary driver of capital allocation starting in 2021. Expenditures rose from 331 million US dollars in 2021 to 1,159 million US dollars in 2022. This exponential growth suggests a strategic prioritization of this segment, as it became the largest recipient of capital by 2022.
- USSE and Tubular Products Trends
- Capital allocation for USSE remained relatively modest, fluctuating between a high of 153 million US dollars in 2019 and a low of 57 million US dollars in 2021. Tubular Products showed a distinct pattern of growth between 2018 and 2020, peaking at 159 million US dollars, before declining precipitously to 17 million US dollars by 2022, reflecting a significant reduction in capital investment for this segment.
- Aggregate Expenditure Analysis
- Total expenditures for all reportable segments increased from 969 million US dollars in 2018 to 1,769 million US dollars in 2022. The most significant acceleration occurred between 2021 and 2022, where total spending more than doubled. This overall increase is almost entirely attributable to the surge in Mini Mill investments, which offset the continued low spending in Tubular Products and USSE.
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Total assets
United States Steel Corp., total assets by reportable segment
US$ in millions
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| North American Flat-Rolled | 7,936) | 7,337) | 7,099) | 7,267) | 6,977) |
| Mini Mill | 5,787) | 4,715) | —) | —) | —) |
| USSE | 5,823) | 6,111) | 5,502) | 5,360) | 5,607) |
| Tubular Products | 1,140) | 1,054) | 887) | 1,150) | 1,076) |
| Reportable segments | 20,686) | 19,217) | 13,488) | 13,777) | 13,660) |
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).
Total assets across reportable segments exhibited significant growth over the five-year period from 2018 to 2022, increasing from 13,660 million US$ to 20,686 million US$. While assets remained relatively stagnant between 2018 and 2020, a substantial expansion occurred starting in 2021, driven primarily by the introduction of a new reportable segment.
- Aggregate Asset Growth
- Total assets for reportable segments remained stable through 2020, experiencing a marginal decline of approximately 2.1% between 2019 and 2020. However, a sharp increase is observed from 2020 to 2021, where total assets rose by 42.4%, followed by a further increase to 20,686 million US$ in 2022.
- Impact of Mini Mill Segment
- The emergence of the Mini Mill segment in 2021 represents the most significant change in the asset structure. This segment contributed 4,715 million US$ in assets upon its introduction and grew by 22.7% to reach 5,787 million US$ by the end of 2022, serving as the primary catalyst for the overall increase in the company's asset base.
- North American Flat-Rolled Performance
- The North American Flat-Rolled segment demonstrated a consistent upward trajectory, growing from 6,977 million US$ in 2018 to 7,936 million US$ in 2022. This represents a total increase of 13.7% over the period, maintaining its position as the largest asset contributor among the segments.
- USSE and Tubular Products Stability
- The USSE segment showed relative stability, fluctuating between a low of 5,360 million US$ in 2019 and a peak of 6,111 million US$ in 2021, before settling at 5,823 million US$ in 2022. The Tubular Products segment experienced more volatility, with a notable dip to 887 million US$ in 2020 before recovering to 1,140 million US$ by 2022, effectively returning to its 2019 asset levels.
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