The earnings call reflects a strong financial performance for 2023, with positive momentum and strategic initiatives in place for future growth. The merger with Nippon Steel Corporation is positioned as a transformative deal. However, challenges remain with lower steel prices impacting certain segments and anticipated difficulties in the European market.

Company Guidance

In the fourth quarter of 2023, U.S. Steel reported strong financial performance, achieving net earnings of $895 million for the full year, equating to $3.56 per diluted share. The fourth quarter alone saw adjusted net earnings of $167 million, or $0.67 per diluted share, and an adjusted EBITDA of $330 million. This performance was bolstered by improvements across the Mini Mill and Tubular segments and favorable year-end inventory adjustments in the North American Flat-Rolled segment. Additionally, $425 million was spent on strategic capital expenditures, contributing to a negative free cash flow of $244 million. U.S. Steel ended the year with a robust total liquidity of $5.2 billion, including $2.9 billion in cash, and maintained a low leverage ratio of 2x adjusted gross debt to EBITDA. Looking ahead, the company anticipates first-quarter 2024 adjusted EBITDA to range between $400 million and $450 million, driven by rising steel prices and strategic contract negotiations, despite anticipated challenges in their European and Tubular segments.

Strong Financial Performance in 2023

U.S. Steel reported net earnings of $895 million or $3.56 per diluted share for the full year 2023. Fourth quarter adjusted net earnings were $167 million or $0.67 per diluted share, with adjusted EBITDA of $330 million.

Record Safety Year

The company achieved another record safety year, highlighting a strong commitment to safety and operational excellence.

Strategic Projects and Capital Expenditure

Continued support for the strategic projects with $425 million of strategic CapEx spent in the fourth quarter. The company maintained a strong balance sheet with $5.2 billion of total liquidity.

Merger with Nippon Steel Corporation

Announcement of a merger with Nippon Steel Corporation valued at $55 per share in all-cash transaction, expected to close in the second or third quarter of 2024.

Improved Mini Mill Segment Performance

The Mini Mill segment showed strong results with a 19% EBITDA margin in December, indicating rising steel prices and improving profitability.

Positive Outlook for Q1 2024

The company expects a sequential improvement in Q1 EBITDA for the Flat-Rolled segment and a sizable improvement for the Mini Mill segment.

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United States Steel (X) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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X Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Jan 30, 2025	2024 (Q4)	0.04 / -	0.67	―	―	―
Oct 31, 2024	2024 (Q3)	0.41 / 0.56	1.4	-60.00% (-0.84)		―
Aug 01, 2024	2024 (Q2)	0.76 / 0.84	1.89	-55.56% (-1.05)		―
May 02, 2024	2024 (Q1)	0.81 / 0.82	0.77	6.49% (+0.05)		―
Feb 01, 2024	2023 (Q4)	0.28 / 0.67	0.87	-22.99% (-0.20)
Oct 26, 2023	2023 (Q3)	1.12 / 1.40	1.95	-28.21% (-0.55)
Jul 27, 2023	2023 (Q2)	1.79 / 1.89	3.86	-51.04% (-1.97)
Apr 27, 2023	2023 (Q1)	0.45 / 0.77	3.05	-74.75% (-2.28)
Feb 02, 2023	2022 (Q4)	0.53 / 0.87	3.64	-76.10% (-2.77)
Oct 27, 2022	2022 (Q3)	1.93 / 1.95	5.36	-63.62% (-3.41)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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X Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Oct 31, 2024	$38.80	$38.58	-0.57%
Aug 01, 2024	$40.56	$40.19	-0.91%
May 02, 2024	$36.91	$36.33	-1.57%
Feb 01, 2024	$46.41	$45.63	-1.68%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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