April 25, 2017
United States Steel Corporation
Historical Segment Financial and Operational Data
March 31, 2017
Table of Contents
Sales, EBIT, Capital Expenditures and D,D&A
Flat-Rolled products segment - detail
Tubular products segment - detail
U. S. Steel Europe segment - detail
Reconciliation of free cash flow and liquidity
Page
1
2
3
4
5
Investor Relations Contacts
Dan Lesnak
General Manager - Investor Relations
[email protected]
T: 412-433-1184
Eric Linn
Analyst - Investor Relations
[email protected]
T: 412-433-2385
United States Steel Corporation
SEGMENT FINANCIAL DATA
Year
2006
Year
2007
Year
2008
Year
2009
Year
2010
Year
2011
Year
2012
Year
2013
Year
2014
Year
2015
1st Qtr.
2016
2nd Qtr.
2016
3rd Qtr.
2016
4th Qtr.
2016
Year
2016
1st Qtr.
2017
Net Sales
Flat-rolled products (a) (g)
Tubular products (b)
U. S. Steel Europe (c)
Other Businesses (d)
Segment Sales
Intersegment sales (g)
Net Sales
$10,128
1,798
3,977
440
$16,343
(628)
$15,715
$10,453
1,985
4,667
490
$17,595
(722)
$16,873
$15,288
4,253
5,517
917
$25,975
(2,221)
$23,754
$7,145
1,221
2,947
292
$11,605
(557)
$11,048
$11,860
2,408
4,037
432
$18,737
(1,363)
$17,374
$13,727
3,041
4,375
522
$21,665
(1,781)
$19,884
$14,555
3,291
3,094
327
$21,267
(1,939)
$19,328
$12,830
2,777
2,944
273
$18,824
(1,400)
$17,424
$12,895
2,774
2,936
269
$18,874
(1,367)
$17,507
$8,561
898
2,326
165
$11,950
(376)
$11,574
$1,748
108
477
52
$2,385
(44)
$2,341
$1,926
83
566
37
$2,612
(28)
$2,584
$1,986
114
576
38
$2,713
(28)
$2,686
$1,873
145
628
41
$2,687
(37)
$2,650
$7,532
450
2,246
169
$10,398
(137)
$10,261
$1,886
171
686
46
$2,789
(64)
$2,725
Earnings (Loss) Before Interest And Income Taxes (EBIT)
Flat-rolled products (a) (e) (g)
Tubular products (b)
U. S. Steel Europe (c)
Other Businesses (d) (e)
Segment EBIT
Postretirement benefit (expenses) credits (e)
Other items not allocated to segments
Total EBIT
$660
631
714
69
$2,074
(244)
(46)
$1,785
$411
355
687
86
$1,539
(173)
(153)
$1,213
$1,403
1,206
491
77
$3,177
(34)
(74)
$3,069
($1,399)
57
(208)
0
($1,550)
(178)
41
($1,687)
($261)
353
(33)
55
$114
(231)
6
($111)
$469
316
(162)
46
$669
(386)
(18)
$265
$400
366
34
55
$855
(297)
(311)
$247
$105
190
28
77
$400
(221)
(2,079)
($1,900)
$709
261
133
82
$1,185
(114)
(658)
$413
($237)
(179)
81
33
($302)
(43)
(857)
($1,202)
($188)
(64)
(14)
14
($252)
16
(25)
($261)
$6
(78)
55
10
($7)
12
23
$28
$114
(75)
81
18
$138
8
(14)
$132
$65
(87)
63
21
$62
26
(152)
($64)
($3)
(304)
185
63
($59)
62
(168)
($165)
($90)
(57)
87
13
($47)
(16)
(35)
($98)
Supplemental Data ($Millions)
Year
2006
Year
2007
Year
2008
Year
2009
Year
2010
Year
2011
Year
2012
Year
2013
Year
2014
Year
2015
1st Qtr.
2016
2nd Qtr.
2016
3rd Qtr.
2016
4th Qtr.
2016
Year
2016
1st Qtr.
2017
Capital Expenditures (f)
Flat-rolled products (g) (h)
Tubular products
U. S. Steel Europe
Other Businesses
Total Capital Expenditures
$364
4
211
33
$612
$418
23
215
36
$692
$464
29
210
31
$734
$338
12
113
9
$472
$499
45
120
12
$676
$616
104
109
19
$848
$625
42
38
18
$723
$340
69
40
19
$468
$322
76
74
8
$480
$280
102
110
8
$500
$46
52
29
21
$148
$28
18
22
1
$69
$23
11
17
0
$51
$14
7
15
2
$38
$111
88
83
24
$306
$25
7
14
1
$47
Depreciation
Flat-rolled products (g)
Tubular products
U. S. Steel Europe
Other Businesses
Total Depreciation
$308
13
106
14
$441
$335
32
123
16
$506
$386
62
145
12
$605
$460
45
143
13
$661
$470
45
129
14
$658
$485
44
140
12
$681
$491
58
102
10
$661
$512
62
95
15
$684
$457
66
95
9
$627
$392
64
81
10
$547
$91
17
19
2
$129
$89
17
20
3
$129
$87
17
21
2
$127
$82
17
20
3
$122
$349
68
80
10
$507
$99
15
19
4
$137
FINANCIAL ($Millions)
(a) Includes the domestic production and sale of flat-rolled steel mill products including semi finished, sheet, plate and tin mill products, the production and sale of iron ore (taconite pellets), and all domestic coke operations,
including the 1314B Partnership from January 1, 2004 through October 31, 2008.
(b) Includes the domestic production and sale of seamless and electric resistance welded (ERW) tubular steel mill products.
(c) Includes the production and sale of steel mill products and coke from operations primarily located in the Slovak Republic (2000 - Present) and Serbia (2003 - 2012).
U. S. Steel Kosice was acquired on November 24, 2000. U. S. Steel Serbia was acquired on September 12, 2003. U. S. Steel Serbia was sold January 31, 2012.
(d) Includes railway and barge transportation services; engineering and consulting services; real estate activities.
(e) Amounts restated from 2007 to reflect current benefit expense allocation methodology.
(f) Includes changes in accrued capital expenditures.
(g) Includes U. S. Steel Canada from October 31, 2007 to September 15, 2014.
(h) 2014 and 2015 amounts have been revised to correct a prior period error that resulted in an adjustment to capital expenditures.
United States Steel Corporation
FLAT-ROLLED PRODUCTS SEGMENT (a)
(Shipments in thousands of net tons, dollars in millions, except per ton data)
$0
8,000
6,000
($50)
3,000
Shipments
$50
10,000
$100
3,500
EBITDA/Ton
12,000
$150
Quarterly
4,000
$100
14,000
Shipments
4,500
$150
Annual
16,000
$50
2,500
$0
2,000
1,500
($50)
1,000
4,000
($100)
2,000
-
($150)
EBITDA / Ton
18,000
($100)
500
-
($150)
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Shipments
EBITDA/Ton
Shipments
EBITDA/Ton
Shipments (b)
Average Price
/ Ton
EBIT
Depreciation
EBITDA
EBITDA
/ Ton
Calculated Cost
/ Ton*
Calculated
Sales**
Net Sales***
Capex
Raw Steel
Production
Raw Steel
Utilization (c)
2,123
1,815
2,722
3,201
3,572
4,061
3,812
3,856
3,954
3,936
3,835
3,784
4,092
3,986
3,972
3,924
4,018
3,728
3,428
3,470
3,674
3,527
3,692
3,015
2,617
2,712
2,676
2,591
2,498
2,692
2,535
2,369
2,404
$715
$677
$605
$633
$654
$700
$688
$657
$720
$803
$773
$741
$764
$772
$741
$721
$719
$725
$752
$750
$761
$774
$777
$775
$768
$695
$674
$642
$611
$642
$718
$692
$719
($422)
($362)
($370)
($284)
($68)
$111
($161)
($143)
($36)
$374
$203
($72)
$183
$177
$29
$11
($13)
($51)
$82
$87
$85
$30
$347
$247
($67)
($64)
($18)
($88)
($188)
$6
$114
$65
($90)
$109
$111
$115
$125
$117
$116
$116
$121
$120
$120
$121
$124
$119
$122
$121
$129
$129
$128
$132
$123
$124
$122
$115
$96
$104
$99
$99
$90
$91
$89
$87
$82
$99
($313)
($251)
($255)
($159)
$49
$227
($45)
($22)
$84
$494
$324
$52
$302
$299
$150
$140
$116
$77
$214
$210
$209
$152
$462
$343
$37
$35
$81
$2
($97)
$95
$201
$147
$9
($147)
($138)
($94)
($50)
$14
$56
($12)
($6)
$21
$126
$84
$14
$74
$75
$38
$36
$29
$21
$62
$61
$57
$43
$125
$114
$14
$13
$30
$1
($39)
$35
$79
$62
$4
$914
$876
$741
$722
$673
$673
$730
$694
$729
$708
$720
$760
$719
$728
$734
$718
$722
$739
$728
$725
$738
$765
$683
$693
$794
$719
$681
$676
$686
$640
$673
$665
$756
$1,518
$1,229
$1,647
$2,026
$2,336
$2,843
$2,623
$2,533
$2,847
$3,161
$2,964
$2,804
$3,126
$3,077
$2,943
$2,829
$2,889
$2,703
$2,578
$2,603
$2,796
$2,730
$2,869
$2,338
$2,010
$1,885
$1,804
$1,663
$1,526
$1,728
$1,820
$1,639
$1,728
$1,645
$1,336
$1,828
$2,336
$2,674
$3,266
$3,018
$2,902
$3,258
$3,666
$3,487
$3,316
$3,763
$3,775
$3,557
$3,460
$3,438
$3,202
$3,055
$3,135
$3,330
$3,262
$3,444
$2,859
$2,297
$2,194
$2,142
$1,928
$1,748
$1,926
$1,986
$1,873
$1,886
$98
$65
$68
$107
$80
$74
$151
$194
$125
$142
$160
$189
$181
$186
$117
$141
$96
$80
$72
$101
$50
$63
$74
$135
$69
$56
$63
$84
$46
$28
$23
$14
$25
2,279
1,964
3,548
3,932
4,383
4,979
4,694
4,387
4,598
4,894
4,516
4,593
5,043
4,688
4,699
4,686
4,920
4,212
4,261
4,474
4,491
4,132
4,675
3,664
2,868
2,808
3,240
2,421
2,779
2,735
2,734
2,458
2,714
38%
32%
58%
64%
73%
82%
77%
72%
77%
81%
74%
75%
83%
77%
77%
77%
82%
70%
70%
73%
83%
75%
86%
75%
60%
58%
66%
57%
66%
65%
64%
57%
65%
14,180
14,534
16,845
9,861
15,301
15,509
15,974
14,644
13,908
10,595
10,094
$634
$642
$780
$651
$675
$759
$750
$735
$772
$695
$666
$660
$411
$1,403
($1,399)
($261)
$469
$400
$105
$709
($237)
($3)
$308
$335
$386
$460
$470
$485
$491
$512
$457
$392
$349
$968
$746
$1,789
($939)
$209
$954
$891
$617
$1,166
$155
$346
$68
$51
$106
($95)
$14
$62
$56
$42
$84
$15
$34
$587
$614
$697
$793
$692
$729
$725
$728
$721
$717
$666
$8,990
$9,331
$13,139
$6,420
$10,328
$11,771
$11,981
$10,763
$10,737
$7,364
$6,723
$10,128
$10,453
$15,288
$7,145
$11,860
$13,727
$14,555
$12,830
$12,895
$8,561
$7,532
$364
$418
$464
$338
$499
$616
$625
$340
$322
$280
$111
16,355
16,838
19,190
11,724
18,443
18,600
19,116
17,867
16,962
11,337
10,706
84%
83%
79%
48%
76%
77%
78%
74%
80%
60%
63%
Quarterly:
1Q 2009
2Q 2009
3Q 2009
4Q 2009
1Q 2010
2Q 2010
3Q 2010
4Q 2010
1Q 2011
2Q 2011
3Q 2011
4Q 2011
1Q 2012
2Q 2012
3Q 2012
4Q 2012
1Q 2013
2Q 2013
3Q 2013
4Q 2013
1Q 2014
2Q 2014
3Q 2014
4Q 2014
1Q 2015
2Q 2015
3Q 2015
4Q 2015
1Q 2016
2Q 2016
3Q 2016
4Q 2016
1Q 2017
Annual:
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
* Calculated Cost per ton is average price per ton minus EBIT per ton
** Calculated Sales represent revenues from the sale of steel products only and is calculated as shipments times average realized price per ton.
*** Net Sales includes sales of steel, steel production by-products, coke and coke by-products, iron ore pellets, and intersegment sales.
(a) Includes U. S. Steel Canada from October 31, 2007 to September 15, 2014.
(b) Excludes intersegment transfers.
(c) Between October 31, 2007 and December 31, 2013, annual raw steel capability was 24.3 million net tons.
Between January 1, 2014 and September 15, 2014, annual raw steel capability was 22 million net tons.
Between September 16, 2014 and September 30, 2015 annual raw steel capability was 19.4 million net tons.
Starting October 1, 2015 annual raw steel capability is 17.0 million net tons.
United States Steel Corporation
TUBULAR PRODUCTS SEGMENT
(Shipments in thousands of net tons, dollars in millions, except per ton data)
600
$600
500
$200
1,500
$0
1,000
-$200
Shipments
$400
EBITDA/Ton
Shipments
2,000
$800
$800
Quarterly
$600
$400
400
$200
$0
300
-$200
200
-$400
-$400
500
0
Shipments
-$600
100
-$800
0
-$600
-$800
-$1,000
EBITDA/Ton
Shipments
EBITDA/Ton
Shipments (a)
Average Price
/ Ton
EBIT
Depreciation
EBITDA
EBITDA
/ Ton
Calculated Cost
/ Ton*
Calculated
Sales**
Net Sales***
Capex
207
92
151
207
310
433
422
386
425
424
481
482
529
493
457
407
428
456
459
414
419
449
428
448
220
92
154
127
89
70
103
138
144
$2,353
$1,526
$1,474
$1,462
$1,389
$1,496
$1,559
$1,504
$1,447
$1,565
$1,699
$1,711
$1,727
$1,706
$1,676
$1,624
$1,556
$1,510
$1,543
$1,509
$1,479
$1,479
$1,567
$1,625
$1,637
$1,651
$1,264
$1,273
$1,180
$1,050
$1,049
$1,027
$1,097
$127
($88)
($21)
$39
$46
$97
$113
$97
$32
$31
$134
$119
$129
$103
$102
$32
$64
$45
$49
$32
$24
$47
$69
$121
$1
($66)
($50)
($64)
($64)
($78)
($75)
($87)
($57)
$12
$11
$12
$10
$11
$11
$12
$11
$11
$12
$13
$8
$14
$15
$15
$14
$15
$16
$15
$16
$16
$16
$17
$17
$17
$17
$14
$16
$17
$17
$17
$17
$15
$139
($77)
($9)
$49
$57
$108
$125
$108
$43
$43
$147
$127
$143
$118
$117
$46
$79
$61
$64
$48
$40
$63
$86
$138
$18
($49)
($36)
($48)
($47)
($61)
($58)
($70)
($42)
$671
($837)
($60)
$237
$184
$249
$296
$280
$101
$101
$306
$263
$270
$239
$256
$113
$185
$134
$139
$116
$95
$140
$201
$308
$82
($533)
($234)
($377)
($528)
($871)
($564)
($507)
($292)
$1,739
$2,483
$1,613
$1,274
$1,241
$1,272
$1,291
$1,253
$1,372
$1,492
$1,420
$1,464
$1,483
$1,497
$1,453
$1,545
$1,406
$1,411
$1,436
$1,432
$1,422
$1,374
$1,406
$1,355
$1,632
$2,368
$1,589
$1,777
$1,899
$2,164
$1,777
$1,657
$1,493
$487
$140
$223
$303
$431
$648
$658
$581
$615
$664
$817
$825
$914
$841
$766
$661
$666
$689
$708
$625
$620
$664
$671
$728
$360
$152
$195
$162
$105
$74
$108
$142
$158
$518
$157
$234
$312
$446
$681
$681
$600
$643
$697
$848
$853
$947
$873
$790
$681
$687
$710
$733
$647
$644
$687
$700
$743
$371
$160
$199
$168
$108
$83
$114
$145
$171
$3
$3
$3
$3
$0
$13
$10
$22
$31
$33
$30
$10
$4
$14
$7
$17
$8
$15
$19
$27
$16
$31
$13
$16
$16
$24
$35
$27
$52
$18
$11
$7
$7
1,191
1,422
1,952
657
1,551
1,812
1,886
1,757
1,744
593
400
$1,499
$1,335
$2,041
$1,755
$1,494
$1,612
$1,687
$1,530
$1,538
$1,464
$1,071
$631
$355
$1,206
$57
$353
$316
$366
$190
$261
($179)
($304)
$13
$32
$62
$45
$45
$44
$58
$62
$66
$64
$68
$644
$387
$1,268
$102
$398
$360
$424
$252
$327
($115)
($236)
$541
$272
$650
$155
$257
$199
$225
$143
$188
($194)
($590)
$969
$1,085
$1,423
$1,668
$1,266
$1,438
$1,493
$1,422
$1,388
$1,766
$1,831
$1,785
$1,898
$3,984
$1,153
$2,317
$2,921
$3,182
$2,688
$2,681
$868
$428
$1,798
$1,985
$4,252
$1,221
$2,408
$3,041
$3,291
$2,777
$2,774
$898
$450
$4
$23
$29
$12
$45
$104
$42
$69
$76
$102
$88
Quarterly:
1Q 2009
2Q 2009
3Q 2009
4Q 2009
1Q 2010
2Q 2010
3Q 2010
4Q 2010
1Q 2011
2Q 2011
3Q 2011
4Q 2011
1Q 2012
2Q 2012
3Q 2012
4Q 2012
1Q 2013
2Q 2013
3Q 2013
4Q 2013
1Q 2014
2Q 2014
3Q 2014
4Q 2014
1Q 2015
2Q 2015
3Q 2015
4Q 2015
1Q 2016
2Q 2016
3Q 2016
4Q 2016
1Q 2017
Annual:
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
EBITDA / Ton
Annual
2,500
* Calculated Cost per ton is average price per ton minus EBIT per ton
** Calculated Sales represent revenues from the sale of tubular products only and is calculated as shipments times average realized price per ton.
*** Net Sales above includes sales of tubular products, tubular production by-products, and intersegment sales.
(a) Excludes intersegment transfers.
United States Steel Corporation
U. S. STEEL EUROPE SEGMENT (a)
(Shipments in thousands of net tons, dollars in millions, except per ton data)
4,000
3,000
2,000
1,000
0
Shipments
$150
Quarterly
1,400
$100
1,200
$50
1,000
$0
800
-$50
600
400
-$100
200
-$150
0
-$200
EBITDA/Ton
Shipments
EBITDA/Ton
Shipments (b)
Average Price
/ Ton
EBIT
Depreciation
EBITDA
EBITDA
/ Ton
Calculated Cost
/ Ton*
Calculated
Sales**
Net Sales***
Capex
Raw Steel
Production
Raw Steel
Utilization (c)
897
1,035
1,285
1,246
1,522
1,386
1,323
1,233
1,445
1,138
1,196
1,153
1,045
955
911
905
1,048
1,062
861
1,029
1,031
1,053
987
1,108
1,264
1,091
1,020
982
1,004
1,125
1,105
1,261
1,109
$672
$602
$615
$664
$614
$687
$748
$793
$823
$930
$862
$770
$749
$767
$731
$718
$718
$702
$714
$692
$710
$691
$671
$600
$530
$533
$516
$477
$458
$485
$503
$484
$594
($159)
($53)
$7
($3)
$12
$19
($25)
($39)
($5)
($18)
($50)
($89)
($34)
$34
$27
$7
$38
$10
($32)
$12
$32
$38
$29
$34
$37
$20
$18
$6
($14)
$55
$81
$63
$87
$34
$34
$37
$38
$34
$31
$31
$33
$35
$36
$35
$34
$27
$25
$25
$25
$24
$24
$23
$24
$24
$25
$23
$23
$20
$20
$21
$20
$19
$20
$21
$20
$19
($125)
($19)
$44
$35
$46
$50
$6
($6)
$30
$18
($15)
($55)
($7)
$59
$52
$32
$62
$34
($9)
$36
$56
$63
$52
$57
$57
$40
$39
$26
$5
$75
$102
$83
$106
($139)
($18)
$34
$28
$30
$36
$5
($5)
$21
$16
($13)
($48)
($7)
$62
$57
$35
$59
$32
($10)
$35
$54
$60
$53
$51
$45
$37
$38
$26
$5
$67
$92
$66
$96
$849
$653
$610
$666
$606
$673
$767
$825
$826
$946
$904
$847
$782
$731
$701
$710
$682
$693
$751
$680
$679
$655
$642
$569
$501
$515
$498
$471
$472
$436
$430
$434
$516
$603
$623
$790
$827
$935
$952
$990
$978
$1,189
$1,058
$1,031
$888
$783
$732
$666
$650
$752
$746
$615
$712
$732
$728
$662
$665
$670
$582
$526
$468
$460
$546
$556
$610
$659
$623
$646
$823
$855
$989
$1,006
$1,034
$1,008
$1,224
$1,156
$1,078
$917
$864
$789
$764
$677
$784
$779
$644
$737
$760
$799
$688
$688
$692
$601
$547
$486
$477
$566
$576
$628
$686
$10
$18
$46
$39
$44
$28
$21
$27
$23
$44
$26
$16
$2
$7
$12
$17
$10
$8
$14
$8
$18
$17
$23
$16
$21
$24
$33
$32
$29
$22
$17
$15
$14
999
1,059
1,528
1,490
1,588
1,637
1,441
1,427
1,681
1,431
1,317
1,211
1,240
1,173
1,140
969
1,203
1,158
1,032
1,205
1,141
1,223
1,111
1,313
1,283
1,200
1,133
1,054
1,152
1,258
1,279
1,278
1,258
55%
57%
82%
80%
87%
89%
77%
77%
92%
78%
71%
65%
85%
94%
90%
77%
98%
93%
82%
96%
93%
98%
88%
104%
104%
96%
90%
84%
92%
101%
102%
101%
102%
6,262
6,139
5,651
4,463
5,464
4,932
3,816
4,000
4,179
4,357
4,496
$608
$720
$932
$637
$705
$845
$742
$706
$667
$516
$483
$714
$687
$491
($208)
($33)
($162)
$34
$28
$133
$81
$185
$106
$123
$145
$143
$129
$140
$102
$95
$95
$81
$80
$820
$810
$636
($65)
$96
($22)
$136
$123
$228
$162
$265
$131
$132
$113
($15)
$18
($4)
$36
$31
$55
$37
$59
$494
$608
$845
$684
$711
$878
$733
$699
$635
$497
$442
$3,807
$4,420
$5,267
$2,843
$3,852
$4,168
$2,831
$2,824
$2,787
$2,248
$2,171
$3,977
$4,667
$5,517
$2,947
$4,037
$4,375
$3,094
$2,944
$2,936
$2,326
$2,246
$211
$215
$210
$113
$120
$109
$38
$40
$74
$110
$83
7,062
6,792
6,410
5,077
6,093
5,640
4,522
4,598
4,788
4,669
4,967
95%
92%
87%
69%
82%
76%
87%
92%
96%
93%
99%
Quarterly:
1Q 2009
2Q 2009
3Q 2009
4Q 2009
1Q 2010
2Q 2010
3Q 2010
4Q 2010
1Q 2011
2Q 2011
3Q 2011
4Q 2011
1Q 2012
2Q 2012
3Q 2012
4Q 2012
1Q 2013
2Q 2013
3Q 2013
4Q 2013
1Q 2014
2Q 2014
3Q 2014
4Q 2014
1Q 2015
2Q 2015
3Q 2015
4Q 2015
1Q 2016
2Q 2016
3Q 2016
4Q 2016
1Q 2017
Annual:
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
EBITDA / Ton
Shipments
5,000
1,600
Shipments
$140
$120
$100
$80
$60
$40
$20
$0
-$20
-$40
Annual
6,000
EBITDA / Ton
7,000
* Calculated Cost per ton is average price per ton minus EBIT per ton
** Calculated Sales represent revenues from the sale of steel products only and is calculated as shipments times average realized price per ton.
*** Net Sales includes sales of steel, steel production by-products, coke, and intersegment sales.
(a) Beginning February 1, 2012 results reflect the sale of U. S. Steel Serbia. U. S. Steel Serbia was sold January 31, 2012.
(b) Excludes intersegment transfers.
(c) Based on annual raw steel capability of 7.4 million tons through January 31, 2012.
Starting February 1, 2012 annual raw steel capability is 5.0 million net tons.
United States Steel Corporation
Reconciliation of Free Cash Flow and Liquidity
($ Millions)
Free Cash Flow
Cash provided by (used in) operating activities
Cash provided by (used in) investing activities (a)
Dividends paid
Free Cash Flow (b)
($ Millions)
Liquidity
Cash and cash equivalents (c)
Amount available under Receivables Purchase Agreement
Amount available under Inventory Facility
Amount available under Credit Facility (d) (e) (g)
Amounts available under USSK credit facilities
Amounts available under USSS credit facility (f)
Total Liquidity
Year Ended
12/31/2006
Year Ended
12/31/2007
Year Ended
12/31/2008
Year Ended
12/31/2009
Year Ended
12/31/2010
Year Ended
12/31/2011
Year Ended
12/31/2012
Year Ended
12/31/2013
Year Ended
12/31/2014
Year Ended
12/31/2015
Year Ended
12/31/2016
Year to Date
3/31/2017
$1,632
(590)
(77)
$965
$1,732
(646)
(95)
$991
$1,658
(1,032)
(129)
$497
($61)
(374)
(56)
($491)
($379)
(583)
(29)
($991)
$168
(813)
(29)
($674)
$1,135
(602)
(29)
$504
$405
(384)
(29)
($8)
$1,553
(427)
(29)
$1,097
$359
(510)
(29)
($180)
$727
(318)
(31)
$378
($135)
(51)
(9)
($195)
As of
12/31/2006
As of
12/31/2007
As of
12/31/2008
As of
12/31/2009
As of
12/31/2010
As of
12/31/2011
As of
12/31/2012
As of
12/31/2013
As of
12/31/2014
As of
12/31/2015
As of
12/31/2016
As of
3/31/2017
$1,403
500
598
n/a
74
33
$2,608
$381
350
750
82
37
$1,600
$723
500
735
77
70
$2,105
$1,218
500
638
93
55
$2,504
$578
525
638
367
39
$2,147
$408
245
875
233
39
$1,800
$570
625
875
288
$2,358
$604
572
788
314
$2,278
$1,354
576
875
277
$3,082
$755
1,350
270
$2,375
$1,515
1,123
261
$2,899
$1,326
(a) Excludes $1,993 million for the acquisition of Lone Star Technologies on June 14, 2007 and $2,036 million for the acquisition of Stelco (now U. S. Steel Canada) on October 31, 2007.
(b) Includes U. S. Steel Canada from October 31, 2007 to September 15, 2014.
(c) Excludes $19 million, $20 million and $1 million in 2006, 2007 and 2008, respectively, of cash related to the Clairton 1314B Partnership because it was not available for U. S. Steel’s use.
(d) In 2008, Lehman Brothers Commercial Bank (Lehman) held a $15 million commitment in our $750 million Credit Agreement. With the bankruptcy filing by Lehman’s parent, we did not know if Lehman could or would fund its share of
the commitment. Therefore, in reporting liquidity as of December 31, 2008, U. S. Steel reduced the availability of the $750 million Credit Agreement to $735 million.
(e) We show reduced availability in our credit facility when we do not meet the fixed charge coverage ratio covenant of at least 1.00 to 1.00.
(f) The USSS credit facilities were terminated on January 31, 2012 as a result of the sale of U. S. Steel Serbia.
(g) On July 27, 2015, the Company entered into a five-year Third Amended and Restated Credit Agreement replacing the Company's Amended Credit Agreement, and concurrently terminated the Receivables Purchase Agreement.
1,250
266
$2,842