USS Corporation Delivering on Strategic Commitments
- Fourth quarter 2022 net earnings of $174 million, or $0.68 per diluted share; full-year 2022 net earnings of $2.52 billion, or $9.16 per diluted share.
- Fourth quarter 2022 adjusted net earnings of $226 million, or $0.87 per diluted share; full-year 2022 adjusted net earnings of $2.74 billion, or $9.95 per diluted share.
- Fourth quarter 2022 adjusted EBITDA of $431 million; full-year 2022 adjusted EBITDA of $4.23 billion.
United States Steel Corporation (NYSE: X) reported on February 2, 2023 fourth quarter 2022 net earnings of $174 million, or $0.68 per diluted share. Adjusted net earnings was $226 million, or $0.87 per diluted share and excluded the impact of a one-time signing bonus related to the United Steelworkers labor agreement and other one-time items detailed in the reconciliation of adjusted net earnings table. This compares to fourth quarter 2021 net earnings of $1.07 billion, or $3.75 per diluted share. Adjusted net earnings for the fourth quarter 2021 was $1.43 billion, or $5.01 per diluted share.
Full-year 2022 net earnings was $2.52 billion, or $9.16 per diluted share. Adjusted net earnings was $2.74 billion, or $9.95 per diluted share and excluded the impact of asset impairments related to the permanent idling of the iron making process at the Company's Great Lakes Works, the impact of a one-time signing bonus related to the United Steelworkers labor agreement, and other one-time items detailed in the reconciliation of adjusted net earnings table. This compares to full-year 2021 net earnings of $4.17 billion, or $14.88 per diluted share. Adjusted net earnings for 2021 were $4.40 billion, or $15.69 per diluted share.
Commenting on the Company's performance, U. S. Steel President and Chief Executive Officer David B. Burritt said: “2022 was another exceptional year for U. S. Steel, marking our second-best financial performance in the Company’s history. Our fourth quarter results exceeded our guidance expectations thanks to the combined efforts of our domestic steelmaking operations and Tubular segment. This includes positive EBITDA in December at our Mini Mill segment, reflecting improving momentum through year-end while continuing to work through higher priced raw materials purchased earlier in 2022. Each of our operating segments contributed meaningfully to 2022’s success, while delivering record safety performance and strong operational excellence, quality, and reliability for our customers.”
Burritt continued: “We are well-positioned for 2023. Our record cash and liquidity support a balanced capital allocation approach. We returned approximately $900 million to stockholders in 2022 and plan to continue rewarding stockholders in 2023 while investing in the business. We are already delivering on strategic commitments, including the Gary Works pig iron machine that was commissioned ahead of schedule and on-budget. Later this year, our non-grain oriented electrical steel line at Big River Steel will begin producing advanced steel grades to meet the growing electric vehicle demand. 2023 is a pivotal year in our strategy and we look forward to demonstrating continued progress towards our Best for All future.”
The U. S. Steel Europe segment posted a loss before interest and tax of $68 million for the fourth quarter of 2022. For comparison, for the fourth quarter of 2021, the U. S. Steel Europe segment achieved earnings before interest and tax of $269 million. For the full year 2022, the U. S. Steel Europe segment reported a profit before interest and tax of $444 million. For comparison, in twelve months of 2021, the U. S. Steel Europe segment made a profit before interest and tax of $ 975 million. In the fourth quarter of 2022, investment expenditure in this segment amounted to $ 37 million, reaching $ 90 million for the whole of 2022. Production capacities in the U. S. Steel Europe segment were utilized at 47% in the fourth quarter, and the full-year average was capacity utilization at 77%.
Note: These results are reported in accordance with US GAAP standards.
The full report is published on the United States Steel website:
