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2015 Annual Report and Form10-K Financial Highlights

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2015 Annual Report and Form10-K Financial Highlights 2015 Annual Report and Form10-K Financial Highlights Dollars in millions, except per share data 2015 2014 2013 Net Sales $11,574 $17,507 $17,424 (Loss) Earnings Before Interest and Income Taxes (EBIT) (1,202) 413 (1,900) Net (Loss) Income Attributable to United States Steel Corporation (1,642) 102 (1,645) Adjusted Net (Loss) Income (a) (262) 676 (110) Balance Sheet Data at December 31 Total Assets $9,190 $12,013 $12,726 Debt 3,161 3,498 3,939 Total United States Steel Corporation Stockholders’ Equity 2,436 3,799 3,375 Total Capitalization 5,597 7,297 7,314 Common Stock Data Net (Loss) Income Per Share Attributable to United States Steel Corporation Shareholders – Basic $(11.24) $0.71 $(11.37) – Diluted (11.24) 0.69 (11.37) Adjusted Diluted Net (Loss) Income Per Share(a) (1.79) 4.47 (0.76) Weighted Average Shares, In Thousands – Basic 146,094 145,164 144,578 – Diluted 146,094 152,103 144,578 (a) See the Regulation G Reconciliation under the 10-K Summary Section of our Form 10-K. Quarterly Common Stock Information 2015 2014 Quarter High Low Dividend High Low Dividend First $27.49 $20.13 $.05 $31.15 $23.32 $.05 Second 27.68 20.26 .05 28.80 22.47 .05 Third 21.49 10.02 .05 46.55 25.67 .05 Fourth 13.48 6.80 .05 42.25 26.00 .05 Year $27.68 $6.80 $.20 $46.55 $22.47 $.20 A Message from Our President and Chief Executive Officer 2015 was one of the most challenging years in our company’s WE’RE FOCUSED ON 114-year history. CREATING A HIGH- • Oil prices reached lows not seen since 2003, putting stress on our tubular business. PERFORMING COMPANY • Global overcapacity in the steel industry continued CAPABLE OF EARNING to worsen. AN ECONOMIC PROFIT • Excess supply drove elevated levels of imports into the United States. ACROSS THE CYCLE. • A strong dollar made it harder to compete with foreign steel producers. to say we realized $815 million in benefits. These figures These are just some of the challenges we faced in 2015. As we represent sustainable improvements to our business, not start 2016, those challenges haven’t let up. Yet my pledge from temporary cost cuts. my letter last year remains firm. We want to return U. S. Steel to the stature of a business icon. The challenges are formidable. Our European operations provide a great example. They were However, no market condition will distract us from this goal. early adopters of The Carnegie Way. Over the past few years, they’ve shown how it can drive change and deliver for our Last year, we focused on what we could control and took company. Last year, they faced significant challenges in their quick, decisive actions. Regardless of how difficult, they were market. Yet they produced the strongest segment results. necessary decisions. We idled various facilities. We issued WARN notices to thousands of employees. We decided to close Across our company, our employees drove our success. part of our Fairfield Works facility in Alabama. We reduced our They transformed how we do business. As challenges arose, workforce at all levels, including senior executives. And we examples abound from all areas of how they found better ways decided to delay building our electric arc furnace. to deliver value to all of our stakeholders. I cannot say enough about how our employees have embraced change. Over 8,000 We did not relish making these decisions. They affected the employees participated in a Carnegie Way training class. They’ve lives of our employees, their families and the communities we identified thousands of projects. They’ve used tools to measure call home. However, we did what was in the best interest of our and sustainably improve how to conduct their business. And as company’s long-term health and stability. Extreme economic you can see in the 2015 By the Numbers section following this times require resolve and purpose. And it is clear that if some of letter, the results speak for themselves. the challenges we faced last year continue, this will require us to make similar decisions. I believe we’re still in the early stages of this journey. However, The Carnegie Way, powered by our employees, remains an Despite the challenges, we are making enormous progress at amazing force for change. our company. That starts with The Carnegie Way. It guides our strategy. It’s the fuel that ignites change and growth. We’re The same graphic also shows our progress in safety. We’re focused on creating a high-performing company capable of proud of the two new records we set last year and our strong earning an economic profit across the cycle. We’re moving in performance in other key areas. In addition, many locations set that direction. The numbers prove it. In 2014, we realized new plant-level injury-free streaks. However, our enthusiasm is $575 million in Carnegie Way benefits. In 2015, I’m proud tempered. This past year, we suffered one fatality. That’s one too UNITED STATES STEEL CORPORATION 2015 ANNUAL REPORT AND FORM 10-K 1 THE CARNEGIE WAY, POWERED BY OUR EMPLOYEES, REMAINS AN AMAZING FORCE FOR CHANGE. many. We remain firmly committed to our ultimate safety goal: But innovation is more than research and development. It’s zero incidents and injuries companywide. I know we can reach about finding new ways to run our business. I challenged it and nothing will deter us from that goal. We are getting closer our employees to embrace change. I asked them to look at to it every day thanks to our employees. problems not as roadblocks, but as opportunities to make us better. They responded by finding creative solutions to issues, We also negotiated new three-year collective bargaining big and small. agreements (CBAs) with the United Steelworkers. Covering about 18,000 employees in the United States, we believe These improvements include reliability centered maintenance these new CBAs are in the best interests of our company, our (RCM). Last year, we completed RCM training and put a robust employees and all of our stakeholders. RCM process in place across our company. These steps, along with strong employee collaboration, produced notable results. Our new Commercial Entities (CEs) also drove many We made progress in safety, quality and facility reliability. We did improvements in 2015. They built better customer relationships this while delivering important financial benefits to the bottom with one objective in mind – develop solutions that create value line. This was no small feat given the complexity of for both of us. That means doing more than just creating new our operations. steels. It’s about becoming an integral part of the process our customers use to develop their own products – from sourcing We also made progress on our Enterprise Resource Planning to design and production to end-use application. Last year, (ERP) deployment. ERP allows us to better consolidate key our CEs explored all opportunities to develop these kinds of business data and processes. This creates better process relationships. This ranged from technical collaboration on steel control and standardization as well as improved analytics grades and product design to discussions about our supply for key aspects of our business. We are already seeing the chain and everything in between. We’re excited about the advantages ERP offers. We believe those benefits will increase progress our CEs have made, the opportunities that still as deployment is completed. remain, and how their work drives important changes across Overall, it is energizing to see the ways our employees are our business. embracing innovation. They’re using it to make our company One of the most exciting by-products of their efforts has been better. We expect these trends to continue in 2016 as we fully the increase in innovation across our company. That includes the align our Flat-Rolled CEs with the manufacturing facilities that development of an innovation road map to guide investments in serve their customers. We believe this is the logical next step to research and technology. We fully developed a number of new become a more customer-centric global solutions provider. steel grades, but that was not our sole focus. We worked with We also continued to improve our supplier relationships. Just our customers to design steel-intensive applications to address like our customers, we see opportunities to collaborate with our their needs. We began to explore alternative materials and broad supplier base and create solutions that help us both. The advanced manufacturing as we work to push steel’s capabilities work we did together last year was very meaningful. We will even further. This includes working on initiatives involving look to build on this in 2016. industry associations, universities and the U.S. Department of Energy. Our Generation 3 advanced high-strength steels earned There’s still more work to do. We’re focused on delivering value technical approval with key automotive customers. We also in everything that we do. I’m confident our employees are launched a new proprietary premium tubular connection that positioning our company for continued progress. meaningfully enhances our portfolio of products and positions us to better seek new markets and opportunities. 2 Yet global overcapacity remains a significant challenge. And This year marks another special moment in our company’s it continues to rise. We believe market-distorting practices by history – our 115th anniversary. Not many companies today foreign governments and steel companies drive this growth, can claim such a distinction. Even fewer companies can say not market demand.
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