Stock Analysis on Net
Stock Analysis on Net

United States Steel Corp. (NYSE:X)

$22.49

This company has been moved to the archive! The financial data has not been updated since July 28, 2023.

Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Paying user area

Try for free

United States Steel Corp. pages available for free this week:

The data is hidden behind: . Unhide it.

Get access

This is a one-time payment. There is no automatic renewal.

We accept:

Visa Mastercard American Express Maestro Discover JCB PayPal Google Pay
Visa Secure Mastercard Identity Check American Express SafeKey

United States Steel Corp., consolidated income statement

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Net sales
Net sales to related parties
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Depreciation, depletion and amortization
Earnings (loss) from investees
Gain on sale of Transtar
Asset impairment charges
Restructuring and other charges
Gain on equity investee transactions
Net gains on sale of assets
Other gains (losses), net
Earnings (loss) before interest and income taxes
Interest expense
Interest income
Loss on debt extinguishment
Foreign currency net gain (loss)
Amended Credit Agreement
USSK Credit Facility
Other
Financial costs
Amortization of discounts and deferred financing costs
Other financial benefits (costs)
Net periodic benefit income (costs), other than service cost
Net interest and other financial benefits (costs)
Earnings (loss) before income taxes
Income tax (expense) benefit
Net earnings (loss)
Net earnings attributable to noncontrolling interests
Net earnings (loss) attributable to United States Steel Corporation

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
Net sales showed a fluctuating trend with a notable decline from 2018 to 2020, decreasing from approximately $14.2 billion to $9.7 billion. However, there was a strong recovery in 2021 and 2022, with sales increasing substantially to over $20 billion in both years. Sales to related parties followed a similar pattern, with a slight dip in 2020 and a marked increase by 2022.
Cost of Sales and Gross Profit
Cost of sales trended downward from 2018 to 2020, aligning with the decrease in net sales. From 2021 onwards, costs increased significantly, peaking in 2022 at approximately $16.8 billion. Gross profit declined sharply from $1.9 billion in 2018 to a low of $183 million in 2020 but rebounded sharply in 2021 to over $5.7 billion before decreasing to $4.3 billion in 2022. This suggests improved operational efficiency or pricing power in 2021 and 2022 despite higher costs.
Operating Expenses and Depreciation
Selling, general and administrative expenses remained relatively stable, fluctuating slightly around $300–$400 million during the period. Depreciation, depletion, and amortization expenses steadily increased from $521 million in 2018 to $791 million by 2021 and remained constant through 2022, indicating ongoing asset investment or aging asset base.
Investments and Gains
Earnings (loss) from investees were positive in most years except for 2020, where a loss of $117 million was reported. There was a significant non-recurring gain on sale of Transtar assets in 2021 amounting to $506 million, which contributed substantially to that year's earnings. Other gains and losses showed minor fluctuations but generally reflected small net gains.
Impairments and Restructuring
Asset impairment charges were absent in 2018 and 2019 but appeared in 2020 through 2022, with charges diminishing over time from $263 million in 2020 to $163 million in 2022. Restructuring and other charges were significant in 2019, modestly reduced in subsequent years, and decreased to $48 million by 2022, indicating ongoing efforts to streamline operations.
Earnings before Interest and Taxes
This metric declined into negative territory in 2019 and 2020, reflecting operational challenges, but recovered strongly in 2021 with earnings of $4.9 billion before decreasing somewhat to $3.2 billion in 2022. This pattern corresponds with the gross profit and net sales trends, emphasizing the recovery post-2020.
Interest and Financial Expenses
Interest expense varied over the years, peaking in 2021 at $313 million and falling back to $159 million in 2022. Interest income showed a decreasing trend until 2021, then jumped to $44 million in 2022. Various financial costs, losses on debt extinguishment, and credit facility expenses fluctuated with no consistent trend but were generally small relative to interest expense. Notably, net periodic benefit income shifted from a cost in earlier years to a substantial income of $246 million in 2022, improving overall financial results.
Income Taxes
Income tax expense was volatile, with benefits reported in 2018 and 2020, and significant expenses in 2019, 2021, and particularly in 2022, where tax expense increased to $735 million, indicating higher taxable earnings or changes in tax positions.
Net Earnings
Net earnings experienced a pronounced downward trend in 2019 and 2020, resulting in losses of $630 million and $1.2 billion respectively. However, there was a remarkable turnaround in 2021 with net earnings exceeding $4.1 billion, followed by a decrease to $2.5 billion in 2022. This reflects strong recovery efforts and improved profitability, despite increased costs and tax expenses.