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United States Steel Corporation (X-2.77%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's financial performance, including net sales of $15.6 billion, a decrease from $18.1 billion in 2023. The decline in sales was attributed to lower shipments and prices across most product lines.
Operating expenses totaled $15.4 billion, with cost of sales being the largest component at $14.1 billion. Selling, general, and administrative expenses were $435 million, down from $501 million in 2023.
The company reported earnings before interest and income taxes of $240 million, compared to $799 million in the previous year. Net earnings attributable to United States Steel Corporation were $384 million, a decrease from $895 million in 2023.
The filing also discusses the Agreement and Plan of Merger with Nippon Steel Corporation, including legal challenges following a presidential order prohibiting the merger.
United States Steel operates four reportable segments: North American Flat-Rolled, Mini Mill, U.S. Steel Europe (USSE), and Tubular Products. Each segment reported a decrease in earnings before interest, taxes, depreciation, and amortization (EBITDA) compared to the previous year.
The company continues to face challenges related to global steel overcapacity and import competition. It is also involved in various legal proceedings and environmental remediation efforts.
Capital expenditures for 2024 were $2.3 billion, with significant investments in the Mini Mill segment, including the Big River Steel 2 facility.
U. S. Steel's liquidity as of December 31, 2024, was $3.6 billion, consisting of cash and cash equivalents and available borrowings under credit facilities.
The company expects capital expenditures of approximately $1.0 billion in 2025, focusing on strategic projects to enhance competitive advantages in low-cost iron ore and mini mill steelmaking.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the United States Steel Corporation annual 10-K report dated January 31, 2025. To report an error, please email earnings@qz.com.