U. S. Steel(X) - 2024 Q4 - Annual Results

Financial Performance - Fourth quarter 2024 net loss was $89 million, or$0.39 per diluted share, compared to a net loss of $80 million, or$0.36 per diluted share in Q4 2023[2] - Full-year 2024 net earnings were $384 million, or$1.57 per diluted share, down from $895 million, or$3.56 per diluted share in 2023[3] - Net earnings for the twelve months ended December 31, 2024, were $384 million, a decrease from$895 million in 2023, representing a decline of 57.1%[14] - The adjusted net loss for the twelve months ended December 31, 2024, was $(28) million, compared to adjusted net earnings of$1,195 million in 2023[19] - The company reported a net earnings margin of (3)% for the three months ended December 31, 2024, compared to 2% in 2023[21] EBITDA and Cash Flow - Fourth quarter 2024 adjusted EBITDA was $190 million, while full-year adjusted EBITDA was$1,366 million, compared to $2,139 million in 2023[5] - Adjusted EBITDA for the twelve months ended December 31, 2024, was$1,366 million, down from $2,139 million in 2023, a decline of 36.1$(1,357) million, compared to $(1,357) million in 2023[23] - Net cash provided by operating activities decreased to$919 million in 2024 from $2,100 million in 2023, a decline of 56.3$50 million in construction and ramp-up costs[7] Production and Shipments - Total steel shipments in Q4 2024 were 3,296 thousand net tons, down from 3,807 thousand net tons in Q4 2023[11] - Average realized price for Flat-Rolled products decreased to $956 per net ton in Q4 2024 from$978 per net ton in Q4 2023[11] - United States Steel Corporation has an annual raw steelmaking capability of 25.4 million net tons[31] Future Outlook - The company expects first quarter 2025 adjusted EBITDA to be in the range of $100 million to$150 million[8] - The company anticipates generating positive free cash flow in 2025, driven by volume and capability growth in the Mini Mill segment[7] Customer and Product Focus - Customer feedback on the new Big River 2 mill product quality has been excellent, with deliveries commencing in early December 2024[7] - The company focuses on high value-added steel products, including proprietary XG3 advanced high-strength steel[31] - U.S. Steel serves multiple industries, including automotive, construction, and packaging[31] - The company emphasizes innovation and a customer-centric strategy for sustainable growth[31] Financial Position - Total current assets decreased to $5,232 million in 2024 from$6,943 million in 2023, a decrease of 24.6%[16] - Cash and cash equivalents at the end of the period were $1,413 million, down from$2,988 million in 2023, a decrease of 52.7%[14] - Long-term debt remained relatively stable at $4,078 million in 2024 compared to$4,080 million in 2023[16] Charges and Operational Adjustments - The company recognized $230 million in charges for the indefinite idling of the iron and steel making processes at Granite City Works during the three months ended December 31, 2023[19]