U. S. Steel’s Management Team and Board of Directors Have Transformed the Business

Created the Modern, Innovative Steelmaker U. S. Steel is Today

Diversified Steelmaker

From 0% electric arc furnace to 38% in 5 years

Best-In-Class Investments

Deployed nearly $5 billion strategic capex

Optimized Legacy Footprint

Sold non-core assets, including $640 million for transtar

Advanced Technological Capabilities

Enhancements delivered extraordinary safety, quality and cost improvement

Increased Capital Returns

$1.6 billion returned to stockholders

Stockholder Value Driven by Strategic Transformation

1-, 3- and 5-year TSR above peers since launch of technology transformation

Superior Financial and Operational Performance

2019:
Prior to Strategic Transformation

2024:
Executed Strategic Transformation

$12.9B revenue
$15.6B
revenue
4.1x net leverage
2.1x
net leverage
~$111
per share stock price target
~$422
per share stock price target
1 Mean research target price as of the end of 2019. Based on 11 sell-side research estimates.
2Mean research target price as of March 1, 2025. Based on seven sell-side research estimates.

Foundation for Success

Unmatched safety and support for non-represented and represented employees

0.06
Industry-leading OSHA days away from work rate
16 consecutive quarters of
Profit Sharing
for our USW-represented employees through 2024
Recognized as one of the
World’s Most Ethical Companies
for the fourth year in a row by Ethisphere(TM)
Under 5%
[Voluntary attrition rate since 2020]
Military Times’ 2024
Best for Vets
Employers
List
$4.4M+ in financial assistance
through scholarships to 500+ children of U.S. employees
“We want a future that is strong, and we want to stay in Pennsylvania making steel. Working with Nippon [Steel] is the best way to do that.”
Andy Macy
USW Local 1557, Mon Valley – Clairton Plant, 43 years at U. S. Steel
U. S. Steel workers watching a speech at a Nippon Steel deal rally
a U. S. Steel employee holds up a supportive sign at a Nippon Steel deal rally
“What we have in front of us right now seems like a fantastic opportunity, not only for my family, but decades to come. I want [...] folks to be able to retire from this company, and we feel that the investment from Nippon [Steel] will give them, their children [and] their grandchildren the capability for a lot of families to have.”
Jack Maskil
President, USW Local 2227, Mon Valley Works – Irvin Plant, 27 years at U. S. Steel

Your Vote is Extremely Important

We urge you to vote FOR U. S. Steel’s highly qualified director nominees on the WHITE proxy card TODAY. You can vote online or by phone until May 5, 2025.

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