FOR IMMEDIATE RELEASE: UNITED STATES STEEL …

NEWS RELEASE

CONTACTS:

Media Meghan Cox Manager Corporate Communications T - (412) 433-6777 E - mmcox@

Investors/Analysts Dan Lesnak General Manager Investor Relations T - (412) 433-1184 E - dtlesnak@

FOR IMMEDIATE RELEASE:

UNITED STATES STEEL CORPORATION REPORTS FOURTH QUARTER AND FULL-YEAR 2018 RESULTS

? Full-year 2018 net earnings of $1,115 million, or $6.25 per diluted share; full-year adjusted net earnings of $957 million, or $5.36 per diluted share

? Full-year 2018 adjusted EBITDA of $1.76 billion ? Returned over $110 million of capital to stockholders in 2018, including $75 million of share

repurchases

PITTSBURGH, January 30, 2019 ? United States Steel Corporation (NYSE: X) reported full-year 2018 net earnings of $1,115 million, or $6.25 per diluted share. Adjusted net earnings were $957 million, or $5.36 per diluted share. This compares to a full-year 2017 net earnings of $387 million, or $2.19 per diluted share. Adjusted net earnings for 2017 was $341 million, or $1.94 per diluted share.

Fourth quarter 2018 net earnings were $592 million, or $3.34 per diluted share. Adjusted net earnings for the fourth quarter 2018 were $324 million, or $1.82 per diluted share. This compares to a fourth quarter 2017

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net earnings of $159 million, or $0.90 per diluted share. Fourth quarter 2017 adjusted net earnings were $136 million, or $0.76 per diluted share.

Earnings Highlights

(Dollars in millions, except per share amounts) Net Sales Segment earnings (loss) before interest and income taxes

Flat-Rolled U. S. Steel Europe Tubular Other Businesses Total segment earnings before interest and income taxes Other items not allocated to segments

Earnings before interest and income taxes Net interest and other financial costs Income tax benefit Net earnings Earnings per diluted share

Quarter Ended December 31,

2018 2017 $ 3,691 $ 3,133

Year Ended December 31,

2018 2017 $ 14,178 $ 12,250

$ 328 $ 82 $ 883 $ 375

62

112

359

327

(3)

(6 )

(58)

(99 )

11

10

55

44

$ 398 $ 198 $ 1,239 $ 647

(85)

(36 )

(115 )

22

$ 313 $ 162 $ 1,124 $ 669

60

92

312

368

(339 )

(89 )

(303 )

(86 )

$ 592 $ 159 $ 1,115 $ 387

$ 3.34 $ 0.90 $ 6.25 $ 2.19

Adjusted net earnings (a)

$ 324 $ 136 $ 957 $ 341

Adjusted earnings per diluted share (a)

$ 1.82 $ 0.76 $ 5.36 $ 1.94

Adjusted earnings before interest, income taxes,

depreciation and amortization (EBITDA) (a)

$ 535 $ 323 $ 1,760 $ 1,148

(a) Please refer to the non-GAAP Financial Measures section of this document for the reconciliation of these

amounts.

"We are pleased with both the strong earnings we reported in 2018 and the important progress we made

on our strategic objectives," said U. S. Steel President and Chief Executive Officer David B. Burritt. "We are

encouraged by the effectiveness of the investments we are making and remain focused on improving our

operating and commercial performance to drive long-term value creation for our stockholders."

The Company currently expects first quarter 2019 adjusted EBITDA to be approximately $225 million,

which excludes the expected first quarter impacts of the December 24, 2018 fire at our Clairton coke making

facility.

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First quarter 2019 EBITDA for the Flat-rolled segment is expected to be higher than first quarter 2018, primarily due to higher average realized selling prices, partially offset by higher raw materials costs.

First quarter 2019 EBITDA for the U. S. Steel Europe segment is expected to be lower than first quarter 2018, primarily due to lower volumes, higher raw materials costs, and an unfavorable change in the U.S. dollar / Euro exchange rate.

First quarter 2019 EBITDA for the Tubular segment is expected to be higher than first quarter 2018, primarily due to higher average realized selling prices and increased volumes, partially offset by higher costs for steel substrate.

***** The Company will conduct a conference call on fourth quarter and full-year 2018 earnings on Thursday, January 31, at 8:30 a.m. Eastern Standard. To listen to the webcast of the conference call, visit the U. S. Steel website, , and click on the "Investors" section. For more information on U. S. Steel, visit our website. Please refer to the non-GAAP Financial Measures section of this document for the reconciliation of Guidance net earnings (loss) to consolidated Guidance EBITDA.

UNITED STATES STEEL CORPORATION PRELIMINARY SUPPLEMENTAL STATISTICS (Unaudited)

OPERATING STATISTICS Average realized price: (a) Flat-Rolled ($/net ton) U. S. Steel Europe ($/net ton) U. S. Steel Europe (euro/net ton) Tubular ($/net ton) Steel Shipments (thousands of net tons): (a) Flat-Rolled U. S. Steel Europe Tubular Total Steel Shipments

Quarter Ended

December 31,

2018

2017

Year Ended

December 31,

2018

2017

823 686 601 1,488

2,733 1,073

216 4,022

717 634 538 1,417

811 693 586 1,483

2,442 1,252

179 3,873

10,510 4,457 780

15,747

726 622 551 1,253

9,887 4,585

688 15,160

Intersegment Shipments (thousands of net tons): Flat-Rolled to Tubular U. S. Steel Europe to Flat-Rolled

Raw Steel Production (thousands of net tons): Flat-Rolled U. S. Steel Europe

Raw Steel Capability Utilization: (b) Flat-Rolled U. S. Steel Europe

66 --

3,334 1,213

78 % 96 %

21

224

158

--

22

47

2,575 11,893 1,314 5,023

10,820 5,091

60 % 104 %

70 % 100 %

64 % 102 %

CAPITAL EXPENDITURES Flat-Rolled U. S. Steel Europe Tubular Other Businesses

$ 289 $ 182 $ 820 $ 388

41

21

104

83

12

9

45

28

13

2

32

6

Total

$ 355 $ 214 $ 1,001 $ 505

(a) Excludes intersegment shipments. (b) Based on annual raw steel production capability of 17.0 million net tons for Flat-Rolled and 5.0 million net tons for U. S. Steel Europe.

UNITED STATES STEEL CORPORATION STATEMENT OF OPERATIONS (Unaudited)

(Dollars in millions, except per share amounts) NET SALES

OPERATING EXPENSES (INCOME): Cost of sales (excludes items shown below) Selling, general and administrative expenses Depreciation, depletion and amortization Earnings from investees Gain associated with retained interest in U. S. Steel Canada Inc. (Gain) loss on equity investee transactions Restructuring and other charges Net gain on disposal of assets Other income, net Total operating expenses

EARNINGS BEFORE INTEREST AND INCOME TAXES Net interest and other financial costs (a)

EARNINGS BEFORE INCOME TAXES

Income tax benefit

Net earnings Less: Net earnings (loss) attributable to the noncontrolling interests

NET EARNINGS ATTRIBUTABLE TO UNITED STATES STEEL CORPORATION

Quarter Ended

December 31,

2018

2017

$ 3,691 $ 3,133

Year Ended

December 31,

2018

2017

$ 14,178 $ 12,250

3,204 85

137 (22)

-- (20) --

(3) (3) 3,378

2,748 97

125 (15)

-- 19

1 (3) (1) 2,971

12,305 336 521 (61)

-- (38) --

(6) (3) 13,054

10,858 320 501 (44)

(72) (2) 31 (5) (6)

11,581

313

162

1,124

669

60

92

312

368

253 (339 ) 592

--

$ 592 $

70 (89)

159

812 (303 )

1,115

--

--

159 $ 1,115 $

301 (86) 387

--

387

COMMON STOCK DATA:

Net earnings per share attributable to

United States Steel Corporation stockholders:

Basic

$ 3.36 $ 0.91 $ 6.31 $ 2.21

Diluted

$ 3.34 $ 0.90 $ 6.25 $ 2.19

Weighted average shares, in thousands

Basic

176,091 175,117 176,633 174,793

Diluted

177,649 177,210 178,461 176,520

Dividends paid per common share

$ 0.05 $ 0.05 $ 0.20 $ 0.20

(a) Includes $16 million and $14 million for the three months ended December 31, 2018 and 2017, respectively, and $69 million and $61 million for the twelve months ended December 31, 2018 and 2017, respectively, of postretirement benefit expense (other than service cost) related to the retrospective presentation change of net periodic benefit cost of our defined benefit pension and other post-employment benefits as a result of the adoption of Accounting Standards Update 2017-07, Compensation - Retirement Benefits on January 1, 2018.

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