March 27, 2020 TAKING ACTION TO PRESERVE STRONG LONG- TERM FUTURE - PowerPoint PPT Presentation

March 27, 2020 TAKING ACTION TO PRESERVE STRONG LONG- TERM FUTURE IN RESPONSE TO COVID-19 IMPACTS www.ussteel.com

Forward-looking statements This presentation contains information that may constitute “forward - looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend the forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in those sections. Generally, we have identified such forward- looking statements by using the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “target,” “forecast,” “aim,” “should,” “will,” “may,” and similar expressions or by using future dat es in connection with any discussion of, among other things, operating performance, trends, events or developments that we expect or anticipate will occur in the future, statements relating to volume impacts, share of sales and earnings per share changes, anticipated cost savings, potential capital and operational cash improvements, U. S. Steel’s future ability or plans to take ownership of the Big River Steel joint venture as a wholly owned subsidiary, and statements expressing general views about future operating results. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. Forward- looking statements are not historical facts, but instead represent only the Company’s beliefs regardin g future events, many of which, by their nature, are inherently uncertain and outside of the Company’s control. It is possible that the Company’s actual results and financial condition may differ, possibly materially, from the anticipated results and financ ial condition indicated in these forward-looking statements. Management believes that these forward-looking statements are reasonable as of the time made. However, caution should be taken not to place undue reliance on any such forward-looking statements because such statements speak only as of the date when made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the Company's historical experience and present expectations or projections. These risks and uncertainties include but are not limited to possible production or operations interruptions related to the Coronavirus that could disrupt supply or delivery of, or demand for, the Company’s products, as well as the risks and uncertainties described in “It em 1A. Risk Factors” in our Annual Report on Form 10 -K for the year ended December 31, 2019, and those described from time to time in the Company’s future reports filed with the Securities and Exchange Commission. References to "we," "us," "our," the "Company," and "U. S. Steel," refer to United States Steel Corporation and its consolidated subsidiaries. 2

Responding to the COVID-19 outbreak • Taking actions today to strengthen the company’s ability to: ➢ Serve customers, ➢ Partner with suppliers, ➢ Create long-term value for investors, and ➢ Ensure a more secure future for employees and the communities where we work and live • Today’s actions ultimately position us to achieve our world -competitive, “best of both” strategy • Company-announced actions: ➢ North American Flat-rolled footprint actions, ➢ Tubular footprint actions, ➢ 2020 capital spending actions, and ➢ Balance sheet actions 3

Taking action to ultimately achieve world- competitive, “best of both” strategy To Be As-Is 6 1 ▪ ▪ The “best of both” Reshaped footprint 6 integrated and mini mill ▪ Transformed balance sheet business models ▪ To Be Executing technology and ▪ Improved competitiveness capability driven strategy and through cycle cash 5 1 flow Financial As-Is Strategy Financial Strategy Operating Improvements 5 2 ▪ ▪ Funding and Financing Safety & Environmental Scenarios ▪ Move Down the Cost Curve ▪ Step 2 – Call Option ▪ Win in Strategic Markets 4 2 (Big River Steel) ▪ Move Up the Talent Curve Portfolio Operating Moves Improvements ▪ Capital Spending 3 Portfolio Moves Strategic Projects 4 3 ▪ Strategic ▪ XG3™ AHSS Big River Steel Projects ▪ ▪ Footprint Shaping EAF at Tubular ▪ Endless Casting and Rolling at Mon Valley ▪ Gary Hot Strip Mill ▪ Dynamo Line at USSK ▪ Sustainability 4

North American Flat-rolled footprint actions Portfolio Moves ~April 1, Immediately Immediately 2020 Granite City Gary Great Lakes Works Works Works Temporarily idling blast Reduced scope, Planned indefinite furnace ‘A’ planned outage on idling of #4 blast furnace 1 iron and steelmaking 2 Regularly assessing Expected to remain Hot strip mill to be footprint required to idled after the reduced indefinitely idled support customers’ scope outage by end of year needs 1 Previously announced on Dec. 5, 2019, a planned 48-day outage originally scheduled to begin in April. A reduced scope of the planned outage will begin immediately. 5 2 Previously announced on Dec. 19, 2019, the indefinite idling of Great Lakes Works’ iron and steelmaking in April 2020.

North American Flat-rolled footprint actions Portfolio Moves Great Lakes 3 Blast furnaces to be idled Gary from current operations blast furnaces Granite City ~4.5 Annual raw steel equivalent capability idled 1 million net tons 1 Raw steel equivalent capability of #4 blast furnace at Gary, ‘blast furnace ‘A’ at Granite City, and D4 blast furnace at Grea t Lakes. 6

Tubular footprint actions Portfolio Moves Late-May Late-May 2020 2020 Lone Star Lorain Tubular Tubular Operations Operations Idle all or most of our Idle all or most of our welded products facility large diameter for an indefinite period seamless products of time facility for an indefinite period of time 7

Tubular footprint actions Portfolio Moves Outer Diameter Capacity (‘000 NT 2 ) 1” 5” 10” 15” 20” 25” 750 Fairfield, AL (4.5” – 9.875” OD) All or most of facility 380 idled for an indefinite period of time Lorain, OH #3 (10.125” – 26.0” OD) All or most of facility idled for an indefinite 790 period of time Lone Star, TX #2 Lone Star, TX #1 (1.088” – 7.15” OD) (7.0” – 16.0” OD) Total: 1,920 Seamless ERW 1 1 Electric resistance welded 8 2 Net tons

2020 capital spending action current expected 2020 capital spending = $750M Operating Improvements & Strategic Projects Strategic Projects Status Details On track to complete in the second EAF at Tubular half of 2020 Endless Casting and Groundbreaking to be delayed for an Rolling at Mon Valley indeterminate period of time Status Update Upgrades paused; evaluating the pace Gary Hot Strip Mill and timeline of remaining investments Status Update Dynamo Line at USSK Project remains delayed Big River Steel remains our top strategic priority 9

Balance sheet actions Financial Strategy Precautionary measure to increase cash position and preserve financial flexibility $800M Adequate cash / balance sheet strength required to navigate current environment Borrowing Incremental borrowing under our $2.0B U.S. ABL Safeguards our business, our customers, our suppliers, our workforce and our investors 10

INVESTOR RELATIONS Kevin Lewis Vice President 412-433-6935 klewis@uss.com Eric Linn Senior Manager 412-433-2385 eplinn@uss.com www.ussteel.com