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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended September 30, 2023
Or
 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     

Commission file number 1-16811
ussclogosignature2955.jpg
United States Steel Corporation
(Exact name of registrant as specified in its charter)
Delaware 25-1897152
(State or other jurisdiction of incorporation)  (IRS Employer Identification No.)
600 Grant Street,Pittsburgh,PA15219-2800
(Address of principal executive offices)(Zip Code)
(412) 433-1121
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
║┌┴¤│ď╣¤═° Common StockXNew York Stock Exchange
║┌┴¤│ď╣¤═° Common StockXChicago Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company”, and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer
x
Accelerated filer
o
Non-accelerated filer
o
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes No x
Common stock outstanding at October 23, 2023 – 223,038,500 shares



INDEX
Page
PART I – FINANCIAL INFORMATION
Item 1.Financial Statements:
Item 2.
Item 3.
Item 4.
PART II – OTHER INFORMATION
Item 1.
Item 1A.
Item 2
Item 3
Item 4.
Item 5.
Item 6.


CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This report 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,” “plan,” “goal,” “future,” “will,” "may" and similar expressions or by using future dates in connection with any discussion of, among other things, the construction or operation of new or existing facilities or operating capabilities, the timing, size and form of share repurchase transactions, operating or financial performance, trends, events or developments that we expect or anticipate will occur in the future, statements relating to volume changes, share of sales and earnings per share changes, anticipated cost savings, potential capital and operational cash improvements, changes in the global economic environment, including supply and demand conditions, inflation, interest rates, supply chain disruptions and changes in prices for our products, international trade duties and other aspects of international trade policy, statements regarding our future strategies, products and innovations, statements regarding our greenhouse gas emissions reduction goals, statements regarding existing or new regulations 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 include all statements that are not historical facts, but instead represent only the Company’s beliefs regarding goals, plans and expectations about our prospects for the future and other future events, many of which, by their nature, are inherently uncertain, qualified by important factors 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 financial 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. Our 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 our Company's historical experience and our present expectations or projections. These risks and uncertainties include, but are not limited to, whether the objectives of the Company’s previously announced strategic alternatives review process will be achieved; the terms, timing, structure, benefits and costs of any strategic transaction; whether any such transaction will be consummated at all; the risk that the strategic alternatives review process and its announcement could have an adverse effect on the ability of the Company to retain customers and retain and hire key personnel and maintain relationships with customers, suppliers, employees, shareholders and other business relationships and on its operating results and business generally; the risk that the strategic alternatives review process could divert the attention and time of the Company’s management, the risk of any unexpected costs or expenses resulting from the strategic alternatives review process; the risk of any litigation relating to the strategic alternatives review process; and the risks and uncertainties described in this report and in “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022, and those described from time to time in our future reports filed with the Securities and Exchange Commission (SEC).

References in this Quarterly Report on Form 10-Q to (i) "U. S. Steel," "the Company," "we," "us," and "our" refer to ║┌┴¤│ď╣¤═° and its consolidated subsidiaries unless otherwise indicated by the context and (ii) “Big River Steel” refer to Big River Steel Holdings LLC and its direct and indirect subsidiaries unless otherwise indicated by the context.





UNITED STATES STEEL CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
(Dollars in millions, except per share amounts)2023202220232022
Net sales:
Net sales$3,943 $4,667 $12,375 $15,304 
Net sales to related parties (Note 19)488 536 1,534 1,423 
Total (Note 6)4,431 5,203 13,909 16,727 
Operating expenses (income):
Cost of sales (excludes items shown below)3,838 4,359 11,952 12,843 
Selling, general and administrative expenses118 95 320 324 
Depreciation, depletion and amortization230 198 675 594 
Earnings from investees(51)(71)(76)(202)
Asset impairment charges  4 157 
Restructuring and other charges (Note 20)18 23 21 57 
Other losses (gains), net1 (15)(17)(32)
Total4,154 4,589 12,879 13,741 
Earnings before interest and income taxes277 614 1,030 2,986 
Interest expense16 38 63 127 
Interest income(39)(15)(103)(20)
Other financial costs7 7 19 27 
Net periodic benefit income(42)(60)(125)(182)
Net gain from investments related to active employee benefits (Note 16)(6) (36) 
Net interest and other financial benefits(64)(30)(182)(48)
Earnings before income taxes341 644 1,212 3,034 
Income tax expense (Note 12)42 154 237 684 
Net earnings299 490 975 2,350 
Less: Net earnings attributable to noncontrolling interests    
Net earnings attributable to ║┌┴¤│ď╣¤═°$299 $490 $975 $2,350 
Earnings per common share (Note 13):
Earnings per share attributable to ║┌┴¤│ď╣¤═° stockholders:
'-Basic
$1.34 $2.07 $4.33 $9.33 
'-Diluted
$1.20 $1.85 $3.86 $8.38 

The accompanying notes are an integral part of these condensed consolidated financial statements.
-1-


UNITED STATES STEEL CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
(Dollars in millions)2023202220232022
Net earnings$299 $490 $975 $2,350 
Other comprehensive income (loss), net of tax:
Changes in foreign currency translation adjustments(35)(92)(4)(220)
Changes in pension and other employee benefit accounts(13) (35)(2)
Changes in derivative financial instruments47 18 36 54 
Changes in fair value of active employee benefit investments1  3  
Total other comprehensive income (loss), net of tax (74) (168)
Comprehensive income including noncontrolling interest299 416 975 2,182 
Comprehensive income attributable to noncontrolling interest    
Comprehensive income attributable to United States Steel
Corporation
$299 $416 $975 $2,182 
The accompanying notes are an integral part of these condensed consolidated financial statements.
-2-


UNITED STATES STEEL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET
(Unaudited)
(Dollars in millions)September 30, 2023December 31, 2022
Assets
Current assets:
Cash and cash equivalents (Note 7)$3,222 $3,504 
Receivables, less allowance of $39 and $38
1,404 1,485 
Receivables from related parties (Note 19)137 150 
Inventories (Note 8)2,304 2,359 
Other current assets328 368 
Total current assets7,395 7,866 
Long-term restricted cash (Note 7)32 31 
Operating lease assets116 146 
Property, plant and equipment23,097 21,222 
Less accumulated depreciation and depletion13,186 12,730 
Total property, plant and equipment, net9,911 8,492 
Investments and long-term receivables, less allowance of $3 and $4
863 840 
Intangibles, net (Note 9)447 478 
Deferred income tax benefits (Note 12) 10 
Goodwill (Note 9)920 920 
Other noncurrent assets711 675 
Total assets$20,395 $19,458 
Liabilities
Current liabilities:
Accounts payable and other accrued liabilities$2,759 $2,873 
Accounts payable to related parties (Note 19)180 143 
Payroll and benefits payable498 493 
Accrued taxes169 271 
Accrued interest52 67 
Current operating lease liabilities45 49 
Short-term debt and current maturities of long-term debt (Note 15)98 63 
Total current liabilities3,801 3,959 
Noncurrent operating lease liabilities79 105 
Long-term debt, less unamortized discount and debt issuance costs (Note 15)4,129 3,914 
Employee benefits138 209 
Deferred income tax liabilities (Note 12)712 456 
Deferred credits and other noncurrent liabilities439 504 
Total liabilities9,298 9,147 
Contingencies and commitments (Note 21)
Stockholders’ Equity (Note 17):
Common stock (284,962,478 and 282,487,412 shares issued) (Note 13)
285 283 
Treasury stock, at cost (61,932,549 shares and 54,089,559 shares)
(1,402)(1,204)
Additional paid-in capital5,235 5,194 
Retained earnings6,971 6,030 
Accumulated other comprehensive loss (Note 18)(85)(85)
Total ║┌┴¤│ď╣¤═° stockholders’ equity11,004 10,218 
Noncontrolling interests93 93 
Total liabilities and stockholders’ equity$20,395 $19,458 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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UNITED STATES STEEL CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
Nine Months Ended September 30,
(Dollars in millions)20232022
Increase (decrease) in cash, cash equivalents and restricted cash
Operating activities:
Net earnings$975 $2,350 
Adjustments to reconcile to net cash provided by operating activities:
Depreciation, depletion and amortization675 594 
Asset impairment charges4 157 
Restructuring and other charges (Note 20)21 57 
Pensions and other postretirement benefits(124)(164)
Active employee benefit investments20  
Deferred income taxes (Note 12)275 561 
Net gain on sale of assets(2)(10)
Equity investee earnings, net of distributions received(75)(181)
Changes in:
Current receivables99 (36)
Inventories52 (697)
Current accounts payable and accrued expenses76 188 
Income taxes receivable/payable(86)(88)
All other, net(199)19 
Net cash provided by operating activities1,711 2,750 
Investing activities:
Capital expenditures(1,939)(1,138)
Proceeds from cost reimbursement government grants (Note 21) 53 
Proceeds from sale of assets4 28 
Other investing activities (8)
Net cash used in investing activities(1,935)(1,065)
Financing activities:
Issuance of long-term debt, net of financing costs (Note 15)241 291 
Repayment of long-term debt (Note 15)(69)(375)
Common stock repurchased (Note 22)(175)(699)
Proceeds from government incentives (Note 21) 82 
Other financing activities(50)(51)
Net cash used in financing activities(53)(752)
Effect of exchange rate changes on cash(3)(46)
Net (decrease) increase in cash, cash equivalents and restricted cash(280)887 
Cash, cash equivalents and restricted cash at beginning of year (Note 7)3,539 2,600 
Cash, cash equivalents and restricted cash at end of period (Note 7)$3,259 $3,487 
Non-cash investing and financing activities:
Change in accrued capital expenditures$(82)$373 
U. S. Steel common stock issued for employee/non-employee director stock plans29 46 
Capital expenditures funded by finance lease borrowings74 43 
Export Credit Agreement (ECA) financing5  
The accompanying notes are an integral part of these condensed consolidated financial statements.
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Notes to Condensed Consolidated Financial Statements (Unaudited)
1.     Basis of Presentation and Significant Accounting Policies
The year-end Consolidated Balance Sheet data was derived from audited statements but does not include all disclosures required for complete financial statements by accounting principles generally accepted in the United States of America (U.S. GAAP). The other information in these condensed financial statements is unaudited but, in the opinion of management, reflects all adjustments necessary for a fair statement of the results for the periods covered, including assessment of certain accounting matters using all available information such as consideration of forecasted financial information in context with other information reasonably available to us. However, our future assessment of our current expectations could result in material impacts to our consolidated financial statements in future reporting periods. All such adjustments are of a normal recurring nature unless disclosed otherwise. These condensed financial statements, including notes, have been prepared in accordance with the applicable rules of the SEC and do not include all of the information and disclosures required by U.S. GAAP for complete financial statements. Additional information is contained in the ║┌┴¤│ď╣¤═° Annual Report on Form 10-K for the fiscal year ended December 31, 2022, which should be read in conjunction with these condensed financial statements.

2.    New Accounting Standards

During the nine months ended September 30, 2023, there were no accounting standards and interpretations issued which are expected to have a material impact on the Company's financial position, operations or cash flows.
3.    Recently Adopted Accounting Standards
In September 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2022-04, Disclosure of Supplier Finance Program Obligations (ASU 2022-04). ASU 2022-04 requires that an entity disclose certain information about supplier finance programs used in connection with the purchase of goods and services. ASU 2022-04 is effective for all entities with fiscal years beginning after December 15, 2022, and interim periods within those fiscal years, except for the amendment on roll-forward information, which is effective for fiscal years beginning after December 15, 2023. U. S. Steel adopted this guidance effective January 1, 2023, with the exception of the amendment on roll-forward information, which will be adopted in our fiscal year beginning on January 1, 2024.
The Company has a supply chain finance (SCF) arrangement with a third-party administrator which allows participating suppliers, at their sole discretion, to make offers to sell payment obligations of the Company prior to their scheduled due dates at a discounted price to a participating financial institution. The third-party administrator entered into a separate agreement with the Export Import Bank of the United States to guarantee 90 percent of supplier obligations sold for up to $200 million. No guarantees or collateral are provided by the Company or any of its subsidiaries under the SCF program, and the Company does not benefit from any preferential payment terms or discounts as a result of supplier participation.
The Company’s goal is to capture overall supplier savings and improve working capital efficiency. The agreements facilitate the suppliers’ ability to sell payment obligations, while providing them with greater working capital flexibility. The Company has no economic interest in the sale of the suppliers’ receivables and no direct financial relationship with the financial institution concerning these services. The Company’s obligations to its suppliers, including amounts due and scheduled payment dates, are not impacted by suppliers’ decisions to sell amounts under the arrangements. The SCF program requires the Company to pay the third-party administrator the stated amount of the confirmed participating supplier invoices. The payment terms for confirmed invoices range from 75 to 90 days after the end of the month in which the invoice was issued.
The underlying costs from suppliers that elected to participate in the SCF program are generally recorded in cost of sales in the Company’s Condensed Consolidated Statement of Operations. Amounts due to suppliers who participate in the SCF program are reflected in accounts payable and accrued expenses on the Company’s Condensed Consolidated Balance Sheet and payments on the obligations by our suppliers are included in cash used in operating activities in the Condensed Consolidated Statement of Cash Flows. As of September 30, 2023, accounts payable and accrued expenses included $93 million of outstanding payment obligations which suppliers elected to sell to participating financial institutions.
In October 2021, the FASB issued Accounting Standards Update 2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (ASU 2021-08). ASU 2021-08 requires that an entity recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, Revenue from Contracts with Customers. ASU 2021-08 is effective for public companies with fiscal years beginning after December 15, 2022, and interim periods within those fiscal years, with early adoption of all amendments in the same period permitted. U. S. Steel adopted this guidance effective January 1, 2023, and will apply it to any future business combinations.
4.    Segment Information
U. S. Steel has four reportable segments: North American Flat-Rolled (Flat-Rolled), Mini Mill, U. S. Steel Europe (║┌┴¤│ď╣¤═°E); and Tubular Products (Tubular). The results of our real estate businesses are disclosed in the Other category.
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The chief operating decision maker evaluates performance and determines resource allocations based on a number of factors, the primary measure being earnings (loss) before interest and income taxes. Earnings (loss) before interest and income taxes for reportable segments and the Other category does not include net interest and other financial costs (income), income taxes, stock-based compensation expense, and certain other items that management believes are not indicative of future results.

The accounting principles applied at the operating segment level in determining earnings (loss) before interest and income taxes are generally the same as those applied at the consolidated financial statement level. Intersegment sales and transfers are accounted for at market-based prices and are eliminated at the corporate consolidation level. Corporate-level selling, general and administrative expenses and costs related to certain former businesses are allocated to the reportable segments and Other based on measures of activity that management believes are reasonable.

The results of segment operations for the three months ended September 30, 2023, and 2022 are:
(In millions) Three Months Ended September 30, 2023Customer
Sales
Intersegment
Sales
Net
Sales
Earnings
from
investees
Earnings (loss) before interest and income taxes(a)
Flat-Rolled$2,749 $85 $2,834 $39 $225 
Mini Mill529 140 669  42 
║┌┴¤│ď╣¤═°E838 6 844  (13)
Tubular314  314 12 87 
Total reportable segments4,430 231 4,661 51 341 
Other1  1  7 
Reconciling Items and Eliminations (231)(231) (71)
Total$4,431 $ $4,431 $51 $277 
Three Months Ended September 30, 2022
Flat-Rolled$3,248 $104 $3,352 $59 $518 
Mini Mill602 60 662  1 
║┌┴¤│ď╣¤═°E925 2 927  (32)
Tubular425  425 12 155 
Total reportable segments5,200 166 5,366 71 642 
Other3  3  21 
Reconciling Items and Eliminations— (166)(166)— (49)
Total$5,203 $— $5,203 $71 $614 
(a) Earnings (loss) before interest and income taxes has been updated for the three months ended September 30, 2022, for Flat-Rolled and Reconciling Items and Eliminations. This is the result of a retroactive adjustment for the reclassification of stock-based compensation expense as an item not allocated to segment results. See the schedule of reconciling items to consolidated earnings before interest and income taxes below for further details.
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The results of segment operations for the nine months ended September 30, 2023, and 2022 are:

(In millions) Nine Months Ended September 30, 2023Customer
Sales
Intersegment
Sales
Net
Sales
Earnings
from
investees
Earnings (loss) before interest and income taxes(a)
Flat-Rolled$8,275 $268 $8,543 $52 $449 
Mini Mill1,701 379 2,080  186 
║┌┴¤│ď╣¤═°E2,708 19 2,727  25 
Tubular1,217 1 1,218 24 476 
Total reportable segments13,901 667 14,568 76 1,136 
Other8  8  (2)
Reconciling Items and Eliminations (667)(667) (104)
Total$13,909 $ $13,909 $76 $1,030 
Nine Months Ended September 30, 2022
Flat-Rolled$9,926 $303 $10,229 $175 $1,840 
Mini Mill2,158 337 2,495 — 549 
║┌┴¤│ď╣¤═°E3,518 10 3,528 — 512 
Tubular1,115 5 1,120 27 339 
Total reportable segments16,717 655 17,372 202 3,240 
Other10 — 10 — 16 
Reconciling Items and Eliminations— (655)(655)— (270)
Total$16,727 $— $16,727 $202 $2,986 
(a) Earnings (loss) before interest and income taxes has been updated for the nine months ended September 30, 2022, for Flat-Rolled and Reconciling Items and Eliminations. This is the result of a retroactive adjustment for the reclassification of stock-based compensation expense as an item not allocated to segment results. See the schedule of reconciling items to consolidated earnings before interest and income taxes below for further details.
A summary of total assets by segment is as follows:
(In millions)September 30, 2023December 31, 2022
Flat-Rolled$7,779 $7,936 
Mini Mill (a)
7,074 5,787 
║┌┴¤│ď╣¤═°E (b)
2,240 2,175 
Tubular1,027 1,140 
Total reportable segments$18,120 $17,038 
Other$136 $141 
Corporate, reconciling items, and eliminations (b) (c)
2,139 2,279 
Total assets$20,395 $19,458 
(a) Includes assets of $2.5 billion and $1.4 billion at September 30, 2023, and December 31, 2022, respectively, related to a new technologically advanced flat rolled steelmaking facility, Big River 2 (BR2), currently under construction near Osceola, Arkansas.
(b) In the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2022, the amounts disclosed for total assets for ║┌┴¤│ď╣¤═°E and Corporate were inadvertently misstated for an intersegment balance. Management determined the disclosure misstatement was not material to the 2022 financial statements. The revised amounts have been included in the table above.
(c) The majority of corporate, reconciling items, and eliminations is comprised of cash and the elimination of intersegment amounts.
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The following is a schedule of reconciling items to consolidated earnings before interest and income taxes:
Three Months Ended September 30,Nine Months Ended September 30,
(In millions)2023202220232022
Items not allocated to segments:
Restructuring and other charges (Note 20)$(18)$(23)$(21)$(57)
Stock-based compensation expense (Note 11)(14)(13)(37)(45)
Asset impairment charges  (4)(157)
Environmental remediation charges(9)(13)(11)(13)
Strategic alternatives review process costs(16) (16) 
Granite City idling costs(14) (14) 
Other charges, net  (1)2 
Total reconciling items$(71)$(49)$(104)$(270)

5.    Disposition

In January 2022, the Company informed its employees, customers, and other key stakeholders that the Company would be idling its subsidiary in Pittsburg, California, ║┌┴¤│ď╣¤═°-UPI, LLC ("UPI"), at the end of 2023. UPI primarily produces galvanized sheet and tin mill products. In September 2023, the Company issued WARN notices to employees at UPI to notify them of employment losses resulting from the idling of operations. As of September 30, 2023, the Company had accrued a total of $120 million for severance, exit costs and employee benefits. $1 million of these charges were incurred during the nine months ended September 30, 2023. No payments for these charges have been made as of September 30, 2023. The Company has previously committed to, and continues to intend to, pursue the disposition of certain assets related to the UPI facility.
6.     Revenue

Revenue is generated primarily from contracts to produce, ship and deliver steel products, and to a lesser extent, raw materials sales such as iron ore pellets and coke by-products and real estate sales. Generally, U. S. Steel’s performance obligations are satisfied and revenue is recognized when title transfers to our customer for product shipped or services are provided. Revenues are recorded net of any sales incentives. Shipping and other transportation costs charged to customers are treated as fulfillment activities and are recorded in both revenue and cost of sales at the time control is transferred to the customer. Costs related to obtaining sales contracts are incidental and are expensed when incurred. Because customers are invoiced at the time title transfers and U. S. Steel’s right to consideration is unconditional at that time, U. S. Steel does not maintain contract asset balances. Additionally, U. S. Steel does not maintain contract liability balances, as performance obligations are satisfied prior to customer payment for product. U. S. Steel offers industry standard payment terms.

The following tables disaggregate our revenue by product for each of the reportable business segments for the three months and nine months ended September 30, 2023, and 2022, respectively:

Net Sales by Product (In millions):
Three Months Ended September 30, 2023Flat-RolledMini Mill║┌┴¤│ď╣¤═°ETubularOtherTotal
Semi-finished$68 $ $43 $ $ $111 
Hot-rolled sheets422 263 388   1,073 
Cold-rolled sheets916 101 61   1,078 
Coated sheets893 164 312   1,369 
Tubular products  13 310  323 
All Other (a)
450 1 21 4 1 477 
Total$2,749 $529 $838 $314 $1 $4,431 
(a) Consists primarily of sales of raw materials and coke making by-products.

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Three Months Ended September 30, 2022Flat-RolledMini Mill║┌┴¤│ď╣¤═°ETubularOtherTotal
Semi-finished$48 $ $27 $ $ $75 
Hot-rolled sheets622 332 389   1,343 
Cold-rolled sheets974 92 73   1,139 
Coated sheets1,127 176 376   1,679 
Tubular products  20 418  438 
All Other (a)
477 2 40 7 3 529 
Total$3,248 $602 $925 $425 $3 $5,203 
(a) Consists primarily of sales of raw materials and coke making by-products.

Nine Months Ended September 30, 2023Flat-RolledMini Mill║┌┴¤│ď╣¤═°ETubularOtherTotal
Semi-finished$204 $ $113 $ $ $317 
Hot-rolled sheets1,525 926 1,243   $3,694 
Cold-rolled sheets2,775 275 212   $3,262 
Coated sheets2,668 496 1,009   $4,173 
Tubular products  40 1,203  $1,243 
All Other (a)
1,103 4 91 14 8 $1,220 
Total$8,275 $1,701 $2,708 $1,217 $8 $13,909 
(a) Consists primarily of sales of raw materials and coke making by-products.

Nine Months Ended September 30, 2022Flat-RolledMini Mill║┌┴¤│ď╣¤═°ETubularOtherTotal
Semi-finished$177 $ $90 $ $ $267 
Hot-rolled sheets1,846 1,238 1,618   $4,702 
Cold-rolled sheets3,053 307 335   $3,695 
Coated sheets3,687 606 1,315   $5,608 
Tubular products  56 1,103  $1,159 
All Other (a)
1,163 7 104 12 10 $1,296 
Total$9,926 $2,158 $3,518 $1,115 $10 $16,727 
(a) Consists primarily of sales of raw materials and coke making by-products.
7.     Cash, Cash Equivalents and Restricted Cash
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within U. S. Steel's Condensed Consolidated Balance Sheets that sum to the total of the same amounts shown in the Condensed Consolidated Statement of Cash Flows:
(In millions)September 30, 2023December 31, 2022September 30, 2022
Cash and cash equivalents$3,222 $3,504 $3,364 
Restricted cash in other current assets5 4  
Long-term restricted cash32 31 123 
      Total cash, cash equivalents and restricted cash$3,259 $3,539 $3,487 

Amounts included in restricted cash represent cash balances which are legally or contractually restricted, primarily for insurance purposes, environmental liabilities and other capital projects.
8.    Inventories
The last-in, first-out (LIFO) method is the predominant method of inventory costing for our Flat-Rolled and Tubular segments. The first-in, first-out (FIFO) and moving average methods are the predominant inventory costing methods for our Mini Mill segment and the FIFO method is the predominant inventory costing method for our ║┌┴¤│ď╣¤═°E segment. At September 30, 2023, and December 31, 2022, the LIFO method accounted for 44 percent and 43 percent of total inventory values, respectively.
-9-


(In millions)September 30, 2023December 31, 2022
Raw materials$850 $1,098 
Semi-finished products934 811 
Finished products477 398 
Supplies and sundry items43 52 
Total$2,304 $2,359 
Current acquisition costs for LIFO inventories were estimated to exceed the above inventory values by $1.3 billion and $1.2 billion at September 30, 2023, and December 31, 2022, respectively. As a result of the liquidation of LIFO inventories, cost of sales decreased and earnings before interest and income taxes increased by $33 million and $45 million for the three months and nine months ended September 30, 2023, respectively. Cost of sales decreased and earnings before interest and income taxes increased by $1 million and $8 million for the three and nine months ended September 30, 2022, respectively, as a result of liquidation of LIFO inventories.
9.     Intangible Assets and Goodwill
Intangible assets that are being amortized on a straight-line basis over their estimated useful lives are detailed below:
As of September 30, 2023As of December 31, 2022
(In millions)Useful
Lives
Gross
Carrying
Amount
Accumulated
Amortization
Net
Amount
Gross
Carrying
Amount
Accumulated
Amortization
Net
Amount
Customer relationships
22 Years
$413 $51 $362 $413 $37 $376 
Patents
5-15 Years
17 13 4 17 12 5 
Energy Contract
2 Years
54 48 6 54 32 22 
Total amortizable intangible assets$484 $112 $372 $484 $81 $403