US Steel 4Q

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United States Steel Corporation

Fourth Quarter 2013Earnings Conference Call and Webcast

January 28, 2014

2011 United States Steel Corporation

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2

Forward-looking Statements

United States Steel Corpo ration

This presentation contains forward-looking statements w ith respect to market conditions, operatingcosts, shipments and prices. Factors that could affect market conditions, costs, shipments and pricesfor both North American and European operations include: (a) foreign currency fluctuations and relatedactivities; (b) global product demand, prices and mix; (c) global and company steel production levels;(d) plant operating performance; (e) natural gas, electricity, raw materials and transpor tation prices,usage and availability; (f) international trade developments, including court decisions, legislation andagency decisions on petitions and sunset reviews; (g) the impact of fixed prices in energy and rawmaterials contracts (many of which have terms of one year or longer) as compared to short-term

contract and spot prices of steel products; (h) changes in environmental, tax, pension and other laws;(i) the terms of col lective bargaining agreements; (j) employee str ikes or other labor issues; and(k) U.S. and global economic performance and pol itical developments. Domestic steel shipments andprices could be affected by import levels and actions taken by the U.S. Government and its agencies,including those related to CO2 emissions, climate change and shale gas development. Economicconditions and pol itical factors in Europe and Canada that may affect U. S. Steel Europes andU. S. Steel Canadas results include, but are not limi ted to: (l) taxation; (m) nationalization; (n) inflation;(o) fiscal instability; (p) poli tical issues; (q) regulatory actions; and (r) quotas, tariffs, and other

protectionist measures. We present adjusted net income and adjusted net income per diluted share,which are non-GAAP measures, as an addit ional measurement to enhance the understanding of ouroperating performance and facilitate a comparison wi th that of our competitors. In accordance with safe harbor provisions of the Private Securities Litigation Reform Act of 1995, cautionary statementsidentifying important factors, but not necessarily all factors, that could cause actual results to di ffermaterially from those set forth in the forward-looking statements have been included in U. S. Steels

Annual Report on Form 10-K for the year ended December 31, 2012, and in subsequent fil ings for

U. S. Steel.

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3United States Steel Corporation

Adjusted Fourth Quarter 2013 Results

$59

$113

$146

$38

($59)

($20)($0.14)

$0.27

($0.41)

($100)

($50)

$0

$50

$100

$150

4Q 2012 3Q 2013 4Q 2013

$Million

s

($0.75)

($0.50)

($0.25)

$0.00

$0.25

$0.50

$0.75

$1.00

$persha

re

Reportable segment and other businesses income from operationsAdjusted net incomeAdjusted diluted EPS

Positive reportablesegment and otherbusinesses incomefrom operations foreight consecutivequarters

Operating income perton increased $6 fromthird quarter, and $19from fourth quarter2012

Note: For reconciliation of non-GAAP amounts see Appendix

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Fourth Quarter 2013 Flat-rolled Segment

Shipments(net tons in thousands)

$11

$82$87

$752 $750

$721

($25)

$0

$25

$50

$75

$100

4Q 2012 3Q 2013 4Q 2013

Incomefromo

perations($millions)

$400

$500

$600

$700

Averagerealizedpric

es($pernetton)

Income from operat ions Average real ized pr ices

4Q 2012 3Q 2013 4Q 2013

3,924 3,428 3,470

Improving spot pricemomentum maintainedthroughout the fourthquarter

Lead times for value-added

products extended duringthe fourth quarter

Outages completedefficiently and repairs andmaintenance spending

discipline maintained

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Fourth Quarter 2013 Tubular Segment

$32

$49

$32

$1,624$1,543

$1,509

$0

$25

$50

$75

4Q 2012 3Q 2013 4Q 2013

Incomefromo

perations($millions)

$600

$900

$1,200

$1,500

$1,800

Averagerealizedpric

es($pernetton)

Income from operations Average realized prices


4Q 2012 3Q 2013 4Q 2013

407 459 414

Highest quarterly levelof shipments of semi-premium connections

Rig efficiency and well

completion ratescontinue to improve

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Fourth Quarter 2013 U. S. Steel Europe Segment

$7 $12

($32)

$718 $714

$692

($50)

($25)

$0

$25

$50

4Q 2012 3Q 2013 4Q 2013

Incomefromo

peratio

ns($m

illions)

$400

$500

$600

$700

$800

Averagerealizedprices

($pernetton)

Income from operations Average realized prices


4Q 2012 3Q 2013 4Q 2013

905 861 1,029

Operating income perton increased $49 fromthe third quarter

Production andshipments returned tonormal levels afterscheduled blast furnaceoutage was completedin the third quarter

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Priorities and objectives

Macro business strategy

Carnegie Way value creationCost and margin improvements (including $75 million announced last quarter)

$175 million annual run rate / $150 million to be realized in 2014

Business measurements to motivate a greater sense of urgency

Investor communications

Reducing complexity and streamlin ing business processes

Strategic Approach

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Pension and OPEB

$129

$78

$271 $276

$443$412 $396

$330

$136

$149

$191 $152

$159

$100

$55

$15

$0

$100

$200

$300

$400

$500

$600

2007 2008 2009 2010 2011 2012 2013 2014E

$Millions

Pension Expense OPEB Expense

Total pension and OPEB expense by year

Major Assumptions:

Discount rate: 5.75% for 2007 & 2008, 6.00% for 2009, 5.50% for 2010, 5.00% for 2011, 4.50% for 2012, 3.75% for 2013, and 4.50% for 2014E

Expected rate of return on assets: 8.00% in U.S. & 7.50% in Canada for 2007 through 2011

Expected rate of return on assets: 7.75% in U.S. & 7.25% in Canada for 2012 through 2014E

Unfundedstatus ofpension andOPEB plansat 12/31/13 is$2.5 bill ion,as comparedto $4.9 bil lionat 12/31/12

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Flat-rolled

Automotive production in2013 best since 2002,expected to increase in2014

Service center shipmentsimproved in second half of2013, inventories downfrom end of 2012

Non-residentialconstruction expected to

improve per consensusforecasts

U. S. Steel Europe

Automotive production in2014 expected to becomparable to 2013, salesexpected to increase in2014

Appliance, tin plate andconstruction expected toincrease from 2013 levels

Service center inventoriesexpected to remain in-line

with sales activity. Salesexpected to improve from2013 levels

Tubular

Rig counts are stable and footagedrilled per rig expected to continueto increase

Imports remain challenging

Oil prices remain supportive ofcurrent drilling levels

Natural gas prices are expected toincrease per Wood Mackenzie

Natural gas storage levels at endof withdrawal season expected tobe at lowest level in six years

Market Updates

Major industry summary and market fundamentals

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First Quarter 2014 Outlook

Segment outlook

Flat-rolled

Operating results expected toimprove as compared to fourthquarter

Higher realized prices forcontracts and spot market

Shipments expected to behigher than fourth quarter

Lower repairs and maintenancecosts

Higher scrap and energy costs

U. S. Steel Europe

Operating results expectedto be comparable to fourthquarter

Higher average realizedprices primarily due tochange in product mix

Shipments expected to becomparable to fourth

quarter

Higher raw materials andoperating costs

Tubular

Operating results expected todecrease as compared tofourth quarter

Average realized pricesexpected to decrease ascompared to fourth quarter

Shipments expected to behigher than fourth quarter

Operating costs expected tobe lower as compared tofourth quarter

Substrate costs expected toincrease

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Strategic update

Process and cost efficiencies

Granite City Works caster project

Minntac mine extension

Product development and capabili ties

PRO-TEC continuous anneal line

Tubular semi-premium and premium connections

Potential Footprint changes

Fairfield EAF permit filings

Actions and initiatives

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Fourth Quarter 2013Earnings Conference Call and Webcast

Q & A

January 28, 2014

2011 United States Steel Corporation United States Steel Corporation 13

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Appendix

14

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Major industry summary

North American Flat-rolled SegmentSources: Wards / Customer Financial Reports / AISI / CMI /

Economic Planning Assoc / AHAM / US Census Bureau / AIA / AEM / MSCI

Automotive

2013 vehicles sales hit expectations at 15.53 million; up 7.5% year over year and best since 2007

Production exceeded 16 million in 13; best since 2002. Expected to grow again in 20141stquarter 14 build projected to exceed 4thquarter; best unit build since 2ndquarterVehicle inventory increases during the year by 6 days to 64

IndustrialEquipment

Tractor and Combine retail sales up 9% in 2013; 2014 outlook is mixedRailcar deliveries projected down 14% versus 2012; 2013 Order intake up 17% and in line withprojected 2014 delivery forecasts

Tin Plate

Full year metal can shipments increased a modest 1% in 2013Metal food can shipments increased year over year for the first time since 2008Imports averaged up 18% versus 2012

ApplianceMajor home appliance shipments up 10% through November versus 2012, and no major forwardchanges up or down projected.

Pipeand Tube

Structural tubing demand is consistent and appears to be meeting customer expectationsLine pipe market is extremely slow with minimal award activity in 2ndhalf 13 and early 14

ConstructionConstruction recovery slow in 2013, as Non-Residential spending was flat in 2013, but expected toimprove by 5.8% based on consensus forecasts.

ABI falls in Nov and Dec (seasonally typical); Billings index averaged 52 in 2013; up from 50 in 2012

ServiceCenter

MSCI carbon flat-rolled improved as year progressed; 2ndHalf USA shipments +8.9% versus 2H 2012USA inventory down 4% from prior year end; Canada sheds almost 36%Combined USA and Canada flat rolled inventory was reduced by 600,000 tons during 2013

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Market Fundamentals

Sources: Baker Hughes, Energy Information Administration,Preston Publishing, Spears & Associates, Wood Mackenzie, Internal


Oil DirectedRig Count

Currently 1,416 rigs, up 8% year over year. The oil directed rig count increased modestly

during the fourth quarter and increased 4% during 2013.

Gas DirectedRig Count

Currently 356 rigs, down 18% year over year. The natural gas directed rig count decreased13% during 2013.

Natural Gas

Storage Level

Currently 2.42 tcf, 19.8% below last year, and 13.2% below the five year average.Inventories are expected to end the withdrawal season (End of March) between 1.4 and1.6 Tcf which could be the lowest end of season inventory level in six years.

Oil PriceThe West Texas Intermediate oil price averaged $97.50 per barrel during the fourth quarter,down $8.50 or 8% from the third quarter. Wood Mackenzie forecasts an average firstquarter price of $94.50 per barrel.

Natural Gas PriceWood Mackenzie forecasts an average first quarter natural gas price of $4.12/MMBtu,representing increases of $0.27 (7%) and $0.63 (18%) respectively from the previous

quarter and first quarter of 2013.

ImportsDuring the fourth quarter of 2013, import share of apparent market demand averagedroughly 50% for OCTG and 49% for line pipe.

OCTG InventoryNovember 2013 OCTG inventory is estimated to be about 3.1 million tons, approximately5.9 months of supply.

Tubular Segment

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Major industry summary

Sources: Eurofer, USSK Marketing, EASSC, LMC, Euroconstruct, ESTA, ACEA


Automotive

1Q14 EU production is estimated to grow by 7% versus 4Q13. Total EU 2014 car production is forecasted to

stay flat at roughly 15.6 mill. units. For 1Q14, production growth in V4 will be 3 % q-o-q, quarterly growth impacted mostly by Mercedes

Hungary, GM Poland, PSA Slovakia. EU sales in 1Q14 are expected to increase by 10% q-o-q , while 2014 expectations show 3% growth

y-o-y.

Appliance

In 1Q14, EU appliance production is projected to decrease by 5.4% q-o-q and to increase 2.5% y-o-y. Prospects for the EU electric domestic appliances market in 2014 are for the continuation of the mildly rising

trend in demand and production (3% y-o-y). Positive demand trends are expected in Germany, the UK and the Nordic region resulting from the rebound

in residential construction. Growth in Central Europe will continue to outperform average EU growth.

Tin Plate

Tin consumption in 2013 based on October numbers is anticipated to increase by 3.3 % y-o-y. In 1Q14, Tin consumption is projected to increase by 7.7 % q-o-q, as usual after the weakest quarter during a

year. Demand in Q1 is expected to be at the same level as the previous year ( 900 kMT). Inventory of empty cans still above average.

Construction

The outlook for 2014 is for a slow and cautious recovery of the EU construction market. The pick-up in construction output will largely be driven by the residential sector and renovation and

modernization work. In 1Q14, activity in the sector is expected to increase by 2.3% y-o-y. EU construction output is forecasted to rise almost 1.5% in 2014.

ServiceCenters

The forecast for 1Q14 shows that inventory in the distribution chain will remain well-balanced withdownstream sales activity; ex-stocks sales are forecasted to improve in most countries.

2Q14 flat product inventory is forecasted to be normal and in-line with the expected activity of ex-stockssales. Sales activity is forecasted to maintain at least the improved levels reached in Q1 or register somefurther improvement.

U. S. Steel Europe Segment

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U. S. Steel Commercial Contract vs. Spot

Contract vs spot mix by segment twelve months ended December 31, 2013

Firm22%

Market BasedQuarterly *

20%

Flat-rolled

Market BasedMonthly *

16%

Tubular U. S. Steel Kosice

Spot29%

Cost Based13%

Contract: 71%

Spot: 29%

Firm38%

Market BasedQuarterly

1%

Spot50%

Cost Based1%

Program55%

Contract : 50%

Spot: 50%

Market BasedMonthly

10%

Spot

45%

Program: 55%

Spot: 45%

United States Steel Corporation 18

Market BasedSemi-annual *

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Other Items

Capital SpendingFourth quarter actual $149 million, full year 2013 actual $477 million,

2014 estimate $650 million

Depreciation, Depletion and Amortization

Fourth quarter actual $170 million, full year 2013 actual $684 million,2014 estimate $670 million

Pension and Other Benefits Costs

Fourth quarter actual $119 million, full year 2013 actual $451 million,


Pension and Other Benefits Cash Payments (excluding any voluntary pension contributions)

Fourth quarter actual $3 million, full year 2013 actual $338 million,


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Days Away From Work Cases 31 Days(Frequency Rates per 200,000 Hours Worked)


0.500

0.787

0.620

0.282

0.3660.325

0.351

0.3060.3080.3170.309

0.2850.320

0.3420.3460.377

0.013

0.2160.187

0.0730.037 0.037 0.041 0.026 0.015

0.00

0.20

0.40

0.60

0.80

1.00

2005 2006 2007 2008 2009 2010 2011 2012 2013

BLS Iron and Steel BLS Manufacturing U. S. Steel

Source: Bureau of Labor Statistics (BLS) and U. S. Steel. BLS data not available for 2013

Global Safety Performance - 2005 to 2013

Safety Performance

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Fourth Quarter 2013 Results

($ millions)

4Q 2012 3Q 2013 4Q 2013

Reported net income (loss) ($50) ($1,791) ($122)

Restructuring charges 244

Impairment of goodwill 1,771 23

Supplier contract dispute settlement (9) (15)

Charge related to an unconsolidated equity method investment 15 14

Tax related items (142)

Environmental remediation charge 21

Adjusted net income ($59) ($20) $38

($ per share)

Reported EPS (LPS) ($0.35) ($12.38) ($0.84)

Restructuring charges 1.68

Impairment of goodwill

12.24 0.16Supplier contract dispute settlement (0.06) (0.10)

Charge related to an unconsolidated equity method investment 0.10 0.10

Tax related items (0.98)

Environmental remediation charge 0.15

Adjusted diluted EPS ($0.41) ($0.14) $0.27

Reconciliation of reported and adjusted net income and EPS

Documents

US Steel 4Q