United States Steel Corporation

Merrill Lynch Global Metals, Mining & Steel

Conference

May 2008© United States Steel Corporation 2008

2

Forward-Looking Statements

This presentation contains forward-looking statements with respect to market conditions, operating costs, shipments, prices and profit-based compensation payments. Some factors, among others, that could affect 2007 market conditions, costs, shipments and prices for both domestic operations and USSE include global product demand, prices and mix; global and company steel production levels; raw materials' availability and prices; plant operating performance; the timing and completion of facility projects; natural gas prices and usage and availability; changes in environmental, tax and other laws; the resumption of operation of steel facilities sold under the bankruptcy laws; employee strikes; power outages; and U.S. and global economic performance and political developments. Domestic steel shipments and prices could be affected by import levels and actions taken by the U.S. Government and its agencies. Political factors in Europe that may affect USSE’s results include, but are not limited to, taxation, nationalization, inflation, currency fluctuations, increased regulation, export quotas, tariffs, and other protectionist measures. The level of income from operations is the primary factor affecting payments under the USWA profit-based plans. In accordance with “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, cautionary statements identifying important factors, but not necessarily all factors, that could cause actual results to differ materially from those set forth in the forward-looking statements have been included in the Form 10-K of U. S. Steel for the year ended December 31, 2007, and in subsequent filings for U. S. Steel.

3

United States Steel Corporation

• 5th largest global steel producer – 31.7 mnt*

• 2nd Largest North American flat-rolled steel producer – 24 mnt*

• 2nd largest Central European flat-rolled steel producer – 7.4 mnt

• Largest North American tubular producer – 2.8 mnt

• North American raw materials balance

• ROCE:**2007 - 21%2006 - 29%

To grow responsibly while generating a competitive return on capital and meeting our financial and stakeholder obligations

* Pro-Forma for Stelco acquisition

**ROCE = IFO/average(PPE + AR + Inventory – AP)

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Flat-rolled segment

• LTM 1Q’08 trade shipments – 18.1 million tons*

7 melt locations

• Approximately 50% contract, 40% spot & 10% indexed (CRU)

• Contract industries include: auto, appliance, tin and electrical

• Demands sophisticated metallurgical applications with specialized customer service and technical support

• Typical contract term 1-3 years

• Contract business lessens impact of spot price fluctuations

Leading producer of high quality product

* Pro-Forma for Stelco

5

Acquisition closed 10/31/07

Created 5th largest global steel company

Complementary assets & attributes:

Capability to ship approximately 900,000 tons of slabs to U. S. Steel facilities

Improve U. S. Steel’s finishing facility utilization

Annual synergies estimated to be in excess of $100 million:

Sourcing semi-finished product

Procurement, best practices and SG&A

U. S. Steel Canada

6

U. S. Steel Canada Overview

Hamilton

Lake Erie

BritishColumbia

Alberta

Manitoba

SaskatchewanOntario

Quebec

Mon Valley

Fairfield

Granite City

Minntac/Keetac

Gary

Great Lakes

Tilden

Hibbing

Labrador

Raw Materials OwnershipIron OreMinority shares of:

Hibbing TaconiteTilden MiningWabush MiningSeignelay Reserve

Raw Steel Capability4.9 Million Net Tons:

Hamilton 2.3Lake Erie 2.6

U. S. Steel Iron Ore Mining

Wabush

USSC Iron Ore MiningU. S. Steel Flat Rolled & Tubular

USSC Integrated Steel Mill

East Texas

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Seignelay

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European segment

• LTM 1Q’08 shipments – 6.1 million tons

• Approximately 70% spot versus 30% contracts

• Key industries: construction, service center, packaging and conversion

• Dedicated new 386,000 tons automotive/appliance galvanize line in September, 2007

• Strong growth rates and heavy infrastructure investment

Plants in both Slovakia (5.0 mmt) and Serbia (2.4 mmt)

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Tubular segment

• LTM 1Q’08 – 1.8 million tons:Seamless 865,000 tonsWelded 925,000 tons

• Primarily spot sales

• Oil Country 63%, Standard & Line 32%, Specialty Tube 5%

• Size ranges (outside diameter): Seamless –1.9” to 26”Welded – 1” to 20”

• Shipments:NAFTA 95%International 5%

Oil country and Standard & Line pipe*

* Pro-forma for Lone Star

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Source: Preston Pipe

Tons in Millions

0

5

10

15

20

StainlessPressure

Structural

Mechanical

OCTG

USS Tubular

Standard

Line

WeldedWelded

SeamlessSeamless

ImportsImports

DomesticDomestic

Total U.S. Tubular Market

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Improving Industry – Why invest in Steel?

63.0x

22.6x 19.0x 18.9x14.3x

6.0x

14.0x

22.0x

30.0x

38.0x

46.0x

54.0x

62.0x

70.0x

Coa

l

Utilities

Pape

r

Railro

ads

Stee

l

• Steel is a good product, provides excellent value

• Major regions with increasing consumption rates

• Governments mostly out of industry (ex China)

• Metallics are tight, flatter cost curve

• Low Valuation:2008 P/E*

* Source: Bloomberg

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Bullish on North America

• Melt capacity relatively constrained

• High metallic costs (iron ore & scrap)

• High carbon costs (coal & coke)

• High import transportation costs

• Relatively weak US Dollar

• Low imports and inventory

Optimistic outlook for North American integrated producers

12

Growing International Demand

0

300

600

900

1,200

1,500

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

**

World China

World crude steel production* (million short tons)

* Source: IISI ** Estimate

Emerging markets continues to support strong global production

Source: Macquarie

Share of global steel demand

Developing Developed

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Strong business climate

Source: CRU and SBB.

$175

$275

$375

$475

$575

$675

$775

$875

$975

Jan-

02M

ay-0

2S

ep-0

2Ja

n-03

May

-03

Sep

-03

Jan-

04M

ay-0

4S

ep-0

4Ja

n-05

May

-05

Sep

-05

Jan-

06M

ay-0

6S

ep-0

6Ja

n-07

May

-07

Sep

-07

Jan-

08

USA HR German HR East Asian HR

$75

$125

$175

$225

$275

$325

$375

$425

$475

Jan

Feb

Mar

April

May

June

July

Aug

Sept

Oct

Nov

Dec

2002 2003 2004 2005

2006 2007 2008Source: D.J. Joseph Company

Selected Price Trends – Through April 2008

Shredded scrap composite $/Gross tonHot rolled $/Net Ton

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U. S. Steel - Global Raw Materials Integration

Control over key raw materials

0

20

40

60

80

100

Coal '08

Coal '09

Coke '08

Coke '09

Iron Ore '08

Iron Ore '09

Percent controlled – Production – Contract (volume & price)

Contract Own make

Estimated annual global requirements:• Coking Coal – 12.5mnt• Coke – 12mnt• Iron Ore – 37.5mnt

• Second largest NA iron ore producerproduced 21 mmnt in 2007reserves 849 mmnt

• Iron ore/coal mines and coke production located close to steel operations or supported by cost competitive transportation facilities

• Produced 7.3 mmnt of coke in 2007

• International coke and coal prices are high and volatile

• Exploring additional raw material integration opportunities

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MSCI Flat Rolled Inventory

Source: MSCI, U.S. Dept of Customs and Purchasing Magazine

January 2004 – March 2008

6,000

7,000

8,000

9,000

10,000

11,000

Jan-

04

Apr

-04

Jul-0

4

Oct

-04

Jan-

05

Apr

-05

Jul-0

5

Oct

-05

Jan-

06

Apr

-06

Jul-0

6

Oct

-06

Jan-

07

Apr

-07

Jul-0

7

Oct

-07

Jan-

08

400

650

900

1,150

1,400

Sheet Inventory Sheet Imports

$402

$740

$510$655

$580

$575

$630

$550

$425

CRU price

Shee

t Inv

ento

ry ‘0

00 to

ns Sheet Impor ts ‘000 t ons

$565

$520$760

16

$0

$100

$200

$300

$400

$500

$600

$700

1Q'02

2Q'08

1Q'02

2Q'08

1Q'02

2Q'08

Raw Materials Energy Labor

Raw Material Cost - Impact on hot rolled band costs

Source: J.P. Morgan and company estimate

Raw material cost inflation has leveled the playing field – HRB cash cost $/ton

China & other low-labor cost steelProducing countries

US flat-rolled mini-mill steelproducers

NA integrated steel producers

66% 78%

15%19%

15%

7%

13%

78%

24%24%

52%

41%

51%

8%

9%17%

13%

73%

$190

$599

$204

$557

$270

$516

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• Maintain strong capital structure

• Focused capital spending plan

• Responsible capital allocation

• Remain shareholder focused

Designed to improve shareholder value

Capital Allocation – Building Value

To grow responsibly while generating a competitive return on capital and meeting our financial and stakeholder obligations

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Maintain strong capital structure – Building Value

LTM 1Q’07

Since1/1/04As of ($ in millions)

Cash Provided by Operations

Capital Spending

Voluntary Pension & OPEB Funding

Dividends PaidIncreased 400% since 1/05*

Stock Repurchases**

Millions of shares repurchased

$6,267

$2,751

$870

$301

$849

14.6

* Dividend increased to $0.25/quarter effective with 3/10/08 payment

** Repurchase program initially authorized 7/05

Balanced approach to capital allocation

As of 4/1/08, 6.2 million shares remaining under current repurchase authorization

$1,644

$708

$140

$100

$124

1.2

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Maintain strong capital structure – Building Value

Manageable legacy obligations – 2008

As of 12/31/07 ($ in millions) Pension OPEB

$10,638 $4,089

$1,166($2,923)

$10,861$223

Total

Benefit obligation $14,727

$12,027Funded status ($2,700)Plan assets

2008 Forecast ($ in millions) Pension OPEB Total

Net Periodic Expense $60 $140

$142 $426

$200

Cash Flow* $568

* Excludes any voluntary contributions

Key assumptions - 2008 Pension OPEB

Expected return on assets 7.94% 8.0%

5.67% 5.69%Discount rate

Key considerations

Pension:• Defined benefit plan closed in 2003

OPEB:• Co-pays• Inflation cap

• Voluntary pension & VEBA contributions totaling $835 million since 1/1/04

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Capital Spending – Building Value

2004 – 2006 Average CapEx per ton shipped

Source: Accenture

$15

$31

$49

$95

$0$10

$20$30$40

$50$60$70$80

$90$100

Nuc

or

AKS

US

S

Liaw

u

Cor

us

Arce

lor -

Mitt

al

Evra

z

MN

K

Ger

dau

Ave

rage

Nip

pon

JFE

Thys

sen

CS

N

Val

in

Bao

Tata

*

Pos

co

Sev

erst

al

Cap

expe

r ton

* Estimated, pending 2006 final data

U.S. Steel has spent less than global peers in recent years

Will likely incur higher capex during next few years concentrated on infrastructure, but will likely remain below the global average.

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• Strong business climate

• Improving industry and relatively low valuation

• Favorable North American environment

• Building value:Maintain strong capital structureEvaluate growth opportunitiesImproving infrastructure and product mixResponsible capital allocationRemain shareholder focused

Investment considerations

Making Steel - World Competitive - Building Value