Highlights the Essential Role of Steel in Enabling a More Sustainable Future
United States Steel Corporation (NYSE: X) (“U. S. Steel”) today issued its 2022 Environmental, Social and Governance (ESG) Report titled, “Essential for our Future,” reaffirming its commitment to sustainable steelmaking and a greener economy. Steel is essential to enabling critical green technologies like wind turbines, solar fields, and electric vehicle motors. Moreover, sustainable steel can contribute towards lowering the greenhouse gas (GHG) emissions of other products and industries. Steel stands out for its remarkable capability to be recycled infinitely without any loss of quality, demonstrating a nearly endless lifecycle once it has been produced. Recognizing this enduring utility, U. S. Steel is focused on reducing emissions in meaningful ways while delivering profitable, differentiated and sustainable steel solutions for customers and communities, people and planet.
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"Every single employee is playing a role in creating a more sustainable future," said David B. Burritt, U. S. Steel President & Chief Executive Officer. "Steel's importance to our society is undeniable, both in the past and into the future as we collectively tackle climate change. It’s of particular significance that we were the first American steel company to set a goal of achieving net-zero greenhouse gas emissions by 2050.”
During 2022, the construction of U. S. Steel's second sustainable mini mill at Big River Steel Works made great progress as the company's transformation to lower-carbon steelmaking accelerates. Recognition of U. S. Steel’s actions toward it’s 2050 net-zero goal included the existing Big River Steel mill’s receipt of the first-ever ResponsibleSteel™ site certification for a North American steel facility, a global multistakeholder standard that requires the highest standards of environmental, social and governance performance across the supply chain.
Adding to the company’s green portfolio, and to meet the rising demand for electric vehicles and more efficient motors, U. S. Steel is investing in a non-grain oriented (NGO) electrical steel line. The company unveiled its new electrical steel product, InduX™, which is set to begin production at Big River Steel in the summer of 2023. Big River Steel also produces U. S. Steel’s line of green steel called verdeX®, which is manufactured with up to 70-80 percent fewer emissions than traditional, integrated-mill steel and has a recycled content of up to 90 percent, exemplifying steel’s extraordinary potential for high-end recyclability.
U. S. Steel made progress on advancing its supply chain sustainability programs, surpassing a $300 million spending goal on diverse suppliers by approximately 130 percent. In addition, 2022 marked its safest year on record, demonstrating the company's continued commitment to 360° safety, emphasizing both physical and psychological aspects. Significant strides were also made in fostering diversity, equity and inclusion (DEI), building an environment where all employees feel welcome and can thrive. The company’s recent 2023 DEI Report provides detailed insights into these efforts.
"2022 was a crucial year in putting our ambitious ESG initiatives into action,” said Richard L. Fruehauf, U. S. Steel’s Chief Strategy and Sustainability Officer. “Strategy and sustainability are inextricably linked. Our Best for All® strategy recognizes that what is good for the planet is also good for business, as we focus on producing profitable, sustainable steel solutions.”
To view the full ESG Report, click here.
U. S. Steel Cautionary Note Regarding Forward-Looking Statements
This release 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 and operating capabilities, operating or financial performance, trends, events or developments that we expect or anticipate will occur in the future, statements relating to volume changes, shares of sales and earnings per shares 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 the 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 are not historical facts, but instead represent only the Company’s beliefs regarding 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 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, the risks and uncertainties described in “Item 1A Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2022 and those described from time to time in our future reports filed with the Securities and Exchange Commission.
References to "U. S. Steel," "the Company," "we," "us," and "our" refer to United States Steel Corporation and its consolidated subsidiaries, and references to “Big River Steel” refer to Big River Steel Holdings LLC and its direct and indirect subsidiaries unless otherwise indicated by the context. References to “GHG emissions” refer to Scope 1 and 2 emissions.
Founded in 1901, United States Steel Corporation is a leading steel producer. With an unwavering focus on safety, the company’s customer-centric Best for All® strategy is advancing a more secure, sustainable future for U. S. Steel and its stakeholders. With a renewed emphasis on innovation, U. S. Steel serves the automotive, construction, appliance, energy, containers, and packaging industries with high value-added steel products such as U. S. Steel’s proprietary XG3® advanced high-strength steel. The company also maintains competitively advantaged iron ore production and has an annual raw steelmaking capability of 22.4 million net tons. U. S. Steel is headquartered in Pittsburgh, Pennsylvania, with world-class operations across the United States and in Central Europe. For more information, please visit www.ussteel.com.