United States Steel : Transtar Divestiture Investor Presentation

Transtar Divestiture

Investor Presentation

June 8, 2021

Forward-looking statements

These slides are being provided to assist readers in understanding the sale of Transtar, LLC by United States Steel Corporation.

This presentation contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Words such as, but not limited to, "will," "believes," "expects," "anticipates," "plans," "could," "may," "should," and similar expressions are intended to identify forward-looking statements. Forward-looking statements in this current report include, among other things, statements about the potential benefits of the sale of Transtar, LLC (the "Transaction"); the Company's plans, objectives, expectations and intentions; the financial condition, results of operations and business of the Company; and the anticipated timing of the closing of the Transaction. Risks and uncertainties include, among other things, risks related to the satisfaction of the conditions of the closing of the Transaction in the anticipated timeframe or at all; risks related to the ability to realize the anticipated benefits of the Transaction, including the possibility that the expected benefits and cost savings from the proposed Transaction or the capital and operational improvements will not be realized or will not be realized within the expected time period; disruption from the Transaction making it more difficult to maintain business and operational relationships; negative effects of the announcement or the consummation of the proposed Transaction on the market price of the Company's common stock; significant transaction costs; unknown liabilities; the risk of litigation and/or regulatory actions related to the proposed Transaction; other business effects, including the effects of industry, market, economic, political or regulatory conditions; future exchange and interest rates; changes in tax and other laws, regulations, rates and policies; future business combinations or disposals; and competitive developments. All forward-looking statements rely on a number of assumptions, estimates and data concerning future results and events and are subject to a number of uncertainties and other factors that could cause actual results to differ materially from those reflected in such statements. Accordingly, the Company cautions that the forward-looking statements contained herein are qualified by these and other important factors and uncertainties that could cause results to differ materially from those reflected by such statements. For

more information on additional potential risk factors, please review the Company's filings with the SEC, including, but not limited to, the Company's

Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and its Current Reports on Form 8-K.

References to (i) "U. S. Steel," "the Company," "we," "us," and "our" refer to United States Steel Corporation 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.

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Continuation of portfolio optimization

Transtar divestiture summary

✓

✓

✓

Creating strategic partnership with an affiliate of Fortress Transportation and Infrastructure Investors LLC ("FTAI") to support continued operations, including at Gary and Mon Valley Works

Delivering immediate, incremental value at an attractive transaction multiple

Monetizing non-core assets to support transition to "Best for All" strategy

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Continuation of portfolio optimization

Transaction overview

Overview

Proceeds &

Valuation

Timing

& Closing

Use of

Proceeds

• Sale of rail assets to FTAI
• Initial 15-year contract term
• Renewable at U. S. Steel's sole discretion
• $640M cash purchase price
• ~10x multiple based on LTM EBITDA1
• Premium to historical U. S. Steel multiple
• Expected closing in 3Q 2021
• Customary closing conditions
• Regulatory approval required
• Further strengthening U. S. Steel's balance sheet, including de-leveraging

1 Latest 12 months (April 2020 - March 2021).

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Continuation of portfolio optimization

Uninterrupted service to U. S. Steel operations

Services provided by Transtar:

✓	Hot metal transport /	Same high-quality
coil and slab movements	service to continue with
		no impact to operations
		nor customers
✓	In-plant switching of raw
Gary and Mon Valley
	materials
		Works remain core
		operations in our
✓	Interchanging inbound and	footprint
	outbound railcars

Enhancing focus on core competencies while partnering

with FTAI to retain best-in-class rail services

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