Investor Presentaiton

Transaction supported by strong liquidity as of November 30, 2020 Pre/Post Transaction U. S. Steel Standalone Liquidity1,2: ~ $2,900M ~ $2,086M -$774M -$40M USS Pre Transaction U. S. Steel Liquidity Acquisition Cost Transaction Fees & Other Costs Post Transaction U. S. Steel Liquidity USS United States Steel Corporation 1 Liquidity includes cash, U.S. credit facility availability, and USSK credit facilities availability. 2 Pro Forma liquidity excludes impact of Big River Steel's $350M ABL capacity and Big River Steel's cash. 14

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