Investor Presentaiton

Attractive Big River Steel capital structure remains in place Big River Steel Maturity Profile, as of October 31, 2020 2 12% due over next 8 years $900M $752M $99M $30M $36M $24M $16M $18M 2021 HE 2022 2023 2024 2025 2026 2027 2028 2029 2040+ USS Refinancing and market risk avoided as Big River Steel capital structure is kept in place ✓ Extended maturity profile with ~88% of debt due in 2029 and beyond ✓ Attractive cost of debt with average coupon of ~5.9% ✓ Does not limit ability to execute integration plans or capture value Strong stand-alone Big River Steel liquidity Flexible and aligned with "Best of Both" strategy USS United States Steel Corporation 15

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