United States Steel Corp. (NYSE:X) Q3 2019 Earnings Conference Call - Final Transcript

Nov 01, 2019 • 08:30 am ET


United States Steel Corp. (NYSE:X) Q3 2019 Earnings Conference Call - Final Transcript


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Good morning everyone and welcome to the United States Steel Corporation's Third Quarter 2019 Earnings Conference Call and Webcast. [Operator Instructions].

I'll now hand this call over to Kevin Lewis General Manager of Investor Relations.

Kevin Lewis

Thank you and good morning. We appreciate your continued interest in U.S. Steel and welcome you to our Third Quarter Earnings Call. On the call with me this morning will be U.S. Steel President and CEO Dave Burritt; our Executive Vice President and CFO Kevin Bradley; as well as Christie Breves who will transition into the CFO role beginning on November 4. Also on today's call is Senior Vice President of Strategic Planning and Corporate Development Rich Fruehauf. After the close of business yesterday we posted our earnings release and earnings presentation under the Investors section of our website. On today's call we will walk through via webcast select slides in our third quarter results.

The link in slides for today's call can also be found On our website.Before we start let me remind you that some information provided during this call may include it for looking statements that are based on certain assumptions and are subject to a number of risks and uncertainties as described in our SEC filings and actual future results may vary materially. For looking statements in the press release that we issued yesterday along with our remarks today are made as of today and we undertake no duty to update them as actual events unfold.

I would now like to turn the conference call over to U.S. Steel President and CEO Dave Burritt who will begin today's presentation on slide four.

David Burritt

Thank you Kevin. Good morning everyone and thank you for your interest in U.S. Steel. We've been making big changes over the past few months positioning U.S. Steel for a brighter future. Our strategy should be coming into focus for you with our investment in Big River Steel which closed yesterday. But this strategy has been the plan all along to become the world-competitive best of both best of the integrated model and the best of the mini mill model. Our investment in Big River helps us to get to where we were going faster. Still significant market headwinds remain across all 3 operating segments but this does not deter us. It provides clarity that our strategy is the right one for our success. As a result we are moving quickly towards centering our North American flat-rolled footprint around 3 world-class assets. This includes rescoping our asset revitalization programming reducing fixed costs reprioritizing cash and building a team in support of the business we are becoming and with ultimately acquiring 100% of Big River our #1 strategic priority. But let's be clear.

While our investment in Big River Steel is our #1 strategic priority we will be flexible with our portfolio of strategic investment spending and we intend to get all of the projects completed because of their fit in our strategic profile. We also announced plans to enhance our