Almost $20 trillion in revenue—and a record-breaking $1.87 trillion in profits. Introducing the 2025 Fortune 500, the definitive list of the biggest companies in America.

Fortune 500

Industries included in the sector are building materials, forest products, metals, and packaging.

Fortune Sector Leaders: Materials

The Fortune 500, in its 70th year in 2024, ranks the biggest U.S. companies by revenue.

The Fortune 500, in its 69th year in 2023, ranks the biggest U.S. companies by revenue.

This year’s Fortune 500 marks the 68th running of the list.

This year’s Fortune 500 marks the 67th running of the list.

F500-2021-310-United States Steel

The second-largest U.S. producer of steel and steel products was founded in 1901.

This year's Fortune 500 marks the 66th running of the list.

F500-2020-247-United-States-Steel

Founded in 1901, the venerable steel producer is based in Pittsburgh and has operations throughout the U.S. and in the Slovak Republic. It lost $630 million in 2019.

This year's Fortune 500 marks the 65th running of the list.

This year's Fortune 500 marks the 64th running of the list.

This year's Fortune 500 marks the 63rd running of the list.

This year's Fortune 500 marks the 62nd running of the list.

This year's Fortune 500 marks the 61st running of the list. Wal-Mart claims the top spot again. See who made the list.

Wal-Mart stayed on top as its sales crept closer to half-a-trillion dollars. Apple moved into the top five. And UnitedHealth Group continued its steady climb. 

Fortune Global 500

Key Financials (last Fiscal Year)

Revenues ($M)

Profits ($M)

Assets ($M)

Total Stockholder Equity ($M)

Profit Ratios

Profit as % of Revenues

Profits as % of Assets

Profits as % of Stockholder Equity

Earnings Per Share (last Fiscal Year)

Earnings Per Share ($)

EPS % Change (from prior fiscal year)

EPS % Change (5 year annual rate)

EPS % Change (10 year annual rate)

Total Return

Total Return to Investors (last year)

Total Return to Investors (5 year, annualized)

Total Return to Investors (10 year, annualized)

Founded in 1901, United States Steel produces and sells flat-rolled and tubular steel products to customers primarily in North America and Europe. The company operates in four segments: North American Flat-Rolled, Mini Mill, U.S. Steel Europe, and Tubular Products. These segments service a variety of industries including automotives, appliances, construction, solar, and oil. Nippon Steel Corporation, Japan’s largest steelmaker, announced plans to purchase U.S. Steel for $14 billion in 2025, and after the deal was rejected by both former and current U.S. presidents Joe Biden and Donald Trump, a modified deal meant to guarantee continued American control of the company was approved by Trump in May 2025.

Q4 2023

United States Steel (X): Company Profile, Stock Price, News, Rankings

legacy

United States Steel

united states steel

Hello, everybody. Thank you for watching. And please take some time to review our Q4 and full year 2023 earnings materials available here. In light of the pending merger with Nippon Steel Corporation or NSE, we are not hosting a traditional earnings call this quarter. However, we want to highlight our Q4 financial results and provide an update on the business.

The key word is excited. Excited about U. S. Steel now and for future, excited to have achieved another record safety year, excited to have delivered another strong financial quarter, excited that our in flight strategic projects are another quarter closer to start up and excited, of course, by the announcement of the terrific transaction with NSE. Together, U.

S. Steel and NSE are looking forward to creating the best steelmaker with world leading capabilities. We continue to work towards closing the transaction in the second or third quarter of twenty 24. The preliminary proxy statement filed with the SEC on January 24 has more information on the merger. As we progress towards closing, we remain focused on the performance of the business and on harnessing the megatrends of deglobalization, decarbonization and digitization with artificial intelligence.

Our mission is unchanged to deliver profitable and sustainable steel solutions for people and planet. Now let me turn things over to Jess, who will provide a brief update on our Q4 2023 results.

Thanks, Dave. Our Q4 capped off another strong year of financial performance in 2023 for U. S. Steel with better than expected results in the quarter and great momentum as we begin 2024. For the full year, we reported net earnings of $895,000,000 or $3.56 per diluted share.

4th quarter adjusted net earnings were $167,000,000 or $0.67 per diluted share. Now both EPS and adjusted EBITDA of $330,000,000 benefited from better performance across our mini mill and tubular segments, as well as from favorable impacts of year end adjustments in inventory in our North American Flat Rolled segment. We kept our foot on the gas, continuing to support the on time execution of our in flight strategic projects with $425,000,000 of strategic CapEx spent in the Q4. We expected our free cash flow would be negative at $244,000,000 as that strategic CapEx spending was offset by the $181,000,000 of investable cash flow generated by the business. Our balance sheet, it remains strong as steel as we ended the year with $5,200,000,000 of total liquidity, including $2,900,000,000 of cash.

Our leverage at year end remains super low at 2 times adjusted gross debt to EBITDA. Let's take a deeper dive into our operating segment results for the Q4. Our flat rolled segment delivered $128,000,000 of EBITDA. As expected, lower steel prices resulted in sequentially lower EBITDA quarter over quarter. And in December, we commissioned our direct reduced grade pellet investment at our Key Tac Mining operations on time and on budget.

This is another proof point of our continuing successful execution of our strategy. I'll note that the Flat Rolled segment EBITDA in Q4 includes about $10,000,000 of startup costs related to the Keytac project. Our mini mills segment generated $74,000,000 of EBITDA. And notably, the rise in steel prices throughout the quarter led to increasing earnings through quarter end, including 19 EBITDA margin in December. Included in those mini bill results are about $12,000,000 of non recurring anticipated start up costs for our in flight projects at Big River.

Adjusting for those expenses, EBITDA margins in our mini mill segment would have been a healthy 14% in Q4. Moving to our European business, we delivered $3,000,000 of EBITDA during the quarter. The favorable impact of higher shipping volumes in the 4th quarter was not enough to offset lower sales prices and an unfavorable mix versus the 3rd quarter. And finally, we generated $126,000,000 of EBITDA in the tubular segment during the Q4. The sequential improvement was driven mainly by increased customer demand, stronger operational performance and lower raw material costs.

Looking ahead to the Q1 of 2024, in our flat rolled segment, we expect a sequential improvement in Q1 EBITDA that will come primarily from stronger steel prices and the impact of successful fixed priced contract negotiations. Those will be partially offset by the typical seasonal headwinds we see in Q1 from our mining operations in Minnesota. At our mini mill segment, we anticipate a sizable improvement in Q1 EBITDA sequentially. The trend I mentioned of rising spot steel prices in the segment as we ended Q4 carries forward, providing momentum for expected higher EBITDA from Big River in Q1. Our European segment will remain challenged as we start the year.

Headwinds in raw material and CO2 costs are expected to more than offset anticipated higher selling prices in the Q1. In tubular, we expect a decrease in both volumes and pricing to drive lower sequential EBITDA in the Q1. But remember, we are still experiencing sustained higher pricing and margins than historical trends for Tubular. And when you add that all up, 1st quarter adjusted EBITDA for U. S.

Steel is expected to land in the range of $400,000,000 to $450,000,000 It should come as no surprise that we are receiving questions from stakeholders at this exciting time in U. S. Steel's history. So here's Dave to provide responses to some of the more frequently asked questions

3, the Board's stated focus was on running a fair and competitive process and maximizing stockholder value. I can confidently say the transaction with NSE checks both of these boxes. We've heard from many of you over the past several weeks. So let me spend a few moments addressing some questions that may be on your mind. The merger with NSC was the best proposal received based on value, form of consideration, certainty of payment, certainty of closing and other factors.

1st, value, dollars 55 share, all cash, was the highest offer we received as a result of the competitive strategic alternatives review process. And second, in the Board's judgment, a transaction with NSE has the best deal certainty. The transaction with NSE is subject to certain regulatory approvals and we're confident that we will clear those processes in a timely manner. Details about the Board's recommendation and decision can be found in our preliminary proxy statement which has been filed with the Securities and Exchange Commission on January 24 and is available on our website. US Steel and NSE continued to Making clear their commitment to them and to the transaction, we continue to expect closing to occur in the second or third quarter of 2024.

In the meantime, we are focused on running our business to serve our customers and continuing to deliver strong safety, operating and financial performance. The transaction within has benefits for all of our stakeholders. For employees, NSE has expressed their commitment to retaining and investing in our talent and to honoring all collective bargaining agreements. For customers, the transaction with NSE will improve the competitive landscape and bring a well capitalized global steel leader with experience and expertise in blast furnace operations, decarbonization and innovation to the American industry. For communities, the transaction will secure jobs in our communities and support safe operations at all U.

S. Steel facilities. Together, U. S. Steel and NSE will continue to positively impact communities to enhance and improve quality of life and to support projects and opportunities that advance safety, education and environmental stewardship.

US Steel will retain its name, continue to mine, melt and make steel in the United States of America and maintain its headquarters in Pittsburgh, which will retain 1,000 jobs in corporate, research, commercial, information technology and other areas. As I stated in our December 2018 deal announcement, not only does the merger with NSE maximize value for stockholders, but it truly achieves the best for all. We are confident the transaction will close. Our Board conducted a robust strategic alternatives review process, grounded in facts and data, and with the assistance of many experts. And we anticipated that the transaction would receive serious scrutiny.

That's smart. That's as it should be. We are confident that the relevant regulatory agencies will see the great outcomes this transaction will allow for not only our stockholders but also for our customers, employees and communities and our economy and country. Both U. S.

Steel and NSE are committed to doing what it takes to close this transaction and are committed to working with all parties involved. No doubt U. S. Steel will continue to mine, melt and make the best steel in America today and after the transaction closing while supporting jobs and maintaining its headquarters in Pittsburgh. Thanks for watching and for reviewing our earnings materials.

We are truly excited about the future for US Steel and are grateful for your support. Above all, we are very grateful to U. S. Steel's employees and the work they do every day. I truly believe they are the best in the steel industry.

Their focus on safety and environmental excellence, their dedication to customer satisfaction and their embodiment of our steel principles have brought us to where we are today. Now let's get back to work safely.

United States Steel Q4 2023 Earnings Call Transcript | Fortune

Companies

John Kell

How Swarovski’s CIO makes the 130-year old jewelry brand’s tech shine

/2025/09/24/how-swarovskis-cio-makes-the-130-year-old-brands-firms-tech-shine/

Emma Hinchliffe

Safra Catz’s move knocks a female CEO out of the Fortune 500—but she is leaving on top

/2025/09/23/safra-catz-oracle-ceo-exit-female-fortune-500/

Marco Quiroz-Gutierrez

Experts say Trump’s $100,000 fee for a talent visa is a handicap on the tech industry.  Here are the Fortune 500 companies most affected

/2025/09/22/fortune-500-companies-most-affected-trump-h1b-visa-fee-immigration/

Ashley Lutz

Mark Zuckerberg blames bad Wi-Fi after the live demo of his new $800 smart glasses goes horribly wrong

/2025/09/18/mark-zuckerberg-live-demo-smart-glasses-meta-ray-ban-display-flop/

Honeywell Connected Enterprise CTO and President Suresh Venkatarayalu and Caterpillar CTO Jaime Mineart at Fortune Brainstorm Tech 2025.

United States Steel (X) Q4 2023 Earnings Call Transcript

Company Participants