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DermTech Announces Topline Results of its TRUST Study: Results Confirm the High Negative Predictive Value of the PLA at 99% and Find No Significant Adverse Outcomes After Long-Term Follow-Up of PLA Negative Tests

LA JOLLA, Calif.–(BUSINESS WIRE)–DermTech, Inc. (NASDAQ: DMTK) (“DermTech”), a leader in precision dermatology enabled by a non-invasive skin genomics platform, announced today the topline results from its TRUST Study of the company’s non-invasive melanoma rule-out test, the Pigmented Lesion Assay (the “PLA”). The TRUST study is a long-term follow-up study of pigmented skin lesions that tested negative for melanoma with the PLA. It was designed to assess long-term outcomes of PLA negative tests and to further confirm the 99% negative predictive value (“NPV”) of the PLA. Specifically, the study protocol called for reevaluating and retesting lesions that were PLA negative 12 to 24 months prior to each subject’s enrollment in the TRUST Study in order to determine the proportion of true negative lesions among those that tested negative. The PLA enhances early melanoma detection by assessing atypical pigmented lesions (lesions suspicious for melanoma) to help rule out melanoma and the need for surgical evaluation. The PLA detects LINC 518 (long intergenic non-protein coding RNA 518) and PRAME (preferentially expressed antigen in melanoma) as a 2-panel gene expression assay.

The TRUST Study was conducted at five geographically distinct clinical sites in the U.S. that consistently use the PLA to help manage atypical pigmented lesions in their clinical practice. A long-term follow-up cohort of 1,781 lesions with PLA negative tests in a 12 to 24 month period prior to the study’s start were identified and the subjects with such lesions were solicited to return for repeat PLA testing on the same lesion. A total of 302 lesions were evaluated by means of repeat testing with the PLA, meeting the study protocol’s pre-specified enrollment target.

After the enrollment of subjects in the repeat testing arm of the TRUST Study, the NPV and patient outcomes for the full cohort of eligible lesions was established via a prospectively planned chart review for any melanoma diagnoses on the PLA tested lesion, late-stage melanoma diagnoses, and melanoma mortality. Of the 1,781 lesions in the long-term follow-up cohort, there were no melanoma deaths or late-stage melanoma diagnoses reported in the full cohort. Ten lesions from the full cohort had received a melanoma diagnosis after initial testing, with four at Stage 0 (in situ) and six at Stage 1a. A subset of the full cohort, representing 1,233 lesions, had confirmed follow-up evaluations from the initial PLA negative test, and from these evaluations we calculate an NPV of 99.2% (CI_95%= 98.5 – 99.6).

Of the 302 lesions evaluated by means of repeat testing with the PLA, none (0%) were found to have clinically obvious melanoma upon the subject’s return to the clinic, confirming the results of the initial chart review. Eighty-nine percent of these lesions (268 lesions) were negative on repeat testing with the PLA and 34 (11.2%) were positive. Positive lesions were biopsied and subjected to a single read histopathologic review. Three lesions (1%) that tested positive on repeat testing were diagnosed as Stage 0, in situ. Photographic review of the three Stage 0 cases identified changes in clinical appearance since the initial test. The pathology reports from the remaining biopsied lesions indicated a variety of non-melanoma diagnoses, including compound nevi with mild to moderate atypia. Given the early stage (in situ) of the melanomas detected on repeat testing, and length of time from the initial test (an average of 15 months), it is difficult to determine whether these melanomas evolved after the initial test or were present at the time of the initial test. In any case, the finding of three melanomas in a cohort of 302 lesions subjected to repeat testing further confirms an NPV of the PLA of at least 99.0% (CI_{95%= 97.1 – 99.8) and is consistent with the results from the full long-term follow‑up cohort. These results exemplify how PLA repeat testing of lesions that may have evolved over time after the initial negative PLA test, can identify early-stage melanoma and benefit patients.}

“These results further support the PLA’s high negative predictive value in routine‑use scenarios and the test’s ability to enhance early melanoma detection. Clinicians should have confidence in the PLA as the long‑term follow-up of PLA negative tests observed in the TRUST Study did not reveal any adverse outcomes,” stated Dr. Burkhard Jansen, DermTech’s CMO.

“The TRUST Study illustrates that the PLA can identify melanoma at the earliest stages to maximize patient benefit,” commented Dr. Maral Skelsey, Director of the Mohs Surgery Unit and Clinical Associate Professor of Dermatology at Georgetown University and one of the TRUST study investigators.

About DermTech

DermTech is the leading genomics company in dermatology and is creating a new category of medicine, precision dermatology, enabled by our non-invasive skin genomics platform. DermTech’s mission is to transform the practice of dermatology through more accurate diagnosis and treatment, and the elimination of unnecessary surgery, leading to improved patient care and lower costs. DermTech provides genomic analysis of skin samples collected non-invasively using an adhesive patch rather than a scalpel. DermTech markets and develops products that facilitate the early detection of skin cancers, and is developing products that assess inflammatory diseases and customize drug treatments. For additional information on DermTech, please visit DermTech’s investor relations site at: www.DermTech.com.

Forward-looking Statements

This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. The expectations, estimates, and projections of DermTech may differ from its actual results and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, expectations with respect to: the performance, patient benefits, cost-effectiveness, commercialization and adoption of DermTech’s products, including the Smart Sticker platform, and the market opportunity therefor. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside of the control of DermTech and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the outcome of any legal proceedings that may be instituted against DermTech; (2) DermTech’s ability to obtain additional funding to develop and market its products; (3) the existence of favorable or unfavorable clinical guidelines for DermTech’s tests; (4) the reimbursement of DermTech’s tests by Medicare and private payors; (5) the ability of patients or healthcare providers to obtain coverage of or sufficient reimbursement for DermTech’s products; (6) DermTech’s ability to grow, manage growth and retain its key employees; (7) changes in applicable laws or regulations; (8) the market adoption and demand for DermTech’s products and services together with the possibility that DermTech may be adversely affected by other economic, business, and/or competitive factors; and (9) other risks and uncertainties included in (x) the “Risk Factors” section of the most recent Quarterly Report on Form 10-Q filed by DermTech with the Securities and Exchange Commission (the “SEC”), and (y) other documents filed or to be filed by DermTech with the SEC. DermTech cautions that the foregoing list of factors is not exclusive. You should not place undue reliance upon any forward-looking statements, which speak only as of the date made. DermTech does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based.

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DermTech

Sarah Dion

[email protected]

858.450.4222

Crowe PR

Sarah Gallagher

[email protected]

224.406.4709

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Nursing Surgery Genetics Practice Management Biotechnology Other Health Managed Care Health Pharmaceutical

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MSG Entertainment Provides Update on Construction of MSG Sphere in Las Vegas

MSG Entertainment to Serve as Construction Manager; Jayne McGivern Named President of Development and Construction

AECOM to Continue Supporting Project Through New Services Agreement

Over the Next Year Team to Focus on Critical Path Construction Elements

NEW YORK–(BUSINESS WIRE)–
Madison Square Garden Entertainment Corp. (MSG Entertainment) (NYSE: MSGE) today provided an update on MSG Sphere at The Venetian, the Company’s planned state-of-the-art venue in Las Vegas, including that it has assumed the role of construction manager of the project. AECOM has transitioned from its role as general contractor to supporting MSG Sphere with a new services agreement that facilitates the company’s continued involvement through the project’s completion.

MSG Sphere Construction

MSG Entertainment, through a wholly-owned subsidiary, will manage construction of MSG Sphere in Las Vegas, with direct responsibility for strategic planning and the construction timeline, as well as management of all subcontractors.

The project will continue to be led by Jayne McGivern, who has been named President of Development and Construction. Ms. McGivern has assembled a world-class team of construction management professionals who will be responsible for driving the completion of the Las Vegas venue and retaining the knowledge gained for future MSG Sphere projects. MSG Entertainment’s internal team will direct all aspects of the project, including oversight of 30 seconded AECOM employees who will continue supporting key areas such as health and safety.

Ms. McGivern said: “We have taken significant steps to strengthen our internal construction team. This, along with valued support from AECOM, will give us greater transparency and control over the construction process, while enabling us to continue benefiting from AECOM’s expertise. MSG Sphere will be a venue unlike any other, and we believe we are well-positioned to not only advance our Las Vegas project, but also deliver on our long-term vision for MSG Sphere.”

Significant Progress

Significant progress has been made on construction of MSG Sphere in Las Vegas. Earlier this year, the superstructure reached its widest point with the completion of the venue’s sixth-level concrete ring beam, which is 490 feet wide and sits 113 feet above ground. The construction team recently completed the successful placement of two 240-ton steel girders that sit 140-feet off the ground and span the length of what will be the venue’s stage, paving the way for continued vertical construction.

Over the next year, construction efforts will focus on several of MSG Sphere’s critical path elements. Current work is being done to finish all superstructure concrete pours, which includes completing stair and elevator cores and the venue’s proscenium wall. Steel for the remaining exterior ring beams and inboard decks will then be placed, leading to the start of construction of the steel domed roof in early 2021.

As previously disclosed, MSG Entertainment expects to open MSG Sphere in Las Vegas in calendar 2023.

Jayne McGivern

Jayne McGivern joined MSG Entertainment (formerly part of The Madison Square Garden Company, which is now Madison Square Garden Sports Corp.) in 2018 and, prior to being named President of Development and Construction, served as Executive Vice President of Development and Construction. She will continue to oversee construction in Las Vegas, as well as the Company’s plans for a second MSG Sphere venue in London, which is pending necessary approvals. An established leader in global construction, Ms. McGivern has spearheaded the creation and delivery of a number of large development projects, including in her prior roles as CEO of the European Division of Multiplex plc, and Managing Director of Anschutz Entertainment Group in London, during its acquisition and redevelopment of The O2 (formerly the Millennium Dome). Ms. McGivern currently serves on the board of directors of Skanska AB, one of the world’s most prominent construction and development companies, and Cairn Homes, the leading Irish homebuilding company.

About Madison Square Garden Entertainment Corp.

Madison Square Garden Entertainment Corp. (MSG Entertainment) is a leader in live entertainment experiences. The Company presents or hosts a broad array of events in its diverse collection of venues: New York’s Madison Square Garden, Hulu Theater at Madison Square Garden, Radio City Music Hall and Beacon Theatre; and The Chicago Theatre. MSG Entertainment is also building a new state-of-the-art venue in Las Vegas, MSG Sphere at The Venetian, and has announced plans to build a second MSG Sphere in London, pending necessary approvals. In addition, the Company features the original production – the Christmas Spectacular Starring the Radio City Rockettes – and through Boston Calling Events, produces the Boston Calling Music Festival. Also under the MSG Entertainment umbrella is Tao Group Hospitality, with entertainment dining and nightlife brands including Tao, Marquee, Lavo, Avenue, Beauty & Essex and Cathédrale. More information is available at www.msgentertainment.com.

All statements in this press release other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws including statements relating to the achievement of milestones and the expected opening date of the MSG Sphere in Las Vegas, as well as future economic and industry conditions. Investors are cautioned that any such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties. Important factors that could cause actual results to differ materially from forward-looking statements are set forth in MSG Entertainment’s filings with the U.S. Securities and Exchange Commission, including the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained therein. MSG Entertainment disclaims any obligation to update any forward-looking statements contained herein except as required by applicable law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201217005906/en/

Kimberly Kerns

EVP and Chief Communications Officer

Madison Square Garden Entertainment Corp.

212-465-6442/[email protected]

KEYWORDS: Nevada New York United States North America

INDUSTRY KEYWORDS: Commercial Building & Real Estate Construction & Property General Sports Sports Music General Entertainment Events/Concerts Entertainment

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Two of First Trust ETFs Based on NASDAQ^® Indexes Surpass $1 Billion in AUM

WHEATON, Ill.–(BUSINESS WIRE)–First Trust Advisors L.P. (“First Trust”), a leading exchange-traded fund (“ETF”) provider and asset manager, announced today that two of its ETFs based on Nasdaq indexes are celebrating a milestone. The First Trust NASDAQ-100 Equal Weighted Index Fund (NASDAQ: QQEW) and the First Trust NASDAQ^® Clean Edge^® Green Energy Index Fund (NASDAQ: QCLN) (collectively, “funds”) each surpassed $1 billion in assets under management (“AUM”) as of 11/30/20.

QQEW seeks to replicate as closely as possible (before the fund’s fees and expenses) the price and yield of the NASDAQ-100 Equal Weighted Index℠. QQEW’s equal-weighted methodology seeks to avoid the top-heavy concentration common to many market-cap weighted indices and may be appealing to investors who are looking to reduce stock specific risk. “For many years the NASDAQ-100 Index^® has included some of the most innovative and dynamic companies in the world. The equally-weighted approach employed by QQEW provides investors more balanced exposure to these stocks than a market-cap weighted index methodology,” said Ryan Issakainen, CFA, Senior Vice President, ETF Strategist at First Trust. As of 10/30/20, the top 10 holdings in the NASDAQ-100 Index^® represented more than 58% of the index. QQEW allocates a total of 10% in these same top 10 companies at each rebalance.

QCLN provides a broad, diversified approach to the theme of clean energy. The fund seeks investment results that correspond generally to the price and yield (before the fund’s fees and expenses) of an equity index called the NASDAQ^® Clean Edge^® Green Energy Index℠. “Green and renewable energy has been one of our favorite investment themes this year, and we believe it has reached a tipping point, as costs have declined dramatically over the past few years and become competitive with traditional power sources. QCLN provides a more balanced approach to this theme, providing exposure to various aspects of green energy, including solar power, wind power, advanced batteries, electric vehicles and others,” said Issakainen.

QQEW and QCLN reached a combined total of over $2.6 billion in AUM, as of 11/30/20.

For more information about First Trust, please contact Ryan Issakainen at (630) 765-8689 or [email protected].

About First Trust

First Trust is a federally registered investment advisor and serves as the fund’s investment advisor. First Trust and its affiliate First Trust Portfolios L.P. (“FTP”), a FINRA registered broker-dealer, are privately held companies that provide a variety of investment services. First Trust has collective assets under management or supervision of approximately $164 billion as of November 30, 2020 through unit investment trusts, exchange-traded funds, closed-end funds, mutual funds and separate managed accounts. First Trust is the supervisor of the First Trust unit investment trusts, while FTP is the sponsor. FTP is also a distributor of mutual fund shares and exchange-traded fund creation units. First Trust and FTP are based in Wheaton, Illinois. For more information, visit http://www.ftportfolios.com.

You should consider the funds’ investment objectives, risks, and charges and expenses carefully before investing. Contact First Trust Portfolios L.P. at 1-800-621-1675 to obtain a prospectus or summary prospectus which contains this and other information about the funds. The prospectus or summary prospectus should be read carefully before investing.

ETF Characteristics

The funds list and principally trade their shares on The Nasdaq Stock Market LLC.

QQEW’s return may not match the return of the NASDAQ-100 Equal Weighted Index^SM. QCLN’s return may not match the return of the NASDAQ Clean Edge^® Green Energy Index. Securities held by the fund will generally not be bought or sold in response to market fluctuations.

Investors buying or selling fund shares on the secondary market may incur customary brokerage commissions. Market prices may differ to some degree from the net asset value of the shares. Investors who sell fund shares may receive less than the share’s net asset value. Shares may be sold throughout the day on the exchange through any brokerage account. However, unlike mutual funds, shares may only be redeemed directly from the fund by authorized participants, in very large creation/redemption units. If the fund’s authorized participants are unable to proceed with creation/redemption orders and no other authorized participant is able to step forward to create or redeem, fund shares may trade at a discount to the fund’s net asset value and possibly face delisting.

Risk Considerations

The funds’ shares will change in value and you could lose money by investing in the funds. One of the principal risks of investing in the funds is market risk. Market risk is the risk that a particular security owned by the funds, fund shares or securities in general may fall in value. There can be no assurance that the funds’ investment objective will be achieved. The outbreak of the respiratory disease designated as COVID-19 in December 2019 has caused significant volatility and declines in global financial markets, which have caused losses for investors. The COVID-19 pandemic may last for an extended period of time and will continue to impact the economy for the foreseeable future.

The funds may invest in securities issued by companies concentrated in a particular sector which involves additional risks including limited diversification. The funds may invest in small capitalization and mid capitalization companies. Such companies may experience greater price volatility than larger, more established companies.

Renewable and alternative energy companies can be significantly affected by obsolescence of existing technology, short product cycles, legislation resulting in more strict government regulations and enforcement policies, fluctuations in energy prices and supply and demand of alternative energy fuels, energy conservation, the success of exploration projects, the supply of and demand for oil and gas, world events and economic conditions. Shares of clean energy companies have been significantly more volatile than shares of companies operating in other more established industries. This industry is relatively nascent and under-researched in comparison to more established and mature sectors.

QCLN is classified as “non-diversified” and may invest a relatively high percentage of its assets in a limited number of issuers. As a result, the fund may be more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, experience increased volatility and be highly concentrated in certain issuers.

First Trust Advisors L.P. is the adviser to the funds. First Trust Advisors L.P. is an affiliate of First Trust Portfolios L.P., the funds’ distributor.

Please see each fund’s prospectus for a complete list of all the risks of investing in the funds.

The information presented is not intended to constitute an investment recommendation for, or advice to, any specific person. By providing this information, First Trust is not undertaking to give advice in any fiduciary capacity within the meaning of ERISA, the Internal Revenue Code or any other regulatory framework. Financial professionals are responsible for evaluating investment risks independently and for exercising independent judgement in determining whether investments are appropriate for their clients.

Nasdaq^®, NASDAQ-100^®, NASDAQ-100 Index^®, NASDAQ-100 Equal Weighted Index℠, Clean Edge^® and NASDAQ^® Clean Edge^® Green Energy Index℠ are registered trademarks and service marks of Nasdaq, Inc. and Clean Edge, Inc., respectively (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust. The Fund has not been passed on by the Corporations as to its legality or suitability. The Funds are not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUNDS.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201217006126/en/

Ryan Issakainen

First Trust

(630) 765-8689

[email protected]

KEYWORDS: Illinois United States North America

INDUSTRY KEYWORDS: Professional Services Finance

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United States Steel Corporation Provides Fourth Quarter 2020 Guidance

PITTSBURGH–(BUSINESS WIRE)–
United States Steel Corporation (NYSE: X) today provided fourth quarter 2020 guidance. Fourth quarter 2020 adjusted EBITDA is expected to be approximately $55 million. The Company expects fourth quarter 2020 adjusted diluted loss per share to be approximately ($0.85).

“Flat-rolled customer demand in the U.S. and Europe has improved throughout the fourth quarter, fueled by consumer-driven end-markets such as automotive, appliance, and packaging,” commented U. S. Steel President and Chief Executive Officer David B. Burritt. “December’s performance has been particularly strong driven by the flow-through of higher steel prices, more nimble operations, and a continued focus on cost management. As a result, we have line of sight to significantly improved financial performance in 2021. Longer lead times, higher utilization rates, and higher input costs reflect current healthy steel demand and make us optimistic about the sustainability of today’s market environment.”

Adjusted EBITDA Commentary

Our Flat-rolled segment is expected to generate positive EBITDA in the fourth quarter. Our order book remains strong across key strategic markets and higher steel prices are being more fully reflected in our adjustable contract business. This market backdrop informed our decision to restart blast furnace #4 at Gary Works and iron ore production at our Keetac mine to ensure we continue to satisfy strong customer demand. We expect to benefit from improved efficiencies as we exit the year.

In Europe, customer demand continues to be strong. Improved commercial performance and a focus on cost management are expected to more than offset raw material headwinds from higher iron ore prices. As a result, fourth quarter results should exceed third quarter performance.

In Tubular, customer activity remains range bound. Higher rig counts are not yet resulting in higher shipments as distributors manage inventories into year-end. We remain focused on what we can control, including the start-up of our electric arc furnace (EAF) at Tubular where we produced first rounds for seamless pipe production at the end of October. The in-sourcing of rounds production is already beginning to improve the segment’s cost structure in the fourth quarter.

Forward Looking Statements

This release contains information that may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend the forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in those sections. Generally, we have identified such forward-looking statements by using the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “target,” “forecast,” “aim,” “should,” “will,” “may” and similar expressions or by using future dates in connection with any discussion of, among other things, operating performance, trends, events or developments that we expect or anticipate will occur in the future, statements relating to volume changes, share of sales and earnings per share changes, anticipated cost savings, potential capital and operational cash improvements, U. S. Steel’s ability to take ownership of Big River Steel as a wholly owned subsidiary, and statements expressing general views about future operating results. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. Forward-looking statements are not historical facts, but instead represent only the Company’s beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of the Company’s control. It is possible that the Company’s actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward looking statements. Management believes that these forward-looking statements are reasonable as of the time made. However, caution should be taken not to place undue reliance on any such forward-looking statements because such statements speak only as of the date when made. The Company undertakes no obligation to publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise, except as required by law. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the Company’s historical experience and our present expectations or projections. These risks and uncertainties include, but are not limited to the risks and uncertainties described in “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2019, our Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, and those described from time to time in our future reports filed with the Securities and Exchange Commission. References to “we,” “us,” “our,” the “Company,” and “U. S. Steel,” refer to United States Steel Corporation and its consolidated subsidiaries.

Note: Excludes the impact of the Company’s quarterly adjustment related to the Big River Steel put and call options. See Notes 5 and 20 in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 for an explanation of the Big River Steel put and call options. This item will not impact adjusted EBITDA, adjusted net loss or adjusted diluted net loss per share. The guidance also excludes the discrete impact of intraperiod tax allocation primarily related to the annual remeasurement of our pension and other post-employment benefit plans. This item will not impact adjusted EBITDA.

Note Regarding Non-GAAP Financial Measures

We present adjusted net earnings (loss), adjusted net earnings (loss) per diluted share, earnings (loss) before interest, income taxes, depreciation and amortization (EBITDA) and adjusted EBITDA, which are non-GAAP measures, as additional measurements to enhance the understanding of our operating performance. We believe that EBITDA, considered along with net earnings (loss), is a relevant indicator of trends relating to our operating performance and provides management and investors with additional information for comparison of our operating results to the operating results of other companies.

Adjusted net earnings (loss), adjusted net earnings (loss) per diluted share and adjusted EBITDA are non-GAAP measures that exclude the financial effects of restructuring charges and other adjustments that are not part of the Company’s core operations. We present adjusted net earnings (loss), adjusted net earnings (loss) per diluted share and adjusted EBITDA to enhance the understanding of our ongoing operating performance and established trends affecting our core operations, by excluding the financial effects of restructuring charges and other adjustments that can obscure underlying trends. U. S. Steel’s management considers adjusted net earnings (loss), adjusted net earnings (loss) per diluted share and adjusted EBITDA as alternative measures of operating performance and not alternative measures of the Company’s liquidity. U. S. Steel’s management considers adjusted net earnings (loss), adjusted net earnings (loss) per diluted share and adjusted EBITDA useful to investors by facilitating a comparison of our operating performance to the operating performance of our competitors. Additionally, the presentation of adjusted net earnings (loss), adjusted net earnings (loss) per diluted share and adjusted EBITDA provides insight into management’s view and assessment of the Company’s ongoing operating performance, because management does not consider the adjusting items when evaluating the Company’s financial performance. Adjusted net earnings (loss), adjusted net earnings (loss) per diluted share and adjusted EBITDA should not be considered a substitute for net earnings (loss), earnings (loss) per diluted share or other financial measures as computed in accordance with U.S. GAAP and is not necessarily comparable to similarly titled measures used by other companies.

Founded in 1901, the United States Steel Corporation is a Fortune 250 company and leading integrated steel producer. With extensive iron ore production and an annual raw steelmaking capability of 23.6 million net tons, U. S. Steel produces high value-added steel products for the automotive, infrastructure, appliance, container, and energy industries. The company’s customer-centric “Best of Both” world competitive integrated and mini mill technology strategy is advancing a more secure, sustainable future for U. S. Steel and its stakeholders. With renewed emphasis on innovation and customer focus, the company produces cutting-edge products such as U. S. Steel’s proprietary XG3™ advanced high-strength steel. U. S. Steel is headquartered in Pittsburgh, Pennsylvania, with world-class operations across the United States and in Central Europe. For more information, please visit www.ussteel.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201217006041/en/

John Ambler

Vice President

Corporate Communications

T – (412) 433-2407

E – [email protected]

Kevin Lewis

Vice President

Investor Relations

T – (412) 433-6935

E – [email protected]

KEYWORDS: United States North America Pennsylvania

INDUSTRY KEYWORDS: Steel Manufacturing

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