Bank of America 09 17

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United States Steel Corporation Building Value September 2007

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Forward-Looking Statements This presentation contains forward-looking statements with respect to market conditions, operating costs, shipments, prices and profit-based compensation payments. Some factors, among others, that could affect 2007 market conditions, costs, shipments and prices for both domestic operations and USSE include global product demand, prices and mix; global and company steel production levels; raw materials' availability and prices; plant operating performance; the timing and completion of facility projects; natural gas prices and usage and availability; changes in environmental, tax and other laws; the resumption of operation of steel facilities sold under the bankruptcy laws; employee strikes; power outages; and U.S. and global economic performance and political developments. Domestic steel shipments and prices could be affected by import levels and actions taken by the U.S. Government and its agencies. Political factors in Europe that may affect USSE’s results include, but are not limited to, taxation, nationalization, inflation, currency fluctuations, increased regulation, export quotas, tariffs, and other protectionist measures. The level of income from operations is the primary factor affecting payments under the USWA profit-based plans. In accordance with “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, cautionary statements identifying important factors, but not necessarily all factors, that could cause actual results to differ materially from those set forth in the forward-looking statements have been included in the Form 10-K of U. S. Steel for the year ended December 31, 2006, and in subsequent filings for U. S. Steel.

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United States Steel Corporation 5th largest global producer* 2nd largest North American flat-rolled producer 2nd largest Central European flat-rolled producer Largest North American seamless pipe producer Domestic raw materials balance 2006 ROCE** – 29% To grow responsibly while generating a competitive return on capital and meeting our financial and stakeholder obligations * Pro-Forma for Stelco acquisition **ROCE = IFO/average(PPE + AR + Inventory – AP)

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Flat-rolled segment LTM 2Q’07 shipments – 13.6 million tons Approximately 50/50 contract versus spot Typical contract term 1-3 years Contract industries include: auto, appliance, tin and electrical Demands sophisticated metallurgical applications with specialized customer service and technical support Contract business lessens impact of spot price fluctuations Some spot deals based on CRU index Leading producer of high quality product

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Business Case for Acquisition Complementary assets & attributes: Stelco is long slabs, intend to ship approximately 900,000 tons to U.S. Steel facilities Improve U. S. Steel’s finishing facility utilization Strong product mix Creates 5th largest global steel company Annual synergies estimated to be in excess of $100 million: Sourcing semi-finished product Procurement, best practices and SG&A

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Stelco – Company Overview Hamilton Lake Erie British Columbia Alberta Manitoba Saskatchewan Ontario Quebec Mon Valley Fairfield Granite City Minntac/ Keetac Gary Great Lakes Tilden Hibbing Labrador 7/07 Employees 3,600 2006 Raw Steel (Million Net Tons) 4.2 Raw Materials Ownership Iron Ore Minority shares of: Hibbing Taconite Tilden Mining Wabush Mining Seignelay Reserve Raw Steel Capability Million Net Tons: Hamilton 2.6 Lake Erie 2.9 U. S. Steel Iron Ore Mining Wabush Stelco Iron Ore Mining U. S. Steel Flat Rolled & Tubular Stelco Integrated Steel Mill East Texas

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European segment LTM 2Q’07 shipments – 6.4 million tons Approximately 70% spot versus 30% contracts Key industries: construction, service center, packaging and conversion Commissioning auto quality galvanize line – 350,000 tonnes Plants in both Slovakia (5.0 mmt) and Serbia (2.4 mmt)

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Tubular segment LTM 2Q’07 shipments – 1.9 million tons: Seamless 1 million ERW 900,000 tons Primarily spot sales Oil Country 65% - Standard & Line 35% Size ranges (outside diameter): Seamless -1” to 20” ERW – 1.5” to 36” Shipments: NAFTA 85% International 15% Oil country and standard and line pipe* * Pro-forma for Lone Star

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88% Improvement 2003 to 2007 Continuous Improvement Global Days Away From Work – Injury Rate Relentless focus on safety has resulted in operating excellence and driven strong financial performance

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Improving Industry – Why invest in Steel? Steel is a good product, provides excellent value Major regions with increasing consumption rates Governments mostly out of industry (ex China) Metallics are tight, flatter cost curve Low Valuation: 2007 P/E* * Source: Bloomberg

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Bullish on North America Steady to moderate steel and economic growth Melt capacity relatively constrained High metallic costs High import transportation costs Relatively weak US Dollar Optimistic outlook for North American integrated producers

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Strong business climate Source: Purchasing Magazine, CRU and SBB. Source: D.J. Joseph Company Selected Price Trends – Through August 2007 Shredded scrap composite $/Gross ton Hot rolled $/Net Ton

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Global Raw Materials Integration Control over key raw materials Percent controlled Represents contracts Strong global raw material position: Significant portion of coal requirement’s under long-term contract thru ’08 Second largest NA iron ore producer produced 22 mmnt in 2006 reserves 786 mmnt Iron ore/coal mines and coke production located close to steel operations or supported by cost competitive transportation facilities Produced 7.5 mmnt of coke in 2006 Exploring additional raw material integration opportunities

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MSCI Flat Rolled Inventory Source: MSCI, U.S. Dept of Customs and Purchasing Magazine January 2004 – July 2007 $350 $756 $513 $660 $580 $600 $635 $535 $460 P-Mag HRC price Sheet Inventory ‘000 tons Sheet Imports ‘000 tons $557

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Raw Material Cost - Impact on hot rolled band costs Source: J.P. Morgan and company estimate Raw material cost inflation has leveled the playing field – HRB cash cost $/ton China & other low-labor cost steel Producing countries US flat-rolled mini-mill steel producers U.S. integrated steel producers 66% 73% 15% 19% 16% 11% 15% 72% 24% 24% 52% 41% 51% 8% 13% 22% 10% 68% $190 $405 $204 $401 $270 $387

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Maintain strong capital structure Focused capital spending plan Responsible capital allocation Remain shareholder focused Designed to improve shareholder value Capital Allocation – Building Value To grow responsibly while generating a competitive return on capital and meeting our financial and stakeholder obligations

Assess global markets – growth opportunities remain: 

Flat Rolled and USSE: Organic Strategic: Stelco acquisition Additional acquisitions Alliances Partnerships Tubular: Lone Star acquisition Global opportunities Assess global markets – growth opportunities remain Evaluate Growth Opportunities – Building Value

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Maintain strong capital structure – Building Value LTM 6/30/07 Since 1/1/04 As of ($ in millions) Cash Provided by Operations Capital Spending Debt Reduction Voluntary Pension & OPEB Funding Dividends Paid Quadrupled since 01/05 Stock Repurchases* Millions of shares repurchased $4,094 $2,182 ($241) $630 $224 $758 13.7 * Repurchase program initially authorized 7/05 $1,908 $611 ($709) $210 $89 $381 5.9 Balanced approach to capital allocation 7.0 million shares remaining under current repurchase authorization

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Maintain strong capital structure – Building Value 6/30/07 12/31/03 As of ($ in millions) Cash Net working capital Total debt Employee benefits Total liabilities Stockholder equity Total Capitalization $316 $821 $1,933 $2,328 $6,742 $1,093 $7,837 $1,103 $1,345 $2,174 $2,152 $7,919 $4,960 $12,913

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Maintain strong capital structure – Building Value LTM EBITDA/LTM Net Interest EBITDA (millions)** Total and Net Debt (millions) Total Debt/LTM EBITDA Source: Company filings *Excludes $683 million of restructuring charges ** Includes Lone Star for the LTM period ending 1Q’07

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Maintain strong capital structure – Building Value Manageable legacy obligations – 2007 * Excludes any voluntary contributions Key considerations Pension: Defined benefit plan closed in 2003 OPEB: Co-pays Inflation cap Voluntary pension & VEBA contributions totaling $765 million since 1/1/03 Additional $200 million funding authorization

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Capital Spending – Building Value 2004 – 2006 Average CapEx per ton shipped Source: Accenture U.S. Steel has spent less than global peers in recent years Will likely incur higher capex during next few years concentrated on infrastructure, but will likely remain below the global average. Capex per ton * Estimated, pending 2006 final data

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Strong business climate Improving industry and relatively low valuation Favorable North American environment Building value: Maintain strong capital structure Evaluate growth opportunities Improving infrastructure and product mix Responsible capital allocation Remain shareholder focused Making Steel - World Competitive - Building Value Investment considerations