United States Steel Corporation (X)

Pretax margin

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Earnings before tax but after interest (EBT) (ttm)	US$ in thousands	1,047,000	1,437,000	1,740,000	2,381,000	3,259,000	4,049,000	5,667,000	5,380,000	4,344,000	3,284,000	764,000	-805,000	-1,307,000	-1,709,000	-1,579,000	-924,000	-452,000	248,000	690,000	855,000
Revenue (ttm)	US$ in thousands	18,053,000	18,247,000	19,019,000	20,301,000	21,065,000	22,349,000	23,110,000	21,845,000	20,275,000	17,215,000	13,591,000	10,657,000	9,741,000	10,003,000	10,732,000	12,186,000	12,937,000	14,876,000	15,158,000	14,855,000
Pretax margin		5.80%	7.88%	9.15%	11.73%	15.47%	18.12%	24.52%	24.63%	21.43%	19.08%	5.62%	-7.55%	-13.42%	-17.08%	-14.71%	-7.58%	-3.49%	1.67%	4.55%	5.76%

December 31, 2023 calculation

Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $1,047,000K ÷ $18,053,000K
= 5.80%

The pretax margin of United States Steel Corp. has been declining over the past eight quarters, starting at 24.63% in Q1 2022 and dropping to 5.80% in Q4 2023. This indicates a decrease in the company's ability to generate profits before accounting for income taxes relative to its revenue. The downward trend suggests potential challenges in managing operating expenses or pricing pressure. Further analysis is recommended to identify the specific factors contributing to this decline and to determine appropriate strategic actions to improve profitability.