...The ratings are supported by a combination of improved profitability, further cost-reduction and efficiency efforts, and debt repayments, which results in Fitch Ratings' forecast total adjusted debt/operating EBITDAR remaining below 3.5x through the ratings horizon. Fitch expects United States Steel Corporation will remain FCF positive in benign market conditions through the ratings horizon, despite a period of elevated capex associated with the asset revitalization program. Fitch expects annual EBITDA of at least $1.1 billion per year and capex at about $0.9 billion annually. The upgrade of the senior unsecured debt to `BB'/`RR4` from `B'/`RR5' reflects the upgrade of the Issuer Default Rating and the pro forma $780 million reduction of secured debt in the capital structure. The Positive Outlook reflects the improved environment for North American steel, Fitch's positive outlook for global steel, and the possibility that total adjusted debt/operating EBITDAR will be sustained below 3.0x....
