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39	39	== Annual Performance Highlights, 2021 ==
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41		-Revenue is generated primarily from contracts to produce, ship and deliver steel products, and to a lesser extent, raw materials sales such as iron ore pellets and coke by-products and rail road services. Net sales for the twelve months ended December 31, 2021 compared to the same period in 2020 were $20,275 million and $9,741 million, respectively. For the Flat-Rolled segment the increase in sales primarily resulted from higher average realized prices ($454 per ton) across all products and increased shipments (307 thousand tons)primarily for cold-rolled products. • For the USSE segment the increase in sales primarily resulted from higher average realized prices ($340 per net ton) and increased shipments (1,261 thousand tons) across most products.• For the Tubular segment the increase in sales primarily resulted from higher average realized prices ($425 per net ton) for seamless products. Earnings before interest and taxes of the company is reported $4,946 million in 2021, up from a loss of $1,075 in 2020. Net income of the company is reported to be $4,174 million, up from a loss of $1,165 million a year earlier. Basic Earnings per share (EPS) of the company during 2021 is $15.77, which was a loss of $5.92 a year earlier. Quarterly dividends on common stock were one cent per share in the first, second and third quarters and five cents per share in the fourth quarter in 2021. Quarterly dividends on common stock were one cent per share for each quarter in 2020 and five cents per share each quarter in 2019.
	41	+Revenue is generated primarily from contracts to produce, ship and deliver steel products, and to a lesser extent, raw materials sales such as iron ore pellets and coke by-products and rail road services. Net sales for the twelve months ended December 31, 2022 compared to the same period in 2021 were $21,065 million and $20,275 million, respectively. For the Flat-Rolled segment the increase in sales primarily resulted from higher average realized prices ($89 per ton) primarily from higher value-added products, partially offset by decreased shipments (645 thousand tons) across most products. For the Mini Mill segment the decrease in sales primarily resulted from lower average realized prices ($180 per ton) primarily from lower value-added products partially offset by increased shipments (57 thousand tons), including the partial period of the Company's controlling interest in Big River Steel in January of 2021. For the USSE segment the consistent sales primarily resulted from higher average realized prices ($124 per net ton) across most products, offset by decreased shipments (543 thousand tons) across most products. For the Tubular segment the increase in sales primarily resulted from higher average realized prices ($1,282 per net ton) and increased shipments (79 thousand tons). Earnings before interest and taxes of the company is reported $3,160 million in 2022, down from a profit of $4,946 in 2021. Net income of the company is reported to be $2,524 million, down from a profit of $4,174 million a year earlier. Basic Earnings per share (EPS) of the company during 2022 is $10.22, which was $15.77 a year earlier. Quarterly dividends were declared by U. S. Steel in 2022 in the amount of five cents per share. Quarterly dividends on common stock were one cent per share in the first, second and third quarters and five cents per share in the fourth quarter in 2021.
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43	43	Selling, general and administrative expenses were $426 million in 2021 and $277 million in 2020. The increase in 2021 from the prior year primarily resulted from the addition of Big River Steel with the purchase of its remaining equity interest and increased profit based payments. Depreciation, depletion and amortization expenses were $791 million in 2021 and $643 million in 2020. The increase in 2021 from the prior year is primarily due to the acquisition of Big River Steel. Earnings from investees was $170 million in 2021 versus loss from investees of $117 million in 2020.
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