{
  "docId": "019dd923-622b-71dc-a6dc-b48f43f91b94",
  "docSlug": "ad68fc8905c8",
  "documentTitle": "United States Steel Corporation (X)",
  "authorId": "21_Ancora",
  "authorName": null,
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2025-02-19 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 11,
  "pageCount": 29,
  "prevPage": 10,
  "nextPage": 12,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 8,
  "notes": "Uses a before-after comparison style to highlight performance misses.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "bar_chart_vertical",
    "bar_chart_vertical",
    "bar_chart_vertical",
    "bar_chart_vertical",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6dc-b48f43f91b94/11",
  "deckHref": "/decks/019dd923-622b-71dc-a6dc-b48f43f91b94",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6dc-b48f43f91b94.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dc-b48f43f91b94#slide-11",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "The Company has continually missed its own projections on key operational metrics by wide margins.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-25b4-767c-9be5-b9213a6c55d8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.45,
        "x": 0.51,
        "y": 0.37
      },
      "kind": "chart",
      "text": "Adjusted EBITDA ($ in billions)",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "35b6bb58-84f1-4ea7-a0b5-f05e89b3a017",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.45,
        "x": 0.03,
        "y": 0.54
      },
      "kind": "chart",
      "text": "EBITDA Margin (%)",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8ca451d0-2d97-4c9b-943d-7335fae698d6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.45,
        "x": 0.51,
        "y": 0.54
      },
      "kind": "chart",
      "text": "CapEx ($ in billions)",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d6e82864-507f-40d6-89a5-8cc5dc1c3dcc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.45,
        "x": 0.03,
        "y": 0.37
      },
      "kind": "chart",
      "text": "Revenue ($ in billions)",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fd025844-4d5b-4ec6-86ea-5c5cf9c77148",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "forecast variance: -51.2%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-25b4-767c-9be5-bd2366de06c3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.6,
        "x": 0.03,
        "y": 0.33
      },
      "kind": "paragraph",
      "text": "The Company has continually missed its own projections on key operational metrics by wide margins.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b3c0bcd6-804e-44e4-beab-b2d0664e52a1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.01,
        "w": 0.35,
        "x": 0.12,
        "y": 0.71
      },
      "kind": "source-note",
      "text": "Source: Company Merger Proxy Statement filed Mar. 12, 2024; Form 10-K filed Jan. 31, 2025.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f2070935-7473-4a52-ad61-be43962bfcf2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.4,
        "x": 0.03,
        "y": 0.29
      },
      "kind": "title",
      "text": "Management’s Projections Are Unreliable",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1e16e447-7e16-42c2-89f0-ec0ad5c34a39",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "before-after-framing",
      "slug": null,
      "matchId": "098e02f3-eac4-412b-82bb-fede000962be",
      "evidence": "Compares forecast vs actual to prove unreliability",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 13,
      "from": 8,
      "beatId": "a88a0c50-0417-46bd-9f3d-51ccd841bf56",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "evidence": "Slides 8-13 highlight contradictions in management's projections and assumptions.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}