U. S. Steel to Sell Assets of Mining Company
United States Steel Corporation (NYSE: X) today announced that it has entered into an Asset Purchase Agreement to sell the assets of U. S. Steel Mining Company, LLC (USM) to a newly formed company, PinnOak Resources, LLC. The agreement is subject to the buyer's ability to obtain financing, and other customary conditions.
Under the terms of the agreement the new company would acquire all of the coal and related assets associated with USM's Pinnacle No. 50 mine complex located near Pineville, W.Va., and USM's Oak Grove mine complex located near Birmingham, Ala. The sale is targeted for completion late in the second quarter.
This release contains forward-looking statements which are based on a number of assumptions concerning future events made by management and information currently available to management. Readers are cautioned not to put undue reliance on such forward-looking statements, which are not a guarantee of performance and are subject to a number of uncertainties and other factors, many of which are outside United States Steel Corporation's control, that could cause actual events to differ materially from such statements. For a more detailed description of the factors that could cause such a difference, please see United States Steel Corporation's filings with the Securities and Exchange Commission. There are also a number of uncertainties, risks, conditions and other factors which could prevent the implementation of the above described letter of intent. For more information on United States Steel Corporation, visit our Web site at www.ussteel.com.
SOURCE: United States Steel Corporation
CONTACT: John Armstrong or Mike Dixon, both of United States Steel
Web site: http://www.ussteel.com/
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