U. S. Steel's 10.75% Senior Exchange Notes Due to Expire August 5, 2002
United States Steel Corporation (NYSE: X) announced today that the offer to exchange its 10.75% Senior Exchange Notes Due August 1, 2008, for its 10.75% Senior Notes Due August 1, 2008, is currently set to expire at 5:00 p.m. EDT on August 5, 2002.
In the exchange offer, U. S. Steel is offering to exchange up to $535 million of its 10.75% Senior Exchange Notes Due August 1, 2008, that have been registered under the Securities Act of 1933 as amended, in exchange for an equal par value face amount of its currently outstanding unregistered 10.75% Senior Notes Due August 1, 2008, that were issued in July and September 2001.
The terms of the new notes are identical in all material respects to the current notes except that the new notes have been registered under the Securities Act. Holders of the currently outstanding notes that do not tender in the exchange offer will continue to be subject to the restrictions on transfer in the current notes and in the indenture. In general, the notes currently outstanding may not be offered or sold unless registered under the Securities Act, except pursuant to an exemption from, or in a transaction not subject to the Securities Act and applicable state law.
The exchange offer is being made only through a prospectus dated July 2, 2002, and upon the terms and subject to the conditions described in the prospectus.
This press release is not intended to be an offer to sell or a solicitation of an offer to exchange any security. The exchange offer is made only through the July 2, 2002, prospectus of United States Steel Corporation in relation to the 10.75% Senior Notes and included in the registration statement filed with the Securities and Exchange Commission on July 1, 2002. This press release is not intended to be an offer to sell or the solicitation of an offer to exchange, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state.
Holders of this security are advised to read the registration and tender offer statements because they contain important information. At the Securities and Exchange Commission's web site at http://www.sec.gov/, such holders may obtain a free copy of the registration and tender offer statements, prospectus and other documents filed by United States Steel Corporation with the Securities and Exchange Commission. Such holders may also obtain a free copy from United States Steel Corporation, Shareholder Services, 600 Grant Street, Room 611, Pittsburgh, PA 15219-2800. Phone (412) 433-4801, (866) 433-4801 (toll free), (412) 433-4818 (fax).
SOURCE: United States Steel Corporation
CONTACT: Mike Dixon, +1-412-433-6860 or John Armstrong, +1-412-433-6792,
Web site: http://www.ussteel.com/
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