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U. S. Steel Serbia Economic Development Center to Promote North American Investment in Serbia

PRNewswire-FirstCall
PITTSBURGH
11.11.2004

United States Steel Corporation (NYSE: X) announced today that officials of the U. S. Steel Serbia Economic Development Center (EDC) will lead a team of government and business representatives to the United States November 13-20 to promote North American investment in Serbia.

The group will host a series of "road show" investment round tables in New York, Cleveland and Chicago.

John P. Surma, President and CEO of U. S. Steel, wrote executives at more than 200 North American companies inviting them to the meetings, which will highlight developing investment opportunities in Serbia.

In his letter, Surma described the Southeastern European market served by Serbian companies as one "poised for significant economic growth."

He described Serbia as a good place to conduct business.

"The Government is welcoming and cooperative," he wrote. "The workforce is skilled and hard-working. We are making new capital investments that will allow us to participate in Serbia's growth and regional trading opportunities."

Thomas Kelly, General Director of U. S. Steel Serbia, said the road show team will have a "realistic business-to-business presentation" covering opportunities for investment and growth in Serbia.

"We think Serbia offers many attractive conditions for foreign investors," Kelly said. "The nation is strategically positioned relative to the major Central and Southeast European corridors. The region is one of significant economic growth. In steel, Central Europe has become the second fastest growing market in the world."

Kelly noted that Serbia has successfully implemented reforms in the tax code and legal system helping pave the way for successful privatization activities.

"We at U. S. Steel Serbia are making significant progress in our drive for competitive success," he said. "We're eager to tell our Serbian story to potential American investors. We're delighted to be joined on this mission by other foreign companies operating in Serbia in making the case for Serbia at these investment round tables."

Joseph Antoline, Executive Director of Finance for U. S. Steel Serbia, and Bogdan Komlenac, Executive Director of the U. S. Steel Serbia EDC, will head the team. Jasna Matic, Director of the Serbian Investment and Export Promotion Agency (SIEPA), plus representatives of Ball Packaging, Galaxy Tire, Deloitte, Raiffeisen Bank and Harrisons Solicitors and Executive Group of Belgrade will join them. Also joining the group will be Ralph Johnson, former U.S. Ambassador to Slovakia, now a consultant to U. S. Steel Serbia.

Ball Packaging, operated by Colorado based Ball Corporation, is currently building a high capacity packaging plant on a green field site in New Belgrade. Galaxy Tire, a Massachusetts company, has operated a tire manufacturing plant at Ruma since 2002. Raiffeisen Bank, an Austrian financial institution, began operating here in 2001. Deloitte, one of the world's leading accounting and financial services companies, has been here since 1991. Harrisons, a London law firm, opened its offices here in 1999. Executive Group is a Belgrade public relations and corporate advisory company doing communications work for the American Chamber of Commerce.

The firms will participate in the investment round tables with U. S. Steel Serbia and SIEPA. Sessions will be in New York on Nov. 15, in Cleveland on Nov. 17, and in Chicago on Nov. 19.

For more information about U. S. Steel, visit http://www.ussteel.com/ .

SOURCE: United States Steel Corporation

CONTACT: John Armstrong, +1-412-433-6792, or Carlee Vargo,
+1-412-433-6777, both of United States Steel Corporation

Web site: http://www.ussteel.com/

Company News On-Call: http://www.prnewswire.com/comp/929150.html

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