U. S. Steel Submits Bid For Polish Steel Company
United States Steel Corporation (NYSE: X) today presented a formal offer to Poland's Ministry of State Treasury to purchase Polskie Huty Stali (PHS). Details of the offer are confidential under the terms of the official privatization process.
Upon submitting U. S. Steel's bid, John H. Goodish, executive vice president for International and Diversified Businesses, commented, "This is an historic time for Poland's steel industry. The decisions made by the privatization committee will determine the fate of thousands of good-paying jobs and the future of steelmaking in Poland. With EU accession on the horizon, this decision is particularly critical."
With regard to the U. S. Steel offer, Goodish said, "If we are the successful bidder, U. S. Steel will follow the same basic pattern that has proven successful for us in other parts of Europe -- implementing proven U. S. Steel management practices and focusing on new capital investment priorities, while being responsive to the needs and interests of our workers and the community.
"We firmly believe that U. S. Steel is the best strategic investor for Poland's steel industry. Our experience in the steel business, the complementary fit of PHS facilities with our other European operations, and our proven ability to work with trade unions and the local communities make U. S. Steel a perfect fit."
For over 100 years, United States Steel Corporation has been a technological and financial leader in the global steel industry. It is the largest integrated steel producer in North America and, upon the expected completion of its pending acquisition of National Steel Corporation, U. S. Steel will be the fifth largest steel company in the world.
SOURCE: United States Steel Corporation
CONTACT: Mike Dixon or John Armstrong, U. S. Steel, +1-412-433-6870
Web site: http://www.ussteel.com/
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