Transtar, Inc. Becomes Wholly Owned Subsidiary of USX Corporation
USX-U. S. Steel Group (NYSE: X) announced that, effective today, Transtar, Inc. has become a wholly owned subsidiary of USX Corporation, following completion of the Reorganization and Exchange Agreement announced October 4, 2000.
As a result of this transaction, Transtar's direct subsidiaries -- The Birmingham Southern Railroad Company; the Elgin, Joliet and Eastern Railway Company; The Lake Terminal Railroad Company; the McKeesport Connecting Railroad Company; the Union Railroad Company; the Warrior & Gulf Navigation Company and its subsidiary, the Mobile River Terminal Company, Inc.; and Tracks, Traffic and Management Services, Inc. -- become part of USX Corporation.
Thomas W. Sterling, who was named president of Transtar, Inc. in August 2000, will continue in that position.
The other former Transtar subsidiaries -- the Bessemer and Lake Erie Railroad Company; the Duluth, Missabe and Iron Range Railway Company; The Pittsburgh & Conneaut Dock Company; and USS Great Lakes Fleet, Inc., and their subsidiaries -- will be owned by Great Lakes Transportation LLC, a newly formed affiliate of The Blackstone Group, a New York-based private investment bank.
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SOURCE: USX Corporation
Contact: Tom Ferrall, 412-433-6899, or Mike Dixon, 412-433-6860, or John
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