U. S. Steel Comments on Developments in Privatization of Polskie Huty Stali S.A.
United States Steel Corporation (NYSE: X) was advised today that it was not granted exclusivity to negotiate a purchase of Polskie Huty Stali S.A. (PHS) by the State Treasury of Poland. Commenting on today's announcement U. S. Steel Vice Chairman Roy Dorrance said, "United States Steel Corporation is disappointed that the State department did not grant U. S. Steel exclusivity."
Dorrance added, "We have participated in the PHS privatization tender in good faith, developed and participated in the bidding process following United States Steel Corporation's strict code of ethical conduct, indicated our desire and flexibility to continue with exclusive negotiations, and, most important, offered a compelling vision for the future of PHS and its employees. We continue to believe strongly that United States Steel Corporation would be the best strategic partner for Poland and the Polish steel industry."
U. S. Steel remains interested in acquiring PHS and will continue to monitor developments closely.
SOURCE: United States Steel Corporation
CONTACT: Mike Dixon or John Armstrong of United States Steel
Web site: http://www.ussteel.com/
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