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U. S. Steel Announces Pricing of Common Stock Offering


United States Steel Corporation (NYSE: X) announced today that it had agreed to issue 9,500,000 shares of its common stock in an underwritten public offering. The stock will be sold to the public at a price of $18.50 per share and U. S. Steel has agreed to an underwriting discount of $0.88 per share with net proceeds to U. S. Steel of $17.62 per share. U. S. Steel has granted the underwriters a customary over allotment option to purchase up to 1,425,000 on the same terms and conditions. Total net proceeds to U. S. Steel will be approximately $167 million or $192 million if the over allotment option is fully exercised. The proceeds of the offering will be used for general corporate purposes including working capital and potential acquisitions. The shares are being sold pursuant to an underwriting agreement with Credit Suisse First Boston Corporation, and J.P. Morgan Securities Inc. as the joint book running managers. Lehman Brothers Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, and Morgan Stanley & Co. Incorporated are co managers for the offering.

United States Steel Corporation is engaged in the production, sale and transportation of sheet, plate, tin mill and tubular steel mill products, coke, taconite pellets and coal; the management of mineral resources; real estate development; and engineering and consulting services in the United States and the production and sale of steel products in Central Europe.

Sales will be made only pursuant to a prospectus which may be obtained from Office of the Secretary, United States Steel Corporation, 600 Grant St., Pittsburgh, PA 15219-2800. A copy of the prospectus may also be obtained from Credit Suisse First Boston Corporation, Prospectus Department, Eleven Madison Avenue, New York, NY 10010-3629 (Telephone Number 212-325-2580) or from J.P. Morgan Securities Inc., Prospectus Library, 277 Park Avenue, 11th Floor, New York, NY 10172 (Telephone Number 212-622-5219).


SOURCE: United States Steel Corporation

Contact: Mike Dixon, +1-412-433-6860, or John Armstrong,
+1-412-433-6792, both of U. S. Steel


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