U. S. Steel Reaffirms Interest in Acquiring National Steel Assets
United States Steel Corporation (NYSE: X) reaffirmed today its interest in acquiring the assets of National Steel Corporation. Commenting on the developments in the U. S. Bankruptcy Court in Chicago, U. S. Steel Chairman Thomas J. Usher, said, "We remain interested in acquiring the assets of National Steel at the right price and with the right labor agreement. We do not view an asset purchase agreement or so-called `stalking horse status' at this time as particularly important in this bankruptcy auction. In our view, it is more important for us to focus on our positive, ongoing discussions with the United Steelworkers of America. Nobody is going to be able to buy and operate National Steel successfully without reaching a constructive and progressive new labor agreement. We are confident that we can achieve such an agreement.
"We consider the USWA to be partners in this venture. We think that most of our interests are aligned and continue to believe that our acquisition of National's assets is the best solution for National's employees, communities, customers and other stakeholders."
U. S. Steel believes that, by the end of any auction period established by the U. S. Bankruptcy Court in Chicago, it will reach a new labor agreement with the USWA. In any bankruptcy auction, the value that U. S. Steel may ultimately offer for National's assets will depend upon conditions in the steel and financial markets, as well as the nature of its agreement with the USWA.
This release contains forward-looking statements with regards to the potential acquisition of the assets of National Steel Corporation. Whether such acquisition will be implemented and the timing of such implementation will depend upon a number of factors, many of which are beyond the control of United States Steel Corporation and National Steel Corporation. Among the factors are the negotiation of a new labor agreement between U. S. Steel and the United Steelworkers of America covering the employees of the National facilities; receipt of necessary clearances from the Federal Trade Commission and the United States Department of Justice under the Hart-Scott-Rodino Antitrust Improvement Act; approval by the Surface Transportation Board under the Surface Transportation Act for the acquisition of the Delray Connecting Railroad (a subsidiary of National); the absence of any injunctions blocking consummation of the acquisition; and the results of the auction process contemplated in National's bankruptcy court filing.
For more information about U. S. Steel, visit our web site at www.ussteel.com.
SOURCE: United States Steel Corporation
CONTACT: John Armstrong or Mike Dixon, +1-412-433-6870, both of United
Web site: http://www.ussteel.com/
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