U.S. Steel Announces Common Stock Repurchase Program
United States Steel Corporation (NYSE: X) announced today that its Board of Directors has approved the repurchase of up to 8 million shares of its common stock. This repurchase authorization replaces the repurchase program announced on January 31, 2006.
Commenting on the new repurchase program, U. S. Steel Chairman and CEO John Surma said, "Through September, U.S. Steel has repurchased 12.4 million shares since we announced our first repurchase program in July 2005 -- 5.8 million during the initial authorization and 6.6 million under the second. By replenishing our program again at 8 million shares, we continue to show our commitment to our shareholders.
"This action, coupled with our announced dividend increase, demonstrates our confidence in the long-term outlook for our business, and together with substantial debt reduction, employee benefit funding and capital spending, illustrate our balanced and responsible approach to capital allocation."
It is expected that the purchases will be made from time to time in open- market or privately negotiated transactions. The timing of such purchases will be determined by the company based upon a number of factors including the market price of United States Steel Corporation common stock; the availability and pursuit of strategic initiatives including investment and acquisition opportunities; operating cash flow and internal capital requirements; and general economic conditions in the United States and Europe.
This release contains forward-looking information concerning the repurchase of United States Steel Corporation common stock. Whether such purchases in fact occur, and the amount and timing thereof, will be impacted by the factors mentioned above. United States Steel Corporation operating results and cash flow will also be influenced by many factors, a number of which are outside of its control. In accordance with "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, cautionary statements identifying important factors, but not necessarily all factors, that could cause actual results to differ materially from those set forth in the forward- looking statements have been included in the Form 10-K of U. S. Steel for the year ended December 31, 2004, and in subsequent filings for U. S. Steel.
For more information about U. S. Steel, visit www.ussteel.com.
First Call Analyst: Nick Harper
SOURCE: United States Steel Corporation
CONTACT: Public Affairs, John Armstrong, +1-412-433-6792, or Investors-
Web site: http://www.ussteel.com/
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