U. S. Steel in Third Round of Bidding for Polish Steelmaker
United States Steel Corporation (NYSE: X) today submitted to Poland's Ministry of State Treasury an amended offer for the purchase of Polskie Huty Stali (PHS) through privatization. Terms of the offer were not disclosed.
"U. S. Steel is ready and willing to invest in ownership of PHS. Our offer reflects our commitment to the long-term future of PHS through capital investment, sound and ethical business practices and a responsible social program," said John H. Goodish, executive vice president-operations for U. S. Steel. "The offer also responds to comments we received from the Ministry of State Treasury."
U. S. Steel submitted its original offer for PHS on April 22, 2003. Following the first-round tenders, the Polish government conducted additional consultations with the two bidders. U. S. Steel's latest offer is submitted in accordance with the procedural guidelines governing the second phase of evaluation. The Ministry of State Treasury is expected to announce its decision in about two weeks.
This release contains forward-looking statements with regards to the potential acquisition of PHS. 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 including completion of negotiations with Poland's Ministry of State Treasury and anti-monopoly and other approvals. 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 United States Steel Corporation for the year ended December 31, 2002, and in subsequent filings by United States Steel Corporation.
SOURCE: United States Steel Corporation
CONTACT: John Armstrong or Mike Dixon of United States Steel,
Web site: http://www.ussteel.com/
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