United States Steel LLC Announces Debt Offering
United States Steel LLC, part of the USX - U. S. Steel Group (NYSE: X), a unit of USX Corporation, announced today that it is offering $350 million of its Senior Notes.
The company announced that this offering is being made in connection with the proposed separation of the energy and steel businesses of USX Corporation that was announced on April 24, 2001. Until that separation, the notes will be guaranteed by USX.
The notes have not been and will not be registered under the Securities Act and they may not be offered or sold in the United States absent registration or an applicable exemption therefrom. This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
Both the completion of any sale of the securities and the completion of the plan of reorganization are "forward looking statements" within the meaning of the Securities Litigation Reform Act of 1995 which are based on (1) a number of assumptions concerning future events made by management and (2) information currently available to management. Readers are cautioned not to put undue reliance on such forward-looking statements, which are not a guarantee of performance and are subject to a number of uncertainties and other facts, many of which are outside USX Corporation's control, that could cause actual events to differ materially from such statements. The completion of the securities offering is subject to developments in the financial markets and factors effecting the business of United States Steel including steel shipments and prices, import levels, customer inventory levels, plant operating performance and U.S. and European economic performance. Consummation of the plan of reorganization is subject to a number of conditions including the approval of a majority of the outstanding shares of each class of the current USX common stock at a special meeting of shareholders, which is expected to be held early in the fourth quarter of this year; receipt of a favorable tax ruling from the Internal Revenue Service on the tax-free nature of the transaction; completion of necessary financing arrangements and receipt of necessary regulatory and third party consents, and board approval of definitive documentation for the transaction. In accordance with "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, USX has included in Form 10-K for the year ended December 31, 2000 and in its subsequent filings 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.
SOURCE: United States Steel LLC
Contact: William E. Keslar or Don H. Herring of U. S. Steel,
Company News On-Call: http://www.prnewswire.com/comp/929150.html