USX Receives Private Letter Ruling From IRS Confirming Tax-Free Spin-Off of U. S. Steel
USX Corporation today announced that it has received from the Internal Revenue Service a private letter ruling confirming that the spin-off of the steel business will be tax free to USX and the holders of its common stock. The transaction is expected to occur at year-end.
The foregoing contains "forward-looking statements." 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. For a more detailed description of the factors that could cause such a difference, please see USX Corporation's filings with the Securities and Exchange Commission. There are also a number of uncertainties, risks, conditions and other factors which could prevent the implementation of the above described plan of reorganization.
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SOURCE: USX Corporation
Contact: John Armstrong, +1-412-433-6792, or Mike Dixon,
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