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USX Receives Private Letter Ruling From IRS Confirming Tax-Free Spin-Off of U. S. Steel

PRNewswire
PITTSBURGH
12.28.2001

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.

(For more information on U. S. Steel, visit our website at http://www.usx.com/ or http://www.ussteel.com/.)

USX Corporation press releases are available through Company News On-Call at http://www.prnewswire.com/gh/cnoc/comp/929150.html.

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SOURCE: USX Corporation

Contact: John Armstrong, +1-412-433-6792, or Mike Dixon,
+1-412-433-6860, both for USX

Website: http://www.ussteel.com/
http://www.usx.com/

Company News On-Call: http://www.prnewswire.com/comp/929150.html

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