U.S. Steel Announces Common Stock Offering
United States Steel Corporation (NYSE: X) announced today that it intends to sell 8 million shares of its common stock in a public offering. The company also anticipates that it will grant the underwriters a customary over allotment option of up to 1.2 million additional shares. The managing underwriters for the offering, which is expected to commence next week, are Credit Suisse First Boston and J.P. Morgan Securities, Inc.
United States Steel Corporation is engaged in the production, sale and transportation of sheet, plate, tin mill and tubular steel mill products, coke, taconite pellets and coal; the management of mineral resources; real estate development; and engineering and consulting services in the United States and the production and sale of steel products in Central Europe.
Sales will be made only pursuant to a prospectus which may be obtained from Office of the Secretary, United States Steel Corporation, 600 Grant St., Pittsburgh, PA 15219-2800. A copy of the prospectus may also be obtained from Credit Suisse First Boston Corporation, Prospectus Department, Eleven Madison Avenue, New York, NY 10010-3629 (Telephone Number 212-325-2580) or from J.P. Morgan Securities Inc., Prospectus Library, 277 Park Avenue, 11th Floor, New York, NY 10172 (Telephone Number 212-622-5219).
The announcement of the intention to offer common stock is a forward-looking statement which is based on a number of assumptions concerning future events made by management and information currently available to management. Readers are cautioned not to put undue reliance on such forward-looking statement, which is not a guarantee that any shares of common stock will be sold or the price thereof. A number of factors may influence these matters including demand and prices for steel mill products, general economic and market conditions, and investor perceptions of the steel industry.
SOURCE: United States Steel Corporation
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