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United States Steel Corporation Declares Dividend and Announces 2011 Capital Budget


PITTSBURGH, Jan. 25, 2011 /PRNewswire-FirstCall/ --United States Steel Corporation (NYSE: X) announced today that the Board of Directors declared a dividend of five cents per share on U. S. Steel Common Stock.  The dividend is payable March 10, 2011, to stockholders of record at the close of business February 9, 2011.

The Board of Directors also approved the capital expenditure budget for 2011.  Capital expenditures for 2011 are expected to total approximately $990 million and will remain largely focused on strategic projects primarily related to coke and coke substitute production, including blast furnace coal injection in Europe, a quench and temper line at our Tubular operations in Lorain, Ohio, implementation of an enterprise resource planning system, and non-discretionary environmental and other infrastructure projects.  

The amount of the capital budget and the detail of the projects included are forward-looking statements.  Factors that may affect our capital spending and the projects include: (i) levels of cash flow from operations; (ii) general economic conditions; (iii) business conditions; (iv) cost and availability of capital; (v) receipt of necessary permits; and (vi) unforeseen hazards such as contractor performance, material shortages, weather conditions, explosions or fires.  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 U. S. Steel's Annual Report on Form 10-K for the year ended December 31, 2009, and in subsequent filings for U. S. Steel.  

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SOURCE United States Steel Corporation