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United States Steel Corporation Prices Common Stock Offering

08.09.2016

PITTSBURGH, Aug. 9, 2016 /PRNewswire/ -- Today United States Steel Corporation (NYSE: X) (the "Company") announced that it has priced its underwritten public offering of approximately 18,900,000 shares of common stock, which was upsized from the previously announced 17,000,000 at a public offering price of $23 per share, for gross proceeds of approximately $434.7 million. The Company has granted the underwriters a 30-day option to purchase up to 2,835,000 additional shares of common stock from the Company. The offering is expected to close on or about August 15, 2016, subject to customary closing conditions.     

The Company intends to use the net proceeds from the offering for financial flexibility, capital expenditures and other general corporate purposes.

J.P. Morgan, Goldman, Sachs & Co, Barclays, Wells Fargo Securities, Credit Suisse and Morgan Stanley are acting as joint book-running managers for the offering. BofA Merrill Lynch, PNC Capital Markets LLC, Scotiabank, Citizens Capital Markets, SunTrust Robinson Humphrey, BNY Mellon Capital Markets, LLC, Citigroup, COMMERZBANK, Huntington Investment Company, SOCIETE GENERALE, The Williams Capital Group, L.P. and ING are acting as co-managers. Copies of the final prospectus supplement and accompanying prospectus for the offering may be obtained from: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at (866) 803-9204; and from Goldman, Sachs & Co., Attn: Prospectus Department, 200 West Street, New York, NY 10282, telephone: (866) 471-2526, facsimile: (212) 902-9316, e-mail: prospectus-ny@ny.email.gs.com.

This press release does not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Cautionary Statement

All statements included in this press release, other than historical information or statements of historical fact, are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. Words such as, but not limited to, "believes," "expects," "anticipates," "estimates," "intends," "plans," "could," "may," "will," "should" and similar expressions are intended to identify forward-looking statements. All forward-looking statements rely on a number of assumptions, estimates and data concerning future results and events and are subject to a number of uncertainties and other factors, many of which are outside the Company's control that could cause actual results to differ materially from those reflected in such statements. Accordingly, the Company cautions that the forward-looking statements contained herein are qualified by these and other important factors and uncertainties that could cause results to differ materially from those reflected by such statements. For more information on the potential factors, please review the Company's filings with the SEC, including, but not limited to, the Company's Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q and its Current Reports on Form 8-K.

United States Steel Corporation, headquartered in Pittsburgh, Pa., is a leading integrated steel producer and Fortune 250 company with major operations in the United States and Central Europe.

SOURCE United States Steel Corporation

For further information: Media, Sarah Cassella, Manager, External Communications, T - (412) 433-6777, E - sacassella@uss.com; Investors/Analysts, Dan Lesnak, General Manager, Investor Relations, T - (412) 433-1184, E - dtlesnak@uss.com

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