PITTSBURGH, June 30, 2017 /PRNewswire/ -- United States Steel
Corporation (NYSE: X) announced today that it has finalized an
agreement with Bedrock Industries Group LLC (Bedrock) for the sale
and transition of ownership of U. S. Steel Canada, Inc. (USSC) to Bedrock. The
transaction was finalized following requisite court and other
approvals.
On Sept. 16, 2014, USSC applied
for relief from its creditors pursuant to Canada's Companies' Creditors Arrangement Act
(CCAA). On June 9, 2017, the
Ontario Superior Court of Justice sanctioned a second amended and
restated plan of compromise, arrangement and reorganization
pursuant to the CCAA (the Plan). In connection with the
closing, U. S. Steel received approximately $127 million in satisfaction of its secured
claims, including interest, and unsecured claims. The terms of the
Plan and closing also included an agreement to provide mutual
releases among key stakeholders, as well as a release of all claims
against U. S. Steel regarding environmental, pension and other
liabilities.
As part of the transition in ownership, U. S. Steel will
continue to provide certain transition services to USSC and entered
an agreement to supply USSC with all of its requirements for iron
ore pellets through January 31,
2022.
United States Steel Corporation, headquartered in Pittsburgh, Pa., is a leading integrated steel
producer and Fortune 300 company with major production operations
in the United States and
Central Europe. The company
manufactures a wide range of value-added steel sheet and tubular
products. For more information about U. S. Steel, please
visit www.ussteel.com.
Bedrock Industries is a privately funded holding company focused
on owning and operating metals, mining and natural resources assets
and related special situations. For more information about
Bedrock, please visit www.bi15.com.
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SOURCE United States Steel Corporation