United States Steel Corporation Redeems Portion of Senior Secured Notes Due in 2021, Makes Voluntary Pension Contribution
November 27 2017 - 5:22PM
Today, United States Steel Corporation (NYSE:X) announced that it
has taken two liability management actions to further strengthen
its balance sheet using its improved cash and liquidity position.
On November 22, 2017, U. S. Steel announced that on December 22,
2017 (the “Redemption Date”) it will redeem for cash $200 million
aggregate principal amount (the “Debt Redemption”) of its
outstanding 8.375% Senior Secured Notes due in 2021 (the “Notes”)
at the redemption price of 100% of the principal amount thereof,
plus a make-whole premium to be calculated as set forth in the
applicable notice of redemption, plus accrued and unpaid interest,
if any, to, but not including, the Redemption Date.
In addition, on November 20, 2017, U. S. Steel made a voluntary
cash contribution (the “Pension Contribution”) of $75 million to
the U. S. Steel Retirement Plan Trust, which is the funding vehicle
for the United States Steel Corporation Plan for Employee Pension
Benefits.
This press release is for informational purposes only and shall
not constitute a notice of redemption of the Notes or an offer to
purchase, or a solicitation of an offer to sell, any Notes or other
securities.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This release contains information that may constitute
“forward-looking statements” within the meaning of Section 27 of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. We intend the
forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements in those sections.
Generally, we have identified such forward-looking statements by
using the words “believe,” “expect,” “intend,” “estimate,”
“anticipate,” “project,” “target,” “forecast,” “aim,” “should,”
“will” and similar expressions or by using future dates in
connection with any discussion of, among other things, operating
performance, trends, events or developments that we expect or
anticipate will occur in the future, statements relating to volume
growth, share of sales and earnings per share growth, and
statements expressing general views about future operating
results. However, the absence of these words or similar
expressions does not mean that a statement is not
forward-looking. Forward-looking statements are not
historical facts, but instead represent only the Company’s beliefs
regarding future events, many of which, by their nature, are
inherently uncertain and outside of the Company’s control. It
is possible that the Company’s actual results and financial
condition may differ, possibly materially, from the anticipated
results and financial condition indicated in these forward-looking
statements. Management believes that these forward-looking
statements are reasonable as of the time made. However,
caution should be taken not to place undue reliance on any such
forward-looking statements because such statements speak only as of
the date when made. Our Company undertakes no obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise, except
as required by law. In addition, forward-looking statements
are subject to certain risks and uncertainties that could cause
actual results to differ materially from our Company's historical
experience and our present expectations or projections. These
risks and uncertainties include, but are not limited to the risks
and uncertainties described in “Item 1A. Risk Factors” in our
Annual Report on Form 10-K for the year ended December 31, 2016,
and those described from time to time in our future reports filed
with the Securities and Exchange Commission. References to
"we," "us," "our," the "Company," and "U. S. Steel," refer to
United States Steel Corporation and its consolidated
subsidiaries.
-oOo-
CONTACTS:
Meghan Cox ManagerCorporate CommunicationsT – (412) 433-6777E –
mmcox@uss.com
Dan Lesnak General ManagerInvestor RelationsT – (412) 433-1184E
– dtlesnak@uss.com
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