United States Steel Corporation Announces Pricing of Common Stock Offering
June 17 2020 - 10:33PM
Business Wire
United States Steel Corporation (NYSE: X) (the “company” or “U.
S. Steel”) today announced the pricing of its previously announced
underwritten public offering of 50,000,000 shares of common stock,
for gross proceeds of approximately $429 million. The company has
granted the underwriter a 30-day option to purchase up to 7,500,000
additional shares of common stock from the company. The offering is
expected to close on or about June 22, 2020, subject to customary
closing conditions.
U. S. Steel intends to use the net proceeds from the offering to
strengthen its balance sheet, increase liquidity and for general
corporate purposes.
Morgan Stanley & Co. LLC is acting as the underwriter for
the offering. The underwriter may offer the shares of our common
stock from time to time for sale in one or more transactions on the
New York Stock Exchange, in the over-the-counter market, through
negotiated transactions or otherwise at market prices prevailing at
the time of sale, at prices related to prevailing market prices or
at negotiated prices.
The common stock is being offered and sold pursuant to an
effective automatic shelf registration statement on Form S-3
previously filed with the Securities and Exchange Commission
(“SEC”). Before you invest, you should read the prospectus
supplement related to this offering and accompanying prospectus in
that registration statement and other documents filed with the SEC
for more information about the company and this offering. You may
obtain these documents free of charge by visiting the SEC’s website
at www.sec.gov. Copies of the
prospectus supplement and accompanying prospectus for the offering
may be obtained from: Morgan Stanley & Co. LLC at 180 Varick
Street, 2nd Floor, New York, New York 10014, Attn: Prospectus
Department.
This press release is neither an offer to sell nor a
solicitation of an offer to buy any securities, including U. S.
Steel common stock, nor shall it constitute an offer, solicitation
or sale of any securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such
jurisdiction.
ABOUT U. S. STEEL
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.
FORWARD-LOOKING
STATEMENTS
This press release contains “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. 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, including with respect
to the offering described herein, 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 U. S. Steel’s control that could cause actual
results to differ materially from those reflected in such
statements. Accordingly, U. S. Steel 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 additional potential risk
factors, please review U. S. Steel’s filings with the SEC,
including, but not limited to, U. S. Steel’s Annual Report on Form
10-K, Quarterly Reports on Form 10-Q and its Current Reports on
Form 8-K.
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version on businesswire.com: https://www.businesswire.com/news/home/20200617005863/en/
Media John O. Ambler Vice President Corporate Communications T -
(412) 433-2407 E - joambler@uss.com
Investors/Analysts Kevin Lewis Vice President Investor Relations
T - (412) 433-6935 E - klewis@uss.com
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