United States Steel Corporation Announces Exercise in Full of Underwriter's Option to Purchase Additional Common Shares
February 17 2021 - 7:58AM
Business Wire
United States Steel Corporation (NYSE: X) (the “company” or “U.
S. Steel”) announced today that, in connection with its recently
completed offering of 42,000,000 shares of common stock at a price
to the public of $16.3733 per share, the underwriter has exercised
in full its option to purchase 6,300,000 additional shares of
common stock (the "Additional Shares").
U. S. Steel will receive additional net proceeds of
approximately $103.2 million, after deducting expenses related to
the offering, from the exercise of the option to purchase
Additional Shares. Closing of the offering of Additional Shares is
expected to occur on February 18, 2021. Morgan Stanley &
Co. LLC acted as the underwriter for the offering.
The Additional Shares were offered only by means of a base
prospectus and prospectus supplement, which are part of the
company’s effective automatic shelf registration statement on Form
S-3 previously filed with the Securities and Exchange Commission
(“SEC”). 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 the
Additional Shares, 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.
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.
Founded in 1901, the United States Steel Corporation is a
Fortune 250 company and leading steel producer. Together with
its subsidiary Big River Steel and an unwavering focus on safety,
the company’s customer-centric Best of BothSM world-competitive
integrated and mini mill technology strategy is advancing a more
secure, sustainable future for U. S. Steel and its
stakeholders. With a renewed emphasis on innovation,
U. S. Steel serves the automotive, construction, appliance,
energy, containers and packaging industries with high value-added
steel products such as U. S. Steel’s proprietary XG3™ advanced
high-strength steel. The company also maintains competitively
advantaged iron ore production and has an annual raw steelmaking
capability of 26.2 million net tons. U. S. Steel is
headquartered in Pittsburgh, Pennsylvania, with world-class
operations across the United States and in Central Europe. For more
information, please visit www.ussteel.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20210217005560/en/
John O. Ambler Vice President Corporate Communications T – (412)
477-1719 E – joambler@uss.com
Kevin Lewis Vice President Investor Relations T – (412) 433-6935
E – klewis@uss.com
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