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.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/united-states-steel-corporation-prices-common-stock-offering-300311559.html
SOURCE United States Steel Corporation