U.S. Steel (X) Prices Larger 18.9M Common Stock Offering at $23/Share

August 10, 2016 6:27 AM EDT

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Today United States Steel Corporation (NYSE: X) 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.



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