US Steel (X) to Sell Steel Serbia; Will Record $400M-$450M of Non-Cash Charges

United States Steel Corporation (NYSE: X) announced a plan for the sale of U. S. Steel Serbia d.o.o. to the Republic of Serbia for a nominal purchase price, subject to finalization and execution of definitive agreements. U. S. Steel expects to record a total non-cash charge of between $400 and $450 million in the first quarter of 2012, which includes the expected loss on the sale and a charge of approximately $50 million to recognize the cumulative currency translation adjustment related to the company's net investment in Serbia. The sale is expected to close on Jan. 31, 2012.

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