U.S. Steel (X) Announces $300M Share Buyback; Declares $0.05 Dividend

October 28, 2021 4:18 PM EDT

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United States Steel Corporation (NYSE: X) (“U. S. Steel”) today announced that its Board of Directors approved significant enhancements to its capital allocation priorities aligned with the continued execution of its Best for All℠ strategy. The enhancements include:

  • A stock repurchase program under which up to $300 million of the Company’s outstanding common stock may be repurchased at the discretion of management.
  • A quarterly dividend of $0.05 per share, a 400%, or $0.04 per share, increase over the previous quarter’s dividend. The dividend is payable Thursday, December 9, 2021 to stockholders of record at the close of business on Monday, November 8, 2021.

“Today’s announcement demonstrates the significant progress we have made in the execution of our Best for All strategy,” said U. S. Steel President and Chief Executive Officer David B. Burritt. “We have made substantial progress on our announced deleveraging plans and expect to complete our incremental $1.0 billion target by the end of the year and ahead of schedule. Our expected $3.1 billion of total 2021 deleveraging combined with our robust cash and liquidity position has also allowed us to confidently begin executing organic growth investments aligned with long-term value creation. Today’s capital allocation enhancements further affirm our bullish outlook for the long-term future of U. S. Steel, are attractive uses of capital and demonstrate that our strategy is truly best for all by ensuring our stockholders directly benefit from the company’s continued success.”

The shares will be purchased from time to time at prevailing market prices, through open market or privately negotiated transactions, depending upon market conditions. Under the program, the purchases will be funded from cash on hand, and the repurchased shares will be held as treasury shares. There is no guarantee as to the exact number of shares to be repurchased by the Company, and the Company may discontinue purchases at any time that management determines additional purchases are not warranted. As of October 25, 2021, the Company had approximately 270.2 million shares outstanding.

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