PITTSBURGH, Nov. 01, 2018 (GLOBE NEWSWIRE) -- United States Steel Corporation (NYSE: X) announced today enhancements to its capital allocation strategy, which include a $300 million share repurchase authorization and redemption of all of its outstanding 2020 Senior Notes.

“Today’s announcement is an important step as we execute our disciplined and balanced capital allocation strategy,” said David B. Burritt, President and CEO of U. S. Steel. “The repurchase program affirms our confidence and optimism in the long-term future of U. S. Steel and aligns with our commitment to create stockholder value. The strengthening of our balance sheet affords us the opportunity to return capital to our stockholders.”

Authorization of Share Repurchase Program

The Board of Directors has authorized a stock repurchase program under which up to $300 million of the Company’s outstanding common stock may be acquired over the next two years at the discretion of management. 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 26, 2018, the Company had approximately 177.3 million shares outstanding.