PITTSBURGH, Oct. 16, 2019 (GLOBE NEWSWIRE) -- United States Steel Corporation (NYSE: X) announced the pricing of an aggregate principal amount of $300,000,000 5.00% Senior Convertible Notes due 2026 in a previously announced private offering made only to persons reasonably expected to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. In addition, U. S. Steel has granted the initial purchasers of the notes a 30-day option to purchase up to an additional $50,000,000 aggregate principal amount of the notes on the same terms and conditions (the “additional notes”). The sale of the notes to the initial purchasers is expected to close on October 21, 2019, subject to customary closing conditions, and is expected to result in approximately $291 million in net proceeds to U. S. Steel after deducting the initial purchasers’ discount and estimated offering expenses payable by U. S. Steel (or approximately $340 million if the initial purchasers’ option to purchase additional notes is exercised in full).

ABOUT U. S. STEEL

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.