United States Steel Corporation (NYSE:X) Files An 8-K Other Events
Item 8.01 Other Events
restructuring and disposition of USSC through a sale and transfer
of all of the issued and outstanding shares in USSC to an
affiliate of Bedrock Industries Group LLC (Bedrock). In
accordance with the Second Amended and Restated Plan of
Compromise, Arrangement and Reorganization, approved by the Court
on June 9, 2017, the Corporation received approximately $127
million in satisfaction of its secured claims, including
interest. The Corporation has also agreed to the discharge and
cancellation of its unsecured claims for nominal consideration.
The terms of the settlement also include an agreement to provide
mutual releases among key stakeholders, including a release of
all claims against the Corporation regarding environmental,
pension and other liabilities.
transition services to Bedrock for a limited period of time, and
has also entered into an agreement to supply USSC with all its
requirements for iron ore pellets for a period of five years.
announcing the completion of the restructuring and sale of USSC.
The full text of the press release is filed herewith as Exhibit
99.1 and is incorporated herein by reference.
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99.1
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Press Release dated June 30, 2017
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UNITED STATES STEEL CORP ExhibitEX-99.1 2 pressrelease.htm EXHIBIT 99.1 Exhibit Exhibit 99.1NEWS RELEASECONTACTS:MediaMeghan CoxT – (412) 433-6777E – mmcox@uss.comAnalysts/InvestorsDan LesnakT – (412) 433-1184E – dtlesnak@uss.comFOR IMMEDIATE RELEASEU. S. STEEL AND BEDROCK INDUSTRIES FINALIZE RESTRUCTURING AND SALE OF U. S. STEEL CANADAPITTSBURGH,…To view the full exhibit click here About United States Steel Corporation (NYSE:X)
United States Steel Corporation (U. S. Steel) is an integrated steel producer. The Company is engaged in producing flat-rolled and tubular products with production operations in North America and Europe. The Company operates through three segments: Flat-Rolled Products (Flat-Rolled), U. S. Steel Europe (USSE) and Tubular Products (Tubular). The Flat-Rolled segment includes the operating results of U. S. Steel’s integrated steel plants and equity investees in the United States involved in the production of slabs, rounds, strip mill plates, sheets and tin mill products, as well as all iron ore and coke production facilities in the United States. The USSE segment includes the operating results of U. S. Steel Kosice (USSK), U. S. Steel’s integrated steel plant and coke production facilities in Slovakia. The Tubular segment includes the operating results of U. S. Steel’s tubular production facilities, primarily in the United States, and equity investees in the United States and Brazil.