US Steel announces proposed senior notes offering

Wednesday, 17 March 2010 23:30:40 (GMT+2)

United States Steel Corporation Tuesday announced its intention to offer, subject to market and other conditions, $600 million aggregate principal amount of senior unsecured notes due 2020.  The Notes have been priced at 99.125% of the principal amount. The Notes will pay interest semi-annually in arrears at a rate of 7.375% per year and will mature on April 1, 2020, unless earlier repurchased, and will pay interest on April 1 and October 1 of each year beginning October 1, 2010. The offering will be made pursuant to the Company's shelf registration statement filed with the Securities and Exchange Commission. The Company intends to use the net proceeds from the offering for general corporate purposes.

BofA Merrill Lynch, Barclays Capital, Goldman, Sachs & Co., J.P. Morgan and Morgan Stanley are the joint book-runners for this offering.

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