PITTSBURGH, May 24, 2016 /PRNewswire/ -- United States Steel
Corporation (NYSE: X) ("we" or "U. S. Steel") announced the early results as of 5:00 p.m. EDT on
May 23, 2016 (the "Early Tender Date"), of its previously announced tender offers to purchase
(each, a "Tender Offer" and collectively, the "Tender Offers") for cash, subject to certain terms and conditions, up to a total
of $500 million aggregate principal amount of its outstanding 7.000% senior notes due 2018 (the
"2018 Notes"), 7.375% senior notes due 2020 (the "2020 Notes") and 6.875% senior notes due 2021 (the "2021 Notes" and, together
with the 2018 Notes and the 2020 Notes, the "Securities").
On May 10, 2016, U. S. Steel commenced the Tender Offers to purchase the Securities in
accordance with the terms and conditions set forth in the Offer to Purchase and related Letter of Transmittal (collectively, the
"Tender Offer Materials"), which set forth a more detailed description of the Tender Offers. The Tender Offers will expire
at 11:59 p.m., EDT, on June 7, 2016, unless extended or earlier
terminated by U.S. Steel. Capitalized terms not otherwise defined herein shall have the meanings assigned to such terms in the
Tender Offer Materials.
The following table presents the aggregate principal amount of Securities of each series amount accepted and not validly
withdrawn as of the Early Tender Date at 5:00pm, EDT, as reported by D.F.
King & Co., Inc., the Tender Agent and Information Agent for the Tender Offers, and the amount of each series accepted
for purchase.
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Title of Security
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CUSIP Number
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Principal Amount Outstanding
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Aggregate Principal Amount Tendered
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Aggregate Principal
Amount Accepted as of the Early Tender Date
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Acceptance Priority
Level
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Series Maximum Tender
Amount
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Total Consideration(1)
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7.000% Senior
Notes due 2018
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912656AG0
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$486,967,000
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$325,701,000
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$325,701,000
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1
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N/A
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$1,070.00
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7.375% Senior
Notes due 2020
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912909AF5
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$600,000,000
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$284,158,000
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$149,906,000
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2
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$150,000,000
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$860.00
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6.875% Senior
Notes due 2021
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912909AJ7
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$275,000,000
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$122,740,000
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$23,680,000
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3
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$50,000,000
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$820.00
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(1) Excludes accrued and unpaid interest up to, but not
including, the Early Settlement Date, which will be paid in addition to the Tender Offer Consideration or Total
Consideration, as applicable, and includes the Early Tender Premium.
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The Early Settlement Date for Securities validly tendered at or prior to the Early Tender Date and accepted for purchase is
expected to occur on May 24, 2016. Holders that tendered Securities at or prior to the Early Tender
Date and whose Securities are accepted for payment, subject to the applicable priority level and the proration procedures
described in the Tender Offer Materials, will be entitled to receive the Total Consideration, which includes the Early Tender
Premium, plus accrued and unpaid interest up to, but not including, the Early Settlement Date, as set forth in the table above.
Validly tendered Securities may no longer be validly withdrawn.
The Tender Cap Amount has been achieved. Therefore, U. S. Steel will not accept for purchase any additional Securities
tendered.
U. S. Steel has retained BofA Merrill Lynch, Credit Suisse, Goldman, Sachs & Co. and J.P. Morgan to serve as Dealer
Managers for the Tender Offers. D.F. King & Co., Inc. has been retained to serve as the
Information Agent and Tender Agent for the Tender Offers. Questions regarding the Tender Offers may be directed to BofA Merrill
Lynch at 214 North Tryon Street, 21st Floor Charlotte, North Carolina 28255, Attn: Liability
Management Group, Collect: (980) 388 3646, Toll-Free: (888) 292-0070, Credit Suisse at 11
Madison Avenue New York, New York 10010, Attn: Liability Management Group, (800) 820-1653
(toll-free), (212) 325 6340 (collect), Goldman, Sachs & Co. at 200 West Street, 7th Floor, New
York, New York 10282, Attn: Liability Management Group, (800) 828-3182 (toll-free), (212) 902-6941 (collect) and J.P.
Morgan Securities LLC at 383 Madison Avenue, 3rd Floor New York, New York
10179 Attn: Liability Management Group, Collect: (212) 834-3424, Toll-Free: (866)
834-4666. Requests for the Tender Offer Materials may be directed to D.F. King & Co., Inc. at
48 Wall Street, New York, New York 10005, Attn: Peter Aymar,
(212) 269-5550 (for banks and brokers) or (866) 796-7179 (for all others) or email at uss@dfking.com.
U. S. Steel is making the Tender Offers only by, and pursuant to, the terms of the Tender Offer Materials. None of U. S.
Steel, the Dealer Managers, the Information Agent and Tender Agent make any recommendation as to whether Holders should tender or
refrain from tendering their Securities. Holders must make their own decision as to whether to tender Securities and, if so, the
principal amount of the Securities to tender. The Tender Offers are not being made to holders of Securities in any
jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of
such jurisdiction. In any jurisdiction in which the securities laws or blue sky laws require the Tender Offers to be made
by a licensed broker or dealer, the Tender Offers will be deemed to be made on behalf of U. S. Steel by the Dealer Managers, or
one or more registered brokers or dealers that are licensed under the laws of such jurisdiction.
This press release does not constitute an offer to purchase securities or a solicitation of an offer to sell any securities or
an offer to sell or the solicitation of an offer to purchase any new securities, nor does it constitute an offer or solicitation
in any jurisdiction in which such offer or solicitation is unlawful. Capitalized terms used in this press release but not
otherwise defined herein have the meanings assigned to them in the Tender Offer Materials.
Cautionary Statement
All statements included in this press release, other than historical information or statements of historical fact, are
"forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Words such as, but not limited to, "believes," "expects," "anticipates," "estimates," "intends," "plans,"
"could," "may," "will," "should," and similar expressions are intended to identify forward-looking statements. All
forward-looking statements rely on a number of assumptions, estimates and data concerning future results and events and are
subject to a number of uncertainties and other factors, many of which are outside U. S. Steel's control that could cause actual
results to differ materially from those reflected in such statements. Accordingly, U. S. Steel cautions that the forward-looking
statements contained herein are qualified by these and other important factors and uncertainties that could cause results to
differ materially from those reflected by such statements. For more information on the potential factors, please review U. S.
Steel's filings with the Securities and Exchange Commission, including, but not limited to, U. S. Steel's Annual Report on Form
10-K, its Quarterly Reports on Form 10-Q and its Current Reports on Form 8-K.
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SOURCE United States Steel Corporation