Citing the imperative to 'correct the record,' the letter outlines multiple benefits of NSC's investment in U. S. Steel. The full text of the letter is below and also on https://www.bestdealforamericansteel.com:
It is not often that the full Board of Directors releases a communication to stakeholders outside of significant breaking news, but unfortunately, we have found ourselves in the midst of a long-running misinformation campaign targeting our company, our investors, our employees and our business partners. For that reason, we must correct the record.
As has been disclosed and widely reported on, following a robust and lengthy strategic alternatives review process, we approved an all-cash transaction with
The investment by NSC has been under attack since day one by one of our competitors and unsuccessful bidder -
As a reminder, the NSC investment in U. S. Steel has the following benefits, which are verifiable and have been endorsed by third parties:
Pro-Competitive: By transacting with a partner who has a limited
Pro-National Security: This transaction will provide investment into
Pro-Employee: The transaction is a positive for employees, as NSC has committed to continuity for our employees with the assumption of the labor agreements, no change in compensation and benefits for unionized employees and retirees, no change in operating footprint, financial backing and guarantees that do not exist today supporting all USW agreements for active employees and retirees, and providing new investment from a larger reserve of capital.
Pro-Community: NSC has committed to maintain and expand the
We are pleased to have received the overwhelming support of our stockholders, as well as approval by the vast majority of the needed foreign regulators. However, we also know we have more to do to get to the finish line and see these benefits come to fruition. That's why our management team continues to engage with our employees and community leaders. We are committed to an ongoing and open dialogue to ensure our stakeholders are informed so they can make their own decisions and not fall prey to misinformation.
Following the closing of the transaction with NSC, the introduction of NSC's advanced technologies will enhance the competitiveness of the NAFR business and improve our blast furnace technology. In the meantime, our team will continue to do what it does best - operate safely and with integrity. Our strategic projects continue to progress, most recently with the direct reduced iron-grade pellet line at our Minnesota Ore Operations at Keetac that provides for sustainable steel production, our galvanizing line at
For all the reasons noted above, this is not only the best deal for U. S. Steel and its stockholders, but also for our employees, the communities in which we operate, our customers,
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains information regarding the Company and NSC that may constitute 'forward-looking statements,' as that term is defined under the Private Securities Litigation Reform Act of 1995 and other securities laws, that are subject to risks and uncertainties. We intend the forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in those sections. Generally, we have identified such forward-looking statements by using the words 'believe,' 'expect,' 'intend,' 'estimate,' 'anticipate,' 'project,' 'target,' 'forecast,' 'aim,' 'should,' 'plan,' 'goal,' 'future,' 'will,' 'may' and similar expressions or by using future dates in connection with any discussion of, among other things, statements expressing general views about future operating or financial results, operating or financial performance, trends, events or developments that we expect or anticipate will occur in the future, anticipated cost savings, potential capital and operational cash improvements and changes in the global economic environment, the construction or operation of new or existing facilities or capabilities, statements regarding our greenhouse gas emissions reduction goals, as well as statements regarding the proposed transaction, including the timing of the completion of the transaction. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. Forward-looking statements include all statements that are not historical facts, but instead represent only the Company's beliefs regarding future goals, plans and expectations about our prospects for the future and other events, many of which, by their nature, are inherently uncertain and outside of the Company's or NSC's control. It is possible that the Company's or NSC's actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Management of the Company or NSC, as applicable, believes that these forward-looking statements are reasonable as of the time made. However, caution should be taken not to place undue reliance on any such forward-looking statements because such statements speak only as of the date when made. In addition, forward looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the Company's or NSC's historical experience and our present expectations or projections. Risks and uncertainties include without limitation: the ability of the parties to consummate the proposed transaction on a timely basis or at all; the timing, receipt and terms and conditions of any required governmental and regulatory approvals of the proposed transaction; the occurrence of any event, change or other circumstances that could give rise to the termination of the definitive agreement and plan of merger relating to the proposed transaction (the 'Merger Agreement'); the risk that the parties to the Merger Agreement may not be able to satisfy the conditions to the proposed transaction in a timely manner or at all; risks related to disruption of management time from ongoing business operations due to the proposed transaction; certain restrictions during the pendency of the proposed transaction that may impact the Company's ability to pursue certain business opportunities or strategic transactions; the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of the Company's common stock or NSC's common stock or American Depositary Receipts; the risk of any unexpected costs or expenses resulting from the proposed transaction; the risk of any litigation relating to the proposed transaction; the risk that the proposed transaction and its announcement could have an adverse effect on the ability of the Company or NSC to retain customers and retain and hire key personnel and maintain relationships with customers, suppliers, employees, stockholders and other business relationships and on its operating results and business generally and the risk the pending proposed transaction could distract management of the Company. The Company directs readers to its Quarterly Report on Form 10-Q for the quarter ended
About U. S. Steel
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