US Steel Commences Strategic Alternatives Process

KUALA LUMPUR, Aug 14 (Bernama) -- United States Steel Corporation (US Steel) announced its Board of Directors has decided to initiate a formal review process, with the assistance of outside financial and legal advisors, to evaluate strategic alternatives for the company.

According to US Steel in a statement, the Board of Directors and management team are committed to acting in the best interests of the company, its stockholders and its stakeholders.

“US Steel’s Board and management team are committed to maximising value for our stockholders, and to that end, we have commenced a comprehensive and thorough review of strategic alternatives,” said its President, Chief Executive Officer and member of the Board of Directors, David B. Burritt.

He added this decision was as a result of the company receiving multiple unsolicited proposals that ranged from the acquisition of certain production assets to consideration for the whole company.

“The Board is taking a measured approach to considering these proposals, including seeking more information in order to evaluate proposals that are preliminary and subject to ongoing due diligence and review,” he said.

US Steel has made significant progress transforming the company into a customer-centric, world-competitive Best for All steelmaker as it continues to win in strategic markets, move down the cost curve and move up the talent curve.

Founded in 1901, US Steel is a leading steel producer headquartered in Pittsburgh, Pennsylvania, with world-class operations across the US and in Central Europe.

-- BERNAMA