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U. S. Steel Canada Signs Letter of Intent to Acquire Pickle Line Assets in Nanticoke, Ontario
HAMILTON, Ontario, July 30 /CNW/ -- U. S. Steel Canada Inc., a wholly owned subsidiary of United States Steel Corporation (NYSE: X), announced today that it has signed a letter of intent with Nelson Steel, a division of Samuel Manu-Tech Inc., under which U. S. Steel Canada will acquire three pickle lines in Nanticoke, Ontario, adjacent to U. S. Steel Canada's Lake Erie Works. Terms of the letter of intent were not disclosed. The acquisition is subject to regulatory approvals and customary closing conditions and is expected to close in the third quarter of 2008. U. S. Steel Canada expects the acquisition of the 1.2 million metric tons of pickling capacity from Nelson Steel to strengthen its position as a premier supplier of flat-rolled steel products to the North American market. Pickling is the process of cleaning hot-rolled steel coils before they are shipped to customers or further processed into higher value-added steels. "Today, U. S. Steel Canada took an important step in strengthening our commitment to value-added, coated products produced at Hamilton Works by signing the letter of intent to acquire three pickle lines from Nelson Steel," said U. S. Steel Canada President and General Manager Douglas R. Matthews. "These assets give U. S. Steel Canada the modern equipment necessary to produce high-quality products that will be in demand well into the future. In addition, the proximity of these pickle lines to our operations will help to ensure the future competitiveness of both Lake Erie Works and Hamilton Works." Consummation of the acquisition and the anticipated benefits are both forward looking statements. The acquisition is subject to regulatory approvals and other conditions. The achievement of the cost and quality improvement expectations will depend upon many factors, some of which are beyond the control of United States Steel Corporation. In accordance with "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, cautionary statements identifying important factors, but not necessarily all factors, that could cause actual results to differ materially from those set forth in the forward-looking statements have been included in the Form 10-K of U. S. Steel for the year ended December 31, 2007, and in subsequent filings for U. S. Steel with the United States Securities and Exchange Commission.For more information about U. S. Steel Canada, visit www.usscanada.ca.
For further information:
For further information: Trevor Harris of U. S. Steel Canada Inc., +1-905-577-4447 Web Site: http://www.usscanada.ca