HAMILTON, Ontario, Aug. 29, 2008 /CNW/ -- U. S. Steel Canada Inc., a
wholly owned subsidiary of United States Steel Corporation (NYSE: X),
announced today that it completed the acquisition of three pickle lines in
Nanticoke, Ontario, from Nelson Steel, a division of Samuel Manu-Tech Inc.
Under terms of the agreement, U. S. Steel Canada has purchased the assets
adjacent to U. S. Steel Canada's Lake Erie Works for a total of $37.5 million.
"This investment in modern assets is further demonstration of U. S. Steel
Canada's commitment to the Ontario economy and strengthens our position as a
premier supplier of flat-rolled steel products to the North American market,"
said U. S. Steel Canada President and General Manager Douglas R. Matthews.
U. S. Steel Canada expects the acquisition of the 1.2 million metric tons
of pickling capacity from Nelson Steel to help to ensure the future
competitiveness of both Lake Erie Works and Hamilton Works. Pickling is the
process of cleaning hot-rolled steel coils before they are shipped to
customers or further processed into higher value-added steels.
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
For further information:
For further information: Trevor Harris, Manager Government and Public
Affairs of U. S. Steel Canada Inc., +1-905-577-4447 Web Site: