PITTSBURGH, Oct. 29 /CNW/ -- United States Steel Corporation (NYSE: X)
announced today that it has received approval of its acquisition of Stelco
Inc. (TSX: STE) from the Canadian Minister of Industry under the Investment
In connection with the approval under the Investment Canada Act, U. S.
Steel has made commitments to the Minister of Industry that highlight the net
benefit to Canada that will arise from the acquisition. These include
commitments relating to the funding of Stelco's main pension plans, increases
in production and exports from Canada, significant capital expenditures at
Stelco's facilities, R&D and the endowment of a Priority Chair in the
Department of Materials Science and Engineering at McMaster University to
facilitate the continuing development of steelmaking technology in Ontario,
and the transfer of U. S. Steel's operating experience and best practices to
the Stelco facilities.
Commenting on the approval, John P. Surma, U. S. Steel Chairman and CEO,
said, "We are pleased with this news, which confirms that the Minister of
Industry is satisfied that U. S. Steel's acquisition of Stelco will be of net
benefit to Canada. U. S. Steel brings the financial strength, operating
experience and advanced research and technology capability that are critical
for the continued success of the Stelco facilities. We look forward to
realizing the benefits of combining our operations with those of Stelco and to
building on the unique talents, commitment and expertise of Stelco's
All regulatory clearances required to complete the acquisition of Stelco
have now been obtained.
For more information about U. S. Steel, visit www.ussteel.com.
For further information:
For further information: Public Affairs, John Armstrong,
+1-412-433-6792, or Investors- Analysts, Nick Harper, +1-412-433-1184, both
of U.S. Steel Web Site: http://www.ussteel.com