PITTSBURGH--(BUSINESS WIRE)--United States Steel Corporation (NYSE: X) announced today the pricing of its upsized underwritten public offering of 42,000,000 shares of common stock, for gross proceeds of approximately $699 million. The size of the offering was upsized from 40,000,000 shares to 42,000,000 shares. The company has granted the underwriter a 30-day option to purchase up to 6,300,000 additional shares of common stock from the company. The offering is expected to close on or about February 5, 2021, subject to customary closing conditions.

U. S. Steel intends to use the net proceeds from the offering to redeem 35% of its outstanding 2025 Senior Secured Notes and for general corporate purposes, which may include further repayment of its outstanding indebtedness.

Founded in 1901, the United States Steel Corporation is a Fortune 250 company and leading integrated steel producer. With extensive iron ore production and an annual raw steelmaking capability of 26.2 million net tons, U. S. Steel produces high value-added steel products for the automotive, infrastructure, appliance, container, and energy industries. The company’s Best of BothSM integrated and mini-mill technology strategy is advancing a more secure, sustainable future for U. S. Steel and its stakeholders. With renewed emphasis on innovation and customer focus, the company produces cutting-edge products such as U. S. Steel’s proprietary XG3™ advanced high-strength steel. U. S. Steel is headquartered in Pittsburgh, Pennsylvania, with world-class operations across the United States and in Central Europe. For more information, please visit www.ussteel.com.