U.S. STEEL HEADLINESSteel Producers /
U.S. Steel
U.S. Steel Announces Stock Repurchase Program
Nov. 3, 2006
Nov. 3, 2006 — United States Steel Corp.’s Board of Directors has approved the repurchase of up to 8 million shares of its common stock. This repurchase authorization replaces the repurchase program announced on January 31, 2006.
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The United States Steel Board of Directors also declared a dividend of 20 cents per share on U. S. Steel Common Stock—an increase of 5 cents per share.
The dividend is payable December 9, 2006, to stockholders of record at the close of business November 15, 2006.
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Commenting on the new repurchase program, U. S. Steel Chairman and CEO John Surma said, "Through September, U.S. Steel has repurchased 12.4 million shares since we announced our first repurchase program in July 2005 — 5.8 million during the initial authorization and 6.6 million under the second. By replenishing our program again at 8 million shares, we continue to show our commitment to our shareholders.
"This action, coupled with our announced dividend increase, demonstrates our confidence in the long-term outlook for our business, and together with substantial debt reduction, employee benefit funding and capital spending, illustrate our balanced and responsible approach to capital allocation."
U.S. Steel expects that the purchases will be made from time to time in open-market or privately negotiated transactions. The timing of such purchases will be determined by the company based upon a number of factors including the stock’s market price; the availability and pursuit of strategic initiatives including investment and acquisition opportunities; operating cash flow and internal capital requirements; and general economic conditions in the United States and Europe.