U. S. Steel Announces Redemption of 5.00% Senior Convertible Notes Due 2026
July 29, 2025
PITTSBURGH, July 29, 2025 — United States Steel Corporation (“U. S. Steel”) today announced that it has delivered a notice of redemption (the “Redemption Notice”) to holders of its 5.00% Senior Convertible Notes due 2026 (the “Notes”) to redeem all of the outstanding principal amount of such Notes, pursuant to the Indenture, dated as of October 21, 2019 (as supplemented from time to time, the “Indenture”), between U. S. Steel and The Bank of New York Mellon, as trustee, paying agent and conversion agent. The Notes will be redeemed on August 28, 2025 (the “Redemption Date”).
The redemption price for the Notes is equal to 100% of the principal amount of such Notes to be redeemed, plus accrued and unpaid interest thereon to, but excluding, the Redemption Date. On the Redemption Date, the redemption price will become due and payable on the Notes. Interest on the Notes will cease to accrue on and after the Redemption Date.
To receive the redemption price, Holders must surrender their Notes to the paying agent. Notes held through The Depository Trust Company (“DTC”) should be surrendered for redemption in accordance with the applicable procedures of DTC.
As a result of this redemption, holders of the Notes have the right to submit for conversion any or all of their Notes, at any time before 5:00 p.m., New York City time, on August 26, 2025 (the second business day immediately preceding the redemption date). Holders must complete the applicable conversion procedures prior to that time to convert their Notes called for redemption.
Holders will be entitled to receive $4,116.15 in cash per $1,000 principal amount of Notes validly surrendered to the conversion agent for conversion. The settlement method will be cash settlement, with settlement to occur on the second business day following such holder’s conversion date.
Additional information concerning the redemption and related conversion right and procedures are described in the Redemption Notice and the Indenture. This press release does not constitute a notice of redemption of the Notes.
The trustee, paying agent and conversion agent for the Notes is:
The Bank of New York Mellon
500 Ross Street, 12th Floor
Pittsburgh, Pennsylvania 15262
Attention: Transfers/Redemptions
Neither U. S. Steel nor any of its affiliates, or any of its or their respective boards of directors, employees, advisors or representatives, or The Bank of New York Mellon, in its role as trustee, paying agent and conversion agent, is making any representation or recommendation to any holder as to whether or not to surrender or convert such holder’s Notes.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any offer or sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Cautionary Note Regarding Forward-Looking Statements
This release contains information regarding U. S. Steel and Nippon Steel Corporation (“NSC”) that may constitute “forward-looking statements,” as that term is defined under the Private Securities Litigation Reform Act of 1995 and other securities laws, that are subject to risks and uncertainties. We intend the forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in those sections. Generally, we have identified such forward-looking statements by using the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “target,” “forecast,” “aim,” “should,” “plan,” “goal,” “future,” “will,” “may” and similar expressions. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. Forward-looking statements include all statements that are not historical facts, but instead represent only current beliefs regarding future goals, plans and expectations about our prospects for the future and other events, many of which, by their nature, are inherently uncertain and outside of U. S. Steel’s or NSC’s control. Caution should be taken not to place undue reliance on any such forward-looking statements because such statements speak only as of the date when made. U. S. Steel directs readers to its Annual Report on Form 10-K for the year ended December 31, 2024 and the other documents it files with the SEC for risks associated with its future performance. These documents contain and identify important factors that could cause actual results to differ materially from those contained in the forward-looking statements. All information in this report is as of the date above. U. S. Steel does not undertake any duty to update any forward-looking statement to conform the statement to actual results or changes in its expectations whether as a result of new information, future events or otherwise, except as required by law.
###
2025-021
About U. S. Steel
Founded in 1901, U. S. Steel delivers profitable and sustainable steel solutions. Propelled by its talented employees and an unwavering focus on safety, U. S. Steel serves the automotive, construction, appliance, energy, containers, and packaging industries with high value-added steel products. Steel production begins with our competitively advantaged iron ore production capabilities which fuel our integrated steelmaking facilities and investments in electric arc furnaces. To help our customers create the best products with the fewest emissions, we are committed to reaching net-zero greenhouse gas emissions by 2050. U. S. Steel is at the forefront of creating steels that are stronger, lighter, and better for the environment. This includes our proprietary XG3® advanced high-strength steel, verdeX® steel produced with 70-80% lower CO2 emissions with a recycled content of up to 90%, and ultra-thin lightweight InduX™ steel for electric vehicles, generators, and transformers. U. S. Steel maintains operations across the United States and in Central Europe and is headquartered in Pittsburgh, Pennsylvania. For more information, please visit www.ussteel.com.