PITTSBURGH and COLUMBUS, Ohio, Sept. 23 /PRNewswire-FirstCall/ --
United States Steel Corporation (NYSE: X) and Worthington Industries, Inc.
(NYSE: WOR) announced today that they have signed an agreement to expand
and modify their current Worthington Specialty Processing joint venture
located in Jackson, Mich. Under the terms of the agreement, U. S. Steel
would contribute ProCoil Company LLC, its steel processing subsidiary in
Canton, Mich., and Worthington Industries would contribute Worthington
Steel Taylor, its steel processing subsidiary in Taylor, Mich. to the
expanded joint venture. Both companies anticipate closing the transaction
in early October, subject to customary closing conditions. Worthington
Specialty Processing is currently a 50-50 joint venture. Under the new
agreement, Worthington Industries will own 51 percent and U. S. Steel will
own 49 percent of the joint venture. Worthington Industries will continue
to be the managing partner.
The new expanded joint venture is expected to better serve the changing
needs of automotive and flat-rolled customers by allowing each of the three
entities to maximize their individual processing specialties.
Worthington Specialty Processing was established in 1986 to serve the
automotive manufacturers' need for high-quality, class-one processing. The
facility is capable of processing master steel coils into both slit coils
and sheared first operation blanks including rectangles, trapezoids,
parallelograms and chevrons.
ProCoil slits, cuts-to-length and presses blanks from steel coils to
desired specifications, provides laser welding services and warehouses
material for automotive customers. Worthington Steel Taylor slits,
cuts-to-length and tension levels steel coils.
Consummation of the transaction is subject to customary closing
conditions and execution of final documentation. Achievement of the
anticipated synergies is subject to many factors, some of which are beyond
the control of the joint venture, U. S. Steel and Worthington Industries.
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 Forms 10-K of U. S. Steel and of Worthington
Industries for the year ended December 31, 2007, and in subsequent filings
for U. S. Steel and Worthington Industries with the United States
Securities and Exchange Commission.
For more information about U. S. Steel, visit http://www.ussteel.com.
For more information about Worthington Industries, visit
http://www.worthingtonindustries.com.
SOURCE United States Steel Corporation
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Related links:
http://www.ussteel.com
http://www.worthingtonindustries.com
http://www.prnewswire.com/comp/929150.html/
CONTACT:
Media: John Armstrong, +1-412-433-6792, or
Investors-Analysts: Dan Lesnak, +1-412-433-1184, both of U. S.
Steel; or Media Relations: Cathy M. Lyttle, +1-614-438-3077, or
Investor Relations: Allison Sanders, +1-614-840- 3133, both of
Worthington Industries
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