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September 2003 U.S. Steel Makes Trade with International Steel Group; Plate Business for Pickle LinePittsburgh, PA— United States Steel Corporation announced that it has signed a letter of intent with International Steel Group Inc. (ISG) to exchange the assets of its plate business, including the plate mill at Gary Works, for the assets of ISG’s No. 2 pickle line at Indiana Harbor Works. Plate products currently account for about 3 percent of U.S. Steel’s domestic steel shipments. Capable of pickling 560,000 net tons of hot-rolled steel with widths of up to 60 inches, the No. 2 pickle line is currently exclusively servicing U. S. Steel’s East Chicago Tin operation. The transaction is expected to close in the fourth quarter. “This transaction will allow U.S. Steel to focus on our core business, value-added sheet products, while continuing the ongoing consolidation of the steel industry in keeping with President Bush’s steel program,” said U.S. Steel President and Chief Operating Officer John P. Surma. |