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Share Name | Share Symbol | Market | Type |
---|---|---|---|
US Steel Corp | NYSE:X | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.11 | -0.29% | 38.07 | 38.31 | 37.95 | 38.22 | 844,462 | 19:17:38 |
| David B. Burritt | | | David S. Sutherland | |
| President & CEO | | | Board Chair | |
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|
Discount Rates
|
| |
Perpetuity Growth Rates
|
| |
Implied Equity Value per Share of
USS Common Stock |
|
|
11.5% – 13.5%
|
| |
(1.0)% – 1.0%
|
| |
$39 – $50
|
|
|
EV/NTM
EBITDA Multiple Range |
| |
Implied Equity Value per Share of
USS Common Stock |
| | ||
|
4.5x – 6.0x
|
| |
$38 – $47
|
| | | |
Year Announced
|
| |
Production Method
|
| |
Acquiror
|
| |
Target
|
|
2014
|
| | Electric Arc Furnace (“EAF”) | | | Steel Dynamics, Inc. (“Steel Dynamics”) | | | Severstal Columbus, LLC (“Columbus”) | |
2014
|
| | Integrated | | | AK Steel Corporation (“AKS”) | | | Severstal Dearborn, LLC (“Dearborn”) | |
2014
|
| | EAF | | | Nucor Corporation (“Nucor”) | | | Gallatin Steel Company (“Gallatin”) | |
2015
|
| | EAF | | |
BlueScope Steel Limited
|
| | North Star BlueScope Steel LLC (“North Star”) | |
2019
|
| | Integrated | | | Cleveland-Cliffs | | | AKS | |
2020
|
| | Integrated | | | Cleveland-Cliffs | | | ArcelorMittal USA LLC (“ArcelorMittal USA”) | |
2020
|
| | EAF | | | USS | | | Big River Steel Holdings LLC (“BRS”) | |
| | |
Multiple
|
| |||
Total Average
|
| | |
|
6.9x
|
| |
Total Median
|
| | | | 6.4x | | |
EAF Average
|
| | | | 6.6x | | |
EAF Median
|
| | | | 6.5x | | |
Integrated Average
|
| | | | 7.3x | | |
Integrated Median
|
| | | | 6.0x | | |
|
EV/LTM
EBITDA Multiple Range |
| |
Implied Equity Value per Share of
USS Common Stock |
| | ||
|
6.0x – 7.0x
|
| |
$50 – $58
|
| | | |
Average Premia Paid
|
| |
L10Y
|
| |
L5Y
|
| |
L3Y
|
| |||||||||
Median
|
| | | | 31% | | | | | | 36% | | | | | | 36% | | |
25th Percentile
|
| | | | 18% | | | | | | 20% | | | | | | 23% | | |
75th Percentile
|
| | | | 52% | | | | | | 62% | | | | | | 54% | | |
| | |
Average EV/NTM EBITDA
|
| | | | | | | | | | | | | |||||||||||||||||||||
Company
|
| |
L5Y
|
| |
L3Y
|
| |
L2Y
|
| |
LTM
|
| |
Undisturbed
|
| |
Current
|
| ||||||||||||||||||
USS
|
| | | | 3.6x | | | | | | 2.9x | | | | | | 2.7x | | | | | | 3.6x | | | | | | 3.8x | | | | | | 5.6x | | |
Cleveland-Cliffs
|
| | | | 5.7x | | | | | | 5.1x | | | | | | 5.2x | | | | | | 5.9x | | | | | | 5.2x | | | | | | 5.8x | | |
Steel Dynamics
|
| | | | 5.3x | | | | | | 5.1x | | | | | | 5.0x | | | | | | 6.1x | | | | | | 5.9x | | | | | | 8.3x | | |
Nucor
|
| | | | 6.0x | | | | | | 5.8x | | | | | | 5.9x | | | | | | 7.0x | | | | | | 7.1x | | | | | | 7.7x | | |
| | |
2H 2023E
|
| |
2024E
|
| |
2025E
|
| |
2026E
|
| |
2027E
|
| |
2028E
|
| |
2029E
|
| |
2030E
|
| |
2031E
|
| |
2032E
|
| |
2033E
|
| |||||||||||||||||||||||||||||||||
Revenue(1)
|
| | | $ | 8,079 | | | | | $ | 15,479 | | | | | $ | 17,301 | | | | | $ | 17,081 | | | | | $ | 16,965 | | | | | $ | 17,006 | | | | | $ | 16,757 | | | | | $ | 16,757 | | | | | $ | 12,342 | | | | | $ | 12,342 | | | | | $ | 12,342 | | |
Adj. EBITDA(2)
|
| | | $ | 602 | | | | | $ | 1,838 | | | | | $ | 3,012 | | | | | $ | 3,150 | | | | | $ | 3,094 | | | | | $ | 2,937 | | | | | $ | 2,724 | | | | | $ | 2,549 | | | | | $ | 2,530 | | | | | $ | 2,521 | | | | | $ | 2,512 | | |
Capital Expenditures
|
| | | $ | 1,104 | | | | | $ | 1,402 | | | | | $ | 679 | | | | | $ | 644 | | | | | $ | 648 | | | | | $ | 594 | | | | | $ | 551 | | | | | $ | 541 | | | | | $ | 491 | | | | | $ | 491 | | | | | $ | 491 | | |
Unlevered Free Cash Flow(3)
|
| | | $ | (495) | | | | | $ | 137 | | | | | $ | 1,677 | | | | | $ | 2,009 | | | | | $ | 1,970 | | | | | $ | 1,902 | | | | | $ | 1,801 | | | | | $ | 1,433 | | | | | $ | 2,321 | | | | | $ | 1,650 | | | | | $ | 1,642 | | |
| | |
2H
2023E |
| |
2024E
|
| |
2025E
|
| |
2026E
|
| |
2027E
|
| |
2028E
|
| |
2029E
|
| |
2030E
|
| |
2031E
|
| |
2032E
|
| |
2033E
|
| |||||||||||||||||||||||||||||||||
Revenue(1)
|
| | | $ | 8,393 | | | | | $ | 17,688 | | | | | $ | 18,189 | | | | | $ | 17,859 | | | | | $ | 17,743 | | | | | $ | 17,784 | | | | | $ | 17,535 | | | | | $ | 17,535 | | | | | $ | 13,120 | | | | | $ | 13,120 | | | | | $ | 13,120 | | |
Adj. EBITDA(2)
|
| | | $ | 820 | | | | | $ | 2,365 | | | | | $ | 2,985 | | | | | $ | 3,082 | | | | | $ | 3,061 | | | | | $ | 2,993 | | | | | $ | 2,780 | | | | | $ | 2,605 | | | | | $ | 2,586 | | | | | $ | 2,577 | | | | | $ | 2,569 | | |
Capital Expenditures
|
| | | $ | 1,161 | | | | | $ | 1,503 | | | | | $ | 803 | | | | | $ | 762 | | | | | $ | 692 | | | | | $ | 602 | | | | | $ | 557 | | | | | $ | 547 | | | | | $ | 497 | | | | | $ | 497 | | | | | $ | 497 | | |
Unlevered Free Cash Flow(3)
|
| | | $ | (132) | | | | | $ | 141 | | | | | $ | 1,599 | | | | | $ | 1,855 | | | | | $ | 1,838 | | | | | $ | 1,864 | | | | | $ | 1,770 | | | | | $ | 1,396 | | | | | $ | 2,284 | | | | | $ | 1,614 | | | | | $ | 1,606 | | |
| | |
2H
2023E |
| |
2024E
|
| |
2025E
|
| |
2026E
|
| |
2027E
|
| |
2028E
|
| |
2029E
|
| |
2030E
|
| |
2031E
|
| |
2032E
|
| |
2033E
|
| |||||||||||||||||||||||||||||||||
Revenue(1)
|
| | | $ | 8,393 | | | | | $ | 17,997 | | | | | $ | 18,691 | | | | | $ | 18,362 | | | | | $ | 18,246 | | | | | $ | 18,468 | | | | | $ | 18,415 | | | | | $ | 19,535 | | | | | $ | 14,204 | | | | | $ | 15,458 | | | | | $ | 15,460 | | |
Adj. EBITDA(2)
|
| | | $ | 836 | | | | | $ | 2,365 | | | | | $ | 2,985 | | | | | $ | 3,179 | | | | | $ | 3,255 | | | | | $ | 3,316 | | | | | $ | 3,267 | | | | | $ | 3,333 | | | | | $ | 3,245 | | | | | $ | 3,757 | | | | | $ | 3,753 | | |
Capital Expenditures
|
| | | $ | 1,161 | | | | | $ | 1,503 | | | | | $ | 2,039 | | | | | $ | 1,549 | | | | | $ | 1,418 | | | | | $ | 1,964 | | | | | $ | 2,091 | | | | | $ | 1,224 | | | | | $ | 454 | | | | | $ | 449 | | | | | $ | 449 | | |
Free Cash Flow(3)
|
| | | $ | (142) | | | | | $ | (38) | | | | | $ | 397 | | | | | $ | 1,173 | | | | | $ | 1,260 | | | | | $ | 783 | | | | | $ | 568 | | | | | $ | 1,289 | | | | | $ | 2,671 | | | | | $ | 2,572 | | | | | $ | 2,568 | | |
| | |
Q4
2023E |
| |
2024E
|
| |
2025E
|
| |
2026E
|
| |
2027E
|
| |
2028E
|
| |
2029E
|
| |
2030E
|
| |
2031E
|
| |
2032E
|
| |
2033E
|
| |||||||||||||||||||||||||||||||||
Revenue(1)
|
| | | $ | 4,103 | | | | | $ | 17,688 | | | | | $ | 18,189 | | | | | $ | 17,859 | | | | | $ | 17,743 | | | | | $ | 17,784 | | | | | $ | 17,535 | | | | | $ | 17,535 | | | | | $ | 13,120 | | | | | $ | 13,120 | | | | | $ | 13,120 | | |
Adj. EBITDA(2)
|
| | | $ | 223 | | | | | $ | 2,365 | | | | | $ | 2,985 | | | | | $ | 3,082 | | | | | $ | 3,061 | | | | | $ | 2,993 | | | | | $ | 2,780 | | | | | $ | 2,605 | | | | | $ | 2,586 | | | | | $ | 2,577 | | | | | $ | 2,569 | | |
Capital Expenditures
|
| | | $ | 572 | | | | | $ | 1,549 | | | | | $ | 803 | | | | | $ | 762 | | | | | $ | 692 | | | | | $ | 602 | | | | | $ | 557 | | | | | $ | 547 | | | | | $ | 497 | | | | | $ | 497 | | | | | $ | 497 | | |
Unlevered Free Cash Flow(3)
|
| | | $ | (418) | | | | | $ | 95 | | | | | $ | 1,599 | | | | | $ | 1,855 | | | | | $ | 1,838 | | | | | $ | 1,864 | | | | | $ | 1,770 | | | | | $ | 1,396 | | | | | $ | 2,284 | | | | | $ | 1,614 | | | | | $ | 1,606 | | |
Name
|
| |
Company
RSU Awards ($) |
| |
Company
PSU Awards ($) |
| |
Company
Option Awards ($) |
| |||||||||
Named Executive Officers(i) | | | | | | | | | | | | | | | | | | | |
David B. Burritt
|
| | | $ | 11,943,855 | | | | | $ | 35,504,920 | | | | | $ | 6,407,262 | | |
Jessica T. Graziano
|
| | | $ | 5,240,235 | | | | | $ | 10,585,355 | | | | | | — | | |
James E. Bruno
|
| | | $ | 1,981,485 | | | | | $ | 9,243,300 | | | | | $ | 85,913 | | |
Scott D. Buckiso
|
| | | $ | 1,981,485 | | | | | $ | 9,243,300 | | | | | $ | 789,447 | | |
Duane D. Holloway
|
| | | $ | 1,981,485 | | | | | $ | 9,243,300 | | | | | | — | | |
Executive Officers (excluding the named executive officers above)
as an Aggregated Group |
| | |
$
|
10,700,745
|
| | | |
$
|
20,661,850
|
| | | |
$
|
73,325
|
| |
Total
|
| | | $ | 33,829,290 | | | | | $ | 94,482,025 | | | | | $ | 7,355,947 | | |
| | |
Equity Awards
|
| |||||||||
Name
|
| |
Company
DSU Awards ($) |
| |
Unvested
Company RSU Awards ($) |
| ||||||
Non-Employee Directors | | | | | | | | | | | | | |
Tracy A. Atkinson
|
| | | $ | 1,667,368 | | | | | | — | | |
Andrea J. Ayers
|
| | | $ | 902,539 | | | | | | — | | |
Alicia J. Davis
|
| | | | — | | | | | $ | 423,720 | | |
Terry L. Dunlap
|
| | | | — | | | | | $ | 473,660 | | |
John J. Engel
|
| | | $ | 4,806,524 | | | | | | — | | |
John V. Faraci
|
| | | $ | 1,950,886 | | | | | $ | 198,550 | | |
Murry S. Gerber
|
| | | $ | 3,689,943 | | | | | $ | 397,045 | | |
Jeh C. Johnson
|
| | | $ | 3,513,320 | | | | | | — | | |
Paul A. Mascarenas
|
| | | $ | 3,586,922 | | | | | $ | 203,005 | | |
Michael H. McGarry
|
| | | $ | 2,174,456 | | | | | | — | | |
David S. Sutherland
|
| | | $ | 11,777,625 | | | | | | — | | |
Patricia A Tracey
|
| | | $ | 4,709,376 | | | | | $ | 372,185 | | |
Total
|
| | | $ | 38,778,959 | | | | | $ | 2,068,165 | | |
| | |
Total Cash Severance
|
| |||||||||
Name
|
| |
Multiple of
Base Salary ($) |
| |
Multiple of
Annual Bonus ($) |
| ||||||
Named Executive Officers | | | | | | | | | | | | | |
David B. Burritt
|
| | | $ | 3,500,000 | | | | | $ | 8,932,890 | | |
Jessica T. Graziano
|
| | | $ | 1,500,000 | | | | | $ | 1,500,000 | | |
James E. Bruno
|
| | | $ | 1,400,000 | | | | | $ | 1,952,442 | | |
Scott D. Buckiso
|
| | | $ | 1,400,000 | | | | | $ | 2,123,300 | | |
Duane D. Holloway
|
| | | $ | 1,400,000 | | | | | $ | 1,912,570 | | |
Executive Officers (excluding the named executive officers above) as an Aggregated Group
|
| | |
$
|
4,240,000
|
| | | |
$
|
4,954,867
|
| |
Total
|
| | | $ | 13,440,000 | | | | | $ | 21,376,069 | | |
Name
|
| |
Cash
($)(1) |
| |
Equity
($)(2) |
| |
Pension/
NQDC(3) |
| |
Perquisites /
Benefits ($)(4) |
| |
Other
($)(5) |
| |
Total
($) |
| ||||||||||||||||||
Named Executive Officers (“NEOs”)(6)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
David B. Burritt
|
| | | $ | 12,432,890 | | | | | $ | 53,856,037 | | | | | $ | 3,858,650 | | | | | $ | 100,556 | | | | | $ | 968,239 | | | | | | 71,216,372 | | |
President & Chief Executive Officer
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Jessica T. Graziano
|
| | | $ | 3,000,000 | | | | | $ | 15,825,590 | | | | | $ | 219,983 | | | | | $ | 118,052 | | | | | $ | 552,736 | | | | | | 19,716,361 | | |
Senior Vice President & Chief Financial Officer
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
James E. Bruno
|
| | | $ | 3,352,442 | | | | | $ | 11,310,698 | | | | | $ | 1,195,755 | | | | | $ | 117,819 | | | | | $ | 353,874 | | | | | | 16,330,588 | | |
Senior Vice
President – European Solutions & President USSK |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Scott D. Buckiso
|
| | | $ | 3,523,300 | | | | | $ | 12,014,232 | | | | | $ | 4,640,113 | | | | | $ | 120,921 | | | | | $ | 353,874 | | | | | | 20,652,440 | | |
Senior Vice President – Chief Manufacturing Officer – North American Flat-Rolled
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Duane D. Holloway
|
| | | $ | 3,312,570 | | | | | $ | 11,224,785 | | | | | $ | 839,657 | | | | | $ | 120,921 | | | | | $ | 358,376 | | | | | | 15,856,309 | | |
Senior Vice President, General Counsel, and Chief Ethics & Compliance Officer
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Christine S. Breves(7)
|
| | | | — | | | | | $ | 9,202,930 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 9,202,930 | | |
Former Executive Vice President – Business Transformation and Chief Financial Officer
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
Total Cash Severance
|
| |||||||||
Name
|
| |
Base Salary
($) |
| |
Annual Bonus
($) |
| ||||||
Named Executive Officers | | | | | | | | | | | | | |
David B. Burritt
|
| | | $ | 3,500,000 | | | | | $ | 8,932,890 | | |
Jessica T. Graziano
|
| | | $ | 1,500,000 | | | | | $ | 1,500,000 | | |
James E. Bruno
|
| | | $ | 1,400,000 | | | | | $ | 1,952,442 | | |
Scott D. Buckiso
|
| | | $ | 1,400,000 | | | | | $ | 2,123,300 | | |
Duane D. Holloway
|
| | | $ | 1,400,000 | | | | | $ | 1,912,570 | | |
Christine S. Breves
|
| | | | — | | | | | | — | | |
Name
|
| |
Company
RSU Awards ($) |
| |
Company
PSU Awards ($) |
| |
Company
Option Awards ($) |
| |||||||||
Named Executive Officers(i) | | | | | | | | | | | | | | | | | | | |
David B. Burritt
|
| | | $ | 11,943,855 | | | | | $ | 35,504,920 | | | | | $ | 6,407,262 | | |
Jessica T. Graziano
|
| | | $ | 5,240,235 | | | | | $ | 10,585,355 | | | | | | — | | |
James E. Bruno
|
| | | $ | 1,981,485 | | | | | $ | 9,243,300 | | | | | $ | 85,913 | | |
Scott D. Buckiso
|
| | | $ | 1,981,485 | | | | | $ | 9,243,300 | | | | | $ | 789,447 | | |
Duane D. Holloway
|
| | | $ | 1,981,485 | | | | | $ | 9,243,300 | | | | | | — | | |
Christine S. Breves
|
| | | $ | 1,455,300 | | | | | $ | 7,676,350 | | | | | $ | 71,280 | | |
Name
|
| |
Supplemental
Thrift |
| |
Non Tax-
Qualified Retirement Account |
| |
Supplemental
Retirement Account |
| |
Defined
Benefit Pension |
| |
Letter
Agreement |
| |||||||||||||||
| | |
($)
|
| |
($)
|
| |
($)
|
| |
($)
|
| |
($)
|
| |||||||||||||||
Named Executive Officers | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
David B. Burritt
|
| | | $ | 1,169,226 | | | | | $ | 763,391 | | | | | $ | 1,926,034 | | | | | $ | 0 | | | | | $ | 0 | | |
Jessica T. Graziano
|
| | | $ | 39,742 | | | | | $ | 39,252 | | | | | $ | 140,989 | | | | | $ | 0 | | | | | $ | 0 | | |
James E. Bruno
|
| | | $ | 408,133 | | | | | $ | 277,257 | | | | | $ | 510,365 | | | | | $ | 0 | | | | | $ | 0 | | |
Scott D. Buckiso
|
| | | $ | 346,109 | | | | | $ | 218,260 | | | | | $ | 719,371 | | | | | $ | 1,949,414 | | | | | $ | 1,406,958 | | |
Duane D. Holloway
|
| | | $ | 275,881 | | | | | $ | 166,268 | | | | | $ | 397,508 | | | | | $ | 0 | | | | | $ | 0 | | |
Christine S. Breves
|
| | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | |
Name
|
| |
36 months Active Insurance
Continuation |
| |
Outplacement
Services |
| ||||||
| | |
($)
|
| |
($)
|
| ||||||
Named Executive Officers | | | | | | | | | | | | | |
David B. Burritt
|
| | | $ | 50,556 | | | | | $ | 50,000 | | |
Jessica T. Graziano
|
| | | $ | 68,052 | | | | | $ | 50,000 | | |
James E. Bruno
|
| | | $ | 67,819 | | | | | $ | 50,000 | | |
Scott D. Buckiso
|
| | | $ | 70,921 | | | | | $ | 50,000 | | |
Duane D. Holloway
|
| | | $ | 70,921 | | | | | $ | 50,000 | | |
Christine S. Breves
|
| | | $ | 0 | | | | | $ | 0 | | |
Name
|
| |
Hypothetical
Retirement Account |
| |
Hypothetical
Supplemental Retirement Account |
| |
Unvested Savings
Fund Plan |
| |||||||||
| | |
($)
|
| |
($)
|
| |
($)
|
| |||||||||
Named Executive Officers | | | | | | | | | | | | | | | | | | | |
David B. Burritt
|
| | | $ | 386,602 | | | | | $ | 581,637 | | | | | $ | 0 | | |
Jessica T. Graziano
|
| | | $ | 215,150 | | | | | $ | 213,723 | | | | | $ | 123,863 | | |
James E. Bruno
|
| | | $ | 196,831 | | | | | $ | 157,043 | | | | | $ | 0 | | |
Scott D. Buckiso
|
| | | $ | 196,831 | | | | | $ | 157,043 | | | | | $ | 0 | | |
Duane D. Holloway
|
| | | $ | 199,421 | | | | | $ | 158,955 | | | | | $ | 0 | | |
Christine S. Breves
|
| | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | |
Name of Person or Entity
|
| |
Number of
Shares of Common Stock Beneficially Owned(1)* |
| |
Percentage of
Common Stock Outstanding |
| ||||||
5% Shareholders | | | | | | | | | | | | | |
BlackRock, Inc.(2)
|
| | | | 22,915,571 | | | | | | 10.24% | | |
50 Hudson Yards
|
| | | | | | | | | | | | |
New York, NY 10001
|
| | | | | | | | | | | | |
The Vanguard Group, Inc.(3)
|
| | | | 21,033,474 | | | | | | 9.40% | | |
100 Vanguard Blvd.
|
| | | | | | | | | | | | |
Malvern, PA 19355
|
| | | | | | | | | | | | |
Non-Employee Directors | | | | | | | | | | | | | |
Tracy A. Atkinson(4)
|
| | | | 26,017 | | | | | | ** | | |
Andrea J. Ayers(5)
|
| | | | 6,107 | | | | | | ** | | |
Alicia J. Davis(6)
|
| | | | 2,000 | | | | | | ** | | |
Terry L. Dunlap(7)
|
| | | | 8,720 | | | | | | ** | | |
John J. Engel(8)
|
| | | | 82,172 | | | | | | ** | | |
John V. Faraci(9)
|
| | | | 37,811 | | | | | | ** | | |
Murry S. Gerber(10)
|
| | | | 213,200 | | | | | | ** | | |
Jeh C. Johnson(11)
|
| | | | 51,576 | | | | | | ** | | |
Paul A. Mascarenas(12)
|
| | | | 65,576 | | | | | | ** | | |
Michael H. McGarry(13)
|
| | | | 35,269 | | | | | | ** | | |
David S. Sutherland(14)
|
| | | | 207,781 | | | | | | ** | | |
Patricia A. Tracey(15)
|
| | | | 87,283 | | | | | | ** | | |
Executive Officers | | | | | | | | | | | | | |
David B. Burritt(16)
|
| | | | 908,656 | | | | | | ** | | |
Daniel R. Brown(17)
|
| | | | 13,602 | | | | | | ** | | |
James E. Bruno(18)
|
| | | | 47,851 | | | | | | ** | | |
Scott D. Buckiso(19)
|
| | | | 121,762 | | | | | | ** | | |
Jessica T. Graziano(20)
|
| | | | 7,912 | | | | | | ** | | |
Manpreet S. Grewal(21)
|
| | | | 25,573 | | | | | | ** | | |
Duane D. Holloway(22)
|
| | | | 89,344 | | | | | | ** | | |
Kenneth E. Jaycox(23)
|
| | | | 31,179 | | | | | | ** | | |
Richard L. Fruehauf(24)
|
| | | | 41,199 | | | | | | ** | | |
Christine S. Breves(25)
|
| | | | 67,019 | | | | | | ** | | |
All Non-Employee Directors and Executive Officers as a group (21 persons)(26)
|
| | | | 2,110,590 | | | | | | ** | | |
| | |
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Term
|
| |
Section
|
|
Action | | | Section 6.10(b) | |
Adverse Effect on Financing | | | Section 6.17(b) | |
Affordable Care Act | | | Section 4.16(e) | |
Agents | | | Section 6.16(c) | |
Agreement | | | Preamble | |
Alternative Financing | | | Section 6.17(d) | |
Alternative Proposal | | | Section 6.4(h) | |
Anti-Corruption Laws | | | Section 4.13(b) | |
Appraisal Rights | | | Section 3.1(b) | |
Book-Entry Shares | | | Section 3.1(a)(i) | |
Cancelled Shares | | | Section 3.1(a)(ii) | |
Certificate of Merger | | | Section 2.3 | |
Certificates | | | Section 3.1(a)(i) | |
CFIUS Notice | | | Section 6.7(h) | |
Change of Recommendation | | | Section 6.4(e) | |
Closing | | | Section 2.2 | |
Closing Date | | | Section 2.2 | |
Code | | | Section 3.2(b)(iii) | |
Common Stock | | | Section 3.1(a)(i) | |
Company | | | Preamble | |
Company Board | | | Recitals | |
Company Disclosure Letter | | | Article 4 | |
Company Election | | | Section 8.3(b) | |
Company Employees | | | Section 6.6(a) | |
Company Product | | | Section 4.19 | |
Company Related Parties | | | Section 8.3(a) | |
Company SEC Reports | | | Section 4.5(a) | |
Company Stockholders’ Meeting | | | Section 6.5(b) | |
Confidentiality Agreement | | | Section 6.3(b) | |
Debt Commitment Letter | | | Section 5.11(a) | |
Debt Financing | | | Section 5.11(a) | |
Debt Offer Documents | | | Section 6.16(b) | |
Debt Offers | | | Section 6.16(b) | |
DGCL | | | Recitals | |
Dissenting Shares | | | Section 3.1(b) | |
DOJ | | | Section 6.7(c) | |
EDGAR | | | Section 1.3(g) | |
Effective Time | | | Section 2.3 | |
Term
|
| |
Section
|
|
End Date | | | Section 8.1(b) | |
Exchange Fund | | | Section 3.2(a) | |
Excluded Benefits | | | Section 6.6(a) | |
Fee Letter | | | Section 5.11(a) | |
FTC | | | Section 6.7(c) | |
Funding Obligations | | | Section 5.11(b) | |
Funds | | | Section 5.11(b) | |
Guaranteed Obligations | | | Section 9.13(a) | |
Guarantor | | | Preamble | |
HSR Act | | | Section 4.4(b) | |
Indemnified Party | | | Section 6.10(b) | |
Intervening Event | | | Section 6.4(j) | |
Intervening Event Notice | | | Section 6.4(f) | |
Leased Mineral Interests | | | Section 4.9(c) | |
Leases | | | Section 4.9(b) | |
Legal Restraint | | | Section 7.1(b) | |
Material Contract | | | Section 4.11(a) | |
Maximum Amount | | | Section 6.10(c) | |
Measurement Time | | | Section 4.2(a) | |
Merger | | | Recitals | |
Merger Consideration | | | Section 3.1(a)(i) | |
Merger Sub | | | Preamble | |
Mineral Interest Leases | | | Section 4.9(c) | |
Multiemployer Plan | | | Section 4.16(g) | |
New Debt Commitment Letter | | | Section 6.17(d) | |
New Plans | | | Section 6.6(b) | |
Non-U.S. Plan | | | Section 4.16(e) | |
Old Plans | | | Section 6.6(b) | |
Option Grant Date | | | Section 4.16(m) | |
Owned Real Property | | | Section 4.9(a) | |
Parent | | | Preamble | |
Parent Disclosure Letter | | | Article 5 | |
Parent Material Adverse Effect | | | Section 5.1 | |
Parent Related Parties | | | Section 8.3(a) | |
Parties | | | Preamble | |
Paying Agent | | | Section 3.2(a) | |
Payoff Letters | | | Section 6.16(a) | |
Proposed Dissenting Shares | | | Section 3.1(b) | |
Recommendation | | | Section 4.3 | |
Redemption | | | Section 6.16(e) | |
Remedial Action | | | Section 6.7(c) | |
Repayment | | | Section 6.16(e) | |
Replacement Debt Commitment Letters | | | Section 6.17(b) | |
Term
|
| |
Section
|
|
Representatives | | | Section 6.3(a) | |
Required Approvals | | | Section 7.1(c) | |
Required Company Stockholder Vote | | | Section 4.22 | |
Right-to-Bid Provision | | | Section 4.16(d) | |
Sanctioned Country | | | Section 4.13(d) | |
Second Request | | | Section 6.7(c) | |
Section 409A | | | Section 4.16(m) | |
Share | | | Section 3.1(a)(i) | |
Significant Customers | | | Section 4.20 | |
Significant Suppliers | | | Section 4.20 | |
Successorship Provision | | | Section 4.16(d) | |
Superior Proposal | | | Section 6.4(i) | |
Superior Proposal Notice | | | Section 6.4(e) | |
Surviving Corporation | | | Section 2.1 | |
Takeover Statute | | | Section 4.21 | |
Tax Proceeding | | | Section 4.15(f) | |
Tax Sharing Agreement | | | Section 4.15(l) | |
Termination Date | | | Section 6.1(a) | |
Transition Committee | | | Section 6.22(a) | |
Trustees | | | Section 6.16(d) | |
U.S. Antitrust Agencies | | | Section 6.7(c) | |
USW Agreements | | | Section 5.9 | |
WARN Act | | | Section 4.16(a) | |
| | | | NIPPON STEEL NORTH AMERICA, INC. | | ||||||
| | | | By: | | |
/s/ Hiroshi Ono
|
| |||
| | | | | | | Name: | | | Hiroshi Ono | |
| | | | | | | Title: | | | President | |
| | | | 2023 MERGER SUBSIDIARY, INC. | | ||||||
| | | | By: | | |
/s/ Hiroshi Ono
|
| |||
| | | | | | | Name: | | | Hiroshi Ono | |
| | | | | | | Title: | | | President | |
| | | |
NIPPON STEEL CORPORATION
(solely for purposes of Section 9.13) |
| ||||||
| | | | By: | | |
/s/ Takahiro Mori
|
| |||
| | | | | | | Name: | | | Takahiro Mori | |
| | | | | | | Title: | | | Representative Director and Executive Vice President | |
| | | | UNITED STATES STEEL CORPORATION | | ||||||
| | | | By: | | |
/s/ David B. Burritt
|
| |||
| | | | | | | Name: | | | David B. Burritt | |
| | | | | | | Title: | | | President and Chief Executive Officer | |
|
![]() |
| |
745 Seventh Avenue
New York, NY 10019 United States |
|
Exhibit 107
Calculation of Filing Fee Tables
SCHEDULE 14A
(Form Type)
United States Steel Corporation
(Name of Registrant as Specified in its Charter)
Table 1: Transaction Valuation
Proposed Maximum Aggregate Value of Transaction |
Fee Rate |
Amount of Filing Fee | |
Fees to Be Paid | $12,814,107,956.31 | 0.00014760 | $1,891,362.33 |
Fees Previously Paid | - | - | |
Total Transaction Valuation | $12,814,107,956.31 | ||
Total Fees Due for Filing | $1,891,362.33 | ||
Total Fees Previously Paid | - | ||
Total Fee Offsets | - | ||
Net Fee Due | $1,891,362.33 |
Capitalized terms used below but not defined herein shall have the meanings assigned to such terms in the Agreement and Plan of Merger, dated as of December 18, 2023, by and among Nippon Steel North America, Inc., 2023 Merger Subsidiary, Inc., solely as provided in Section 9.13 therein, Nippon Steel Corporation, and United States Steel Corporation.
(i) |
Title of each class of securities to which transaction applies:
Common Stock, $1.00 par value per share (“Common Stock”), of United States Steel Corporation (the “Registrant”). |
(ii) |
Aggregate number of securities to which transaction applies:
As of the close of business on January 18, 2024, the maximum number of shares of Common Stock to which this transaction applies is estimated to be 233,360,802, which consists of (a) 223,692,042 issued and outstanding shares of Common Stock; (b) 3,425,604 shares of Common Stock underlying Company RSU Awards; (c) 4,758,048 shares of Common Stock underlying Company PSU Awards (assuming maximum performance with respect to applicable performance goals); (d) 742,675 shares of Common Stock underlying Company DSU Awards and (e) 742,433 shares of Common Stock underlying Company Option Awards with an exercise price below the merger consideration of $55.00. |
(iii) |
Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):
Solely for the purpose of calculating the filing fee, the underlying value of the transaction was calculated based on the sum of (a) the product of (1) 232,618,369 shares of Common Stock (including 3,425,604 shares of Common Stock underlying Company RSU Awards, 4,758,048 shares of Common Stock underlying Company PSU Awards (assuming maximum performance with respect to applicable performance goals) and 742,675 shares of Common Stock underlying Company DSU Awards that are exchangeable for cash in the Merger) multiplied by (2) the merger consideration of $55.00 and (b) the product of (1) 742,433 shares of Company Stock underlying Company Option Awards with an exercise price below the merger consideration of $55.00 multiplied by (2) $27.07, which is the excess of the merger consideration of $55.00 over $27.93, which is the weighted average exercise price of such outstanding Company Option Awards (the sum of (a) and (b), collectively, the “Total Consideration”). The filing fee equals the product of the Total Consideration multiplied by 0.00014760. |
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