United States Steel Corporation Announces a $300 Million Stock Repurchase Program and Increases Its Quarterly Dividend to $0.05 Per Share
28 Outubro 2021 - 05:17PM
Business Wire
United States Steel Corporation (NYSE: X) (“U. S. Steel”) today
announced that its Board of Directors approved significant
enhancements to its capital allocation priorities aligned with the
continued execution of its Best for All℠ strategy. The enhancements
include:
- A stock repurchase program under which up to $300 million of
the Company’s outstanding common stock may be repurchased at the
discretion of management.
- A quarterly dividend of $0.05 per share, a 400%, or $0.04 per
share, increase over the previous quarter’s dividend. The dividend
is payable Thursday, December 9, 2021 to stockholders of record at
the close of business on Monday, November 8, 2021.
“Today’s announcement demonstrates the significant progress we
have made in the execution of our Best for All strategy,” said U.
S. Steel President and Chief Executive Officer David B. Burritt.
“We have made substantial progress on our announced deleveraging
plans and expect to complete our incremental $1.0 billion target by
the end of the year and ahead of schedule. Our expected $3.1
billion of total 2021 deleveraging combined with our robust cash
and liquidity position has also allowed us to confidently begin
executing organic growth investments aligned with long-term value
creation. Today’s capital allocation enhancements further affirm
our bullish outlook for the long-term future of U. S. Steel, are
attractive uses of capital and demonstrate that our strategy is
truly best for all by ensuring our stockholders directly benefit
from the company’s continued success.”
The shares will be purchased from time to time at prevailing
market prices, through open market or privately negotiated
transactions, depending upon market conditions. Under the program,
the purchases will be funded from cash on hand, and the repurchased
shares will be held as treasury shares. There is no guarantee as to
the exact number of shares to be repurchased by the Company, and
the Company may discontinue purchases at any time that management
determines additional purchases are not warranted. As of October
25, 2021, the Company had approximately 270.2 million shares
outstanding.
Forward-Looking Statements
This release contains information that may constitute
“forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. 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,"
“will,” "may" and similar expressions or by using future dates in
connection with any discussion of, among other things, the timing,
size and form of stock repurchase transactions. However, the
absence of these words or similar expressions does not mean that a
statement is not forward-looking. Forward-looking statements are
not historical facts, but instead represent only the Company’s
beliefs regarding future events, many of which, by their nature,
are inherently uncertain and outside of the Company’s control. It
is possible that the Company’s actual results and financial
condition may differ, possibly materially, from the anticipated
results and financial condition indicated in these forward-looking
statements. Management believes that these forward-looking
statements are reasonable as of the time made. However, 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. The Company undertakes no obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise, except
as required by law. In addition, forward-looking statements are
subject to certain risks and uncertainties that could cause actual
results to differ materially from the Company's historical
experience and our present expectations or projections. These risks
and uncertainties include, but are not limited to the risks and
uncertainties described in “Item 1A. Risk Factors” in our Annual
Report on Form 10-K for the year ended December 31, 2020, and those
described from time to time in our future reports filed with the
Securities and Exchange Commission. References to "we," "us,"
"our," the "Company," and "U. S. Steel," refer to United States
Steel Corporation and its consolidated subsidiaries.
Founded in 1901, United States Steel Corporation is a leading
steel producer. With an unwavering focus on safety, the company’s
customer-centric Best for All℠ strategy is advancing a more secure,
sustainable future for U. S. Steel and its stakeholders. With a
renewed emphasis on innovation, U. S. Steel serves the automotive,
construction, appliance, energy, containers, and packaging
industries with high value-added steel products such as U. S.
Steel’s proprietary XG3™ advanced high-strength steel. The company
also maintains competitively advantaged iron ore production and has
an annual raw steelmaking capability of 26.2 million net tons. U.
S. Steel is headquartered in Pittsburgh, Pennsylvania, with
world-class operations across the United States and in Central
Europe. For more information, please visit www.ussteel.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20211028006158/en/
John O. Ambler Vice President Corporate Communications T – (412)
433-2407 E – joambler@uss.com
Kevin Lewis Vice President Investor Relations T – (412) 433-6935
E – klewis@uss.com
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