Filed
Pursuant to Rule 433
Registration Statement No. 333-141080
UNITED STATES STEEL CORPORATION
PRICING TERM SHEET
MAY 16, 2007
$350,000,000 6.65% Senior Notes due 2037
|
Issuer: |
|
United States Steel Corporation |
|
|
|
|
|
Title of Securities: |
|
6.65% Senior Notes due 2037 |
|
|
|
|
|
Principal Amount: |
|
$350,000,000 |
|
|
|
|
|
Maturity: |
|
June 1, 2037 |
|
|
|
|
|
Coupon: |
|
6.65% |
|
|
|
|
|
Price: |
|
99.405% of principal amount |
|
|
|
|
|
Yield to maturity: |
|
6.696% |
|
|
|
|
|
Benchmark Treasury: |
|
4.500% U.S. Treasury due February 15, 2036 |
|
|
|
|
|
Spread to Benchmark Treasury: |
|
180 basis points (1.80%) |
|
|
|
|
|
Benchmark Treasury Price and Yield: |
|
93-29+; 4.896% |
|
|
|
|
|
Interest Payment Dates: |
|
June 1 and December 1 of each year, commencing on December 1, 2007 |
|
|
|
|
|
Interest Payment Record Dates: |
|
May 15 and November 15 of each year |
|
|
|
|
|
Redemption Provisions: |
|
|
|
Mandatory Redemption: |
|
None. |
|
|
|
|
|
Optional Redemption: |
|
Optional redemption at any time in whole, or from time to time in part, at a redemption price equal to the greater of (i) 100% of the principal amount of the Notes redeemed and (ii) the sum of the present values of remaining scheduled payments of principal and interest (exclusive of interest accrued to the date of redemption) on such Notes discounted to the redemption date on a semi-annual basis at the Treasury yield plus 30 basis points, plus accrued interest to the redemption date. |
|
|
|
|
|
Change of Control Repurchase Event: |
|
If a change of control repurchase event occurs, the Company will be required to make an offer to repurchase all outstanding Notes at a price in cash equal to 101% of the principal amount of the Notes, plus any accrued and unpaid interest to but not including the repurchase date. |
|
|
|
|
|
Settlement: |
|
T + 3 days; May 21, 2007 |
|
|
|
|
|
CUSIP: |
|
912909AD0 |
|
|
|
|
|
ISIN: |
|
US912909AD03 |
|
|
|
|
|
Joint Book-Running Managers |
|
J.P. Morgan Securities Inc., Morgan Stanley & Co. Incorporated and Banc of America Securities LLC |
|
|
|
|
|
Ratings: |
|
Moody’s: Baa3 (stable outlook) |
|
|
|
Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time. |
|
|
|
|
|
Pro
Forma Earnings to |
|
|
|
|
Three months ended |
|
Year ended |
|
|
|
|
14.00 |
|
11.85 |
|
The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling J.P. Morgan Securities Inc. collect at 1-212-834-4533, Morgan Stanley & Co. Incorporated toll-free at 1-866-718-1649 and Banc of America Securities LLC toll free at 1-800-294-1322.