United States Steel : Completion of Acquisition or Disposition of Assets (Form 8-K)

Completion of Acquisition or Disposition of Assets

On July 28, 2021, United States Steel Corporation (the 'Corporation') completed its previously announced sale of 100% of the equity interests of the Corporation's wholly owned short-line railroad subsidiary, Transtar, LLC ('Transtar'), to Percy Acquisition LLC (the 'Buyer'), an affiliate of Fortress Transportation and Infrastructure Investors LLC, for a cash purchase price of $640 million, subject to certain customary adjustments set forth in the Membership Interest Purchase Agreement (the 'Purchase Agreement') by and between the Corporation and the Buyer (the 'Transaction').

In connection with the closing of the Transaction, the Corporation, on the one hand, and Transtar or the Buyer (or their respective affiliates), on the other hand, entered into certain ancillary agreements including, among others, a transition services agreement and a railway services agreement (the 'Railway Services Agreement'). Under the Railway Services Agreement, for an initial term of 15 years from and after the closing of the Transaction, Transtar will continue to provide the Corporation with rail haulage, switching and transportation services at the Corporation's facilities in and around Gary, Indiana, Pittsburgh, Pennsylvania, Fairfield, Alabama, Ecorse, Michigan, Lorain, Ohio and Lone Star, Texas.

The summary of the Purchase Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Purchase Agreement, a copy of which was filed by the Corporation as Exhibit 10.1 to the Corporation's Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission on June 8, 2021, which is incorporated herein by reference.

Financial Statements and Exhibits

(d) Exhibits:

Exhibit No.	Description
104	Cover Page Interactive Data File (embedded within the Inline XBRL document).