|
|
| |
|
|
| 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
|
| | | $ | 15,236,705 | | | | | $ | 32,195,020 | | | | | $ | 6,407,262 | | |
Jessica T. Graziano
|
| | | $ | 6,193,385 | | | | | $ | 9,627,255 | | | | | | — | | |
James E. Bruno
|
| | | $ | 2,535,885 | | | | | $ | 8,685,600 | | | | | $ | 85,913 | | |
Scott D. Buckiso
|
| | | $ | 2,535,885 | | | | | $ | 8,685,600 | | | | | $ | 789,447 | | |
Duane D. Holloway
|
| | | $ | 2,535,885 | | | | | $ | 8,685,600 | | | | | | — | | |
Executive Officers (excluding the named executive officers above)
as an Aggregated Group |
| | | $ | 11,658,295 | | | | | $ | 19,699,900 | | | | | $ | 73,325 | | |
Total
|
| | | $ | 40,696,040 | | | | | $ | 87,578,975 | | | | | $ | 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
|
| | | | — | | | | | $ | 372,185 | | |
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 | | | | | $ | 2,016,630 | | |
| | |
Total Cash Severance
|
| |||||||||
Name
|
| |
Multiple of
Base Salary ($) |
| |
Multiple of
Annual Bonus ($) |
| ||||||
Named Executive Officers | | | | | | | | | | | | | |
David B. Burritt
|
| | | $ | 3,625,000 | | | | | $ | 9,457,891 | | |
Jessica T. Graziano
|
| | | $ | 1,580,000 | | | | | $ | 1,580,000 | | |
James E. Bruno
|
| | | $ | 1,460,000 | | | | | $ | 2,086,317 | | |
Scott D. Buckiso
|
| | | $ | 1,460,000 | | | | | $ | 2,250,642 | | |
Duane D. Holloway
|
| | | $ | 1,460,000 | | | | | $ | 2,021,456 | | |
Executive Officers (excluding the named executive officers above) as an Aggregated Group
|
| | | $ | 4,375,000 | | | | | $ | 5,127,192 | | |
Total
|
| | | $ | 13,960,000 | | | | | $ | 22,523,498 | | |
Name
|
| |
Cash
($)(1) |
| |
Equity
($)(2) |
| |
Pension/
NQDC(3) |
| |
Perquisites /
Benefits ($)(4) |
| |
Other
($)(5) |
| |
Total
($) |
| ||||||||||||||||||
Named Executive Officers (“NEOs”)(6)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
David B. Burritt
|
| | | $ | 13,082,891 | | | | | $ | 53,838,987 | | | | | $ | 4,011,997 | | | | | $ | 100,789 | | | | | $ | 1,002,820 | | | | | $ | 72,037,484 | | |
President & Chief Executive Officer
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Jessica T. Graziano
|
| | | $ | 3,160,000 | | | | | $ | 15,820,640 | | | | | $ | 241,886 | | | | | $ | 118,259 | | | | | $ | 597,355 | | | | | $ | 19,938,140 | | |
Senior Vice President & Chief
Financial Officer |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
James E. Bruno
|
| | | $ | 3,546,317 | | | | | $ | 11,307,398 | | | | | $ | 1,249,701 | | | | | $ | 117,948 | | | | | $ | 790,343 | | | | | $ | 17,011,707 | | |
Senior Vice President – European Solutions & President USSK
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Scott D. Buckiso
|
| | | $ | 3,710,642 | | | | | $ | 12,010,932 | | | | | $ | 4,727,189 | | | | | $ | 121,050 | | | | | $ | 836,425 | | | | | $ | 21,406,238 | | |
Senior Vice President – Chief
Manufacturing Officer – North American Flat-Rolled |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Duane D. Holloway
|
| | | $ | 3,481,456 | | | | | $ | 11,221,485 | | | | | $ | 872,655 | | | | | $ | 121,050 | | | | | $ | 781,755 | | | | | $ | 16,478,401 | | |
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
|
| | | $ | 3,625,000 | | | | | $ | 9,457,891 | | |
Jessica T. Graziano
|
| | | $ | 1,580,000 | | | | | $ | 1,580,000 | | |
James E. Bruno
|
| | | $ | 1,460,000 | | | | | $ | 2,086,317 | | |
Scott D. Buckiso
|
| | | $ | 1,460,000 | | | | | $ | 2,250,642 | | |
Duane D. Holloway
|
| | | $ | 1,460,000 | | | | | $ | 2,021,456 | | |
Christine S. Breves
|
| | | | — | | | | | | — | | |
Name
|
| |
Company
RSU Awards ($) |
| |
Company
PSU Awards ($) |
| |
Company
Option Awards ($) |
| |||||||||
Named Executive Officers(i) | | | | | | | | | | | | | | | | | | | |
David B. Burritt
|
| | | $ | 15,236,705 | | | | | $ | 32,195,020 | | | | | $ | 6,407,262 | | |
Jessica T. Graziano
|
| | | $ | 6,193,385 | | | | | $ | 9,627,255 | | | | | | — | | |
James E. Bruno
|
| | | $ | 2,535,885 | | | | | $ | 8,685,600 | | | | | $ | 85,913 | | |
Scott D. Buckiso
|
| | | $ | 2,535,885 | | | | | $ | 8,685,600 | | | | | $ | 789,447 | | |
Duane D. Holloway
|
| | | $ | 2,535,885 | | | | | $ | 8,685,600 | | | | | | — | | |
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
|
| | | $ | 1,172,183 | | | | | $ | 794,468 | | | | | $ | 2,045,346 | | | | | $ | 0 | | | | | $ | 0 | | |
Jessica T. Graziano
|
| | | $ | 39,842 | | | | | $ | 41,996 | | | | | $ | 160,048 | | | | | $ | 0 | | | | | $ | 0 | | |
James E. Bruno
|
| | | $ | 409,165 | | | | | $ | 291,536 | | | | | $ | 549,000 | | | | | $ | 0 | | | | | $ | 0 | | |
Scott D. Buckiso
|
| | | $ | 346,985 | | | | | $ | 229,501 | | | | | $ | 766,926 | | | | | $ | 2,101,555 | | | | | $ | 1,282,222 | | |
Duane D. Holloway
|
| | | $ | 276,579 | | | | | $ | 166,268 | | | | | $ | 429,808 | | | | | $ | 0 | | | | | $ | 0 | | |
Christine S. Breves
|
| | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | |
Name
|
| |
36 months Active Insurance
Continuation |
| |
Outplacement
Services |
| ||||||
| | |
($)
|
| |
($)
|
| ||||||
Named Executive Officers | | | | | | | | | | | | | |
David B. Burritt
|
| | | $ | 50,789 | | | | | $ | 50,000 | | |
Jessica T. Graziano
|
| | | $ | 68,259 | | | | | $ | 50,000 | | |
James E. Bruno
|
| | | $ | 67,948 | | | | | $ | 50,000 | | |
Scott D. Buckiso
|
| | | $ | 71,050 | | | | | $ | 50,000 | | |
Duane D. Holloway
|
| | | $ | 71,050 | | | | | $ | 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
|
| | | $ | 400,410 | | | | | $ | 602,410 | | | | | $ | 0 | | |
Jessica T. Graziano
|
| | | $ | 226,625 | | | | | $ | 225,121 | | | | | $ | 145,609 | | |
James E. Bruno
|
| | | $ | 205,267 | | | | | $ | 585,076 | | | | | $ | 0 | | |
Scott D. Buckiso
|
| | | $ | 205,267 | | | | | $ | 631,158 | | | | | $ | 0 | | |
Duane D. Holloway
|
| | | $ | 207,967 | | | | | $ | 573,788 | | | | | $ | 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)
|
| | | | 19,837,848 | | | | | | 8.82% | | |
50 Hudson Yards
|
| | | | | | | | | | | | |
New York, NY 10001
|
| | | | | | | | | | | | |
The Vanguard Group, Inc.(3)
|
| | | | 20,094,507 | | | | | | 8.94% | | |
100 Vanguard Blvd.
|
| | | | | | | | | | | | |
Malvern, PA 19355
|
| | | | | | | | | | | | |
Non-Employee Directors | | | | | | | | | | | | | |
Tracy A. Atkinson(4)
|
| | | | 32,784 | | | | | | ** | | |
Andrea J. Ayers(5)
|
| | | | 18,410 | | | | | | ** | | |
Alicia J. Davis(6)
|
| | | | 9,704 | | | | | | ** | | |
Terry L. Dunlap(7)
|
| | | | 17,332 | | | | | | ** | | |
John J. Engel(8)
|
| | | | 89,391 | | | | | | ** | | |
John V. Faraci(9)
|
| | | | 45,031 | | | | | | ** | | |
Murry S. Gerber(10)
|
| | | | 220,419 | | | | | | ** | | |
Jeh C. Johnson(11)
|
| | | | 63,879 | | | | | | ** | | |
Paul A. Mascarenas(12)
|
| | | | 72,958 | | | | | | ** | | |
Michael H. McGarry(13)
|
| | | | 42,036 | | | | | | ** | | |
David S. Sutherland(14)
|
| | | | 226,236 | | | | | | ** | | |
Patricia A. Tracey(15)
|
| | | | 94,050 | | | | | | ** | | |
Executive Officers | | | | | | | | | | | | | |
David B. Burritt(16)
|
| | | | 1,182,375 | | | | | | ** | | |
James E. Bruno(17)
|
| | | | 94,436 | | | | | | ** | | |
Scott D. Buckiso(18)
|
| | | | 168,298 | | | | | | ** | | |
Jessica T. Graziano(19)
|
| | | | 46,723 | | | | | | ** | | |
Duane D. Holloway(20)
|
| | | | 135,530 | | | | | | ** | | |
Christine S. Breves(21)
|
| | | | 138,268 | | | | | | ** | | |
All Non-Employee Directors and Executive Officers as a group (20 persons)(22)
|
| | | | 2,701,347 | | | | | | 1.20% | | |
| | |
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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 |
|