PITTSBURGH and COLUMBUS, Ohio, Sept. 23, 2008 – United States Steel
Corporation (NYSE: X) and Worthington Industries, Inc. (NYSE: WOR) announced today that
they have signed an agreement to expand and modify their current Worthington Specialty
Processing joint venture located in Jackson, Mich. Under the terms of the agreement, U. S. Steel
would contribute ProCoil Company LLC, its steel processing subsidiary in Canton, Mich., and
Worthington Industries would contribute Worthington Steel Taylor, its steel processing
subsidiary in Taylor, Mich. to the expanded joint venture. Both companies anticipate closing the
transaction in early October, subject to customary closing conditions. Worthington Specialty
Processing is currently a 50-50 joint venture. Under the new agreement, Worthington Industries
will own 51 percent and U. S. Steel will own 49 percent of the joint venture. Worthington
Industries will continue to be the managing partner.
The new expanded joint venture is expected to better serve the changing needs of
automotive and flat-rolled customers by allowing each of the three entities to maximize their
individual processing specialties.
Worthington Specialty Processing was established in 1986 to serve the automotive
manufacturers’ need for high-quality, class-one processing. The facility is capable of processing
master steel coils into both slit coils and sheared first operation blanks including rectangles,
trapezoids, parallelograms and chevrons.
ProCoil slits, cuts-to-length and presses blanks from steel coils to desired specifications, provides
laser welding services and warehouses material for automotive customers. Worthington Steel
Taylor slits, cuts-to-length and tension levels steel coils.
Consummation of the transaction is subject to customary closing conditions and execution of
final documentation. Achievement of the anticipated synergies is subject to many factors, some
of which are beyond the control of the joint venture, U. S. Steel and Worthington Industries. In
accordance with “safe harbor” provisions of the Private Securities Litigation Reform Act of
1995, cautionary statements identifying important factors, but not necessarily all factors, that
could cause actual results to differ materially from those set forth in the forward-looking
statements have been included in the Forms 10-K of U. S. Steel and of Worthington Industries
for the year ended December 31, 2007, and in subsequent filings for U. S. Steel and Worthington
Industries with the United States Securities and Exchange Commission.
For more information about U. S. Steel, visit www.ussteel.com.
For more information about Worthington Industries, visit www.worthingtonindustries.com
Contact:
U. S. Steel
Media
John Armstrong
412.433.6792
Investors/Analysts
Dan Lesnak
412.433.1184
Worthington Industries
Media Relations
Cathy M. Lyttle
614.438.3077
Investor Relations
Allison Sanders
614.840.3133