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United States Steel Corp. Announces Aggressive Actions In Response To COVID-19

United States Steel Corp. (X) has reduced capital spending in 2020 by $125 million, and now expects 2020 capital spending to be approximately $750 million. The company increased its borrowings under its Revolving Credit Facility by $800 million.

Beginning in late-May, the company plans to idle all or most of Lone Star Tubular Operations and Lorain Tubular Operations for an indefinite period of time. The company plans to delay construction of the endless casting and rolling line and cogeneration facility at its Mon Valley Works.

The company will idle the #4 blast furnace at Gary Works immediately to begin a planned outage. Also, the company will temporarily idle blast furnace "A" at Granite City Works, effective immediately.

United States Steel Corp. does not expect the announced actions to meaningfully impact the first quarter adjusted EBITDA, adjusted net loss or adjusted net loss per share included in its recent guidance. The company expects a meaningful reduction in demand for the full fiscal year.

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