New York, September 17, 2014 -- Moody's Investors Service comments that United States Steel Corporation's (US Steel) strategic announcements that a) it will not continue with the iron ore expansion at Keetac, b) the further development and construction of carbon alloy facilities at its Gary Works in Indiana (coke substitute facilities) will be halted and c) the filing of its Canadian subsidiary, U. S. Steel Canada (USSC) under Canada's Companies' Creditors Arrangement Act (CCAA - similar to a Chapter 11 filing under the US Bankruptcy Code) has no impact on the company's ratings (Ba3 Corporate Family Rating). The company indicates that pre-tax, non cash charges of between $550 million and $600 million will be taken of which approximately $300 million to $350 million relate to USSC's filing and its deconsolidation from USS. The deconsolidation of USSC will provide a reduction in liabilities of approximately $1.4 billion of which roughly $1 billion relates to underfunded pension and post employment benefits.

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