U.S. Steel is guaranteeing the company’s pension funding obligations under a pension agreement entered into by Stelco and the province in 2006.
It is also making a voluntary contribution of approximately US$31 million in the aggregate to Stelco’s main pension plans at the closing of the transaction.
In connection with these commitments, the 2006 pension agreements are being amended to reflect the acquisition of Stelco by U.S. Steel.
U.S. Steel’s US$1.1 billion takeover is expected to close by the end of the year.
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