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Thursday, September 18, 2014

U.S. Steel sought wide ranging relief from Ontario gov't -source, (NYSE: X)

United States Steel Corp's Canadian unit had sought a wide range of relief measures from the Ontario government before it filed for creditor protection in Canada earlier this week, according to a source familiar with the matter.The source, who was not authorized to discuss the matter publicly, said the steelmaker had sought environmental liability waivers, an extension on the deadline to fully fund its pension plans in Canada and forgiveness of a C$150 million ($137 million) loan granted by the provincial government nearly a decade ago.That loan helped fund a pension plan deficit that existed when U.S. Steel's Canadian assets were still owned by Stelco Inc. Stelco was bought by U.S. Steel in 2007.In a bid to save jobs and help Stelco restructure, Ontario about a decade ago gave Stelco a 10-year period to fully fund its pensions. It also gave Stelco the loan, the vast majority of which was to be forgiven if the pension plans were fully funded by the end of 2015.

United States Steel Corporation (U. S. Steel) is an integrated steel producer of flat-rolled and tubular products with production ope. Shares of X traded higher by 0.86% or $0.39/share to $46.00. In the past year, the shares have traded as low as $20.00 and as high as $41.66. On average, 7592360 shares of X exchange hands on a given day and today's volume is recorded at 8649856.