Filed by USX Corporation
Pursuant to Rule 425 under the Securities Act of 1933
And deemed filed pursuant to Rule 14a-12
Of the Securities Exchange Act of 1934
Subject Company: USX Corporation
Commission File No. 1-5153
FOUR FINANCIAL POSTS IDENTIFIED FOR UNITED STATES STEEL
PITTSBURGH, August 6 - United States Steel LLC, part of the USX-
U. S. Steel Group (NYSE: X), a unit of USX Corporation, announced today that it
has identified the financial executive positions for the anticipated January 1
start up of United States Steel Corporation. Three of the new executive
positions will report directly to John P. Surma, designated vice chairman and
CFO of United States Steel.
Albert E. Ferrara, Jr., has been named senior vice president &
treasurer. Reporting to him will be John J. Connelly, who has been named vice
president-strategic planning. Gretchen R. Haggerty has been named senior vice
president & controller. Larry G. Schultz has been named vice president-investor
relations & financial analysis.
Albert E. Ferrara, Jr., 52, is a native of Charleroi (Pa.) and
graduated from the University of Virginia McIntire School of Commerce and the
University of Virginia School of Law. He is admitted to practice law in
Pennsylvania.
He began his USX Corporation career in Pittsburgh in 1973 as a tax
attorney, and subsequently held a number of professional and managerial
positions in treasury, accounting, law, corporate staff and labor relations.
In 1983, Ferrara transferred to Marathon Oil Company in Findlay, Ohio.
The next year he moved to London, England, as tax manager for Marathon Oil U.K.,
Ltd. He returned to Pittsburgh in 1989 as director-taxes for USX. He was named
assistant treasurer-corporate finance in 1990. He was appointed president of
USX Realty Development Division of U. S. Steel in 1994. He was named vice
president-strategic planning for USX in 1997.
Ferrara is a member of the board of directors of the Regional
Industrial Development Corporation of Southwestern Pennsylvania and Republic
Technologies, Inc. He serves as a director of the Upper St. Clair (Pa.) School
District.
Gretchen R. Haggerty, 46, is a native of Pittsburgh. She earned a
bachelor of science degree in accounting from Case Western Reserve University in
Cleveland and a law degree from Duquesne University in Pittsburgh.
Joining the corporation's tax division in 1976, Haggerty held posts
there and in the audit division and financial department. In 1985, she was
appointed director-plant and general accounting for the former USS Chemicals
Division. The next year she returned to the tax division as a general tax
attorney and was named director-taxes, energy in 1987.
Haggerty was named assistant treasurer-corporate finance in 1988, was
appointed assistant comptroller-corporate accounting in 1989, was elected vice
president & treasurer of USX Corporation in 1991 and named vice president-
accounting and finance for U. S. Steel in 1998. In addition, she is a director
of the United States Steel and Carnegie Pension Fund.
Haggerty is a member of the Allegheny County Bar Association and is a
Certified Public Accountant. She is a member of the administration and finance
committee of the United Way of Allegheny County and serves on the boards of the
Pittsburgh Branch of the Federal Reserve Bank of Cleveland, Highmark Inc. and
the Civic Light Opera.
John J. Connelly, 55, is a native of Washington, D.C., and was
graduated from Duquesne University with a B.A. degree in history and an M.A.
degree in African Affairs.
He began his career in the commercial department of U. S. Steel
International in New York in 1971 and held positions in the commercial
department of U. S. Steel in the New York and Milwaukee district sales offices.
He transferred to Houston in 1978 as a product representative-standard pipe in
the firm's Eastern Division and was named assistant marketing manager-tin mill
products for the Central Division in 1979. Later that year he was appointed
manager-marketing, standard pipe in the tubular products section of Pittsburgh
headquarters.
In 1981, Connelly was named assistant general manager-marketing,
standard and line pipe and later became general manager-tubular products. He
was appointed general manager-Eastern sales in 1986, vice president of United
States Steel International, Inc. (USSI) in 1988, and was elected president of
USSI in 1989. In 1994, he was named vice president-International Business for
the U. S. Steel Group and served as president of USX Engineers and Consultants,
Inc. from October 1994 to September 1996. In 1999, Connelly was named as vice
president-long range planning and international business. In January 2001 he
was named as vice president business development and long range planning for U.
S. Steel.
Connelly is a member of the American Iron and Steel Institute. He is
also chairman of the board of directors of Duquesne University, and a member of
the board of directors of the World Affairs Council of Pittsburgh, and the River
City Brass Band.
Larry G. Schultz (51) is a native of Barto, Pennsylvania. He received
a bachelor's degree in mathematics from Ursinus College (Collegeville, Pa.) in
1971, a master's degree in operations research and statistics from Rensselaer
Polytechnic Institute (Troy, N. Y.) in 1973 and an MBA degree from the
University of Pittsburgh in 1979. He is a member of the Institute of Management
Accountants.
Schultz joined U. S. Steel in 1973 as an industrial engineer at
Pittsburgh headquarters and held a series of accounting and planning posts there
and at nearby Mon Valley Works before being named director-corporate financial
analysis in 1986. He was appointed comptroller of USX Engineers and
Consultants, Inc. in 1987. He moved to Washington, D.C. in 1988 to serve on the
President's Commission on Executive Exchange and returned to U. S. Steel in 1989
as director-analysis and general accounting. He was named comptroller of
U. S. Steel in 1992 and was named vice president of accounting for USX
Corporation in 2000.
Schultz serves on the board of Junior Achievement of Southwest
Pennsylvania.
* * * * *
The foregoing contains "forward-looking statements" which are based on
(1) a number of assumptions concerning future events made by management and (2)
information currently available to management. Readers are cautioned not to put
undue reliance on such forward-looking statements, which are not a guarantee of
performance and are subject to a number of uncertainties and other facts, many
of which are outside USX Corporation's control, that could cause actual events
to differ materially from such statements. For a more detailed description of
the factors that could cause such a difference, please see USX Corporation's
filings with the Securities and Exchange Commission. There are also a number of
uncertainties, risks, conditions and other factors which could prevent the
implementation of the above described plan of reorganization.
In connection with the above-described transactions, USX Corporation
intends to file a proxy statement and other materials with the Securities and
Exchange Commission. Security holders are urged to read these materials when
they become final because they will contain important information. Investors
and security holders may obtain a free copy of these materials as well as other
materials filed with the Securities and Exchange Commission concerning USX
Corporation at the Securities and Exchange Commission's website at
http://www.sec.gov. In addition, these materials and other documents may be
obtained for free from USX Corporation by directing a request to USX Corporation
at 600 Grant Street, Pittsburgh, PA 15219; Attn: Investor Relations.
USX Corporation and its officers and directors may be deemed to be
participants in the solicitation of proxies from USX Corporation's stockholders
with respect to these transactions. Information regarding such officers and
directors is included in USX Corporation's proxy statement for its 2001 annual
meeting of stockholders filed with the Securities and Exchange Commission on
March 12, 2001. This document is available free of charge at the SEC's internet
site or from USX Corporation as described above.