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U.S. Steel Submits Bid For Polish Steel Company
Apr 24, 2003
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United States Steel Corporation (U.S. Steel) on Tuesday presented a formal offer to Poland's Ministry of State Treasury to purchase Polskie Huty Stali (PHS), a Polish steel company. Details of the offer are confidential under the terms of the official privatization process. Upon submitting U. S. Steel's bid, John H. Goodish, executive vice president for International and Diversified Businesses, commented: "This is an historic time for Poland's steel industry. The decisions made by the privatization committee will determine the fate of thousands of good-paying jobs and the future of steelmaking in Poland. With EU accession on the horizon, this decision is particularly critical." With regard to the U. S. Steel offer, Mr. Goodish said: "If we are the successful bidder, U.S. Steel will follow the same basic pattern that has proven successful for us in other parts of Europe—implementing proven U. S. Steel management practices and focusing on new capital investment priorities, while being responsive to the needs and interests of our workers and the community. "We firmly believe that U.S. Steel is the best strategic investor for Poland's steel industry. Our experience in the steel business, the complementary fit of PHS facilities with our other European operations, and our proven ability to work with trade unions and the local communities make U.S. Steel a perfect fit."

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