USS exits acquisition track for now, but Europe still on radar

Oct 31, 2005 | 10:31 AM | Maria Guzzo

Don't look for U.S. Steel Corp. to become the next Mittal Steel USA anytime soon.

During the Pittsburgh-based company's third-quarter conference call last week, John P. Surma, president and chief executive officer, discussed the company's use of cash-and acquisitions weren't among the expenditures.

He discussed funding employee benefit plans, buying back shares and completing capital projects. "You'll see more of the same balanced, responsible use of cash and caution when it comes to anything that might go on from a strategic standpoint because values are at high levels these days," Surma said.

Analysts queried Surma about whether the company, which went on a buying binge a few years ago with the purchase of several companies, including National Steel Corp., will be stepping back as a consolidator. "It's getting expensive," Surma said. "We agree with that."....

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