Kosice, June 23, 2014 - U. S. Steel Global Holdings I B.V., a limited liability company existing under the law of the Netherlands and immediate parent company
of U. S. Steel Košice, s.r.o., owner of a fully integrated steel making plant in Košice, Slovakia, has agreed to cease its pending dispute in arbitration with the Slovak
Republic. This decision is based on the significant progress made in the last year at both the EU and member state levels regarding the strategic importance of the steel industry to
European and Slovak economies and the impact high energy prices have on the competitiveness of the European steel industry.
This has been significantly aided by the European Commission's Action Plan for a competitive and sustainable steel industry in Europe, more commonly known as the Steel Action Plan, which was adopted by the European Commission in June 2013, and subsequently adopted in a 4 February 2014 resolution by an overwhelming majority in the European Parliament. Recently, the Slovak Republic became the first member state to adopt important measures set forth in the plan. The Steel Action Plan sets a clear path for assessing and addressing the high cost of energy in the EU and the ability of the European steel industry to compete on a level playing field with other steel-making regions of the world. In addition, it seeks to address competitive differences in the industry which exist between the various member states.
We are encouraged by this progress and will continue to work in earnest with the Slovak and EU policy and decision makers to efficiently implement the actions called for in the Steel Action Plan to ensure a sustainable future for the steel industry in Slovakia and the EU.
- E N D -
U. S. Steel Kosice, s.r.o.
Tel.: +421 55 673 4476
Fax: +421 55 673 0330