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USX Corp. said the majority of its U.S. Steel Group and its Marathon Group shareholders voted in favor of its reorganization plan to separate into a steel company and an energy company.
USX said 77 percent of the outstanding shares of its USX-Marathon Group common stock and 71 percent of its USX-U.S. Steel Group common stock voted to approve the plan at a special meeting of stockholders.
Under the reorganization plan, USX envisions a tax-free spin-off of the steel and steel-related business of USX into a publicly traded company to be called United States Steel Corp. The remaining energy business will continue to be operated by USX, which will be renamed Marathon Oil Corp.
The plan, which is subject to several conditions, is expected to occur at year-end, USX said. At the meeting, shareholders also voted to approve U.S. Steel's 2002 stock plan and its senior executive officer annual incentive compensation plan.