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PITTSBURGH -- USX Corp. said yesterday the spinoff of its United States Steel Corp. subsidiary into a new independent company is now in effect.
The spinoff is part of a reorganization to separate USX's energy and steel businesses. The plan, announced in April, was approved by stockholders in October.
USX was parent to two divisions -- Pittsburgh-based USX-U.S. Steel Group and Houston-based USX-Marathon Group -- which had stock traded separately on the New York Stock Exchange.
"We are enthusiastic about the separation and believe it will allow the two companies to focus on their core businesses and to make the critical acquisitions and investments necessary to grow each business," USX chairman and chief executive Thomas J. Usher said.
Usher, who has served as USX's chairman since 1995, will become chairman, CEO and president of United States Steel Corp. and non-executive chairman of Marathon Oil Corp.