Vote for U. S. Steel’s Highly Qualified Board Nominees

Support the U. S. Steel CEO and Board of Directors who have consistently delivered for stockholders

A vote for the U. S. Steel nominees is a vote for a Board with...
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Track Record of Superior Execution and Delivering for Stockholders

Experience Transforming Legacy U. S. Steel into an Industry Leader that Commands $55 Per Share

Unwavering Commitment to Complete the Value-Maximizing Transaction – 142% Premium

Stockholders' Best Interests in Mind – This Board Can Be Counted On to Take All Action to Maximize Value

Track record maximizing value
Transformed business to command $55 per share
Demonstrate extraordinary value
Conducted transparent, robust and competitive strategic alternatives review process
Oversight of bold strategic transformation
Growing U. S. Steel into a modern, innovative steel producer
Track record of superior financial and operational performance
Over $7 billion in investible free cash flow generation 2019 to 2024
History of significant stockholder returns and balanced capital allocation strategy
$1.6 billion returned to stockholders since 2017
Record of industry-leading safety performance
Supports and advances overall corporate strategy and growth
Superior CEO
Spearheaded successful transformation to multi-site, complex business with vital operations
Proven leaders
With deep industry knowledge and steel experience
Will pursue all paths to continue maximizing value
Committed to acting in stockholders best interest through all scenarios

A questionable and limited plan for U. S. Steel
Believe U. S. Steel is over valued
Desire to abandon Transaction with Nippon Steel
Deep ties to Cleveland-Cliffs (a failed bidder for U. S. Steel)
Unknown and unproven leadership
Lack public company experience
Lackluster CEO track record maintaining the status quo – no comparable transformation or capital investment experience
No mini-mill experience
Insufficient understanding of technological transformation

	U. S. Steel Board and Management
Track record maximizing value – commitment to deliver $55
Conducted transparent, robust and competitive, strategic alternatives review process demonstrating extraordinary value
Oversight of bold strategic transformation – growing U. S. Steel into a modern, innovative steel producer
Track record of superior financial and operational performance
History of significant stockholder returns and balanced capital allocation strategy
Record of industry leading safety performance
Superior CEO who spearheaded successful transformation of multi-site, complex business with vital operations
Proven leaders with deep industry knowledge and steel experience

	Ancora Nominees
A questionable and limited plan for U. S. Steel
Believe U. S. Steel is over valued
Desire to abandon transaction with Nippon Steel
Effectively part of Cleveland-Cliffs organization
Unknown and unproven leadership
Lack public company experience
CEO track record maintaining the status quo
No mini-mill experience
Insufficient understanding of technological transformation

I will not be supporting Ancora.
I am fully committed to the U. S. Steel board, the CEO, and to the company’s strategy.

Matt Halbower

Chief Executive of Pentwater Capital Management

January 27, 2025