Form SC 13G - Statement of Beneficial Ownership by Certain Investors
14 Novembre 2024 - 10:05PM
Edgar (US Regulatory)
SECURITIES AND EXCHANGE COMMISSION |
Washington, D.C. 20549 |
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SCHEDULE 13G |
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Under the Securities Exchange Act of 1934 |
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(Amendment No. )* |
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United States Steel
Corporation |
(Name of Issuer) |
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Common stock, par
value $1.00 per share |
(Title of Class of Securities) |
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912909108 |
(CUSIP Number) |
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September 30, 2024 |
(Date of event which requires filing of this statement) |
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Check the appropriate box to designate the rule pursuant to which this Schedule 13G is filed: |
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x |
Rule 13d-1(b) |
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Rule 13d-1(c) |
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Rule 13d-1(d) |
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(Page
1 of 7 Pages) |
______________________________
* The remainder of this cover page shall be filled
out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment
containing information which would alter the disclosures provided in a prior cover page.
The information required in the remainder of
this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 (the
"Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the
Act (however, see the Notes).
CUSIP No. 912909108 | 13G | Page 2 of 7 Pages |
1 |
NAMES OF REPORTING PERSONS
Pentwater Capital Management LP |
2 |
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP |
(a) ¨
(b) ¨ |
3 |
SEC USE ONLY |
4 |
CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware |
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH |
5 |
SOLE VOTING POWER
- 0 - |
6 |
SHARED VOTING POWER
20,000,000 (including 100,000 shares of Common Stock issuable
upon exercise of options) |
7 |
SOLE DISPOSITIVE POWER
- 0 - |
8 |
SHARED DISPOSITIVE POWER
20,000,000 (including 100,000 shares of Common Stock issuable
upon exercise of options) |
9 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
20,000,000 (including 100,000 shares of Common Stock issuable
upon exercise of options) |
10 |
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES |
¨ |
11 |
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
8.9% |
12 |
TYPE OF REPORTING PERSON
IA, PN |
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CUSIP No. 912909108 | 13G | Page 3 of 7 Pages |
1 |
NAMES OF REPORTING PERSONS
Matthew Halbower |
2 |
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP |
(a) ¨
(b) ¨ |
3 |
SEC USE ONLY |
4 |
CITIZENSHIP OR PLACE OF ORGANIZATION
United States |
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH |
5 |
SOLE VOTING POWER
- 0 - |
6 |
SHARED VOTING POWER
20,000,000 (including 100,000 shares of Common Stock issuable
upon exercise of options) |
7 |
SOLE DISPOSITIVE POWER
- 0 - |
8 |
SHARED DISPOSITIVE POWER
20,000,000 (including 100,000 shares of Common Stock issuable
upon exercise of options) |
9 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
20,000,000 (including 100,000 shares of Common Stock issuable
upon exercise of options) |
10 |
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES |
¨ |
11 |
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
8.9% |
12 |
TYPE OF REPORTING PERSON
IN |
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CUSIP No. 912909108 | 13G | Page 4 of 7 Pages |
Item 1(a). |
NAME OF ISSUER: |
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The name of the issuer is United States Steel Corporation (the "Company"). |
Item 1(b). |
ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES: |
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The Company's principal executive offices are located at 600 Grant Street, Pittsburgh, PA 15219. |
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Item 2(a). |
NAME OF PERSON FILING: |
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This statement is filed by: |
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(i) |
Pentwater Capital Management LP (the "Investment
Manager"), a Delaware limited partnership, and the investment adviser to certain funds (the "Pentwater Funds"),
with respect to the shares of Common Stock (as defined in Item 2(d) below) and shares of Common Stock issuable upon exercise of options
directly held by the Pentwater Funds; and
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(ii) |
Mr. Matthew Halbower ("Mr. Halbower"), the sole shareholder of Halbower Holdings, Inc., the general partner of the Investment Manager, with respect to the shares of Common Stock and shares of Common Stock issuable upon exercise of options directly held by the Pentwater Funds. |
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The foregoing persons are hereinafter sometimes collectively referred to as the "Reporting Persons." |
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The filing of this statement should not be construed as an admission that any of the foregoing persons or any Reporting Person is, for the purposes of Section 13 of the Act, the beneficial owner of the securities reported herein. |
Item 2(b). |
ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE: |
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The address of the business office of each of the Reporting Persons is 1001 10th Avenue South, Suite 216, Naples, FL 34102. |
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The Investment Manager is a Delaware limited partnership. Mr. Halbower is a citizen of the United States. |
Item 2(d). |
TITLE OF CLASS OF SECURITIES: |
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Common stock, par value $1.00 per share ("Common Stock"). |
CUSIP No. 912909108 | 13G | Page 5 of 7 Pages |
Item 2(e). |
CUSIP NUMBER: |
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912909108 |
Item 3. |
IF THIS STATEMENT IS FILED PURSUANT TO §§ 240.13d-1(b) OR 240.13d-2(b) OR (c), CHECK WHETHER THE PERSON FILING IS A: |
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(a) |
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Broker or dealer registered under Section 15 of the Act (15 U.S.C. 78o); |
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(b) |
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Bank as defined in Section 3(a)(6) of the Act (15 U.S.C. 78c); |
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(c) |
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Insurance company as defined in Section 3(a)(19) of the Act (15 U.S.C. 78c); |
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(d) |
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Investment company registered under Section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8); |
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(e) |
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Investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E); |
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(f) |
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Employee benefit plan or endowment fund in accordance
with
Rule 13d-1(b)(1)(ii)(F);
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(g) |
x |
Parent holding company or control person in accordance
with
Rule 13d-1(b)(1)(ii)(G); |
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(h) |
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Savings association as defined in Section 3(b) of the Federal Deposit Insurance
Act (12 U.S.C. 1813);
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(i) |
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Church plan that is excluded from the definition of an investment company
under Section 3(c)(14) of the Investment Company Act (15 U.S.C. 80a-3);
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(j) |
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Non-U.S. institution in accordance with Rule 13d-1(b)(1)(ii)(J); |
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(k) |
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Group, in accordance with Rule 13d-1(b)(1)(ii)(K). |
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If filing as a non-U.S. institution in accordance with Rule 13d-1(b)(1)(ii)(J),
please
specify the type of institution: |
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The information required by Items 4(a) - (c) is set forth in Rows 5 - 11 of the cover page for each of the Reporting Persons and is incorporated herein by reference. |
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The percentages set forth herein are calculated based upon 224,961,894 shares of Common Stock outstanding as of July 29, 2024, as reported in the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2024, filed with the Securities and Exchange Commission on August 2, 2024. |
Item 5. |
OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS: |
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Not applicable. |
CUSIP No. 912909108 | 13G | Page 6 of 7 Pages |
Item 6. |
OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON: |
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See Item 2. The Pentwater Funds have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the shares of Common Stock reported herein. |
Item 7. |
IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY: |
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Not applicable. |
Item 8. |
IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP: |
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Not applicable. |
Item 9. |
NOTICE OF DISSOLUTION OF GROUP: |
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Not applicable. |
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Each of the Reporting Persons hereby makes the following certification: |
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By signing below each Reporting Person certifies that, to the best of his or its knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect. |
CUSIP No. 912909108 | 13G | Page 7 of 7 Pages |
SIGNATURES
After reasonable inquiry
and to the best of his or its knowledge and belief, each of the undersigned certify that the information set forth in this statement is
true, complete and correct.
DATED: November 14, 2024
Pentwater Capital Management LP |
By: Halbower Holdings, Inc., its general partner |
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By: |
/s/ Matthew Halbower |
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Name: |
Matthew Halbower |
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Title: |
Chief Executive Officer |
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/s/ Matthew Halbower |
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Matthew Halbower |
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EXHIBIT
99.1
JOINT ACQUISITION STATEMENT
PURSUANT TO RULE 13d-1(k)
The undersigned acknowledge
and agree that the foregoing statement on Schedule 13G is filed on behalf of each of the undersigned and that all subsequent amendments
to this statement on Schedule 13G shall be filed on behalf of each of the undersigned without the necessity of filing additional joint
acquisition statements. The undersigned acknowledge that each shall be responsible for the timely filing of such amendments, and for the
completeness and accuracy of the information concerning him or it contained therein, but shall not be responsible for the completeness
and accuracy of the information concerning the others, except to the extent that he or it knows or has reason to believe that such information
is inaccurate.
DATED: November 14, 2024
Pentwater Capital Management LP |
By: Halbower Holdings, Inc., its general partner |
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By: |
/s/ Matthew Halbower |
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Name: |
Matthew Halbower |
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Title: |
Chief Executive Officer |
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/s/ Matthew Halbower |
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Matthew Halbower |
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