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USX CORPORATION ANNOUNCES AGREEMENT IN PRINCIPLE WITH LTV

 PITTSBURGH, Nov. 30 /PRNewswire/ -- USX Corporation said that it has reached an agreement in principle with LTV Steel Corp. (NYSE: LTV) to settle all LTV claims in the Bessemer and Lake Erie Railroad (B&LE) antitrust case for $375 million.
 USX's potential liability in the LTV portion of the case was estimated to be in excess of $500 million at year end 1993.
 The agreement in principle has been approved by the boards of directors of both companies. The agreement calls for the payment of $200 million to LTV on or before Dec. 29, 1993, and an additional $175 million due not later than Feb. 28, 1994. The specific terms and conditions of the settlement are being finalized.
 The corporation said that the settlement with LTV would result in a reversal of an accrual of at least $120 million and a reduction of interest expense in the fourth quarter financial results of the U.S. Steel Group (NYSE: X).
 Judgments of other plaintiffs, totaling approximately $210 million including post judgment interest, remain subject to appeal resulting from B&LE's petition for certiorari filed with the U.S. Supreme Court on Oct. 25, 1993.
 The case involves alleged antitrust violations by the B&LE and other railroads which were charged with monopolizing the dock handling and inland transportation of iron ore from Lake Erie ports to steel mills in Ohio, Pennsylvania and West Virginia from the mid-1950s to the early 1980s. Throughout that period, the B&LE was a wholly owned subsidiary of USX, formerly U.S. Steel Corporation. B&LE is now a subsidiary of Transtar, Inc., in which USX now has a 45 percent equity interest.
 -0- 11/30/93
 /CONTACT: William E. Keslar or Don H. Herring, 412-433-6870, both of USX Corporation/
 (LTV X)


CO: USX Corporation; LTV Steel Corp.; Bessemer and Lake Erie Railroad ST: Pennsylvania IN: MNG SU:

KT-MP -- PG012 -- 8924 11/30/93 17:04 EST
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Publication:PR Newswire
Date:Nov 30, 1993
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