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U.S. STEEL MINING, CYPRUS COAL, SIGN LETTER TO FORM JOINT VENTURE

 PITTSBURGH, Jan. 15 /PRNewswire/ -- U.S. Steel Mining Co., Inc. (USM), a subsidiary of the U.S. Steel Group (NYSE: X) of USX Corporation, Pittsburgh, and Cyprus Coal Company, Englewood, Colo., have signed a letter of intent to establish a 50-50 joint venture coal company at USM's Cumberland Mine in Greene County, southwestern Pennsylvania.
 The parties stated that, by combining the existing facilities and reserves at Cumberland with adjacent coal reserves owned by Cyprus, they will be providing the Cumberland Mine with more than 20 years worth of mineable coal, assuming current production levels.
 In a statement, management of USM and Cyprus expressed recognition that employees at Cumberland have demonstrated an ability to compete in a difficult market environment by reducing costs and improving productivity. The parties emphasized that continued improvement in these areas will be important to the future success of the joint venture company. Mining operations will continue to be managed by USM, with commercial matters managed by the joint venture. Cumberland produces steam coal for domestic and international markets. The mine produced 4 million tons in 1992. Some 400 employees work at the mine and related coal processing facilities.
 Negotiations are under way for a definitive agreement to establish the new joint venture by April 1993. Meanwhile, normal operations at Cumberland continue. Terms of the proposed venture were not disclosed.
 -0- 1/15/93
 /CONTACT: R.W. Glenn of USX, 412-433-6792, or Michael Rounds of Cyprus Minerals, Englewood, Colo., 303-643-5186/
 (X CYM)


CO: U.S. Steel Mining Co., Inc.; U.S. Steel Group; USX Corporation;
 Cyprus Coal Company ST: Pennsylvania, Colorado IN: MNG SU: JVN


DM -- PG006 -- 5226 01/15/93 09:01 EST
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Publication:PR Newswire
Date:Jan 15, 1993
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