U.S. Steel Buyback

It wants to repurchase 8 million shares.
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U.S. Steel

(X) - Get Report

set plans to buy back 8 million shares.

The steel company also boosted its quarterly dividend by a third to 20 cents from 15.

"Through September, U.S. Steel has repurchased 12.4 million shares since we announced our first repurchase program in July 2005," CEO John Surma said. "By replenishing our program again at 8 million shares, we continue to show our commitment to our shareholders.

"This action, coupled with our announced dividend increase, demonstrates our confidence in the long-term outlook for our business, and together with substantial debt reduction, employee benefit funding and capital spending, illustrate our balanced and responsible approach to capital allocation."

Shares fell $1.14 to $67.87.