U.S. Steel Converts Preferred Stock
The move will boost shares outstanding by 16 million.
Integrated steel products manufacturer
United States Steel
(X) - Get United States Steel Corporation Report
said Thursday that each of its outstanding shares of 7% series B mandatory convertible preferred shares has automatically converted into 3.1928 shares of the company's common stock pursuant to the preferred shares' terms.
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The conversion will increase the company's outstanding common stock by about 16 million shares.
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