Filed by USX Corporation
Pursuant to Rule 425 under the Securities Act of 1933
And deemed filed pursuant to Rule 14a-12
Of the Securities Exchange Act of 1934
Subject Company: USX Corporation
Commission File No. 1-5153
[Slide 1] - Vision = Vizia 180 degree - Analyst Meeting - Kosice, Slovakia -
August 7, 2001 - James P. Bouchard - Vice President, Commercial
[Slide 2] - Corporate Vision (Acquisition); Vizia 180 degree (USSK Commercial);
New Management Team; Barriers; Goals; Strategies; Execution and picture of
steel mill smokestack
[Slide 3] - Barriers to Execution - Communication; USS in Europe; Prior
Reputation; Historical Volatility of Order Book; Decline in Consumer Confidence
and Manufacturing; EU Central Bank has Limited Options; Significant
Uncertainties
[Slide 4] - CRU Monitor Sheet Products July 2001 delivered Germany USD/nt -
graph of prices for HDG -$136/-$63 (3Q00 $405, 4Q00 $367, 1Q01 $332, 2Q01 $301,
3Q01 $269); CR -$108/-$37 (3Q00 $377, 4Q00 $355, 1Q01 $306, 2Q01 $286, 3Q01
$269); HR -$61/-$14 (3Q00 $265, 4Q00 $230, 1Q01 $218, 2Q01 $213, 3Q01 $204)
[Slide 5] - Flat Rolled Shipments by Geographic Region - pie chart showing 40%
Home; 39% EU and 21% All Other
[Slide 6] - Home Market Sales Offices - U. S. Steel Kosice s.r.o., U. S. Steel
Kosice - Bohemia a.s. and U. S. Steel Kosice - Hungary Kft. (JV 66%) - map of
central Europe with circle around Poland, Slovakia, Hungary and Czech Republic -
Resident Manager located in Sceczine
[Slide 7] - Flat Rolled Shipments Home Market - pie chart indicating 40% Home;
pie chart of 40% Home showing 33% Czech Republic; 13% Hungary; 23% Poland and
31% Slovakia
[Slide 8] - Western Europe Sales Offices - U. S. Steel Kosice - Germany GmbH, U.
S. Steel Kosice - France S.A., U. S. Steel Kosice - Austria GmbH and U. S. Steel
Kosice - U.K. (JV 50%) - map of Europe from U.K. to Russia - Resident Managers
located in Belgrad and Moscow
[Slide 9] - Flat Rolled Shipments European Union - pie chart indicating 39% EU;
pie chart of 39% EU showing 35% Germany, 18% Italy, 18% France; 13% U.K., 8%
Austria and 8% All Others
[Slide 10] - Flat Rolled Shipments by Product Percent - pie chart showing 43%
Hot Roll, 39% Cold Roll, 7% HDG, 4% Tin, 3% Electrical, 2% Pre-Paint and 2%
Slabs
[Slide 11] - Flat Rolled Shipments by Industry Percent - chart showing 1999,
2000 and 1st half 2001 percentages for Automotive (5,6,5), Appliance (1,2,1),
Electrical (Dynamo)(3,3,3), Construction (3,4,4), Radiators (3,5,4), Converters
(25,28,38), Service Centers (11,15,25), OEM - SC Subtotal (52,62,80), Traders &
Stockists (48,38,20), and Total (100,100,100)
[Slide 12] - Goals - 1. Soft Targets: New Philosophy; Transplant USS Image;
Reputation; Target End-Users; Diversify Customer Base; "Sense of Urgency"; 2.
Structure: New Team; Create "Core" Business Unit; Create CTS Group; New
Information Systems; Accountability; Product Teams; and 3. Hard Targets:
Increase Shipments; Improve Cash Flow; Reduce Traders; Weekly Scheduling -
Commercial Strategies
[Slide 13] - Commercial Implementation Vizia 180 degree - Vision, Integration,
Unity, Implementation/Accomplishment: Customer Focus Completed - Restructure
Commercial Departments and Accountabilities; Implement Sales Office Model and
Philosophy; Dedicated Value-Added Industry Teams; Combine All Planning, Customer
Service and Transportation Activities; Weekly Planning and Scheduling; Create
Customer Technical Service (CTS) Organization
[Slide 14] - Commercial Strategy Western European Region - Eliminate EU Traders:
Restructure Sales Offices; Improve Image and Reputation; Target New End-User
Customers Diversify Customer Base by; Industry and Country; Tier II to Tier I
Supplier
[Slide 15] - Commercial Strategy Central European Home Markets - Restructured
and Centralized Sales Office; "Clean Sweep"; Target New End-User Customers;
Implement Slovak "Master Distributor Strategy"; Tighten and Monitor Pricing
Spreads Between Countries; Aggressive Home Market Strategies; Support Slovak
Economic Development
[Slide 16] - Slovak Economic Development (ED) - Triangle chart entitled Increase
Home Market Steel Consumption - 1. Government: Economic Development Center; EU;
2. International ED: USA-Based Customers; Credibility-Quality Supplier; and 3.
Home Market ED: Business Modeling; Stimulate Exports
[Slide 17] - Shipments to USA-Based Customers' European Locations - chart
showing 0-200 (000 tons) shipments in 1999 (88), 2000 (113) and 2001 (174) to
the following companies: Crown Cork (CMB), Grief (Van Leer), LeRoy Somer
(Emerson), Tyco (Allied Tube), Whirlpool, USG, Worthington, A. O. Smith, Butler,
Ford, Thrall Car, Delphi, U. S. Can and Steelcase
[Slide 18] - Home Market Economic Development - map of Europe with circle around
Poland, Czech Republic, Slovakia and Hungary) - Home Market Growth = Eliminate
Barriers and Threats; Stimulate Steel Consumption in Home Markets; Support
Customers with Solid Business Models; Develop Customer Export Opportunities;
Promote Strategic Investment in SR; Tool for Commercial Personnel
[Slide 19] - Commercial Implementation "Core" Business Unit Responsibility -
Strategic Planning/Marketing; Solicitation-Tactical; Order Acceptance;
Commercial Planning; Production Planning and Scheduling; Customer Service;
Inventory Management; Transportation; Customs Clearance; Customer Technical
Assistance-Quality
[Slide 20] - Commercial Strategies Vizia 180 degree - Vision, Integration,
Unity, Implementation/Accomplishment - 1. Core Business Unit and
2. Customer/Market vs. Production-Driven Planning Process: Weekly Order Entry
vs. Monthly; End-User/Inventory Friendly; Order Acknowledgement in 29 Hours vs.
28 Days; Automotive/Appliance Part Acceptance - Order Status and Inventory
Tracking; Shipment History; Material Release
[Slide 21] - "Core" Business Unit First Half 2001 Inventory Position - chart
showing total Days Supply for 2000 (41) and the 1st Half 2001 (27) for Slabs, In
Process and Finished as well as Average Daily Shipments (8,767 and 10,044)
[Slide 22] - Corporate Vision (Acquisition), Vizia 180 degree (USSK Commercial),
New Management Team (Think Differently), Barriers (New Way to Operate), Goals
(New Identity and Goals), Strategies (Tier I to Tier II) and Execution (Realize
Potential) - including background picture of steel mill smokestack