Strategic Acquisition of

Stelco

August 27, 2007

©

United States Steel Corporation 2007

Exhibit 99.2

Forward —

Looking Statements

2

Risks and Uncertainties Regarding United States Steel Corporation and Stelco.

Some factors, among others, that could affect market conditions,

costs, shipments and prices for the domestic and foreign operations of

U.S. Steel and Stelco include global product demand, prices and mix; global and company steel production levels; global and domestic

demand for steel products; global and domestic energy markets; plant operating performance, including the start up of several blast

furnaces; the timing and completion of facility projects; natural gas prices, usage and supply disruptions; raw materials availability and

prices; changes in environmental, tax and other laws; employee strikes; power outages; and U.S. and global economic performance and

political developments. Domestic steel shipments and prices could be affected by import levels and actions taken by the U.S. Government.

Economic conditions and political factors in Europe and Canada that may affect U. S. Steel’s foreign operations results include, but are not

limited to,

taxation,

environmental

permitting,

nationalization,

inflation,

currency

fluctuations,

increased

regulation,

export

quotas,

tariffs,

and

other protectionist

measures.

Factors

that

may

affect

the

amount

of

net

periodic

benefit

costs

include,

among

others,

changes

to

laws

affecting benefits, pension fund investment performance, liability changes and interest rates. Please refer to the Form 10-K of U.S. Steel

for the

year

ended

December

31,

2006

and

subsequent

filings

and

Stelco’s

Annual

Information

Form

dated

March

30,

2007

for

additional factors that could cause actual results to differ materially from any forward-looking statements.

Risks and Uncertainties Regarding the Transaction

Forward-looking statements regarding United States Steel Corporation’s acquisition and integration of Stelco include statements relating to

or concerning expected synergies, cost savings, accretive effect, industry size, and market sector. Risks and uncertainties regarding the

transaction include the possibility that the expected synergies may not be realized in the time period anticipated or at all, that the market

fails to

perform

as

anticipated,

and

that

the

closing

does

not

occur,

either

due

to

the

failure

of

closing

conditions,

including

the

approval

of

the shareholders of Stelco, or the failure to obtain required regulatory approvals, or other reasons. Even if the transaction closes as

anticipated, integration may not proceed as expected, and the impact of changes in the industry, markets or the economy in general may

result in

unexpected

costs

or

the

failure

to

realize

anticipated

benefits

of

the

transaction.

Forward-looking

statements

included

in

this

presentation are made only as of the date hereof, and the companies undertake no obligation to update these forward-looking statements

to reflect future events or circumstances except as may be required by law.

3

Transaction Overview

U. S. Steel to Acquire Stelco

•

U. S. Steel acquires Stelco for $1.1 billion (U.S.) or $38.50

(Canadian) per share in an all cash transaction

•

Majority of approximately $760 million net debt as of 6/30/07 will

be retired

•

Voluntary pension funding of $31 million at closing

•

Financed with cash on hand and committed credit facilities

•

Potential run rate synergies in excess of $100 million by end of

2008

•

Acquisition expected to be accretive in 2008 before synergies

•

Excluding accounting effects of the sale of acquired inventory and      

other customary purchase accounting adjustments

•

Closing expected in fourth quarter 2007

4

A leading Canadian sheet producer

Major supplier of automotive and other value added products

Strong raw material position

85% coke self sufficient

90% iron ore self sufficient*

Annual raw steel capability of 5.5mm tons 

Long slab position –

approximately 900,000 tons

Business Overview 

Product Mix by Revenue

Bars 9%

Other

7%

2006 Sales = $2,365mm

Quarterly Shipment History (000 tons)

Hot Rolled

48%

CR & Coated

37%

600

700

800

900

1,000

1,100

1,200

*Includes iron ore under long-term contract

Stelco –

Company Overview

Hamilton

Lake Erie

British

Columbia

Alberta

Manitoba

Saskatchewan

Ontario

Quebec

Mon Valley

Fairfield

Granite City

Minntac/

Keetac

Gary

Great Lakes

Tilden

Hibbing

Labrador

7/07 Employees

3,600

2006 Raw Steel

(Million Net Tons)

4.2

Raw Materials

Ownership

Iron Ore

Minority shares of:

Hibbing Taconite

Tilden Mining

Wabush Mining

Seignelay Reserve

Raw Steel Capability

Million Net Tons:

Hamilton  

2.6

Lake Erie

2.9

U. S. Steel Iron Ore

Wabush

Stelco Iron Ore Mining

U. S. Steel Flat Rolled & Tubular

Stelco Integrated Steel Mill

East Texas

6

Business Case for Acquisition

Complementary assets & attributes:

Stelco is long slabs, intend to ship approximately

900,000 tons to U.S. Steel facilities

Improve U. S. Steel’s finishing facility utilization

Strong product mix

Creates 5th largest global steel company

Annual synergies estimated to be in excess of $100 million:

Sourcing semi-finished product

Procurement, best practices and SG&A

7

2006

Pro forma

Shipments

(17.7 mm tons)

U. S. Steel* (14.2 mm tons)

Stelco** (3.5 mm tons)

U. S. Steel and Stelco Favorable Product Mix

Service Center

23%

Conversion 26%

Automotive 18%

Construction 9%

Containers 9%

All other 7%

Appliance 8%

Automotive 38%

Service Center 14%

Conversion 16%

Construction 32%

Automotive 22%

Construction 13%

Containers 8%

Appliance 7%

All other 6%

Service Center 20%

Conversion 24%

* Flat-Rolled segment only

Appliance 3%

** Includes bar product

Financial Overview

Tons Shipped

8

U. S. Steel

Stelco

Sales

EBITDA**

Operating Income

3.5 million

$15,715

$2,365*

$1,785

($126)*

($19)*

Source: Company filings

* Converted from Canadian dollars using .9443

**

EBITDA

is

not

a

GAAP

measure.

Please

refer

to

the

U.

S.

Steel

Form

10-K

for

2006

and

the

Stelco

Annual

Information Form dated March 30, 2007, for GAAP financial information.

2006

$ millions

21.6 million

$2,226

2006

2Q’07

Stelco

1.1 million

$677*

$24*

$50*

9

Stelco’s

Improvement plan

Workforce reduction 29% from 1/1/06

•

Facility utilization and productivity improvements

•

Reduced contractors and outside processing

•

Modified benefits and benefit administration

•

Reduced fixed costs: property tax, IT, legal, insurance

•

Closing obsolete facilities –

Hamilton HSM, 5 stand, #2 pickle,

#2 galv line

•

Logistics, material handling improvements

•

Divesting interest in Wabush mines

10

Key changes since January 2005

U. S. Steel & Stelco Acquisition

Stelco –

Significant CAPEX Plan –

Now Realized

Lake Erie Hot Strip Mill Upgraded

Hamilton Blast Furnace major work completed

Stelco Labor Reductions attained –

via Restructuring

Divested mini-mill and other assets

Negotiated work practice changes for steel facilities

U. S. Steel Granite City Hot Strip Mill Upgraded

Utilize Stelco slabs

Pension Funding –

Defined

10-year level funding agreement with Ontario

U. S. Steel and Stelco

Strengthens our position as a leading North American Flat-Rolled

producer

•

Expands U. S. Steel’s supply chain across a larger

geographic area

•

Leverages U. S. Steel’s production platform to drive

operating performance

Financially attractive:

•

Potential annual synergies in excess of $100 million by 2008

•

Accretive before synergies and purchase accounting

adjustments

•

Maintains financial flexibility post-transaction      

11

Transaction Summary

Strategic Acquisition of

Stelco

August 27, 2007

©

United States Steel Corporation 2007