U.S. Steel Suspends Match for 401(k) Plans
According to the 2009 Money Market Directory, U.S. Steel’s 401(k) plan for salaried employees had $1.09 billion in assets as of December 2007, and its 401(k) plan for union employees had $594 million as June 2008. The company also contributed $140 million to its defined-benefit plan in 2008, confirmed U.S. Steel spokesman John Armstrong. The plan was valued at $7.6 billion as of December 31, and was underfunded by $2 billion.
Its board of directors has authorized additional, voluntary contributions of up to $300 million to its pension and health care trusts by 2010.