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Exhibit 99.1
LONE STAR NEWS RELEASE
TECHNOLOGIES, INC.
[LOGO]
NYSE: LSS
15660 N. Dallas Parkway, Suite 500
(972) 770-6495
ALLIANCE WITH
U.S. STEEL McKEESPORT FOR WELDED TUBULAR PRODUCTS
Dallas, TX, August 29, 2000... Lone Star Technologies, Inc. (Lone Star),
NYSE: LSS, announced that its operating subsidiary, Lone Star Steel Company
(Steel), has entered into an exclusive multi-year arrangement with U.S. Steel
Group (U.S. Steel), to market electric resistance welded (ERW) steel tubular
products manufactured at U.S. Steel's McKeesport, Pennsylvania facility
(McKeesport).
McKeesport manufactures ERW casing and line pipe for the oil and gas industry
and standard pipe for a wide range of applications. McKeesport's facilities
are capable of producing welded tubular products in outside diameters from
8 5/8" through 20" in a wide variety of grades including certain grades for
sour gas line pipe applications and grades up to X-70. McKeesport's
facilities employ the latest pipe manufacturing technology and nondestructive
inspection processes to meet and exceed customer requirements for its
extensive product size and grade ranges. U.S. Steel will continue to supply
the steel requirements for the McKeesport facility. The marketing arrangement
is an agreement in principle subject to the execution of a definitive
agreement.
Rhys J. Best, Chairman, President and Chief Executive Officer, stated,
"McKeesport is a continuation of our alliance mill strategy and will give us
the broadest domestic line pipe product offering with the largest line pipe
capacity in the United States. This alliance will augment our capability to
meet customers' growing demand for a wide range of premium quality tubular
products on short notice."
Lone Star Technologies, Inc. is a holding company whose principal operating
subsidiaries manufacture and market oilfield casing, tubing, and line pipe,
specialty tubing products including finned tubes used in a variety of heat
recovery applications, and flat rolled steel and other tubular products and
services.
This release contains forward looking statements based on assumptions
that are subject to a wide range of business risks. There is no
assurance that the estimates and expectations in this release will be
realized. Important factors that could cause actual results to differ
materially from the forward looking statements are described in the
periodic filings of Lone Star Technologies, Inc. with the Securities and
Exchange Commission, including its Annual Report on Form 10-KA for the
year ended December 31, 1999.
