Million-dollar U.S. Steel Foundation gift will create Trustee Scholarships for financially needy students

University Park, Pa. -- United States Steel Foundation has committed $1 million to endow Trustee Scholarships for Penn State undergraduates who have financial need. First preference for the awards will go to students enrolled in various academic majors in business, engineering and information technology.

The foundation is the philanthropic arm of Pittsburgh-based U.S. Steel Corp.

The U.S. Steel Trustee Scholarships are part of Penn State's Trustee Matching Scholarship Program, a unique initiative aimed at keeping a high-quality college education accessible to all qualified students, regardless of their financial means.

"We are deeply grateful to the U.S. Steel Foundation for its generosity and especially for choosing the Trustee Matching Scholarship Program as a beneficiary," said Penn State President Graham B. Spanier. "This visionary act of philanthropy will open new opportunities to countless students in the years to come who otherwise may not have had the resources to make their career dreams a reality."

John P. Surma, U.S. Steel chairman, president and chief executive officer and a 1976 Penn State graduate, noted that students who hold U.S. Steel Trustee Scholarships also will have opportunities to be considered for internship and co-op programs with the company.

"These scholarships will further the development of a highly educated and diverse workforce, an asset of critical importance to our company," said Surma. "We also see these scholarships as another step in strengthening our mutually beneficial partnership with Penn State."

Surma, who has worked for U.S. Steel and predecessor companies since 1997, serves as a Penn State Trustee representing business and industry. He also is a member of the Smeal College of Business board of visitors.

Eligible students across the University will be considered for the scholarships, with preference given to those majoring in the following academic fields: accounting or supply chain and information systems in the Smeal College of Business; computer, electrical, industrial or mechanical engineering in the College of Engineering; information sciences and technology in the College of Information Sciences and Technology; and materials science engineering in the College of Earth and Mineral Sciences.

Implemented in 2002 upon approval by Penn State's Board of Trustees, the Trustee Matching Scholarship Program has grown steadily and aided more than 4,000 students in 2006-07. The matching component of Trustee scholarships effectively doubles the financial impact of each gift. The University matches 5 percent of the principal of each gift annually, combining these matching funds with the spendable income earned by the endowment, which over the long term is also in the realm of 5 percent.

Thus approximately $100,000 would be available through the U.S. Steel Trustee Scholarships to assist students each year in perpetuity.

U.S. Steel, headquartered in Pittsburgh, is the largest integrated steel producer based in North America. It manufactures a wide variety of steel sheet, tubular and tin products; coke, and taconite pellets; and has a worldwide annual raw steel capability of 26.8 million net tons. It employs nearly 200 Penn State alumni.

The company's previous philanthropy to the University includes support for Penn State Greater Allegheny and the Smeal College of Business. U.S. Steel has also sponsored faculty research.