U. S. Steel Closes on Green Bonds to Finance Low-Emission, Low-Carbon Electric Arc Furnace in Alabama
November 24 2020 - 4:17PM
Business Wire
United States Steel Corporation (NYSE: X) today announced the
closing of $63.4 million of Environmental Improvement Revenue Bonds
with a green bond designation. The company will use proceeds from
the green bonds to partially fund work related to its new
environmentally preferred, low-emission electric arc furnace at U.
S. Steel’s Fairfield Works.
“Our first green bond is an important step forward for U. S.
Steel in our drive toward more sustainable practices,” said U. S.
Steel President and Chief Executive Officer David B. Burritt. “This
is doubly relevant for our new electric arc furnace, which recycles
scrap steel as its primary feedstock and uses electricity for
power. By partially funding the electric arc furnace, the green
bond is helping advance our commitment to reduce greenhouse gas
emissions intensity by 20 percent by 2030.”
The green bonds issued through The Industrial Development Board
of the City of Hoover, Alabama, have a coupon of 6.375% and carry a
final maturity of 2050. In its agreement with the Alabama bond
issuers, U. S. Steel will pay the semiannual interest and repay the
principal upon maturity.
Founded in 1901, the United States Steel Corporation is a
Fortune 250 company and leading integrated steel producer. With
extensive iron ore production and an annual raw steelmaking
capability of 22 million net tons, U. S. Steel produces high
value-added steel products for the automotive, infrastructure,
appliance, container, and energy industries. The company’s “best of
both” integrated and mini-mill technology strategy is advancing a
more secure, sustainable future for U. S. Steel and its
stakeholders. With renewed emphasis on innovation and customer
focus, the company produces cutting-edge products such as U. S.
Steel’s proprietary XG3™ advanced high-strength steel. U. S. Steel
is headquartered in Pittsburgh, Pennsylvania, with world-class
operations across the United States and in Central Europe. For more
information, please visit www.ussteel.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20201124005993/en/
John O. Ambler Vice President Corporate Communications T – (412)
477-1719 E – joambler@uss.com
Kevin Lewis Vice President Investor Relations T – (412) 433-6935
E – klewis@uss.com
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