United States Steel Corporation Sells $160 Million Keystone Industrial Port Complex
December 23 2020 - 6:05PM
Business Wire
United States Steel Corporation (NYSE: X) today announced it has
closed on the sale of its non-core real estate asset, the Keystone
Industrial Port Complex (KIPC), in Fairless Hills, Pennsylvania.
Under the terms of the sale, the Company received approximately
$160 million in cash.
“This non-core asset sale delivers on our strategic commitment
to extract incremental value from our attractive portfolio of real
estate assets,” commented U. S. Steel President and Chief Executive
Officer David B. Burritt. “The proceeds from this transaction
further enhance our strong cash position, supporting our decision
to fund the purchase of the remaining Big River Steel equity with
cash on hand.”
NP Falls Township Industrial, LLC, an affiliate of NorthPoint
Development, LLC, acquired the KIPC, including approximately 1.4
million square feet of industrial space and approximately 1,800
acres of land, an inland deep-water port and other logistics
infrastructure, including rail and heavy power. U. S. Steel will
continue to operate its hot dipped galvanizing line at the
site.
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 23.6 million net tons, U. S. Steel produces high
value-added steel products for the automotive, infrastructure,
appliance, container, and energy industries. The company’s customer
centric “Best of Both” world competitive 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/20201223005582/en/
John Ambler Vice President Corporate Communications T – (412)
433-2407 E – joambler@uss.com Kevin Lewis Vice President Investor
Relations T – (412) 433-6935 E – klewis@uss.com
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