U. S. Steel Extends Sustainability-Linked ABL Credit Facility
01 June 2022 - 10:43PM
Business Wire
United States Steel Corporation (NYSE: X) (“U. S. Steel” or the
“company”) today announced that it has completed an amendment and
restatement of the company’s $1.75 billion asset-based
sustainability-linked credit facility (the “ABL”).
The ABL maturity has been extended to 2027 and contains targeted
sustainability key performance indicators (KPIs) related to carbon
reduction, safety performance and facility site certification by
ResponsibleSteelTM. The ABL will incur positive or negative pricing
adjustments on the loan margin and commitment fee based on its
performance to the sustainability KPIs.
“We are continuing to transition to a less capital and carbon
intensive business while executing our Best for All® strategy,” U.
S. Steel President and Chief Executive Officer David B. Burritt
said. “These sustainability-linked loans align with our
decarbonization commitment and goals, and support our strategic
execution by providing financial flexibility.”
Last year, U. S. Steel announced a bold ambition to achieve
net-zero carbon emissions by 2050 as part of a transformational
commitment to sustainable and profitable steelmaking. Meeting this
goal will require partnerships to find new business approaches and
develop new technologies, as well as collaboration and support of
governments, trade agencies and other organizations.
In April, ResponsibleSteelTM awarded its first site
certification in North America to U. S. Steel’s Big River Steel.
This designation confirms the leadership and commitment U. S. Steel
has made to operate sustainably and ethically and to deliver
sustainable steel solutions. Customers want sustainable
high-quality steels to help them meet their own decarbonization
targets. U. S. Steel is transforming itself to deliver sustainable
products and processes to its customers.
JPMorgan Chase Bank, N.A. acted as Administrative Agent and
Collateral Agent. J.P. Morgan Securities LLC and ING Capital LLC
acted as Joint Sustainability Structuring Agents in connection with
the U. S. Steel sustainability-linked ABL.
Cautionary Language on Forward-Looking Statements:
This release contains information that may constitute
“forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. We intend the
forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements in those sections.
Generally, we have identified such forward-looking statements by
using the words “believe,” “expect,” “intend,” “estimate,”
“anticipate,” “project,” “target,” “forecast,” “aim,” “should,”
“will,” "may" and similar expressions or by using future dates in
connection with any discussion of, among other things, operating
performance, trends, events or developments that we expect or
anticipate will occur in the future, statements relating to volume
changes, share of sales and earnings per share changes, anticipated
cost savings, statements regarding our future strategies, products
and innovations, statements regarding our greenhouse gas emissions
reduction goals and statements expressing general views about
future operating results. However, the absence of these words or
similar expressions does not mean that a statement is not
forward-looking. Forward-looking statements are not historical
facts, but instead represent only the Company’s beliefs regarding
future events, many of which, by their nature, are inherently
uncertain and outside of the Company’s control. It is possible that
the Company’s actual results may differ, possibly materially, from
the anticipated results indicated in these forward-looking
statements. Management believes that these forward-looking
statements are reasonable as of the time made. However, caution
should be taken not to place undue reliance on any such
forward-looking statements because such statements speak only as of
the date when made. Our Company undertakes no obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise, except
as required by law. In addition, forward-looking statements are
subject to certain risks and uncertainties that could cause actual
results to differ materially from our Company's historical
experience and our present expectations or projections. These risks
and uncertainties include, but are not limited to, the risks and
uncertainties described on this webpage and in “Item 1A. Risk
Factors” in our Annual Report on Form 10-K and those described from
time to time in our reports filed with the Securities and Exchange
Commission.
Founded in 1901, United States Steel Corporation is a leading
steel producer. With an unwavering focus on safety, the company’s
customer-centric Best for All® strategy is advancing a more secure,
sustainable future for U. S. Steel and its stakeholders. With a
renewed emphasis on innovation, U. S. Steel serves the automotive,
construction, appliance, energy, containers, and packaging
industries with high value-added steel products such as U. S.
Steel’s proprietary XG3™ advanced high-strength steel. The company
also maintains competitively advantaged iron ore production and has
an annual raw steelmaking capability of 22.4 million net tons. 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/20220531006088/en/
Arista E. Joyner Manager Financial Communications T – (412)
433-3994 E – aejoyner@uss.com
Kevin Lewis Vice President Investor Relations T – (412) 433-6935
E – klewis@uss.com
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