PITTSBURGH–( BUSINESS WIRE )–
United States Steel Corporation (NYSE: X) (“U.S. Steel”) today announced the closing of $290 million of unsecured Arkansas Development Finance Authority environmental improvement revenue bonds bearing a green bond designation (“Green Bonds”). The proceeds of the bonds will be used for “eligible Green Projects” in the sense of the Green Bond Principles of The International Capital Market Association.
Separately, the company successfully repurchased approximately $300 million of outstanding debt at a discount to par through a tender process completed last week. Together, these actions lead to the following improvements:
“Friday’s closing on the Green Bonds reinforces our commitment to achieving our 2030 greenhouse gas emissions intensity reduction and 2050 net-zero goals,” commented US Steel President and Chief Executive Officer David B. Burritt. “We also continue to strengthen our balance sheet, in line with our capital allocation priorities, by replacing more expensive, near-term debt with less expensive, longer-term debt, all while reducing our interest expense and extending our maturity profile.”
The Green Bonds, issued by the Arkansas Development Finance Authority, have a coupon rate of 5.45% and carry a final maturity of 2052. Under the agreement with the Arkansas bond issuer, US Steel will pay semiannual interest.
The company will use the proceeds of the green bonds to partially finance work related to its solid waste disposal facilities, including two electric arc furnaces (EAF) and other equipment and facilities at its new technologically advanced flat rolled steel manufacturing facility, Big River 2 (BR2) ), currently under construction near Osceola, Arkansas. The facility will recycle, refine and process scrap metal into finished steel products.
Construction of BR2 is expected to be completed in 2024, and once completed will be the most advanced steelmaking facility in North America, with two EAFs, with a total of three million tons per year of advanced steelmaking capacity, a state-of-the-art endless casting and rolling Line and advanced finishing skills. BR2 is expected to operate with up to 70-80% less greenhouse gas emissions compared to the traditional integrated steelmaking approach and directly support the company’s sustainability commitments.
BofA Securities, Barclays, Citigroup, Goldman Sachs & amp; Co. LLC, J.P. Morgan, Morgan Stanley, Wells Fargo Securities, and Crews & amp; Associates, Inc. acted as underwriter for the Green Bonds.
CAUTIONARY NOTE FROM FORWARD-LOOKING STATES
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 for 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,” “goal,” “forecast,” “target,” “should “, “plan”, “goal”, “future”, “will”, “may” and similar expressions or by using future dates in connection with any discussion of, inter alia, the construction or operation of new or existing facilities, operating performance, trends, events or developments that we expect or predict will occur in the future, statements regarding volume changes, share of sales and earnings per share changes, expected cost savings, potential capital and operational cash improvements, changes in global supply and demand Terms and prices for our products, international trade duties and other aspects of international trade policy, statements regarding our future strategies, products and innovations, statements regarding our greenhouse gas emissions without reduction targets and statements that express general views as of 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 about future events, many of which, by their nature, are inherently uncertain and outside the Company’s control. It is possible that the actual results and financial condition of the company may differ, possibly materially, from the expected results and financial condition indicated in these forward-looking statements. Management believes that these forward-looking statements are reasonable at the time they were made. However, caution should be taken not to place undue reliance on such forward-looking statements, as such statements speak only as of the date they are 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, which could cause actual results to differ materially from our company’s historical experience and our current expectations or forecasts. These risks and uncertainties include, but are not limited to, the risks and uncertainties described in “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and which described from time to time. in our future reports filed with the Securities and Exchange Commission.
References to “we,” “us,” “us,” the “Company” and “US Steel” refer to United States Steel Corporation and its consolidated subsidiaries, unless the context indicates otherwise.
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 envisions a safer, more sustainable future for U. S. Steel and its stakeholders. With a renewed emphasis on innovation, US Steel serves the automotive, construction, appliance, energy, container and packaging industries with high-quality steel products such as US Steel’s proprietary XG3™ advanced high-strength steel. The company also maintains a competitive advantage in iron ore production and has an annual crude steelmaking capacity of 22.4 million net tons. US Steel is headquartered in Pittsburgh, Pennsylvania, with world-class operations throughout the United States and in Central Europe. For more information, please visit www.ussteel.com.
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Is Natixis a private company?
Arista Joyner
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Natixis offers wholesale banking in the form of advice and financing, investment solutions in the form of asset management, insurance, private banking and private equity, as well as other specialized financial services.
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Natixis is a French corporate and investment bank established in November 2006 from the merger of the asset management and investment banking operations of Natexis Banque Populaire (Groupe Banque Populaire) and IXIS (Groupe Caisse d’Epargne).
