US Steel Adds Sustainability Targets to Credit Facilities
US Steel NWI Times

US Steel Adds Sustainability Targets to Credit Facilities

United States Steel Corporation has announced changes to two asset-based credit facilities that reward performance for meeting

United States Steel Corporation has announced changes to two asset-based credit facilities that reward performance for meeting sustainability targets. This is part of the on going execution of the company’s Best for All strategy of creating profitable solutions for sustainable steelmaking. At the company’s request, its USD 2 billion asset-based revolving credit facility has been amended to include an increase or decrease in the margin payable based on achievement of targets related to carbon reduction, safety performance and facility certification by ResponsibleSteel. In addition to the new sustainability link, the ABL has also been amended to reduce the credit line to USD 1.75 billion from USD 2 billion, which supports the company’s current footprint and is consistent with the company’s efforts to optimize its global liquidity position.

Additionally, the company’s subsidiary, Big River Steel, extended its USD350 million ABL by five years to 2026 and included the same sustainability performance targets.

When US Steel joined the global not-for-profit organization in April, it became the first North American steelmaker to gain membership in ResponsibleSteel, which provides a process and certification framework for sustainable steel use throughout its lifecycle.

J.P. Morgan Securities LLC and ING Capital LLC acted as Joint Sustainability Structuring Agents in the U. S. Steel Sustainability-linked ABL. Goldman Sachs Bank NA and ING Capital LLC acted as Joint Sustainability Structuring Agents in the BRS Sustainability-linked ABL.

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