US Steel Green Bonds to Finance Electric Arc Furnace in Alabama
United States Steel Corporation announced the closing of USD 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 US Steel’s Fairfield Works.
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, US Steel will pay the semiannual interest and repay the principal upon maturity.