Pittsburgh Steelmaker Declared Extension of ABL Credit Facility

SEATTLE (Scrap Monster): Pittsburgh-based United States Steel Corporation (U.S. Steel) has announced extension of its asset-based sustainability-linked credit facility. The company press release noted that it has completed an amendment and restatement of the company’s $1.75 billion credit facility.

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The maturity has now been extended until 2027. It contains targeted sustainability key performance indicators (KPIs) related to carbon reduction, safety performance and facility site certification by ResponsibleSteel. Based on its performance to the sustainability key performance indicators (KPIs), the ABL will incur positive or negative pricing adjustments on the loan margin and commitment fee, it noted.

David B. Burritt, President and Chief Executive Officer, U.S. Steel said that the company is continuing to transition to a less capital and carbon intensive business while executing its Best for All strategy. The sustainability-linked loans align with its decarbonization commitment and goals, and support our strategic execution by providing financial flexibility, he added.

The steelmaker has been transforming itself to ensure delivery of sustainable steel products and processes to its customers.