U.S. Steel Added Sustainability Targets to Existing Credit Facilities

SEATTLE (Scrap Monster): Pittsburgh-based steelmaker United States Steel Corporation (US Steel) announced changes to two of its credit facilities by adding sustainability performance targets, as part of the company’s efforts to boost its Best for All sustainable steelmaking strategy.

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The company press release noted that its $2 billion asset-based revolving credit facility has now been amended to allow for alteration in margin payable based on achievement of sustainability targets in connection with carbon reduction, safety performance and Responsible Steel certification of facilities. Also, Big River Steel subsidiary of the company declared that its $350 million asset-based revolving credit facility too has been modified to include similar sustainability-based targets. Furthermore, it has now been extended for a period of five years up to 2026.

David B. Burritt, President and CEO, U.S. Steel noted that the credit facility amendments will help the company to align financial incentives with its sustainability performance commitments. Both sustainability and profitability are essential for the company to achieve earlier stated goal of net-zero carbon emissions by 2050, he added.