Photo: Electric arc furnace #1 at U. S. Steel’s Fairfield Works (Photo Credit: United States Steel Corporation)
United States Steel Corporation (NYSE: X), a steel producer and SFIA member, announced that it has completed an amendment and restatement of the company’s $1.75 billion asset-based sustainability-linked credit facility (the “ABL”).
The ABL maturity has been extended to 2027 and contains targeted sustainability key performance indicators (KPIs) related to carbon reduction, safety performance and facility site certification by ResponsibleSteelTM.
The ABL will incur positive or negative pricing adjustments on the loan margin and commitment fee based on its performance to the sustainability KPIs.
“We are continuing to transition to a less capital and carbon intensive business while executing our Best for All® strategy,” said U. S. Steel President and Chief Executive Officer David B. Burritt. “These sustainability-linked loans align with our decarbonization commitment and goals, and support our strategic execution by providing financial flexibility.”
Net-Zero Carbon Emissions By 2050
Last year, U. S. Steel announced a bold ambition to achieve net-zero carbon emissions by 2050 as part of a transformational commitment to sustainable and profitable steelmaking. Meeting this goal will require partnerships to find new business approaches and develop new technologies, as well as collaboration and support of governments, trade agencies and other organizations.
In April, ResponsibleSteelTM awarded its first site certification in North America to U. S. Steel’s Big River Steel. This designation confirms the leadership and commitment U. S. Steel has made to operate sustainably and ethically and to deliver sustainable steel solutions. Customers want sustainable high-quality steels to help them meet their own decarbonization targets. U. S. Steel is transforming itself to deliver sustainable products and processes to its customers.
SFIA Releases Industry Environmental Products Declaration for CFS
The Steel Framing Industry Association (SFIA) has released a new Environmental Product Declaration for Cold-Formed Steel Framing, a tool for contractors, building owners, architects and others delivering advanced building designs that meet the latest LEED™ and other sustainable rating systems, programs and standards. SFIA EPD for CFS Framing — SCS-EPD-07103, version version Jan. 25, 2022 (good through May 27, 2026) — can be seamlessly integrated into project specifications as an option with company-specific EPDs. SFIA offers a Specifications Review Service for this task. Architects can request the SFIA Specifications Review Service for steel framing, which is a completely free checkup.
About United States Steel Corporation
Founded in 1901, United States Steel Corporation is a leading steel producer that serves the automotive, construction and other industries with high value-added steel products, such as U. S. Steel’s proprietary XG3™ advanced high-strength steel.The company also maintains iron ore production and has an annual raw steelmaking capability of 22.4 million net tons. U. S. Steel is headquartered in Pittsburgh, Pa., with operations across the United States and in Central Europe.
Additional Resources
- Steel Industry Pushes Toward Net-Zero Energy Target
- U.S. Steel Breaks Ground on Next-Generation $3 Billion Arkansas Steel Mill
- SFIA Releases Industry Environmental Products Declaration for Cold-Formed Steel Framing