GHG Emissions, Industrial - November 25, 2020
U.S. Steel Corp. closes $63M green bond to fund low-emission furnace
United States Steel Corporation announced Nov. 24 the closing of a $63.4 million green bond from which the proceeds will fund work on a new low-emission electric arc furnace at the Fairfield Works location.
The Environmental Improvement Revenue Bonds were issued through the Industrial Development Board of the City of Hoover, Ala., and carry a final maturity of 2050 with a coupon of 6.375%. U.S. Steel produces steel products for automotive, infrastructure, appliance, container and energy industries.
“Our first green bond is an important step forward for U. S. Steel in our drive toward more sustainable practices,” David B. Burritt, U. S. Steel President and Chief Executive Officer, said in a statement. “This is doubly relevant for our new electric arc furnace, which recycles scrap steel as its primary feedstock and uses electricity for power. By partially funding the electric arc furnace, the green bond is helping advance our commitment to reduce greenhouse gas emissions intensity by 20 percent by 2030.”