United States Steel Corp. (U. S. Steel), Pittsburgh, has announced that it has closed $63.4 million of Environmental Improvement Revenue Bonds with a green bond designation. The company reports that it plans to use the proceeds from the green bonds to partially fund work related to its new low-emission electric arc furnace (EAF) at U.S. Steel’s Fairfield Works.
The company started its EAF facility in Fairfield, Alabama, earlier this year. That facility has an annual steelmaking capacity of 1.6 million tons.
“Our first green bond is an important step forward for U. S. Steel in our drive toward more sustainable practices,” says U. S. Steel President and Chief Executive Officer David B. Burritt. “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.”
According to a news release from U. S. Steel, the green bonds issued through The Industrial Development Board of the City of Hoover, Alabama, have a coupon of 6.375 percent and carry a final maturity of 2050. In its agreement with the Alabama bond issuers, U. S. Steel will pay the semiannual interest and repay the principal upon maturity.
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