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US Steel will use proceeds from recently closed “green bonds” to partially fund equipment and facilities at its upcoming Big River 2 flat-rolled steelmaking facility in Arkansas, the company announced on Tuesday September 6.
The Arkansas Development Finance Authority environmental improvement revenue bonds total $290 million and are designated for use toward “eligible green projects,” according to a release issued by the Pittsburgh-based steelmaker.
US Steel will use the proceeds to “partially fund work related to its solid waste disposal facilities, including two electric-arc furnaces and other equipment and facilities at […] Big River 2,” the company said.
“Friday’s closing on the green bonds reinforces our commitment to achieving our 2030 greenhouse gas emissions intensity-reduction and 2050 net-zero goals,” David B. Burritt, US Steel president and chief executive officer, said.
The green bonds have a coupon rate of 5.45% and carry a final maturity of 2052. Under the agreement with the Arkansas bond issuer, US Steel will pay semiannual interest.
Construction of Big River 2, near Osceola, Arkansas, is expected to finish in 2024 with a 3-million-ton annual capacity. The mill is expected to operate with as much as 70-80% fewer greenhouse gas emissions than traditional blast furnaces.
US Steel separately repurchased approximately $300 million of outstanding debt last week, the company noted in the same release.
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