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PITTSBURGH--(BUSINESS WIRE)-- United States Steel Corporation (NYSE: X) today announced it has closed on the sale of its non-core real estate asset, the Keystone Industrial Port Complex (KIPC), in Fairless Hills, Pennsylvania. Under the terms of the sale, the Company received approximately $160 million in cash.
“This non-core asset sale delivers on our strategic commitment to extract incremental value from our attractive portfolio of real estate assets,” commented U. S. Steel President and Chief Executive Officer David B. Burritt. “The proceeds from this transaction further enhance our strong cash position, supporting our decision to fund the purchase of the remaining Big River Steel equity with cash on hand.”
NP Falls Township Industrial, LLC, an affiliate of NorthPoint Development, LLC, acquired the KIPC, including approximately 1.4 million square feet of industrial space and approximately 1,800 acres of land, an inland deep-water port and other logistics infrastructure, including rail and heavy power. U. S. Steel will continue to operate its hot dipped galvanizing line at the site.
Founded in 1901, the United States Steel Corporation is a Fortune 250 company and leading integrated steel producer. With extensive iron ore production and an annual raw steelmaking capability of 23.6 million net tons, U. S. Steel produces high value-added steel products for the automotive, infrastructure, appliance, container, and energy industries. The company’s customer centric “Best of Both” world competitive integrated and mini mill technology strategy is advancing a more secure, sustainable future for U. S. Steel and its stakeholders. With renewed emphasis on innovation and customer focus, the company produces cutting-edge products such as U. S. Steel’s proprietary XG3™ advanced high-strength steel. U. S. Steel is headquartered in Pittsburgh, Pennsylvania, with world-class operations across the United States and in Central Europe. For more information, please visit www.ussteel.com.
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Source: United States Steel Corporation