US Steel to Enter Waste Disposal Business

Date: August 7, 2012

Source: News Room

US Steel Corp. (Pittsburgh, PA) plans to enter the waste disposal market using $94 million of tax-exempt environmental improvement revenue bonds to finance solid waste projects at facilities in three states. Proceeds of the bond offerings will finance renovations and construction of solid waste disposal facilities at the company's locations in Gary, IN, Granite City, IL, and Braddock, PA. The Indiana Finance Authority will price $29 million, Pennsylvania's Allegheny County Industrial Development Authority is selling $25 million, and a third series of $40 million will be issued through the Southwestern Illinois Development Authority. The transaction comes a week after the US Justice Department, on behalf of the EPA and three states, sued the steel giant for violations of the federal Clean Air Act, having accused the company of thousands of clean-air violations from 2008 to 2011. The bonds have 30-year maturities and are being underwritten by Morgan Stanley and Goldman, Sachs & Co.

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