UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT
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Item. 1.01 Entry into a Material Definitive Agreement
On December 23, 2019, U. S. Steel Košice, s.r.o. (“USSK”), a company organized under the laws of the Slovak Republic and a wholly owned subsidiary of United States Steel Corporation (the “Corporation”), and Ferroenergy s.r.o., a company organized under the laws of the Slovak Republic and a wholly owned subsidiary of USSK, and Commerzbank Finance & Covered Bond S.A. as facility agent, entered into a supplemental agreement (the “Supplemental Agreement”), relating to a multicurrency revolving credit facility agreement originally dated September 26, 2018 (the “USSK Credit Agreement”). The Supplemental Agreement amends and restates the USSK Credit Agreement to, among other things, (i) increase the maximum leverage ratio (defined as the ratio of Net Debt to EBITDA) to 6.50 to 1.00 through June 20, 2021 and declining to 3.50 to 1.00 thereafter, and (ii) pledge certain USSK trade receivables and inventory as collateral in support of USSK’s obligations.
The foregoing description of the Supplemental Agreement is qualified in its entirety by reference to the Supplemental Agreement, which is filed herewith as Exhibit 10.1 and is incorporated herein by reference.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
The disclosure under Item 1.01 of this Current Report on Form 8-K is incorporated into this Item 2.03 by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
The following exhibits are filed herewith:
| Exhibit No. |
Description of Exhibit |
| 10.1 | Supplemental Agreement, dated December 23, 2019, between U.S. Steel Košice, s.r.o., Ferroenergy s.r.o. and Commerzbank Finance & Covered Bond S.A. as facility agent |
| 101 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document |
| 104 | The cover page from this Current Report on Form 8-K, formatted in Inline XBRL |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
UNITED STATES STEEL CORPORATION
| By | /s/ Kimberly D. Fast | |
| Kimberly D. Fast | ||
| Acting Controller |
Dated: December 23, 2019