UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event
reported): February 23, 2021 (
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Item 1.02. Termination of a Material Definitive Agreement.
On February 23, 2021, United States Steel Corporation (the “Company”) and its subsidiary United States Steel International, Inc. (together, the “Borrowers”) repaid in full all of the remaining outstanding indebtedness under the Export-Import Transaction Specific Loan and Security Agreement, dated September 30, 2020, by and among the Borrowers, the lenders party thereto and PNC Bank, National Association, as agent (the “Export-Import Credit Agreement”), consisting of approximately $168 million of principal plus accrued and unpaid interest thereon. The Export-Import Credit Agreement and related security interests were terminated in conjunction with such payment in full. The Export-Import Credit Agreement would have matured on August 30, 2021. No early termination penalties applied with respect to such voluntary prepayment in full prior to maturity.
The material terms of the Export-Import Credit Agreement are described in the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on October 2, 2020 and in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020 filed with the SEC on February 12, 2021. The foregoing descriptions of the Export-Import Credit Agreement do not purport to be complete and are subject to and qualified in their entirety by reference to the full text of the Export-Import Credit Agreement, which was filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on October 2, 2020 and is incorporated by reference herein.
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/ Manpreet S. Grewal | |
| Name: Manpreet S. Grewal | ||
| Title: Vice President & Controller | ||
Dated: February 23, 2021