On the heels of its 2020 earnings release, US Steel has begun an offering of 40 million shares of common stock, Kallanish reports. 

The stock offering will be used to “...redeem 35% of its outstanding 2025 senior secured notes and for general corporate purposes, which may include further repayment of its outstanding indebtedness.”

The underwriter for the deal is Morgan Stanley. 

US Steel ended 2020 with a net loss of $1.16 billion on sales of $9.74 billion. However, over the course of the year, the company began operating its long-awaited Fairfield, Alabama, electric arc furnace and completed the purchase of minimill producer Big River Steel in Arkansas. 

Both are cornerstones of the company’s so-called “best of both” strategy, which aims to leverage the company’s legacy blast furnace assets with modern EAF technology.