RTTNews | Jun 8, 2021 08:54AM EDT

08:53 Tuesday, June 8, 2021 (RTTNews.com) - Steel producer United States Steel Corp. (X) announced Tuesday that it has agreed to sell Transtar, LLC to an affiliate of Fortress Transportation and Infrastructure Investors LLC (FTAI) for $640 million.

The transaction is expected to close in the third quarter of 2021, subject to customary closing conditions including receipt of certain regulatory approvals.

The sale further aligns with U. S. Steel's operating focus on its core mining and steelmaking business under its Best for All strategy. It will also unlock immediate incremental value for U. S. Steel stockholders by monetizing a non-core asset.

U. S. Steel plans to use the proceeds of the sale to further strengthen its balance sheet, including deleveraging.

Read the original article on RTTNews ( https://www.rttnews.com/3200809/u-s-steel-to-sell-transtar-to-fortress-transportation-for-640-mln-quick-facts.aspx)

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2021 RTTNews.com All Rights Reserved