United States Steel Corp.

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Debt Financing / Related, Other Pre-Announcement

United States Steel Corporation Further Strengthens Balance Sheet By Permanently De-Risking A Portion Of Its Pension Plan

Published: 11/11/2021 21:47 GMT
United States Steel Corp. (X) - United States Steel Corporation Further Strengthens Balance Sheet by Permanently De-risking a Portion of Its Pension Plan.
United States Steel Corp - Purchased Group Annuity Contracts From Banner Life Insurance Company and William Penn Life Insurance Company of New York.
United States Steel Corp - Purchase of Group Annuity Contracts Will Be Funded Directly by Assets of Pension Plan.
United States Steel Corp - Purchased Group Annuity Contracts to Transfer Approximately $284 Million of Company's Pension Plan Obligations to Legal & General.
United States Steel Corp - There Will Be No Change to Pension Benefits for Any Retirees and Beneficiaries As a Result of Transaction.
United States Steel Corp - As a Result of Transaction, Expects to Recognize a Non-cash Pension Settlement Charge of Approximately $110 Million, in Q4.
U.S. Steel - Purchase Results in Transfer of Administrative & Benefit-paying Responsibilities for About 17,800 U.S. Retirees & Beneficiaries.
U.S. Steel - Legal & General Will Begin Paying Benefits for Certain Retirees and Beneficiaries in Co's Plan for Employee Pension Benefits on January 1.