United States Steel Corp. announced the closing of $63.4 million of Environmental Improvement Revenue Bonds with a green bond designation. The company will use proceeds from the green bonds to partially fund work related to its new environmentally preferred, low-emission electric-arc furnace (EAF) at U.S. Steel’s Fairfield Works in Alabama.

“Our first green bond is an important step forward for U.S. Steel in our drive toward more sustainable practices,” said U.S. Steel President and CEO David B. Burritt. “This is doubly relevant for our new electric arc furnace, which recycles scrap steel as its primary feedstock and uses electricity for power. By partially funding the electric arc furnace, the green bond is helping advance our commitment to reduce greenhouse gas emissions intensity by 20% by 2030.”