United States Steel Corporation has agreed to sell Transtar LLC to an affiliate of Fortress Transportation and Infrastructure Investors LLC for USD 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. Upon completion of the sale, US Steel will recognize key strategic benefits from the transaction, including

1. Further align US Steel’s operating focus on its core mining and steelmaking business under its Best for All℠ strategy

2. A new financial structure which will unlock immediate incremental value for US Steel stockholders by monetizing a non-core asset

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

An initial 15 year contract to maintain the existing operations at the six operating railroads that make up Transtar - the Gary Railway Company in Indiana; the Lake Terminal Railroad Company in Ohio; Union Railroad Company LLC in Pennsylvania; Fairfield Southern Company Inc in Alabama; Delray Connecting Railroad Company in Michigan; and the Texas & Northern Railroad Company in Texas.

Citi acted as US Steel’s exclusive financial advisor on the transaction. Jones Day and Baker & Miller PLLC acted as U. S. Steel’s legal advisors on the transaction.

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