US Steel has divested from its Keystone Industrial Port Complex (KIPC), selling it to NP Falls Township Industrial for $160mn.
The Pittsburg-based steelmaker said in a media statement on Monday that the proceeds of the sale would be used to fund its purchase of Big River Steel.
Based in Fairless Hills, Pennsylvania, KIPC consists of 1.4mn sq ft of industrial space, 1,800 acres of land, an inland deep-water port, logistics infrastructure that includes rail and heavy power equipment, and a hot-dipped galvanizing line, the last of which US Steel will continue to operate.
David Burritt, president and chief executive officer at US Steel, said that the sale was part of the company’s strategy to “extract incremental value” from the company’s “attractive portfolio of real estate assets.”