Pittsburgh-based U.S. Steel’s guaranteed supply chain finance guarantee program through the Export-Import Bank of the United States has been renewed a second time, LSQ, the platform provider, said Tuesday.
In late February, LSQ said, EXIM’s board of directors approved the renewal of a 90 percent guarantee of a $200 million purchase facility for U.S. companies in U.S. Steel’s supply chain under the EXIM Supply Chain Finance Guarantee Program. The program has advanced more than $1.5 billion to American small- and medium-sized businesses since 2020.
“We are honored to be a part of this innovative supply chain finance program and proud to support the efforts to help the small- and medium-sized businesses that make up U. S. Steel’s supply chain,” LSQ Executive Vice President Miguel Serricchio said. “In the face of industry headwinds, all involved should be commended for their efforts to keep production rolling and growing American jobs.”
The transaction will support U.S. Steel’s network of suppliers and increase their access to capital, officials said. The program will also support up to $80 million in exports of steel and iron ore while supporting an estimated 700 jobs in Pennsylvania, Kentucky, West Virginia, New Jersey, Illinois, Alabama, Missouri, Indiana, and Texas.
“I am proud to approve this transaction as this finance guarantee supports American suppliers in times where credit markets are volatile,” said EXIM President and Chair Reta Jo Lewis. “EXIM is dedicated to reinforcing American exports and strengthening small businesses, and I am pleased to know that by approving this renewal, we are supporting 23 active suppliers, many of which are small businesses, as they continue to improve our nation’s economic security.”Source: Penn Biz Report