Export-Import Bank of the United States Supports Second Renewal of Supply Chain Finance Guarantee Supporting United States Steel Corporation
WASHINGTON – The Board of Directors of the Export-Import Bank of the United States (EXIM) yesterday unanimously approved a second renewal of a 90 percent guarantee of a $200 million purchase facility for U.S. companies in the supply chain of the United States Steel Corporation (U.S. Steel).
The transaction supports U.S. Steel’s network of U.S. suppliers to increase their access to capital and will support up to $800 million in export sales of steel and iron ore primarily to Mexico, Saudi Arabia and Canada. Additionally, the transaction will support approximately 700 jobs in states across the country, including 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.”
The meeting concluded with the Board also approving the most recent updates to EXIM’s Country Limitation Schedule, which outlines EXIM’s cover policy for all countries as well as possible exceptions and guidance.
The Export-Import Bank of the United States (EXIM) is the nation’s official export credit agency with the mission of supporting American jobs by facilitating U.S. exports. To advance American competitiveness and assist U.S. businesses as they compete for global sales, EXIM offers financing including export credit insurance, working capital guarantees, loan guarantees, and direct loans. As an independent federal agency, EXIM contributes to U.S. economic growth by supporting tens of thousands of jobs in exporting businesses and their supply chains across the United States. Since 1992, EXIM has generated more than $9 billion for the U.S. Treasury for repayment of U.S. debt. Learn more at www.exim.gov.