S&P upgrades U.S. Steel Corp.

S&P said it upgraded U.S. Steel Corp.’s issuer rating to B+ from B on a surge in 2021 cash flow.

“U.S. Steel's S&P Global Ratings-adjusted debt is down $1 billion year-over-year, the company's long-standing pension deficit has turned to a surplus for the first time in decades, and it has boosted cash to $2 billion as of Oct. 31, 2021. The company has begun the process of siting a new steel minimill for construction, which is expected to consume $3 billion of capital expenditures by 2024,” S&P said in a press release.

For the first time in decades, U.S. Steel pension funding situation to a surplus from a deficit, S&P noted.

The outlook is positive.

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