US Steel concludes sale of Steel Mining Company assets
United States Steel Corp. announced that it has completed the sale of the mines and assets of
US Steel Mining Co. LLC (USM) to a newly established company called PinnOak Resources, LLC.
According to terms and conditions of the agreement, the new company has purchased all of the coal and related assets associated with USM's Pinnacle No. 50 mine complex located near Pineville, W. Va., and USM's Oak Grove mine complex located near Birmingham, Ala.
Furthermore, PinnOak purchased the mines and related assets at $50 million at closing. Also, the new company will pay an amount to be determined for final inventories.
US Steel is scheduled to annunce the results of this sale in the second quarter.