US Steel set to sell its mining assets
United States Steel Corp. is set to sell the assets of the
US Steel Mining Co. LLC (USM) to a newly established company called PinnOak Resources, LLC and has entered into a Asset Purchase Agreement with such purpose. The agreement is subject to the buyer's ability to obtain financing, and other customary conditions.
The terms and conditions of the agreement require the new company to acquire 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.
The sale is scheduled to complete towards the end of second quarter.