United States Steel Corporation (U.S. Steel) announced that it has closed on the sale of its non-core real estate asset, the Keystone Industrial Port Complex (KIPC), in Fairless Hills, Pennsylvania for $160 million in cash.
NP Falls Township Industrial, LLC, an affiliate of NorthPoint Development, LLC, acquired the KIPC, including approximately 1.4 million square feet of industrial space and approximately 1,800 acres of land, an inland deep-water port and other logistics infrastructure, including rail and heavy power.
The company said it will continue to operate its hot dipped galvanizing line at the site.
“This non-core asset sale delivers on our strategic commitment to extract incremental value from our attractive portfolio of real estate assets,” commented U. S. Steel President and Chief Executive Officer David B. Burritt. “The proceeds from this transaction further enhance our strong cash position, supporting our decision to fund the purchase of the remaining Big River Steel equity with cash on hand.”