U.S. Steel closed a $2 billion ABL facility with JPMorgan Chase serving as administrative agent.

The facility is comprised of a $1.85 billion revolving credit facility and a $150 million “first-in, last-out” facility.

JPMorgan, Bank of America, Wells Fargo Bank, and Barclays Bank acted as joint lead arrangers on the deal.

Davis Polk advised the administrative agent and lead arranger, together with the joint lead arrangers.

Founded in 1901, Pittsburgh-based U.S. Steel is an integrated steel producer with major production operations in the U.S. and Central Europe.