U.S. Steel to Transfer About $284 Million of Pension Obligations
United States Steel Corp. said it will transfer about $284 million of pension plan obligations via a purchase of annuity contracts from two units of Legal & General Group PLC.
The purchase results in the transfer of administrative and benefit-paying responsibilities for about 17,800 U.S. retirees and beneficiaries.
The steel company said “this transaction is yet another meaningful step in strengthening the company’s balance sheet and further de-risking our pension plan, a plan that remains more than 100% funded and is an important source of differentiation versus some peers in the steel industry.”
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