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US Steel plans US$500M debt issue to repay near-term liabilities

U.S. SteelCorp. said May 2 that it plans to offer US$500 million worth ofsenior secured debt due 2021, subject to market and other conditions.

The company will use the proceeds to repay debt,prioritizing near-term liabilities and general corporate purposes.

Its first-quarter net loss widened year over year to US$340million from US$75 million.