By Josh Beckerman
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."
Write to Josh Beckerman at firstname.lastname@example.org
(END) Dow Jones Newswires