High Yield Nuggets: Metals & Mining Weekly: X & REBAR price debt, WS closes Kloeckner, FMGAU restrictions escalate

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High Yield Nuggets: Metals & Mining Weekly: X & REBAR price debt, WS closes Kloeckner, FMGAU restrictions escalate

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High Yield Nuggets: Metals & Mining Weekly

X & REEBAR price debt, WS closes

Kloeckner, FMGAU restrictions escalate

Industry Overview

New issuance, M&A, and restructuring across M&M 09 July 2026

Key highlights include 1) Earnings from Commercial Metals & Worthington Steel. High Yield Credit

Americas

2) U.S. Steel (X) priced $1.2bn of Nippon Steel-guaranteed senior unsecured notes, Metals & Mining

including $700mn due 2031 and $500mn due 2036

Table of Contents3) Hybar (REEBAR) priced $400mn of 8NC3 green senior secured notes due 2034 at

7.375% to fund Hybar II, refinance project facilities and support GCP. General Metals & Mining 3

4) Worthington Steel (WS) completed its Kloeckner takeover, reaching ~62% ownership Metal Price Updates 3

China Watch 4

5) Fortescue (FMGAU) faced escalating CMRG restrictions amid a pricing dispute, North American Steel and Alloys 6

including a July 15 delivery deadline and limits on new USD-denominated cargoes. Aluminum 13

6) Alliance Resource Partners (ARLP) completed the ~$206.2mn AllDale Minerals III and Copper 15

IV acquisition, funded with cash, revolver borrowings and a new $150mn term loan. Precious Metals 18

Iron Ore / Coal / Lithium / Other 19

7) Hudbay (HBMCN) completed the Arizona Sonoran acquisition and a US$52mn 4.50%

Copper World Bonds offering to fund eligible Copper World project costs.

Abe Landa, CFA

8) Enviri (NVRI) launched as a standalone public steel servicer & rail products Research Analyst

BofAS

manufacturer company following the spin-off and sale of Clean Earth to Veolia. +1 646 855 6199

abraham.landa@bofa.com