United States Steel Corp. and the Black Warrior-Cahaba Rivers Land Trust have reached an historic agreement that would create Red Mountain Park, one of the largest urban parks in the United States.

U. S. Steel is selling 1100 acres of property on Red Mountain, with an appraised value of $16,462,000, to the Land Trust for $7 million. When the property is purchased, U. S. Steel is also pledging $1 million cash as a challenge grant toward development of the Park's amenities.

U. S. Steel is also granting The Land Trust a two-year option to purchase the property for the nominal amount of $100. Under normal circumstances, this type of option would require 10% of the purchase price, or $700,000.

"The gift of time by U. S. Steel makes it possible to secure federal, state and local grant money for the project," said Wendy Jackson, Executive Director of The Land Trust. "Recreational open spaces are one of the top priorities when you look at quality of life issues. The development of Red Mountain Park will put Birmingham near the top of largest 50 cities in the United States for the amount of open space per resident."

The establishment of Red Mountain Park will make it possible to develop and connect a 64-mile network of walking and biking trails and greenways -- 18 miles of trails within the park and 48 miles of connector trails.

In July 2003, U. S. Steel sold 753 acres of land, valued at $6.7 million, to The Land Trust for $4 million. In addition, U. S. Steel donated $1 million to the organization. At the time it was the single largest land transaction, and the single largest monetary gift in the history of The Land Trust.

"I applaud the partnership of U. S. Steel and the Black Warrior-Cahaba Rivers Land Trust. I thank U. S. Steel for their stewardship of these valuable natural resources," said U.S. Senator Jeff Sessions of Alabama. "The Red Mountain park project will protect and preserve this land for the enjoyment of Alabamians for generations to come."

Adding U. S. Steel’s $9,462,000 discount in the sale price of the property, and the $1 million challenge grant, the company’s monetary contribution is $10,462,000, the largest philanthropic donation in U. S. Steel history, and one of the largest philanthropic conservation gifts in the history of the State of Alabama.

Headquartered in Pittsburgh, Pa., United States Steel Corp. manufactures a wide variety of steel sheet, tubular and tin products; coke, and taconite pellets; and has a worldwide annual raw steel capability of 26.8 million net tons.

The mission of the Black Warrior-Cahaba Rivers Land Trust is the acquisition and stewardship of lands that enhance water quality and preserve open space.