ArcelorMittal announced Monday that its USA subsidiary will be entering into a new, five-year senior secured asset-based revolving credit facility of up to $1bn.

The facility, which is expected to close in the second quarter of 2016, will reportedly be secured by inventory and certain other working capital and related assets of ArcelorMittal USA and several subsidiaries in the United States.

The facility is not being guaranteed by ArcelorMittal and the steel and mining company stated that it does not intend to pursue additional secured financing beyond this single asset-based facility.