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3M has established a $4.25 billion unsecured revolving credit facility with JPMorgan Chase Bank as administrative agent. The new facility, dated 17 August 2026, replaces a previous $4.25 billion five-year agreement from May 2023. Advances will mature five years from the effective date, with options to extend for up to two additional one-year periods subject to lender approval. Interest rates vary based on currency and the company's credit rating. The agreement includes provisions allowing 3M to increase the facility up to $5.25 billion in $25 million increments. The company must maintain an EBITDA to Interest Ratio of at least 3.0 to 1.0 quarterly.

Californian missile-making startup Castelion has closed a funding round exceeding $1 billion, co-led by Carlyle Group, JPMorgan Chase, and Andreessen Horowitz. The Series C investment comprises $800 million in equity and a $250 million revolving credit facility, raising the company's valuation to $13 billion. The fresh capital will fund production of Castelion's Blackbeard hypersonic missile and development of a larger hypersonic strike weapon and air-defence missile. Military leaders seek more hypersonic weapons to match China's growing arsenal, whilst the Pentagon requires increased production of traditional defensive systems like Patriot missiles. Castelion, founded by three SpaceX alumni, has invested roughly $250 million building a New Mexico production campus and is searching for a new factory site.

270 Park Avenue, New York, USA. August 19, 2026 1 min. read Building above one of the world's busiest transit hubs, without disrupting a single train beneath, is the kind of challenge that separates ordinary construction from engineering legend. At 270 Park Avenue, it was achieved with 95,000 tons of structural steel, an audacious transfer system, and a level of collaborative precision rarely seen on any project at any scale. Rising 1,388 feet across 60 floors and 2.5 million square feet, the new global headquarters for JPMorgan Chase is now New York City's largest all-steel high-rise ever built, and the sixth tallest building in the city. Designed by Foster + Partners with structural engineering by Severud Associates and steel fabrication and erection by Banker Steel and NYC Constructors, the project was completed above the active tracks of Grand Central Terminal without significant disruption to the rail infrastructure below. At the core of this achievement is the Tabletop, a two-storey structural transfer system that redistributes the entire tower's gravity and lateral loads to a series of fan-shaped perimeter super-columns, sloping outward from precision-forged steel nodes. Two longitudinal plate girders, each 25 feet deep, spanning 360 feet, and weighing approximately 1,800 tons apiece, form the backbone of this system. Flanges reach up to 5 feet wide with steel plates up to 8 inches thick, all field-bolted from sections fabricated to be shipped and lifted into position by two crawler cranes operating along custom-built temporary runways through the site. Above the Tabletop, the tower's distinctive diagrid facade does more than define the building's identity; it actively contributes lateral stiffness to the superstructure, creating a resilient frame engineered to handle New York's most demanding wind events. With 97 per cent of the demolished predecessor building reused or recycled, over 90 per cent recycled content in the structural steel, and LEED Platinum certification targeted, 270 Park Avenue sets a new benchmark not just for scale and structural ingenuity, but for what responsible, high-performance steel construction looks like in the 21st century.