Company press releases or major financial news outlets like Wall Street Journal or Bloomberg

U.S. Steel Warns of Plant Closures, $14.9B Deal Collapse Could Move HQ from Pittsburgh

Sep 4, 2024, 12:02 PM

U.S. Steel has announced that it would close steel mills and likely move its headquarters out of Pittsburgh if its $14.9 billion planned sale to Nippon Steel collapses, according to the Wall Street Journal. CEO David Burritt emphasized that the deal is crucial for the company's future, as Nippon Steel plans to invest $3 billion in older mills to keep them competitive. The failure of the deal could result in a significant shift away from traditional blast furnace operations, putting thousands of union jobs at risk and impacting communities where these facilities are located. The company would focus production and management in the right-to-work South if the deal falls through.