Official announcements from U.S. Steel, major financial news outlets

Nippon Steel Plans $14.9 Billion Acquisition of U.S. Steel, Warns David Burritt

Sep 4, 2024, 03:19 AM

Nippon Steel is planning a $14.9 billion acquisition of U.S. Steel. The deal includes a commitment from Nippon Steel to invest at least $1.4 billion in facilities represented by the United Steelworkers (USW), beyond what is required under their basic labor agreement. Nippon Steel plans to maintain U.S. Steel as a U.S. company operating under Nippon Steel North America, a New York-based entity. Additionally, core senior management and the majority of board members at U.S. Steel will be U.S. citizens. U.S. Steel has warned that if the deal collapses, it would close mills and likely move its headquarters out of Pittsburgh, according to CEO David Burritt and the Wall Street Journal. The company is hosting an employee rally to boost support for the deal.