NIPPON STEEL CORPORATION Apr. 18, 2024
Nippon Steel Corporation
United States Steel Corporation
The partnership between U. S. Steel and Nippon Steel is the right combination to ensure that U. S. Steel remains an iconic American company for generations to come.
•This transaction delivers clear benefits to all of U. S. Steel's stakeholders, including customers, union and non-union workers, suppliers, communities, and stockholders, as well as to the broader American steel industry, and the United States as a whole.
•U. S. Steel will remain an American company and its headquarters will stay in Pittsburgh, its iconic name will be unchanged, and its products will remain mined, melted and made in America.
•Increased capital investment of at least $1.4 billion in U. S. Steel's integrated steel mills and access to Nippon Steel's technologies and R&D advancements will help U. S. Steel produce more advanced and environmentally sustainable steel for domestic customers. This will strengthen the resilience of American industry against threats from China and support America's crucial alliance with Japan.
•Jobs will be protected. There will be no plant closures, and production and jobs will remain in America.
•Our goal is for Pennsylvania to succeed alongside us, and we look forward to investing in its communities and research institutions.
Our mutual aim is to protect and grow U. S. Steel in the U.S. market while prioritizing employees. To achieve this, Nippon Steel has provided significant commitments to the USW, including undertakings relating to job security, pension security, capital investment, technology sharing, financial reporting, and the ability to enforce contractual obligations post-closing.
Nippon Steel has a long-standing and deep respect for its unionized and non-unionized employees and understands the critical role that the Company's dedicated workforce plays in its future success. This is true not only in Japan but also at its existing U.S. operations at Standard Steel and Wheeling-Nippon Steel. In partnership with Nippon Steel, U. S. Steel is excited for another 120-plus years of steelmaking in Pittsburgh.
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Nippon Steel Corporation published this content on 18 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 April 2024 02:04:01 UTC.
