Nippon Steel to buy U.S. Steel for $14.9 billion, will retain headquarters in Pittsburgh

A water tower at United States Steel Corp.’s Edgar Thomson Plant in Braddock, Pa., is seen, Thursday, May 7, 2020. U.S. Steel will be acquired by the Japanese conglomerate Nippon Steel Corporation, under a $14.9 billion-dollar deal announced early this morning. NSC will pay $55 per share for the Pittsburgh-based company. In August, U.S. Steel rejected a $7.3 billion buyout offer from Cleveland Cliffs and said it was reviewing “strategic alternatives” after receiving several unsolicited offers. U.S. Steel CEO David Burritt said in a statement the deal will help NSC meet the growing demand for high-grade steel in the U.S., “ensuring a competitive, domestic steel industry, while strengthening our presence globally. Our shared decarbonization focus is expected to enhance and accelerate our ability to provide customers with innovative steel solutions to meet sustainability goals.” According to a press release, U.S. Steel will “retain its iconic name and headquarters in Pittsburgh.” NSC said it would honor agreements with the U.S. Steelworkers Union: “All of U. S. Steel’s commitments with its employees, including all collective bargaining agreements in place with its unions, will be honored and NSC is committed to maintaining these relationships uninterrupted.” WESA Inbox Edition Newsletter Start your morning with today’s news on Pittsburgh and Pennsylvania. The United Steelworkers attacked the deal in a statement by president David McCall: “To say we’re disappointed in the announced deal between U.S. Steel and Nippon is an understatement, as it demonstrates the same greedy, shortsighted attitude that has guided U.S. Steel for far too long.” “We remained open throughout this process to working with U.S. Steel to keep this iconic American company domestically owned and operated, but instead it chose to push aside the concerns of its dedicated workforce and sell to a foreign-owned company. Neither U.S. Steel nor Nippon reached out […]

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