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Nippon Steel Corporation + U. S. Steel

Moving Forward Together as the ‘Best Steelmaker with World-Leading Capabilities’

Combination is the Best Deal for American Steel

  • Nippon Steel has pledged that no jobs will be lost as a result of the transaction, it will maintain the iconic U. S. Steel name and branding, and it will keep the Pittsburgh headquarters which supports 1,000 roles across corporate, research, commercial, information technology, finance, human resources, legal and communications functions
  • Builds on NSC’s established presence in the United States and is a positive development for American steel, American jobs and America’s national security
  • NSC will contribute new capital and technological advances to U. S. Steel that will support job growth and create new opportunities for our workforce
  • NSC will bring additional resources and expertise to support investment in American steel, while also accelerating innovation, decarbonization and digitization at U. S. Steel
  • NSC has a proven record of acquiring, operating and investing in steel mill facilities in the U.S.

Secures Long-Term Future of Union Jobs

  • NSC is committed to partnering with the United Steelworkers (USW): Following the closing of the transaction, NSC will honor all USW agreements and recognizes the USW as the bargaining representative for USW represented employees
  • No changes will be made to existing collective bargaining agreement
  • Represented members will continue receiving their paychecks, profit sharing and benefits from U. S. Steel
  • Expands NSC’s existing strong relationship with the USW, as NSC already has approximately 620 USW-represented employees in the United States

Two Purpose-Built Organizations that are Highly Complementary

  • Unwavering focus on and commitment to safety
  • Best-in-class technologies and manufacturing capabilities
  • Values-based leadership teams

Eiji Hashimoto, President, NSC and Takahiro Mori, Executive Vice President, NSC wrote about their plans to grow U. S. Steel in The Wall Street Journal

read their Op-Ed here

Wide Spread Support

This is good for the steel workers. This is good for steel production. This is good for the United States. The fact of the matter is that Nippon Steel would be obligated to follow all of the labor laws that anyone else is obligated to, including the negotiations over new contracts, which is very heavily regulated by the federal government…I think the union workers ought to be glad that a larger parent company with greater resources is going to be there to increase the likelihood that they stay viable. I think it’s a big mistake for the unions to conclude somehow they’re worse off when it’s not at all clear that that’s the case.”
Pat Toomey
Former US Senator for PA
12.21.23
“They’re (Nippon Steel) a very, very responsible company…we represented the Rockefeller 34 trust when they sold Rock Center to the Japanese to Mitsui and everybody said, “Oh my God, the sky is falling. An American icon owned by the Japanese.” Well, you know what the consequences were? Nothing, no consequences, and I don’t think there will be any consequences of this.”
Wilbur Ross
Former United States Secretary of Commerce
12.20.23
“There is no remotely plausible national-security rationale for questioning theNippon-U. S. Steel transaction…The production will continue to take place in the United States. The result will be the infusion of more capital into the U.S. steel industry.”
Lawrence Summers
Former U.S. Treasury Secretary
1.19.24
“Prior to the Nippon announcement, U. S. Steel stared at an uncertain future. Now, employees, customers, and communities can be encouraged that a reinvigorated company is here to stay and compete in the modern economy.”
Jeffrey Kupfer
adjunct faculty member at CMU, Former Special Assistant to the President for Economic Policy
1.02.24
“If money talks, then this offer from a Japanese company speaks loudly. It’s a vote of confidence in American manufacturing, in American workers, and in the United States itself… Nippon Steel has pledged to honor collective bargaining agreements with the United Steelworkers union. So that’s good news for workers across Pennsylvania and other states.”
James Pinkerton
political analyst
12.22.23
“X stated that NSC has committed to honor all labor agreements and would maintain X's iconic brand name. From an overall industry perspective, the deal would increase competition in the domestic market (especially auto/electrical steel) with no material offset from consolidation.”
Bank of America analysts
12.18.23
“The merger may enhance U.S. competitiveness. The $15 billion deal would create one of the world’s top three steel makers, and it’s a direct investment in U.S. manufacturing.”
The Wall Street Journal
12.22.23
“Finally, up and down the steel supply chain, buyers will have a competitive marketplace that is not dominated by any one firm. As inflation continues to be a problem, a merger that will help keep prices down is good for consumers.”
Pittsburgh Tribune Review
12.19.23

Best For...

Customers

Strengthens companies’ ability to address growing demand for high-grade steel in the U.S. and globally

Innovation

Combines world-leading technologies and manufacturing capabilities to be at the forefront of innovation and digital transformation in steelmaking

U. S. Steel Employees

Honoring all collective bargaining agreements and recognizing the United Steelworkers as the bargaining representative for USW-represented employees

NSC Shareholders

Positions NSC to deliver higher growth, enhanced profitability and long-term value

U. S. Steel Shareholders

Provides certain and immediate value to U. S. Steel shareholders in all-cash transaction representing 40% premium

Tradition

Maintains iconic U. S. Steel name, brand and HQ in Pittsburgh, PA

Planet

Drives the global steel industry towards decarbonization and a sustainable world

Certainty

Clear path to completion in the second or third quarter of calendar year 2024

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