Nippon Steel Corporation + U. S. Steel

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

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

Fast Facts

All-cash transaction valued at [$XX.XX] per share or [$X.X] billion

~[XXX.X%] premium to the undisturbed closing stock price of 8/11/23 of [$22.72]

[Mercury] is Japan’s largest steelmaker and one of the world’s leading steel producers

Transaction with Mercury is the culmination of a robust strategic alternatives process

Clear path to completion in [second half of calendar year 2024]

Bringing together two storied companies with rich histories

Eiji Hashimoto

NSC President

“We are excited that this transaction brings together two companies with world-leading technologies and manufacturing capabilities. NSC has long admired U. S. Steel with deep respect for its advanced technologies, rich history, and talented workforce. The transaction builds on our presence in the United States and we are committed to honoring all of U. S. Steel’s existing union contracts.”

Takahiro Mori

NSC Executive Vice President

“We believe this transaction is in the best interests of our two companies, providing strong, immediate value for U. S. Steel shareholders while enhancing NSC’s long-term growth prospects. We have a strong balance sheet and are confident in our ability to unlock the potential of bringing together NSC and U. S. Steel.”

David B. Burritt

U. S. Steel President and Chief Executive Officer

“NSC has a proven track record of acquiring, operating and investing in steel mill facilities globally – and we are confident that, like our strategy, this combination is truly Best for All. For our U. S. Steel employees, the transaction combines like-minded steel companies. For customers, U. S. Steel and NSC create a truly global steel company.”