U. S. Steel Acquires Remaining 50 Percent Ownership Interest in USS-POSCO Industries (UPI) From POSCO-California Corporation
March 01 2020 - 8:00AM
U. S. Steel has closed on the purchase of POSCO-California
Corporation (POSCAL)'s 50% partnership interest in USS-POSCO
Industries (UPI), effective February 29, 2020. After a long,
collaborative relationship, U. S. Steel and POSCAL
concluded that ownership of UPI by a single group represents the
best opportunity for UPI to continue operating effectively and
serve its customers.
The January 23, 2020 purchase agreement regarding this
transaction was previously disclosed in U. S. Steel’s
February 14, 2020 10-K filing. In the interim, the partners have
been working together to ensure a smooth, constructive transition.
In the near term, U. S. Steel plans to operate UPI as a separate
entity.
UPI, headquartered in Pittsburg, California, markets sheet and
tin mill products, principally in the western United States. UPI
produces cold-rolled sheets, galvanized sheets and tin mill
products made from hot bands principally provided by U. S. Steel.
UPI’s annual production capability is approximately 1.5 million
tons.
United States Steel Corporation, headquartered in Pittsburgh,
Pa., is a leading integrated steel producer and Fortune 250 company
with major operations in the United States and Central
Europe. For more information about U. S. Steel, please visit
www.ussteel.com.
CONTACTS: |
|
|
John Ambler |
|
Kevin Lewis |
Vice President |
|
General Manager |
Corporate Communications |
|
Investor Relations |
T – (412) 433-2407 |
|
T – (412) 433-6935 |
E – joambler@uss.com |
|
E – klewis@uss.com |
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