U. S. Steel Employees to Rally in Support of Nippon Steel Transaction
September 04 2024 - 9:00AM
Business Wire
Employees Advocate for Deal Approval to
Protect Jobs and Billions in Investment in U. S. Steel Union
Operations
Call on Governor Shapiro, Senators Casey and
Fetterman and Local Elected Officials to Recognize Significant
Benefits of the Transaction
Employees of United States Steel Corporation (NYSE: X) (“U. S.
Steel”) today will host a rally at the U. S. Steel Tower in
Pittsburgh in support of the Nippon Steel transaction. Employees
will call on elected officials in Pennsylvania and across the
nation to recognize the significant merits of the transaction for
U. S. Steel employees, communities, customers, and American
steelmaking.
“Today’s rally is about displaying support for the transaction
with Nippon Steel. We want elected leaders and other key decision
makers to recognize the benefits of the deal as well as the
unavoidable consequences if the deal fails,” said President and
Chief Executive Officer of U. S. Steel, David B. Burritt.
Without the Nippon Steel transaction, U. S. Steel will largely
pivot away from its blast furnace facilities, putting thousands of
good-paying union jobs at risk, negatively impacting numerous
communities across the locations where its facilities exist, and
depriving the American steel industry of an opportunity to better
compete on the global stage. In addition to moving away from
integrated steelmaking, the lack of a deal with Nippon Steel raises
serious questions about U. S. Steel remaining headquartered in
Pittsburgh. The departure of U. S. Steel, a company that has been
making steel in the Mon Valley since 1901, would deprive the
Pittsburgh area of jobs, tax revenue, and community-based
contributions. A 2023 economic impact study shows that U. S.
Steel’s operations in PA generated $3.6 billion in total economic
impact, supported and sustained 11,417 jobs through its operations
and purchases from the local supply chain, and generated $138.2
million in state and local taxes as a result of operations and
capital spending.
On December 18, 2023, Nippon Steel announced that it would
acquire U. S. Steel and that together, the companies would create
“the best steelmaker with world-leading capabilities.”
U. S. Steel stockholders approved the transaction on April 12,
2024. More than 98% of the shares that were voted at the Special
Meeting voted in favor of the transaction.
On May 30, 2024, Nippon Steel and U. S. Steel announced that
they had received all regulatory approvals outside of the United
States related to the proposed transaction.
On August 28, 2024, Nippon Steel announced plans to invest over
$2.7 billion in USW-represented facilities at Mon Valley Works in
Pennsylvania and Gary Works in Indiana in support of the future of
manufacturing for those communities. Those investments are subject
to the closing of the transaction with U. S. Steel and receipt of
necessary regulatory approvals. A stand-alone U. S. Steel would not
make the same financial commitments.
About U. S. Steel
Founded in 1901, United States Steel Corporation is a leading
steel producer. With an unwavering focus on safety, the Company’s
customer-centric Best for All® strategy is advancing a more secure,
sustainable future for U. S. Steel and its stakeholders. With a
renewed emphasis on innovation, U. S. Steel serves the automotive,
construction, appliance, energy, containers, and packaging
industries with high value-added steel products such as U. S.
Steel’s proprietary XG3® advanced high-strength steel. The Company
also maintains competitively advantaged iron ore production and has
an annual raw steelmaking capability of 22.4 million net tons. U.
S. Steel is headquartered in Pittsburgh, Pennsylvania, with
world-class operations across the United States and in Central
Europe. For more information, please visit www.ussteel.com.
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