Nippon Steel Corporation (Nippon Steel), together with its wholly owned subsidiary Nippon Steel North America, Inc. and United States Steel Corporation (U. S. Steel), announced that they have finalized their historic partnership.
The partnership will protect and create more than 100,000 jobs through unprecedented massive investments in steelmaking in the United States that will be unleashed across U. S. Steel’s footprints. This partnership ensures that U. S. Steel will retain its iconic name and headquarters in Pittsburgh, Pennsylvania.
The Companies have now completed the transaction as contemplated by their merger agreement. The Companies have also entered into a National Security Agreement (NSA) with the U.S Government, and U. S. Steel will issue a Golden Share to the U.S. Government.
This framework will enable Nippon Steel to secure management flexibility and profitability at U. S. Steel while protecting U.S. national security. With this partnership, the Nippon Steel Group’s annual crude steel production capacity is expected to reach 86 million tons, bringing it closer to Nippon Steel’s global strategic goal of 100 million tons of global crude steel production capacity.