Pittsburgh-Based U.S. Steel Sold To Japanese Company

PITTSBURGH, PA — Pittsburgh-based U.S. Steel has been sold to Nippon Steel Corporation in Japan in a $14.9 billion deal. Both companies announced the sale on Monday.

U.S. Steel, founded in 1901, will retain its name and its headquarters here.

The transaction was unanimously approved by the board of directors at both U.S. Steel and Nippon, and is expected to close in the second or third quarter of 2024.

"For our U. S. Steel employees, who I continue to be thankful for, the transaction combines like-minded steel companies with an unwavering focus on safety, shared goals, values, and strategies underpinned by rich histories," U.S. Steel CEO David Burritt said in a statement.

"For customers, U. S. Steel and NSC create a truly global steel company with combined capabilities and innovation capable of meeting our customers’ evolving needs. Today’s announcement also benefits the United States – ensuring a competitive, domestic steel industry, while strengthening our presence globally."