Pittsburgh Company Involved In Multibillion-Dollar Deal

PITTSBURGH, PA — U.S. Steel and Nippon Steel have finalized a multibillion-dollar deal that will keep U.S. Steel headquartered in Pittsburgh.

The finalization of the deal was announced Wednesday by U.S. Steel and the Japanese-based Nippon, which will make approximately $11 billion in new investments in U.S. Steel.

A majority of the members of U. S. Steel’s board of directors will be U.S. citizens. U. S. Steel’s key management personnel, including its CEO, will be U.S. citizens.

“This is a momentous day for our country, our communities, and the American steel industry," U.S. Steel CEO Dave Burritt said in a statement.

"Thanks to President Trump’s bold leadership, American workers secured the best possible deal. U. S. Steel will remain rooted in the United States and continue to call Pittsburgh home. Through our partnership with Nippon Steel, we are poised to grow better and bigger, with transformative investment, cutting-edge technology, and the creation of good-paying jobs across the United States.”

Said Nippon CEO Eiji Hashimoto: "Nippon Steel is excited about opening a new chapter of U. S. Steel’s storied history.

"Building on our investment, the transfer of our advanced technologies, and the unwavering efforts of management and the employees of both companies, Nippon Steel is committed, together with U. S. Steel, to solidifying its position as the world’s leading steelmaker.”

Nippon Steel Vice Chairman Takahiro Mori will serve as the board chairman of U.S Steel.