Nippon Steel : Statement about Acquisition of United States Steel Corporation

Statement about Acquisition of United States Steel Corporation

Mar. 15, 2024

Nippon Steel Corporation

Our transaction delivers clear benefits to U. S. Steel, union workers, the broader American steel industry, and American national security. Through increased financial investment and the contribution of our advanced technologies to U. S. Steel, Nippon Steel will advance American priorities by driving greater quality and competitiveness for customers in the critical industries that rely on American steel while strengthening American supply chains and economic defenses against China. No other U.S. steel company on its own can meet this challenge while also meeting antitrust requirements. Our aim is to bolster and grow U. S. Steel in the U.S. market in a way that prioritizes its talented employees, and we have provided significant commitments to the USW in our continued efforts to reach a mutually agreeable resolution. These include job security, pension security, capital investment, technology sharing, financial reporting, and the ability to enforce contractual obligations post-closing.

Nippon Steel is the right partner to ensure that U. S. Steel is successful for generations to come as an iconic American company. We are progressing through the regulatory review, including CFIUS, while trusting the rule-of-law, objectivity, and due process we expect from the U.S. Government. We are determined to see this through and complete the transaction.

Additional Information on Background
･Nippon Steel has been a friend of the U.S. for over 70 years by importing metallurgical coal from U. S. states such as PA, WV, VA, and AL, and we look forward to extending this friendship long into the future through this transaction.
･Wheeling Nippon Steel, a 100% subsidiary of Nippon Steel, is one of the major customers for U. S. Steel's Mon Valley works in PA.
･We have been successfully operating facilities with 4,000 American employees, including 620 employees represented by USW (such as Standard Steel in Burnham, PA, and Wheeling Nippon Steel in Follansbee, WV.
･Wheeling Nippon Steel has a successful track record going back over 40 years, after Wheeling Pittsburgh went into bankruptcy and became 100% subsidiary of Nippon Steel with USW represented employees.
･As part of our proposal to the USW, at the close of the transaction we will commit that U. S. Steel would additionally invest 1.4B$, increase the current CBA by over 140%, and there will be no layoffs or plant closures until September 2026 under some conditions.

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