Nippon Steel-US Steel Partnership to Protect and Create More Than 100k Jobs
Together, Nippon Steel and U.S. Steel will be a world-leading steelmaker, with best-in-class technologies and manufacturing capabilities.
SEATTLE (Scrap Monster): Japan’s Nippon Steel has finalised its acquisition of United States (U.S.) Steel, in a deal that will reportedly protect and create more than 100,000 jobs in America.
Together, Nippon Steel and U.S. Steel will be a world-leading steelmaker, with best-in-class technologies and manufacturing capabilities.
The partnership will see unprecedented and substantial investments worth c. $11bn in steelmaking in the United States that will be unleashed across U. S. Steel’s footprints, including in Pennsylvania, Indiana, Arkansas, Minnesota and Alabama. This partnership ensures that U. S. Steel will retain its iconic name and headquarters in Pittsburgh, Pennsylvania, and that it will continue to be Mined, Melted, and Made in America for generations to come.
Eiji Hashimoto, Nippon Steel’s Representative Director, Chairman and CEO, said, “I am very pleased that the partnership between Nippon Steel and U. S. Steel has been realized thanks to President Trump’s historic and visionary decision. I would like to thank the wide range of stakeholders in the United States and Japan, including U. S. Steel employees, local communities, government officials, elected officials, and business leaders, for their endorsement and support of this partnership. 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.”
U. S. Steel’s CEO Dave Burritt added: “This is a momentous day for our country, our communities, and the American steel industry. 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.”
Courtesy: www.themanufacturer.com