Latest news with #DaveBurritt
The Hill
21 hours ago
- Business
- The Hill
US Steel, Nippon Steel finalize ‘historic partnership'
US Steel said Wednesday it finalized its merger with Japan's largest steelmaker, Nippon. President Trump lauded the acquisition as a partnership in which the U.S. would maintain a 'golden share' of profits with expanded investments in Pennsylvania, Indiana, Arkansas, Minnesota and Alabama. '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,' U. S. Steel's CEO Dave Burritt said in a statement. Trump and former President Biden both spoke out against the merger on the 2024 campaign trail citing concerns for national security and global competition. Months after returning to the Oval, Trump approved the acquisition, ensuring it would spur job growth and boost U.S. manufacturing. The $15 million buyout was solidified under a National Security Agreement drafted by Trump. The provisions ensure that a sitting president or his designee will have consent rights over the transfer of production or jobs outside of the U.S., changing the company's name or headquarters and material acquisitions of competing businesses in the country. While the White House has lauded the deal, labor unions have shown fear that attention to work conditions and the broader objective of company operations will die down following the announcement of the merger. 'As the sale concludes, it seems likely that attention will dissipate. U.S. Steel's PR machine will power down, and the majority of elected officials will turn their attention elsewhere. However, our union will remain. We will continue watching, holding Nippon to its commitments,' United Steelworkers International President David McCall said in a statement. 'And we will use the most powerful tool workers have against global corporations: collective bargaining. Our current agreement expires in September 2026, and rest assured, if our job security, pensions, retiree health care or other hard-earned benefits are threatened, we are ready to respond with the full strength and solidarity of our membership.'
Yahoo
a day ago
- Business
- Yahoo
Nippon Steel completes acquisition of U.S. Steel in historic deal
- Nippon Steel Corporation (TSE: 5401) has finalized its acquisition of United States Steel (NYSE:X), the companies announced Wednesday. The deal, valued at approximately $14.9 billion, creates what the companies describe as a "world-leading steelmaker." Under the terms of the agreement, U.S. Steel will maintain its name and Pittsburgh headquarters. The companies have entered into a National Security Agreement with the U.S. government that includes several key provisions to address national security concerns. Nippon Steel has committed to invest approximately $11 billion in U.S. Steel by 2028, including funding for a greenfield project. The agreement stipulates that U.S. Steel will remain U.S.-incorporated with a majority of American citizens on its board and U.S. citizens in key management positions, including CEO. The U.S. government will receive a Golden Share in U.S. Steel, granting it the right to appoint one independent director and requiring presidential consent for certain decisions, including production transfers outside the United States, headquarters relocation, and facility closures. "This is a momentous day for our country, our communities, and the American steel industry," said U.S. Steel CEO Dave Burritt in the press release statement. With this acquisition, Nippon Steel Group's annual crude steel production capacity is expected to reach 86 million tons, advancing toward its strategic goal of 100 million tons of global production capacity. The companies claim the partnership will protect and create more than 100,000 jobs through investments across U.S. Steel's operations in Pennsylvania, Indiana, Arkansas, Minnesota and Alabama, according to a study commissioned by U.S. Steel. Related articles Nippon Steel completes acquisition of U.S. Steel in historic deal Sunrun hit by RBC downgrade, target halved on policy, cost risks Meta's Scale AI deal is positive for Reddit - B. Riley
Bloomberg
06-02-2025
- Business
- Bloomberg
Trump to Meet US Steel CEO, as Nippon Steel Holds Out Deal Hope
President Donald Trump will meet United States Steel Corp. CEO Dave Burritt on Thursday at the White House, with questions swirling about the fate of the company. A White House official confirmed the meeting, which will take place one day before Trump is due to meet with Japanese Prime Minister Shigeru Ishiba. Japan-based Nippon Steel Corp. 's takeover of US Steel was blocked by President Joe Biden in January.
