U.S. Steel (X.US) CEO: Company to Close Plants if Nippon Steel Deal Fails

Market VisionWednesday, Sep 4, 2024 9:00 am ET

1min read

Intellidex learned that David Burritt, CEO of United States Steel Corporation (X.US) said on Wednesday that the company would close its steel plants and may move its headquarters out of Pittsburgh, Pennsylvania if its planned sale to Nippon Steel fails. Burritt said that Nippon Steel has committed to invest nearly $3 billion in US Steel, which is crucial to remain competitive and maintain jobs for workers.

US Vice President Harris said on Monday that US Steel should remain American-owned and operated. Trump and several congressmen, as well as the United Steelworkers union, also oppose the $14.1 billion deal. US Steel is scheduled to convene employees at its Pittsburgh headquarters on Wednesday to tout the benefits of the deal.

Burritt also said in the interview that Nippon Steel would bring investment and the latest steelmaking technology to US Steel's old plant in Gary, Indiana and the Mon Valley plant near Pittsburgh. Burritt described the company's opposition to the proposed acquisition as "perplexing and confusing."

Nippon Steel said on Wednesday that if the deal is done, US Steel will remain a Pittsburgh-based American company with a board mostly composed of Americans.

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