U. S. Steel Employees to Host Rally at Mon Valley Works Clairton Plant to Fight for their Futures in Support of Nippon Steel Transaction
Nippon Steel Has Committed to $5,000 Bonuses for U. S. Steel Employees
Advocating for Transaction to be Approved on its Merits
Employees of United States Steel Corporation (NYSE:X) ("U. S. Steel") today will host a rally at the U. S. Steel Mon Valley Works Clairton Plant in support of the Nippon Steel transaction. Represented and non-represented employees, along with community members and local elected officials, will gather to reinforce their support for the transaction. They will again call on officials across the nation to recognize the significant benefits this transaction holds for employees and other stakeholders and to advocate for regulatory reviews to be focused on the merits of the deal. Earlier this week, Nippon Steel announced that all eligible USW-represented U. S. Steel employees and eligible non-represented employees will receive a $5,000 bonus within 30 days of deal closing. Altogether, the Closing Bonus will result in a nearly $100 million aggregate payment to qualifying employees. *
"Our employees and community members are rallying once again to show the unrelenting support for the transaction with Nippon Steel. This transaction strengthens U.S. national security, economic security, and job security, creating the best possibility for U. S. Steel to get better AND bigger. This transaction with Nippon Steel is the only scenario where significant investments would occur across the unionized, integrated facilities, including in Mon Valley Works. We need to get the deal done," said President and Chief Executive Officer of U. S. Steel, David B. Burritt.
The partnership with Nippon Steel will strengthen the American steel industry, protect jobs, and uplift the communities that have been so integral to the success of U. S. Steel over the past century. Nippon Steel has committed to investing no less than $2.7 billion in U. S. Steel's union-represented facilities and communities, including no less than $1 billion in Mon Valley Works. Nippon Steel has outlined its commitments in detail and responded to expressed concerns from USW International President Dave McCall here.
"I walk the floor every day at the Clairton Plant, talking to many USW members and multi-generation steelworkers. We want a future that is strong and secure for us, for our families, and for the Mon Valley. We have learned about the partnership with Nippon Steel and met with Nippon Steel's leaders and are confident that this transaction is the best way to achieve that. Their commitment to invest in our Mon Valley Works facilities is essential to supporting the next generation of steelmaking in Pennsylvania," said Richard Tikey, USW-Represented Maintenance Technician, U. S. Steel Mon Valley Works.
In Pennsylvania alone, Nippon Steel's investment is expected to generate $1 billion in economic impact and up to $40 million in state and local taxes, and create 5,000 construction jobs, in the first two years. Learn more about the economic impact the investment is expected to have here.
"U. S. Steel is a mainstay of life in Western PA and an engine of prosperity for our people. Under the new partnership with Nippon Steel, U. S. Steel will gain new investments, new technology, and modernization that will keep production in the Mon Valley for generations to come. We need political leaders to join the local labor, business, and civic leaders who are embracing this opportunity and the prosperity it will bring," said David N. Taylor, President & CEO, Pennsylvania Manufacturers' Association.
*$100 million aggregate commitment inclusive of €3,000 Closing Bonuses to employees in Europe following the close of the transaction.
About U. S. Steel
Founded in 1901, United States Steel Corporation is a leading steel producer. With an unwavering focus on safety, the Company's customer-centric Best for All® strategy is advancing a more secure, sustainable future for U. S. Steel and its stakeholders. With a renewed emphasis on innovation, U. S. Steel serves the automotive, construction, appliance, energy, containers, and packaging industries with high value-added steel products such as U. S. Steel's proprietary XG3® advanced high-strength steel. The Company also maintains competitively advantaged iron ore production and has an annual raw steelmaking capability of 22.4 million net tons. U. S. Steel is headquartered in Pittsburgh, Pennsylvania, with world-class operations across the United States and in Central Europe. For more information, please visit www.ussteel.com.
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