Nippon Steel Commits to U.S. Investment as it Seeks Approval for $14.9B Acquisition of U.S. Steel

• Nippon Steel said its acquisition of U.S. Steel would not lead to layoffs or plant closures, committing $1.4B in new investment and a 140% increase in the current collective bargaining agreement.

• President Biden and the United Steelworkers union have opposed the $14.9B deal over concerns about U.S. Steel no longer being American-owned and operated.

• The deal is undergoing national security review by the Committee on Foreign Investment in the U.S. and expected to close later this year.

• Nippon Steel referenced its history of operating U.S. facilities with 4,000 American employees and importing metallurgical coal from U.S. states.

• The company said the deal would strengthen U.S. supply chains and defenses against China by increasing investment in U.S. Steel.