Japanese steelmaker Nippon Steel Corporation has announced that together with United States Steel (US Steel), they have finalized partnership. The partnership will create more than 100,000 jobs through unprecedented massive investments in steelmaking in the US.
The companies have also entered into a National Security Agreement (NSA) with the US government, as SteelOrbis previously reported. Under the NSA, Nippon Steel will make new investments worth approximately $11 billion in US Steel by 2028; US Steel will maintain its headquarters in Pittsburgh, Pennsylvania; majority of the members of U S Steel’s board of directors will be US citizens; US Steel’s key management personnel, including its CEO, will be US citizens. Additionally US Steel will maintain capacity to produce and supply steel from its US production locations to meet market demand in the US; and Nippon Steel will not prevent, prohibit, or otherwise interfere with US Steel’s ability to pursue trade action, i.e. trade measures under US law.