TOKYO (dpa-AFX) - Nippon Steel Corp. (NISTY.PK, NISTF.PK), the Japanese steel major, announced on Friday that it has closed the previously announced acquisition of United States Steel Corp. for $14.9 billion.
This partnership will protect and create over 100,000 jobs through investments in steelmaking in the U.S.
Nippon Steel will make around $11 billion new investments in U. S. Steel by 2028. U.S. Steel will retain its name and will continue to be headquartered in Pittsburgh, Pennsylvania. Takahiro Mori, Nippon Steel's representative Director and Vice Chairman, will take over as Chairman of the Board of U. S. Steel.
U. S. Steel will remain rooted in the United States and key management personnel, including its CEO, will be the U.S. citizens.
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