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US Steel CEO says company likely to close steel mills if proposed $14B sale to Nippon Steel falls through

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U.S. Steel's CEO is warning that the failure of its planned sale to Nippon Steel would lead to the closure of steel mills that would be modernized if the deal proceeds.

The CEO of U.S. Steel is warning that the company will likely have to close steel mills if its pending $14 billion acquisition by Nippon Steel falls through. U.S. Steel CEO David Burritt told The Wall Street Journal in an interview that Nippon Steel's pledge to invest $3 billion to update U.S. Steel's Mon Valley Works in Pittsburgh and a mill in Gary, Indiana, is needed for the company to be economically competitive and to keep workers employed.

Steel told FOX Business that the company has about 3,800 employees in Pennsylvania, including the Mon Valley Works and the corporate headquarters, as well as its research center and other corporate functions. The Gary Works in Indiana has over 4,300 employees. Last year, the company turned down a $7.

 

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