Majority of U.S. Steel's Board to Be U.S. Citizens: Nippon Steel

Tokyo, Sept. 4 (Jiji Press)--Nippon Steel Corp. said Wednesday that a majority of board members of United States Steel Corp. will be U.S. citizens following the completion of the Japanese firm's planned acquisition of the U.S. steelmaker.
 

U.S. Steel's board will include three independent directors who are U.S. citizens and the company's core senior management members will be U.S. citizens, Nippon Steel said.
 

The Japanese steelmaker said that U.S. Steel will "remain headquartered in Pittsburgh, Pennsylvania" and "remain a U.S. company."
 

The announcement by Nippon Steel is apparently aimed at mitigating concerns about the acquisition of U.S. Steel by a Japanese firm as both U.S. presidential candidates--Vice President Kamala Harris from the Democratic Party and former President Donald Trump from the Republican Party--have expressed opposition to the deal.
 

Nippon Steel said that it will prioritize production at U.S. Steel and invest a total of 2.7 billion dollars to enhance the U.S. company's domestic production capabilities. There will be no layoffs or plant closures with certain exceptions agreed upon with the United Steelworkers union, the Japanese company said.
 

The Japanese steelmaker also said it will not interfere with U.S. Steel's determination to pursue trade measures under U.S. law against unfair trade. Decisions on trade matters will require approval by a majority of the independent, U.S. citizen members of U.S. Steel's board, Nippon Steel said.
END