Demonstrating long-term commitment to sharing the success of U. S. Steel with the employees

TOKYO, Dec. 10, 2024 /PRNewswire/ -- Nippon Steel Corporation ("Nippon Steel") (TSE: 5401) announced today a commitment to reward United States Steel Corporation ("U. S. Steel") employees in the United States with a Closing Bonus of $5,000, less applicable withholdings and authorized or required deductions, following the closing of the transaction between the parties.

Eligible non-union employees in the United States below the Senior Manager level will receive this Closing Bonus. Nippon Steel has offered this same Closing Bonus to union-represented employees in the United States via their applicable union representatives. If any of the unions that represent U. S. Steel employees have questions regarding the bonus, Nippon Steel is willing to discuss the matter with them.

Commenting on the commitment, Takahiro Mori, Representative Director and Vice Chairman of Nippon Steel said, "We have listened to unions and government officials who have argued that, in large corporate transactions, rank-and-file employees often receive nothing that recognizes their contributions to the value generated for stockholders. Through our commitment to this Closing Bonus, we want to address that concern. We want to thank all of U. S. Steel's employees for their continued hard work. Our goal is to protect and grow U. S. Steel, and its people are the most important asset in achieving this goal. We hope that this bonus demonstrates Nippon Steel's long-term commitment to sharing the success of U. S. Steel and providing a more secure future for employees, their families, and communities. After closing, we look forward to working with all stakeholders to grow U. S. Steel into the best steel company in the United States for decades."

The Closing Bonus is conditioned upon the transaction closing.

Nippon Steel also intends to provide a €3,000 Closing Bonuses to employees in Europe following the close of the transaction. Altogether, the Closing Bonus will result in a nearly $100 million aggregate payment to qualifying employees. 

About Nippon Steel

Nippon Steel is Japan's largest steelmaker and one of the world's leading steel manufacturers. Nippon Steel has a global crude steel production capacity of approximately 66 million tonnes and employs approximately 100,000 people in the world. Nippon Steel's manufacturing base is in Japan and the company has a presence in 15 additional countries including: United States, India, Thailand, Indonesia, Vietnam, Brazil, Mexico, Sweden, China and others. Nippon Steel established a joint venture in the United States around 40 years ago and has focused on building cooperative and good relationships with employees, labor unions, suppliers, customers, and communities. As the 'Best Steelmaker with World-Leading Capabilities,' Nippon Steel pursues world-leading technologies and manufacturing capabilities and contributes to society by providing excellent products and services. For more information, please visit: https://www.nipponsteel.com.

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SOURCE Nippon Steel Corporation