US Steel Plans Headquarters Move if Nippon Deal Fails

U.S. Steel CEO David Burritt warned that the company may close mills and relocate its headquarters from Pittsburgh if its proposed $14.1 billion sale to Japan’s Nippon Steel fails. The nearly $3 billion investment from Nippon Steel is deemed crucial for maintaining competitiveness and preserving jobs at U.S. Steel's older mills, according to Burritt, who noted, 'I don't have the money' to fund operations otherwise. The deal has faced significant opposition from key political figures, including Democratic presidential nominee Kamala Harris and Republican nominee Donald Trump, as well as the United Steelworkers union. Nippon Steel has committed to investing significantly in U.S. Steel's facilities and maintaining a U.S.-based leadership if the acquisition proceeds. Despite regulatory approvals outside the U.S., the deal remains under review domestically amid ongoing skepticism regarding foreign ownership of the steelmaker. If the acquisition is successful, it is expected to lead to the closure of U.S. Steel's Mon Valley operation, its last steelmaking site in Pittsburgh.