US Steel CEO says company likely to close steel mills if proposed $14B sale to Nippon Steel falls through
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. Burritt said the investment won't happen if the deal collapses.
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