[Ferro-Alloys.com] Nippon Steel Corporation and U. S. Steel Finalize Historic Partnership

U. S. Steel to Retain Its Iconic Name and Headquarters in Pittsburgh, Pennsylvania

and Continue to Be Mined, Melted, and Made in America

Partnership Expected to Protect and Create More Than 100,000 Jobs

Moving Forward Together as the ‘Best Steelmaker with World-Leading Capabilities’

Nippon Steel Corporation (TSE: 5401) (“Nippon Steel”), together with its wholly owned subsidiary Nippon Steel North America, Inc. and United States Steel Corporation

(“U. S. Steel”) (collectively, the “Companies”), today announced they have finalized their historic partnership.

Together, Nippon Steel and U. S. Steel will be a world-leading steelmaker, with best-in-class technologies and manufacturing capabilities. The partnership will protect and create more than 100,000 jobs through unprecedented massive investments in steelmaking in the United States that will be unleashed across U. S. Steel’s footprints, including in Pennsylvania, Indiana, Arkansas, Minnesota and Alabama. This partnership ensures that U. S. Steel will retain its iconic name and headquarters in Pittsburgh, Pennsylvania, and that it will continue to be Mined, Melted, and Made in America for generations to come.

Eiji Hashimoto, Nippon Steel’s Representative Director, Chairman and CEO, said, “I am very pleased that the partnership between Nippon Steel and U. S. Steel has been realized thanks to President Trump’s historic and visionary decision. I would like to thank the wide range of stakeholders in the United States and Japan,

including U. S. Steel employees, local communities, government officials, elected officials, and business leaders, for their endorsement and support of this partnership. Nippon Steel is excited about opening a new chapter of U. S. Steel’s storied history. Building on our investment, the transfer of our advanced technologies, and the unwavering efforts of management and the employees of both companies, Nippon Steel is committed, together with U. S. Steel, to solidifying its position as the world’s leading steelmaker.”

Takahiro Mori, Nippon Steel’s Representative Director and Vice Chairman, and who will serve as Chairman of the Board of U. S. Steel said, “Since announcing our deal, I have engaged in extensive dialogue with many stakeholders, including the employees of U. S. Steel, government officials and community leaders, and I would like to express my sincere gratitude to all of them for their tremendous cooperation and support for this

partnership. I am delighted that we have made this day a reality. We share President Trump’s commitment to protect the future of the American steel industry, American workers, and American national security, and we look forward to building a stronger and brighter future for U. S. Steel.”

U. S. Steel’s CEO Dave Burritt stated: “This is a momentous day for our country, our communities, and the American steel industry. Thanks to President Trump’s bold leadership, American workers secured the best possible deal. U. S. Steel will remain rooted in the United States and continue to call Pittsburgh home.

Through our partnership with Nippon Steel, we are poised to grow better and bigger, with transformative investment, cutting-edge technology, and the creation of good-paying jobs across the United States.”

The Companies have now completed the transaction as contemplated by their merger agreement. The Companies have also entered into a National Security Agreement (“NSA”) with the U.S Government, and U. S. Steel will issue a Golden Share to the U.S. Government.

Under the NSA, the U.S. Government and the Companies have agreed to measures to protect U.S. national security, including, among others, the following commitments by the Companies:

• Investment - Nippon Steel will make approximately $11 billion in new investments in U. S. Steel by 2028, which includes an initial investment in a greenfield project that will be completed after 2028;

• U.S. Headquarters - U. S. Steel will remain a U.S.-incorporated entity and will maintain its headquarters in Pittsburgh, Pennsylvania;

• U.S. Board - A majority of the members of U. S. Steel’s board of directors will be U.S. citizens;

• U.S. Management - U. S. Steel’s key management personnel, including its CEO, will be U.S. citizens;

• U.S. Production - U. S. Steel will maintain capacity to produce and supply steel from its U.S. production locations to meet market demand in the U.S.; and

• U. S. Steel Autonomous Trade - Nippon Steel will not prevent, prohibit, or otherwise interfere with

U. S. Steel’s ability to pursue trade action under U.S. law Pursuant to the NSA and through the ownership of the Golden Share, the U.S. Government will have certain

rights, including, among others:

• The right to appoint one independent director; and

• Consent rights of the President of the United States, or his designee, on specific matters, including:

- Reductions in the committed capital investments under the NSA;

- Changing U. S. Steel’s name and headquarters;

- Redomiciling U. S. Steel outside of the United States;

- Transfer of production or jobs outside of the United States;

- Material acquisitions of competing businesses in the United States; and

- Certain decisions on closure or idling of U. S. Steel’s existing U.S. manufacturing facilities, trade, labor, and sourcing outside of the United States.

This framework will enable Nippon Steel to secure management flexibility and profitability at U. S. Steel while protecting U.S. national security.

With this partnership, the Nippon Steel Group’s annual crude steel production capacity is expected to reach 86 million tons, bringing it closer to Nippon Steel’s global strategic goal of 100 million tons of global crude steel production capacity.

The total number of jobs that will be created and is referenced above is based on a study done by Parker Strategy Group, commissioned by U. S. Steel. Total jobs figure includes direct, indirect and induced jobs.

Tokyo and Pittsburgh – June 18, 2025

• [Editor:tianyawei]