Nippon Steel Corp. is raising its capital commitment by more than $1 billion to spend on U.S. Steel’s plants amid entrenched political and labor opposition.
HARRISBURG, Pa. — Nippon Steel Corp. raised its capital commitment Thursday by more than $1 billion to spend on U.S. Steel’s plants amid entrenched political and labor opposition to the Japanese company’s nearly $15 billion acquisition of the iconic American steelmaker.
Nippon Steel’s $1.3 billion commitment to upgrade facilities in Pennsylvania and Indiana is on top of an earlier commitment to spend $1.4 billion.
The announcement was lauded by David Burritt, U.S. Steel’s president and CEO, as evidence of Nippon Steel’s desire to “complete the transaction and expand U.S. Steel.” The United Steelworkers dismissed it as “lip service.”
The sale comes during a tide of renewed political support for rebuilding America’s manufacturing sector, a presidential campaign in which Pennsylvania is a prime battleground, and a long stretch of protectionist U.S. tariffsthat …
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