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Nippon Steel has announced a $5,000 Closing Bonus for U. S. Steel employees in the United States, following the closing of their transaction. The bonus will be available to eligible non-union employees below Senior Manager level and has been offered to union-represented employees through their representatives. Additionally, European employees will receive a €3,000 bonus.
The total aggregate payment for all qualifying employees amounts to nearly $100 million. According to Takahiro Mori, Vice Chairman of Nippon Steel, this initiative aims to recognize employee contributions and demonstrates the company's commitment to sharing U. S. Steel's success with its workforce. The bonus distribution is contingent upon the transaction's closing.
Nippon Steel has announced significant investments in U. S. Steel's Mon Valley Works and Gary Works as part of its pending acquisition. The company will invest over $1 billion to enhance Mon Valley Works' competitiveness, including replacing or upgrading the hot strip mill. Additionally, Nippon Steel will invest approximately $300 million to revamp Blast Furnace #14 at Gary Works, extending its operational life by up to 20 years.
These investments are incremental to the $1.4 billion capital commitment previously announced. Nippon Steel aims to leverage its expertise in blast furnace operations to improve productivity and environmental sustainability at U. S. Steel's facilities. The company expects the transaction to close in the second half of 2024, subject to regulatory approvals.