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Nippon Steel Announces Closing Bonus for U. S. Steel Employees

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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 ha annunciato un Bonus di Chiusura di 5.000 dollari per i dipendenti di U. S. Steel negli Stati Uniti, a seguito della conclusione della loro transazione. Il bonus sarà disponibile per i dipendenti non sindacalizzati idonei al di sotto del livello di Senior Manager ed è stato offerto ai dipendenti rappresentati dal sindacato tramite i loro rappresentanti. Inoltre, i dipendenti europei riceveranno un bonus di 3.000 €.

Il pagamento totale complessivo per tutti i dipendenti qualificati ammonta a quasi 100 milioni di dollari. Secondo Takahiro Mori, Vice Presidente di Nippon Steel, questa iniziativa mira a riconoscere i contributi dei dipendenti e dimostra l'impegno dell'azienda a condividere il successo di U. S. Steel con la sua forza lavoro. La distribuzione del bonus è subordinata alla chiusura della transazione.

Nippon Steel ha anunciado un Bonus de Cierre de 5,000 dólares para los empleados de U. S. Steel en Estados Unidos, tras el cierre de su transacción. El bonus estará disponible para empleados no sindicalizados elegibles por debajo del nivel de Gerente Senior, y se ha ofrecido a los empleados representados por el sindicato a través de sus representantes. Además, los empleados europeos recibirán un bonus de 3,000 €.

El pago total agregado para todos los empleados calificados asciende a casi 100 millones de dólares. Según Takahiro Mori, Vicepresidente de Nippon Steel, esta iniciativa busca reconocer las contribuciones de los empleados y demuestra el compromiso de la empresa para compartir el éxito de U. S. Steel con su fuerza laboral. La distribución del bonus depende del cierre de la transacción.

닛폰제철은 미국에서 U. S. Steel 직원들을 위한 5,000달러의 마감 보너스를 발표했습니다. 이는 거래가 완료된 후 제공되는 것입니다. 이 보너스는 고위 관리자 수준 이하의 비조합원 직원들에게 제공되며, 조합원 직원들에게는 그들의 대표를 통해 제공됩니다. 또한, 유럽 직원들은 3,000유로의 보너스를 받게 됩니다.

자격을 갖춘 모든 직원에 대한 총 지급액은 거의 1억 달러에 달합니다. 닛폰제철의 부회장인 다카히로 모리(Takahiro Mori)에 따르면, 이 이니셔티브는 직원의 기여를 인정하고 U. S. Steel의 성공을 직원들과 공유하기 위한 회사의 약속을 보여줍니다. 보너스 분배는 거래 마감에 달려 있습니다.

Nippon Steel a annoncé un Bonus de Clôture de 5 000 dollars pour les employés de U. S. Steel aux États-Unis, suite à la conclusion de leur transaction. Le bonus sera disponible pour les employés non syndiqués éligibles sous le niveau de Responsable Senior et a été proposé aux employés représentés par le syndicat par l'intermédiaire de leurs représentants. De plus, les employés européens recevront un bonus de 3 000 €.

Le paiement total global pour tous les employés éligibles s'élève à près de 100 millions de dollars. Selon Takahiro Mori, vice-président de Nippon Steel, cette initiative vise à reconnaître les contributions des employés et démontre l'engagement de l'entreprise à partager le succès de U. S. Steel avec sa main-d'œuvre. La distribution du bonus dépend de la conclusion de la transaction.

Nippon Steel hat einen Abschlussbonus von 5.000 Dollar für die Mitarbeiter von U. S. Steel in den Vereinigten Staaten angekündigt, nach dem Abschluss ihrer Transaktion. Der Bonus steht für berechtigte, nicht gewerkschaftlich organisierte Mitarbeiter unterhalb der Ebene Senior Manager zur Verfügung und wurde den gewerkschaftlich vertretenen Mitarbeitern über ihre Vertreter angeboten. Zudem erhalten europäische Mitarbeiter einen Bonus in Höhe von 3.000 €.

Die Gesamtzahlung für alle qualifizierten Mitarbeiter beläuft sich auf fast 100 Millionen Dollar. Laut Takahiro Mori, Vizepräsident von Nippon Steel, soll diese Initiative die Beiträge der Mitarbeiter anerkennen und zeigt das Engagement des Unternehmens, den Erfolg von U. S. Steel mit seiner Belegschaft zu teilen. Die Verteilung des Bonus steht unter dem Vorbehalt des Abschlusses der Transaktion.

Positive
  • $100 million investment in employee retention through closing bonuses
  • Strategic move to maintain workforce stability during acquisition
  • Demonstration of commitment to U.S. and European operations
Negative
  • Bonus payment contingent on transaction closing, creating uncertainty
  • Additional operational expenses of $100 million

Demonstrating long-term commitment to sharing the success of U. S. Steel with the employees

TOKYO, Dec. 10, 2024 /PRNewswire/ -- Nippon Steel Corporation ("Nippon Steel") (TSE: 5401) announced today a commitment to reward United States Steel Corporation ("U. S. Steel") employees in the United States with a Closing Bonus of $5,000, less applicable withholdings and authorized or required deductions, following the closing of the transaction between the parties.

Eligible non-union employees in the United States below the Senior Manager level will receive this Closing Bonus. Nippon Steel has offered this same Closing Bonus to union-represented employees in the United States via their applicable union representatives. If any of the unions that represent U. S. Steel employees have questions regarding the bonus, Nippon Steel is willing to discuss the matter with them.

Commenting on the commitment, Takahiro Mori, Representative Director and Vice Chairman of Nippon Steel said, "We have listened to unions and government officials who have argued that, in large corporate transactions, rank-and-file employees often receive nothing that recognizes their contributions to the value generated for stockholders. Through our commitment to this Closing Bonus, we want to address that concern. We want to thank all of U. S. Steel's employees for their continued hard work. Our goal is to protect and grow U. S. Steel, and its people are the most important asset in achieving this goal. We hope that this bonus demonstrates Nippon Steel's long-term commitment to sharing the success of U. S. Steel and providing a more secure future for employees, their families, and communities. After closing, we look forward to working with all stakeholders to grow U. S. Steel into the best steel company in the United States for decades."

The Closing Bonus is conditioned upon the transaction closing.

Nippon Steel also intends to provide a €3,000 Closing Bonuses to employees in Europe following the close of the transaction. Altogether, the Closing Bonus will result in a nearly $100 million aggregate payment to qualifying employees. 

About Nippon Steel

Nippon Steel is Japan's largest steelmaker and one of the world's leading steel manufacturers. Nippon Steel has a global crude steel production capacity of approximately 66 million tonnes and employs approximately 100,000 people in the world. Nippon Steel's manufacturing base is in Japan and the company has a presence in 15 additional countries including: United States, India, Thailand, Indonesia, Vietnam, Brazil, Mexico, Sweden, China and others. Nippon Steel established a joint venture in the United States around 40 years ago and has focused on building cooperative and good relationships with employees, labor unions, suppliers, customers, and communities. As the 'Best Steelmaker with World-Leading Capabilities,' Nippon Steel pursues world-leading technologies and manufacturing capabilities and contributes to society by providing excellent products and services. For more information, please visit: https://www.nipponsteel.com.

Cision View original content:https://www.prnewswire.com/news-releases/nippon-steel-announces-closing-bonus-for-u-s-steel-employees-302328097.html

SOURCE Nippon Steel Corporation

FAQ

How much is Nippon Steel's closing bonus for U.S. Steel employees?

Nippon Steel (NPSCY) is offering a $5,000 closing bonus to eligible U.S. Steel employees in the United States and €3,000 to European employees.

Who is eligible for Nippon Steel's U.S. Steel closing bonus?

Eligible non-union employees in the United States below Senior Manager level, and union-represented employees (subject to union agreement) qualify for the $5,000 closing bonus.

What is the total value of Nippon Steel's closing bonus program?

The total aggregate payment for Nippon Steel's closing bonus program amounts to nearly $100 million for all qualifying employees.

When will Nippon Steel pay the closing bonus to U.S. Steel employees?

The closing bonus will be paid following the closing of the transaction between Nippon Steel and U.S. Steel.

NIPPON STEEL CORP S/ADR

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