Investment and transfer of expertise promoted in Nippon Steel’s $14.1 billion acquisition of United States Steel Corp. has already been occurring and top executives of both companies say they’re working toward more of the $11 billion already committed including a new greenfield steel plant.
“We’ve seen early wins and true synergies,” said Kevin Lewis, EVP and CFO of U.S. Steel during a Wednesday afternoon session at the Hudson Institute think tank in Washington, D.C.
One of the signature elements of the deal approved in June was a $1 billion replacement of a hot strip mill at Irvin Works in West Mifflin that was installed in 1938. A state-of-the-art hot strip mill, which molds steel into products the company sells, will help U.S. Steel become more competitive in the future and the advanced products it’s being asked to do by customers. It’s getting steel from Edgar Thomson Works across the river in Braddock, a mill that was built in 1875.
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