Delivering the final keynote speech of the 2024 Global Steel Dynamics Forum, Burritt told attendees that the deal is the best path forward for the iconic Pittsburgh steelmaker. For one, he said, Nippon Steel’s US$14.9 billion cash offer provides a tremendous return to shareholders. 

But more importantly, he said, workers are protected as Nippon has committed to upholding the United Steelworkers’ labor contract, which runs into 2026, and has promised to forgo any layoffs. 

In addition, Burritt said, Nippon Steel will invest US$1.4 billion in U.S. Steel’s assets and will share its deep technical knowledge. Nippon, Burritt told attendees, is a company that annually spends more than US$500 million on research and development, more than all of the U.S. steelmakers combined. 

“They’re experts in integrated mills, and they want to invest here,” he said, adding that customers are also supporting the acquisition. 

“Our customers like this (deal) because they see the additional innovation,” he said.