U. S. Steel has closed on the purchase of POSCO-California Corporation’s 50 percent partnership interest in USS-POSCO Industries (UPI). After a long, collaborative relationship, U. S. Steel and POSCAL concluded that ownership of UPI by a single group represents the best opportunity for UPI to continue operating effectively.
The purchase agreement regarding this transaction was previously disclosed in U. S. Steel’s February 14, 2020 10-K filing. In the interim, the partners have been working together to ensure a smooth, constructive transition. In the near term, U. S. Steel plans to operate UPI as a separate entity.
Published in the June 2020 Edition