Steel Mills
U.S. Steel Finalizes Full Ownership of UPI
Written by Sandy Williams
February 28, 2020
U.S. Steel is now 100 percent owner of USS-POSCO Industries as of Feb. 29, 2020. The purchase of the remaining shares of the company from its Korean partner represents the best opportunity for UPI to continue operating effectively and serve its customers, said U.S. Steel in a press release.
UPI is headquartered in Pittsburg, Calif., and produces cold-rolled sheets, galvanized sheets and tin mill products from hot bands provided by U.S. Steel. Annual production capability is 1.5 million tons.
USS-POSCO Industries was formed in 1986 as a 50/50 joint venture with Korean steel company Pohang Iron and Steel. Since that time, a number of investments were made to modernize equipment and expand product offerings.
U.S. steel plans to operate UPI in the near term as a separate entity.
In other news, UPI was among the mills that announced a $40 per ton increase in the base price of hot rolled P&O, cold rolled and galvanized steel products, effective last Thursday on new orders.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills
Trump approves Nippon-U.S. Steel deal, USW cries foul
President Trump has approved the sale of U.S. Steel to Nippon Steel, according to an executive order signed on Friday, June 13. Both the Pittsburgh-based steelmaker and the Japanese steelmaker cheered the development.
Nippon exec responds after Trump ‘golden share’ comments: Report
A Nippon executive has hit back regarding the deal for USS following President Trump's talk of a "golden share" on Thursday.
Trump says US government to control 51% share in USS
President Trump says the US government will hold a 51% stake in U.S. Steel after the Nippon deal.
ArcelorMittal plans wire-drawing closure in Hamilton, shifts production to Montreal
ArcelorMittal’s (AM) Hamilton location to be shuttered, wire production shifting to Montreal.
USS, Nippon Steel quiet as litigation deadline approaches
There has been little word from U.S. Steel, Nippon Steel, or the White House since President Trump endorsed the companies’ “partnership” on social media and celebrated it at the May 30 rally outside Pittsburgh.