U. S. Steel Corp., Pittsburgh, announces that it has closed on the purchase of Posco-California Corporation (POSCAL)’s 50% partnership interest in USS-POSCO Industries (UPI), effective February 29, 2020. 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 and serve its customers.
The January 23, 2020 purchase agreement regarding this transaction was previously disclosed in February, in U.S. Steel’s 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.
UPI markets sheet and tin mill products, principally in the western United States. UPI produces cold-rolled sheets, galvanized sheets, and tin mill products made from hot bands principally provided by U. S. Steel. UPI’s annual production capability is approximately 1.5 million tons.
United States Steel is a leading integrated steel producer and Fortune 250 company with major operations in the United States and Central Europe.
