U.S. Steel secures remainder of POSCAL’s 50% ownership interest in UPI

By Akshay Kedari  Date: 2020-03-02

U.S. Steel secures remainder of POSCAL’s 50% ownership interest in UPI

United States Steel Corporation has recently announced the closure of its acquisition of POSCO-California Corporation’s (POSCAL) 50% partnership interest in USS-POSCO Industries (UPI). U.S. Steel, which is an American integrated steel producer, has acquired the remaining stake from POSCAL to operate USS-POSCO Industries (which is based in Pittsburg, California) as a separate entity in the future.

U.S. Steel and POSCAL have recently concluded that a single group ownership of UPI will pose a great opportunity for UPI to improve business operations and push the business forward by significantly catering to customers’ need and benefitting the long-term interests of stakeholders. This development has emerged out of a long-term collaborative alliance between POSCAL and U.S. Steel.

The transactional data regarding this purchase agreement has initially been disclosed in United States Steel Corp.’s 10-K filing, which is an annual report containing the records of earnings and operations, in February 2020. Prior to completing the purchase agreement, these partnership companies have been working together to make the transition easy, smooth, and transparent.

Founded in 1901 & headquartered in Pittsburgh, Pa., U.S. Steel is a Fortune 250 company and leading producer of integrated steel, which principally operates in Central Europe and the United States.

U.S. Steel and South Korea-based POSCO have had a long-term collaborative relationship giving rise to a 50-50 deal to form a joint venture known as USS-POSCO Industries. This business entity (UPI) effectively markets innovative solutions principally in the western United States. The solutions delivered by the company include a wide range of value-added tin mill products and steel sheets for various industries, including construction and automotive, among others. It produces galvanized sheets, tin-free steels, tin plates, and cold-rolled sheets, which are mainly provided by U.S. Steel. The annual production capacity of the entity (UPI) is nearly 1.5 million tons.

Source credit:

https://www.ussteel.com/newsroom/u-s-steel-acquires-remaining-50-percent-ownership-interest-uss-posco-industries-upi-posco

About Author

Akshay Kedari     aeresearch.net

Akshay Kedari

A qualified computer engineering graduate, Akshay Kedari takes pride in having his way with words. Following his passion for content creation, he writes insightful pieces on aeresearch.net and a few other portals. Also endorsed with a short-term experience in web deve...

Read More

More News By Akshay Kedari

Square to acquire installment payment firm Afterpay for USD 29 Bn

Square to acquire installment payment firm Afterpay for USD 29 Bn

By Akshay Kedari

With the increasing competition in the buy now pay later (BNPL) arena for U.S. consumers, digital payments firm Square Inc. recently announced its plans of acquiring BNPL company Afterpay Ltd. in an all-stock deal valued at USD 29 billion. The San F...

Hyundai Motor, LG Energy Solution to launch battery plant in Indonesia

Hyundai Motor, LG Energy Solution to launch battery plant in Indonesia

By Akshay Kedari

This new battery production plant will be built in the Karwang Regency. It will reportedly have a yearly output of around 10 gigawatt-hours of batteries. South Korean multinational conglomerates Hyundai Motor Company and LG Energy Solution Ltd. ...

Amazon’s ‘Key for Business’ raises security concerns for U.S apartments

Amazon’s ‘Key for Business’ raises security concerns for U.S apartments

By Akshay Kedari

American technology and e-commerce giant, Amazon.com Inc. has reportedly been using ‘Key for Business’- a system that enables the company’s delivery agents to gain access to apartment complexes without requiring to be buzzed in by r...

Volvo Cars might take full control of its Chinese stake ahead of IPO

Volvo Cars might take full control of its Chinese stake ahead of IPO

By Akshay Kedari

Swedish luxury automobile manufacturer Volvo Cars Corporation reportedly signed an agreement with Zhejiang Geely Holding Group to buy out from their decade-long joint ventures to gain complete ownership of its facilities in China. According to relia...

Lamborghini expects sale volumes to hit record highs in India this year

Lamborghini expects sale volumes to hit record highs in India this year

By Akshay Kedari

Italian luxury sports car manufacturer, Automobili Lamborghini S.p.A. is reportedly expecting substantial growth in sales volumes in India this year as the carmaker is experiencing a V-shaped upturn in demand after the easing out of COVID-19 pandemic...