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