A Historic Moment: U. S. Steel Closes Big River Acquisition
“We are creating the first ‘best of both’ integrated and mini-mill steel company. Taking a page from the Big River Steel playbook, we are closing on this world-competitive, green steel asset purchase under budget and ahead of schedule,” said U. S. Steel president and chief executive David Burritt.
U. S. Steel first announced its intention to acquire Big River in late 2019, acquiring a 49.9% share of the business and taking a four-year option on the remaining equity. U. S. Steel exercised that option in December for approximately US$774 million in cash.
Burritt said that together, U. S. Steel and Big River will share the best attributes of each, all to the benefit of customers.
“Our customers now have access to a truly sustainable source of the most advanced high-strength steels. Our customer-centric organization will provide customers, employees, communities and investors with the world-competitive advantages from the most advanced process technology and the intellectual capital necessary to produce the most advanced products,” he said.
The company plans to discuss the combination further during its year-end earnings call, scheduled for later this month.