Nippon Steel's vice chairman reaffirms company's commitment to Pittsburgh and Mon Valley
In an open letter to the region published this week in the Pittsburgh Post-Gazette, Nippon Steel Vice Chairman Takahiro Mori says Nippon is eager to return the region to the forefront of global steelmaking.
Nippon Steel's commitment to Pittsburgh region
Back in January, Mori met with the mayors of the Mon Valley, promising billions of dollars in investments to revitalize steel making in their struggling towns.
Now that the acquisition of U.S. Steel has been consummated, Mori penned a letter to the Post-Gazette affirming that commitment and more — promises that, if realized, will make our region a world leader in steelmaking once again, starting with Braddock's Mon Valley Works facility.
Nippon promises a $2 billion upgrade to the aging mill by 2028, installing a state-of-the-art hot strip mill. The company also promises to leverage $500 million to build a research and development center in the Pittsburgh region.
Nippon will make good on its commitment to retain the name of U.S. Steel and keep the headquarters in Pittsburgh, but also move the U.S. Nippon headquarters from Houston to Pittsburgh.
And as an added sweetener, give all U.S. steelworkers a $5,000 bonus.
Local leaders react to open letter
Mori made several visits to the Mon Valley and won the support of the mayors and rank-and-file steelworkers. In his open letter, he praised the region's work ethic and legacy, which he said solidified his commitment
"You and your neighbors have shown immense kindness and support throughout this journey. You've invited us to sit at your kitchen tables; you've shown up to rallies with signs; you've provided valuable feedback; and, most importantly, you've been open to hearing our vision for U.S. Steel. For that, I want to share a most heartfelt thank you," he wrote.
West Mifflin Mayor Chris Kelly says Mori and Nippon Steel's commitment will mean thousands of jobs.
"The more of the steelworkers that he met and the more of the community leaders he met, he said I'm in this," Kelly said. "We know that sometimes he was down, but he said I'm not walking away from this and he didn't. And now he's ready to spend."
And if Mori and Nippon Steel are true to their word, that new hot strip mill will be coming to the Edgar Thomson Steel Works facility in the next three years, ensuring the legacy of steelmaking will continue in the Mon Valley for a new generation.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
21 minutes ago
- Yahoo
Chevron (CVX): A Defensive Retirement Dividend Stock with Energy Sector Strength
Chevron Corporation (NYSE:CVX) is included among the 10 Best Dividend Stocks to Buy for Retirement. An aerial view of an oil rig at sea, the sun glinting off its structure. Chevron Corporation (NYSE:CVX) produces and markets a variety of top-grade refined products, such as gasoline, diesel, aviation and marine fuels, premium base oils, finished lubricants, and fuel additives. The company's balance sheet is a key strength that investors shouldn't ignore. With a debt-to-equity ratio of just 0.2 at the end of the second quarter, the company stands out as one of the financially strongest among its integrated energy peers. While market watchers often focus more on oil prices and global events, Chevron's resilience is closely linked to its solid financial foundation. A recent example of this strength is its $53 billion acquisition of Hess, a move that reflects not only Chevron Corporation (NYSE:CVX)'s scale but also its financial capacity to take on major strategic deals. Chevron Corporation (NYSE:CVX)'s dividend policy is also very significant for income investors. The company has been increasing its dividends for 38 consecutive years. It currently pays a quarterly dividend of $1.71 per share and has a dividend yield of 4.45%, as of July 30. While we acknowledge the potential of CVX as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: and Disclosure: None. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
21 minutes ago
- Yahoo
Retirement Dividend Stocks to Watch: The Case for Colgate-Palmolive Company (CL)
Colgate-Palmolive Company (NYSE:CL) is included among the 10 Best Dividend Stocks to Buy for Retirement. An array of toothpaste, toothbrushes, and mouthwashes on a bright background, highlighting the company's oral care products. Colgate-Palmolive Company (NYSE:CL) is a major player in the global household and personal care industry. The company holds a dominant position in the Oral Care segment. As of the current year, it commands a 40.9% share of the global toothpaste market and 31.9% in manual toothbrushes. Its products are available in more than 200 countries, reinforcing its widespread presence. Recently, the company has placed greater emphasis on sustainability efforts while continuing to strengthen its leadership across different product categories. Colgate-Palmolive Company (NYSE:CL) holds one of the strongest dividend histories in the market. The company has paid uninterrupted dividends to shareholders since 1895 and has raised its payouts for 62 years in a row. It currently offers a quarterly dividend of $0.52 per share for a dividend yield of 2.42%, as of July 30. It is among the best dividend stocks to invest in for retirement. While we acknowledge the potential of CL as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: and Disclosure: None. Sign in to access your portfolio
Yahoo
21 minutes ago
- Yahoo
Johnson & Johnson's (JNJ) Long Dividend History Makes it a Strong Retirement Dividend Stock
Johnson & Johnson (NYSE:JNJ) is included among the 10 Best Dividend Stocks to Buy for Retirement. A smiling baby with an array of baby care products in the foreground. Johnson & Johnson (NYSE:JNJ) stands out as a financially strong company, being one of only two firms globally with a perfect AAA credit rating, higher than that of the US government. By the end of the second quarter, it reported net debt of $32 billion, made up of $51 billion in total debt offset by $19 million in cash. This is relatively modest considering the company's market capitalization exceeds $400 billion. Johnson & Johnson (NYSE:JNJ)'s diversified healthcare operations produce strong and consistent cash flow. Last year, the company generated $20 billion in free cash flow, even after allocating around $17 billion toward research and development, roughly 19.4% of its total sales. This level of R&D spending placed the firm among the top investors in innovation across all industries. Despite its substantial R&D commitments, J&J still had more than enough free cash flow to cover its $11.8 billion in dividend payouts, leaving the company with significant surplus funds. Johnson & Johnson (NYSE:JNJ) holds a 63-year track record of consistent dividend growth, which makes it one of the best dividend stocks for retirement. The company currently offers a quarterly dividend of $1.30 per share and has a dividend yield of 3.11%, as of July 30. While we acknowledge the potential of JNJ as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: and Disclosure: None.
