Nippon Steel offers $5000 closing bonuses for U.S. Steel employees

Another update about the proposed merger between U.S. Steel and Nippon Steel.

Nippon announced the plan to give $5000 closing bonuses to U.S. Steel employees, following the close of the transaction.

This would include both union and some non-union people who are below senior manager level.

Commenting on the commitment, Takahiro Mori, Representative Director and Vice Chairman of Nippon Steel said, “We have listened to unions and government officials who have argued that, in large corporate transactions, rank-and-file employees often receive nothing that recognizes their contributions to the value generated for stockholders. Through our commitment to this Closing Bonus, we want to address that concern. We want to thank all of U. S. Steel’s employees for their continued hard work. Our goal is to protect and grow U. S. Steel, and its people are the most important asset in achieving this goal. We hope that this bonus demonstrates Nippon Steel’s long-term commitment to sharing the success of U. S. Steel and providing a more secure future for employees, their families, and communities. After closing, we look forward to working with all stakeholders to grow U. S. Steel into the best steel company in the United States for decades.”

President-elect Donald Trump has pledged to block the deal. President Biden has said the same.