Nippon Steel (NPSCY) announced a commitment to reward U.S. Steel (X) employees in the United States with a closing bonus of $5,000, less applicable withholdings and authorized or required deductions, following the closing of the transaction between the parties. Eligible non-union employees in the United States below the senior manager level will receive this closing bonus. Nippon Steel has offered this same closing bonus to union-represented employees in the United States via their applicable union representatives. 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.” The closing bonus is conditioned upon the transaction closing. Nippon Steel also intends to provide a EUR 3,000 in closing bonuses to employees in Europe following the close of the transaction. Altogether, the closing bonus will result in a nearly $100M aggregate payment to qualifying employees.
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