United States Steel Corp. to buy remaining stake in Big River Steel

Updated: Dec. 8, 2020 at 8:13 AM CST
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OSCEOLA, Ark. (KAIT) - The United States Steel Corporation announced Tuesday it has exercised its option to acquire the remaining equity of Big River Steel.

The transaction is approximately $774 million, and is subject to satisfaction of customary closing conditions, including antitrust approval, and is expected to close in the first quarter of 2021.

This gives the steelmaker ownership of one of the newest, most advanced steel mills in the country.

“For months, I’ve said that we can’t get to the future fast enough. Today, I can say the future is now. We are acquiring Big River Steel, the cornerstone of our ‘Best of Both’ strategy,” said David B. Burritt, President and Chief Executive Officer of U. S. Steel. “With Big River Steel, we can offer customers the high performance, innovative steel products they expect from U. S. Steel’s scientists and application engineers made through a state-of-the-art, environmentally sustainable and efficient mini mill process.”

“I’m extremely proud of what our Big River Steel team has achieved in building the most technologically advanced and only LEED certified steel mill, and I’m equally proud that we are joining a company that not only values our many accomplishments but shares our vision as well,” said Big River Steel CEO David Stickler. “Being an entrepreneurial disrupter is in our DNA and I’m excited about the possibilities we have already demonstrated by leveraging U. S. Steel’s industry-leading research and development capabilities. I can’t wait to show the world what the ‘Best of Both’ truly means.”

Big River Steel operates a LEED-certified Flex Mill™ in Osceola that is believed to be the newest and most advanced flat-rolled mill in North America.

For more details on the acquisition, click here.

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