U. S. Steel Acquires POSCAL's 50% Ownership Interest In UPI
Zacks Investment Research | Mar 01, 2020 09:32PM ET
United States Steel Corporation (NYSE:X) has completed the buyout of POSCO-California Corporation’s (“POSCAL”) 50% partnership interest in USS-POSCO Industries (“UPI”). The transaction is effective Feb 29, 2020.
Notably, U.S. Steel and POSCO of South Korea entered into a 50-50 joint venture (JV) under the name, USS-POSCO Industries, which is based in Pittsburg, CA. In Jan 23, 2020, U.S. Steel and POSCAL inked an agreement through which the former will purchase POSCAL’s 50% ownership interest in UPI.
The JV markets tin mill and sheet products especially in the western United States. UPI manufactures galvanized sheets, hot rolled pickled and oiled and cold-rolled sheets products from hot bands mainly provided by U. S. Steel. Annual production capacity of UPI is roughly 1.5 million tons.
Following a long and collaborative relationship, U. S. Steel and POSCAL believes that ownership by a single group will enable UPI to continue operating effectively and serve customers.
Shares of U.S. Steel have plunged 64% in the past year compared with the Zacks Investment Research
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