US Steel announced it has closed on the purchase of POSCO-California Corporation (POSCAL)'s 50 percent partnership interest in USS-POSCO Industries (UPI), effective February 29, 2020. In a press release, the company said that after a long, collaborative relationship, US Steel and POSCAL concluded that ownership of UPI by a single group represents the best opportunity for UPI to continue operating effectively and serve its customers.
US Steel said that since the January 23, 2020 purchase agreement, the partners have been “working together to ensure a smooth, constructive transition.” In the near term, US Steel plans to operate UPI as a separate entity.
UPI, headquartered in Pittsburg, California, markets sheet and tin mill products, principally in the western United States. UPI produces cold-rolled sheets, galvanized sheets and tin mill products made from hot bands principally provided by US Steel. UPI’s annual production capability is approximately 1.5 million tons.