U.S. Steel (USS) has spent at least $120 million on lobbyists and lawyers since it announced its proposed deal with Nippon Steel this past December. On top of this, it’s engaging in a high-priced public relations campaign to blanket our communities with its propaganda about the transaction.
This money all could have been reinvested back into our plants so that we can continue to make the high-quality steel that supports our national security and critical infrastructure.
But instead, USS executives are relentlessly pursuing the sale at all costs.
Let’s consider why: Tens of millions of dollars are up for grabs if Nippon acquires U.S. Steel, but not for workers. Instead, CEO David Burritt and his executive team could receive a collective $156 million in golden parachutes for closing the deal.
As you can see, Burritt alone is set to receive a $72 million payout upon completion of the transaction. And don’t forget: Burritt already raked in $12.6 million by selling shares in U.S. Steel as the company was announcing the Nippon deal.
Along with Burritt, four members of his executive team are each set to secure payouts north of $15 million if the deal goes through, and the non-employee members of the Board of Directors will receive $40.8 million in payments for previously non-vested stock awards.
This isn’t the first time Burritt’s put personal profit ahead of the greater good: in the five years following the 2017 tax bill, USS paid its CEO more than it paid in federal income tax.
Looking at the numbers, it’s clear who stands to gain in this transaction – and it’s not workers or our communities. It’s the top executives driving the deal. And that’s it.
We cannot let greed undermine everything we’ve spent generations building at U.S. Steel. Our union will continue to fight to keep U.S. Steel domestically owned and operated.
Mike Millsap
District 7 Director & Chairman of the Negotiating Committee
David McCall
International President