07:43 AM EDT, 09/04/2024 (MT Newswires) -- US Steel (X) will shut down mills and possibly move its headquarters out of Pittsburgh if the company's sale to Nippon Steel falls through, The Wall Street Journal reported Wednesday, citing an interview with US Steel Chief Executive Officer David Burritt.

Burritt said Nippon Steel's pledge to invest almost $3 billion in US Steel's older mills is critical to maintain jobs and keep operations competitive, according to the report.

The transaction continues to face opposition from government leaders and labor groups, who are in favor of keeping US Steel locally owned and operated, according to the report. US Steel is set to gather is Pittsburgh employees on Wednesday to promote the Nippon Steel transaction's benefits, the Journal said.

US Steel shareholders approved the $14.1 billion deal, comprising $55 in cash per US Steel share, this spring, according to the report.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 35.75, Change: +0.15, Percent Change: +0.42