10:08 AM EDT, 09/04/2024 (MT Newswires) -- United States Steel ( X ) said Wednesday it would largely pivot away from integrated steelmaking and might have to move its head office out of Pittsburgh if the Nippon Steel transaction fails, putting thousands of jobs at risk.

The company said the lack of a deal would negatively affect communities hosting its blast furnace facilities and deprive the US steel industry of an opportunity to better compete globally.

"The departure of United States Steel ( X ), a company that has been making steel in the Mon Valley since 1901, would deprive the Pittsburgh area of jobs, tax revenue, and community-based contributions," the company said.

United States Steel ( X ) employees will stage a rally Wednesday in support of the Nippon Steel deal, according to the company.

Nippon Steel said Wednesday that if the takeover moves forward, United States Steel ( X ) will be appointed a board of directors with majority of US citizens and will remain based in Pittsburgh.

On Monday, US presidential candidate and Vice President Kamala Harris said United States Steel ( X ) should remain American-owned and American-operated.

Shares of the company were up 2.1% in recent Wednesday trading.

Price: 36.36, Change: +0.76, Percent Change: +2.13