U.S. Steel announces appointment of three independent directors

PITTSBURGH - United States Steel Corporation (NYSE:X) and Nippon Steel Corporation (TSE:5401), a $20.5 billion market cap steel giant with a GREAT financial health score according to InvestingPro, announced today the appointment of three independent U.S. directors to U.S. Steel’s board, fulfilling commitments made in their national security agreement.

The newly appointed independent U.S. directors are John M. Donovan, former CEO of AT&T Communications; Robert J. Stevens, former Chairman, President and CEO of Lockheed Martin Corporation; and Admiral Timothy J. Keating, USN (Ret.), CEO of Keating Global, LLC.

With these appointments, U.S. citizens now comprise the majority of the seven-member board, with four U.S. citizens including the three independent directors and U.S. Steel CEO David Burritt. The remaining board members are Nippon Steel executives Takahiro Mori, who serves as board chairman, Naoki Sato, and Hiroshi Ono.

"Today’s announcement is another important milestone as we accelerate on our journey to growing a better and bigger U.S. Steel right here in the United States," said Burritt in a statement included in the company’s press release.

Mori, who is Representative Director, Vice Chairman and Executive Vice President of Nippon Steel, stated that the board members "share a common interest in solidifying U.S. Steel’s position as the leading steelmaker in the United States." The company’s strong financial position is reflected in its $6.5 billion EBITDA and attractive 4.82% dividend yield. According to InvestingPro analysis, Nippon Steel currently appears undervalued, with dozens of additional metrics and insights available to subscribers.

The board composition reflects the governance structure established following Nippon Steel’s acquisition of U.S. Steel, which required maintaining U.S. citizen majority control of the board to address national security considerations.

Donovan brings technology and innovation expertise from his time at AT&T, while Stevens contributes global business and strategic planning experience from his leadership at Lockheed Martin. Admiral Keating adds national security knowledge following his command of the United States Pacific Command prior to his 2009 retirement.

In other recent news, APi Group Corp. is set to join the S&P MidCap 400 index, replacing United States Steel Corp. This change will be effective before trading begins on June 24. The adjustment in the index follows the completion of Nippon Steel Corp.’s acquisition of United States Steel. The acquisition was finalized recently, prompting the index update. These developments are significant for investors tracking the S&P MidCap 400 index and those monitoring APi Group’s market position. The inclusion of APi Group in the index may attract attention from investors who follow index-based investment strategies. This change reflects ongoing shifts in the market landscape and the evolving composition of major indices.

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