United States Steel Corporation (U. S. Steel) completed a $1.2 billion senior notes offering, consisting of $700 million of 5.2% Guaranteed Senior Notes due 2031 and $500 million of 5.7% Guaranteed Senior Notes due 2036, each of which is guaranteed by its parent, Nippon Steel Corporation.
The offering was made in accordance with Rule 144A and Regulation S and marked U. S. Steel’s first offering of notes guaranteed by Nippon Steel. The notes are listed on the Singapore Exchange Securities Trading Limited.
U. S. Steel is the third largest U.S.-based steel producer and became a subsidiary of Nippon Steel in June 2025. Nippon Steel is Japan’s largest steelmaker and, following the acquisition of U. S. Steel, the world’s third largest steelmaker.
The S&C team advising U. S. Steel and Nippon Steel included Keiji Hatano, Nirav Mehta, Xiaoyu Duan, Bradford Olson and Robert Okada. Jeff Hochberg, Saul Brander and Julia Fleurantin advised on tax matters, and Saul Brander advised on ERISA matters. Vanessa Blackmore, Esther Jeapes, Kirsten Rodger and trainee solicitor Trinity Batt advised on UK law- and EU law-related matters.