We advised the joint bookrunners on the offering

Davis Polk advised the joint bookrunners in connection with United States Steel Corporation’s Rule 144A / Regulation S offering of guaranteed senior notes, which consisted of $700 million aggregate principal amount of 5.200% guaranteed senior notes due 2031 and $500 million aggregate principal amount of 5.700% guaranteed senior notes due 2036. The notes are guaranteed by Nippon Steel Corporation and are listed on the Singapore Exchange Securities Trading Limited.

U.S. Steel, acquired by Nippon Steel in June 2025, is a leading supplier of value-added steel products to the automotive, construction, consumer (packaging and appliance), electrical, industrial equipment, service center and distribution, structural tubing and energy markets in the United States. Nippon Steel is Japan’s largest steelmaker and one of the largest steel producers globally.

The Davis Polk corporate team included partners Christopher Kodama and Marcel Fausten, counsel Chihiro Sasaki and associates Alexander Coley and Maarten van der Plas. Counsel Alon Gurfinkel and associate Ya Sheng Lin provided tax advice. Counsel Chaoyuan (Charles) Shi provided ERISA advice. Members of the Davis Polk team are based in the Tokyo, New York and London offices.

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