Nippon Steel Names 3 U.S. Directors to U.S. Steel Board

Tokyo, July 31 (Jiji Press)--Nippon Steel Corp. on Thursday announced the appointment of three new independent U.S. directors to the board of United States Steel Corp., bringing the number of U.S citizens on the seven-member board to four.
 

The move fulfills a pledge that the Japanese steelmaker made under a national security agreement reached with the U.S. government over its acquisition of the Pittsburgh, Pennsylvania-based company.
 

Under the agreement, Nippon Steel pledged to ensure that more than half of members of the U.S. Steel board, which has up to nine seats, are U.S. citizens.
 

Nippon Steel also has agreed to issue a "golden share" to the U.S. government to allow it to appoint one independent director to the U.S. Steel board.
 

The special share has not been issued and the latest appointment was not made by the U.S. government, said Nippon Steel, which completed its acquisition of U.S. Steel in June.
 

The three new directors are John Donovan, former CEO of AT&T Communications, Robert Stevens, former CEO of Lockheed Martin Corp., and Timothy Keating, a retired admiral who headed the U.S. Pacific Command.
 

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