Monday, May 27, 2024

Steel company sale to Japanese company approved

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U.S. Steel stockholders overwhelmingly approved a merger with Japan’s Nippon Steel, a $15 billion deal that the company’s CEO says will create the “best steelmaker in the world.” The transaction received over 98% of the voted shares, representing about 71% of U.S. Steel’s common stock. However, the deal has raised concerns from elected officials, including President Biden and Pennsylvania’s Democratic senators, who want U.S. Steel to remain an American-owned company. The company promises the merger will strengthen U.S. Steel and the domestic steel industry in the face of “unfair competition from China.” U.S. Steel will keep its name and remain headquartered in Pittsburgh.

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