Particle.news
Download on the App Store
9 ARTICLES
·
last yr.

U.S. Steel Shareholders Approve Nippon Steel's $14.9 Billion Takeover Amid Political Opposition

The merger faces significant hurdles with scrutiny from the Justice Department and bipartisan opposition, including from President Biden and former President Trump.

A general view of the exterior of the U.S. Steel Clairton Coke Plant, on March 20, 2024 in Clairton, Pennsylvania. Nippon Steel has said that it would relocate its U.S. headquarters from Houston to Pittsburgh, where U.S. Steel (X.N) is located, if their acquisition deal goes through.
A giant ladle backs away after pouring its contents of red-hot iron into a vessel in the basic oxygen furnace as part of the process of producing steel at the US Steel Granite City Works facility in a 2018 file photo.
Image
Image

Overview

  • U.S. Steel shareholders overwhelmingly approved the controversial $14.9 billion acquisition by Nippon Steel, with over 98% of votes in favor.
  • The deal, critical for the U.S. steel industry, promises no job cuts and pledges to maintain U.S. manufacturing facilities.
  • Political figures from both major parties, including President Biden and former President Trump, have expressed opposition to the merger, citing national security concerns.
  • The merger still requires approval from the Justice Department and the Committee on Foreign Investment in the United States (CFIUS), with a full review currently underway.
  • Despite shareholder approval, the future of the merger remains uncertain due to potential regulatory and political roadblocks.