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U.S. Steel Shareholders Approve Takeover by Japan's Nippon Steel
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2024-05-14
U.S. Steel shareholders have overwhelmingly approved the company's sale to Nippon Steel of Japan for $14.1 billion in cash, voicing unequivocal support for a combination that has drawn opposition from the Biden administration on economic and national security grounds.
More than 98% of the shares voted at a special investor meeting Friday approved the takeover, according to a preliminary count of ballots announced by Pittsburgh-based U.S. Steel.
President Joe Biden has come out in opposition to the deal, saying in March that the U.S. needs to "maintain strong American steel companies powered by American steelworkers." Japanese Prime Minister Fumio Kishida said on Wednesday during a White House news conference that he hopes discussions on Nippon "will unfold in directions that would be positive for both sides."
The United Steelworkers, which represents the U.S. Steel labor force, did not respond to this.
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