US Steel shareholders approve takeover by Japan's Nippon Steel
U.S. Steel shareholders overwhelmingly approved the firm’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
By the Associated Press
Published - Apr 12, 2024, 03:57 PM ET
Last Updated - Apr 12, 2024, 04:43 PM EDT
PITTSBURGH (AP) — U.S. Steel shareholders overwhelmingly approved the firm'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 approved the takeover, according to a preliminary count of ballots announced by U.S. Steel.
The transaction has raised concerns about what the sale could mean for unionized workers, supply chains and U.S. national security.
