Nippon Steel Corp. is set to acquire United States Steel Corp. for $14.9 billion, marking the end of U.S. Steel’s search for strategic alternatives.
The acquisition will significantly increase Nippon’s annual crude steel capacity and expand its presence in the U.S.
“This transaction realizes the tremendous value today in our company and is the result of our Board of Directors’ comprehensive and thorough strategic alternatives process,” U.S. Steel President and Chief Executive Officer David Burritt said. (Trending: Devastating News For Hunter Biden After Defying Subpoena)
The deal has drawn criticism from the United Steelworkers union, expressing disappointment and concern about the impact on the American workforce.
“To say we’re disappointed in the announced deal between U.S. Steel and Nippon is an understatement, as it demonstrates the same greedy, shortsighted attitude that has guided U.S. Steel for far too long,” USW International President David McCall stated.
“We remained open throughout this process to working with U.S. Steel to keep this iconic American company domestically owned and operated, but instead it chose to push aside the concerns of its dedicated workforce and sell to a foreign-owned company.”
The transaction is expected to be completed in the second or third quarter of the following year, pending approval from shareholders and regulators.
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