Japan\u2019s Nippon Steel has agreed to buy US Steel in a takeover valued at $14.9 billion<\/p>\n\n\n\n
US Steel, a symbol of American industrialization and once the largest corporation on the planet, has agreed to a takeover by Japan\u2019s Nippon Steel in a $14.9 billion deal that lawmakers from both of Washington\u2019s major political parties have vowed to block.<\/p>\n\n\n\n
The companies announced<\/a> the deal on Monday, saying Nippon Steel will pay $55 in cash for each share of US Steel, or around $14.1 billion. The buyer also will assume around $800 million in debt. US Steel said it expects the deal to close in 2024\u2019s second or third quarter, pending shareholder and government approvals.<\/p>\n\n\n\n The purchase price marks a 40% premium to US Steel\u2019s stock price prior to the announcement, and it\u2019s 57% higher than a July takeover offer from domestic rival Cleveland-Cliffs Inc., which was rejected. US Steel plans to keep its headquarters in Pittsburgh when the sale closes, but it will be a subsidiary of Tokyo-based Nippon Steel.<\/p>\n\n\n\n \u201cThe acquisition of US Steel by a foreign company is wrong for workers and wrong for Pennsylvania,\u201d said Senator John Fetterman<\/a>, a Pennsylvania Democrat. \u201cI\u2019m gonna do everything I can to block it.\u201d He called the company\u2019s sale to a foreign buyer \u201cabsolutely outrageous,\u201d adding, \u201cSteel is always about security.\u201d<\/p>\n\n\n\n