Dec 18, 2023 - Business

U.S. Steel agrees to be acquired by Japan's Nippon Steel for $15 billion

US Steel headquarters photo.

Photographer: Luke Sharrett/Bloomberg via Getty Images.

Japan's Nippon Steel on Monday announced that it will buy U.S. Steel for $14.9 billion.

Why it matters: One of America's most iconic companies will be owned by a foreign entity, despite domestic interest earlier this year.

Details: The $55 per share offer represents around a 40% premium to where Pittsburgh-based U.S. Steel shares ended trading on Friday.

  • It's also substantially higher than the rebuffed bids from American rivals Cleveland Cliffs and Esmark.
  • Nippon says it will honor all of U.S. Steel's existing labor union agreements.
  • The deal will require regulatory approvals.

Flashback: U.S. Steel butts heads with steelworkers on sale

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