Dec 18, 2023 - Business

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

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