US Steel shareholders approve Nippon Steel buyout

US Steel shareholders voted in favour of the $14.9 billion acquisition by Nippon Steel of Japan. Over 98% of votes approved the deal, where Nippon will acquire each share for $55, Reuters reported on Friday.

However, the deal faces opposition. US lawmakers raised national security concerns, with President Biden advocating for US Steel to remain American-owned. The United Steelworkers union is also wary of potential job cuts.

Regulatory scrutiny adds another layer of complexity. A government committee reviewing foreign investments, CFIUS, has met with the involved parties. Additionally, the Justice Department is investigating potential antitrust issues.

Despite these challenges, Nippon has vowed to maintain jobs, honor existing union agreements, and even relocate its US headquarters to Pittsburgh, where US Steel is based. Nippon emerged victorious in its bid for US Steel, defeating competitors like Cleveland-Cliffs, ArcelorMittal, and Nucor.