Japan’s Nippon Steel to Acquire US Steel in a Deal Valued at Nearly $15 Billion

Published on December 18, 2023

U.S. Steel, the iconic Pittsburgh steelmaker that was once the largest corporation in the world, has agreed to a buyout proposal from Japan’s Nippon Steel for a total value of $14.9 billion. The deal, unveiled on Monday morning, would make U.S. Steel a wholly owned subsidiary of Nippon Steel. The Japanese steel giant offers an all-cash transaction with a price of $55 per share, which represents a 40 percent premium to U.S. Steel’s closing stock price on Friday. As part of the agreement, U.S. Steel will retain its name and its headquarters in Pittsburgh, where it was founded in 1901. Nippon Steel also said it will honor all collective bargaining agreements that are already in place with the United Steelworkers (USW) as part of its commitment to “maintaining strong stakeholder relations.”...

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