U.S. Steel shareholders have given their resounding approval for the company's acquisition by Nippon Steel of Japan in a deal valued at $14.1 billion in cash. The decision was made at a special investor meeting where over 98% of the shares voted in favor of the takeover, as reported by U.S. Steel based in Pittsburgh.
The sale has sparked concerns regarding its potential impact on unionized workers, supply chains, and U.S. national security. President Joe Biden has expressed opposition to the transaction, emphasizing the importance of maintaining robust American steel companies supported by American steelworkers. In contrast, Japanese Prime Minister Fumio Kishida has conveyed optimism about the deal, stating his hopes for positive outcomes for both parties during a recent White House news conference.
