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International Business Times

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Union Slams Nippon Steel's $14.1 Bn Deal For US Steel

US Steel Nippon Steel Nippon United States US Steel Corp USW Japan ClevelandCliffs The United States

Japan's Nippon Steel has agreed to buy US Steel Corp for $14.1 billion, the company said in a statement (Credit: AFP)

A major US union representing steelworkers slammed the deal by Japan's Nippon Steel to buy US Steel Corp for $14.1 billion, which was confirmed on Monday just months after US Steel rejected an offer from its main domestic rival.

The leading Japanese steelmaker will acquire the company in an all-cash deal at $55 per share, a 40 percent premium above its closing price on Friday and representing an equity value of about $14.1 billion, the companies said in a statement.

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