US Steel shareholders approve $14.9 billion takeover by Nippon Steel

By Aatreyee Dasgupta

(Reuters) – U.S. Steel shareholders approved Japan's Nippon Steel's proposed $14.9 billion acquisition on Friday, as planned, bringing the merger one step closer to completion, although the Political opposition to the agreement is growing.

U.S. Steel said more than 98 percent of the votes were in favor of the deal under which Nippon will pay $55 per share, an amount that represented a sizable premium when the buyout was announced in December.

Since then, however, several U.S. lawmakers have come out against the deal, citing national security concerns. President Joe Biden said US Steel must remain a domestically owned American company.

Shares of US Steel closed down 2.1% at $41.33 on Friday, well below Nippon Steel's offer of $55 per share, reflecting uncertainty over whether the deal will get finalized. approval from regulatory authorities.

The deal has drawn sharp criticism from the United Steelworkers (USW) union, which is concerned about possible job losses.

“We are not surprised by shareholders' choice to cash in and sell out the employees and retirees of the iconic American company,” the United Steelworkers Union said in response to the vote.

Regulators are also reviewing the deal. The Committee on Foreign Investment in the United States (CFIUS), a powerful committee that reviews foreign investment in American companies, met with the parties to discuss the deal, Reuters reported.

The U.S. Department of Justice has opened an in-depth antitrust investigation into the takeover, Politico reported Wednesday.

Nippon has pledged not to cut jobs as a result of this agreement, to honor all agreements between the union and US Steel, as well as to move its own US headquarters to Pittsburgh, where US Steel is based.

The Japanese steelmaker said it was “confident” that the acquisition “will protect and grow US Steel and provide significant benefits to its stakeholders… as well as the American steel industry and the United States as a whole.”

The story continues

“We look forward to working closely with US Steel to advance together as the 'world's best steelmaker with leading capabilities,'” said Vice President Takahiro Mori.

Friday's vote “represents a major milestone,” the company said.

Nippon Steel won the race for US Steel against rivals Cleveland-Cliffs, ArcelorMittal and Nucor.

The deal is expected to be finalized in the second or third quarter of this year, the companies previously said.

Bloomberg News reported Friday, citing people familiar with the matter, that the two steelmakers are expected to announce that they now expect the deal to close in the second half of 2024.

(Reporting by Aatreyee Dasgupta and Aishwarya Jain in Bengaluru; additional reporting by Brigid Riley in Tokyo; editing by Shailesh Kuber, Ravi Prakash Kumar, Maju Samuel and Sonali Paul)

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