 | |
 | |
| Initiator | Nippon Steel |
|---|---|
| Target | U.S. Steel |
| Type | All-cash full acquisition |
| Cost | US$14.9 billion (including debt) |
| Initiated | December 18, 2023 |
| Status | Pending regulatory approval |
On December 18, 2023, it was announced that Japanese steelmaker Nippon Steel (NSC) would acquire Pittsburgh–based U.S. Steel, a steel-producing company that was once the largest corporation in the world.[1] Under the deal, Nippon Steel would acquire the company for $14.1 billion, which totals to $14.9 billion when including the assumption of U.S. Steel's debt.[2]
The announcement of the proposed acquisition of U.S. Steel by a foreign company was met with controversy. On December 21, the White House indicated that the deal should be scrutinized over national security and supply chain resiliency concerns.[3] U.S. lawmakers from both major parties, also labor unions such as United Steelworkers (USW), have expressed their concerns about the proposed acquisition on similar grounds.[4][5] On March 14, 2024, the Biden Administration made the decision to oppose the planned acquisition.[6]
- ^ Delouya, Samantha (December 19, 2023). "These all-American brands aren't actually American | CNN Business". CNN. Retrieved December 21, 2023.
- ^ Burns, Tobias (December 19, 2023). "Lawmakers push to stop 'fundamentally troubling' sale of US Steel". The Hill. Retrieved December 20, 2023.
- ^ Cite error: The named reference
:1was invoked but never defined (see the help page). - ^ Cite error: The named reference
:2was invoked but never defined (see the help page). - ^ Cite error: The named reference
uswopposeswas invoked but never defined (see the help page). - ^ Egan, Matt (March 14, 2024). "Biden says it's 'vital' US Steel remain American owned and operated". CNN. Retrieved March 15, 2024.
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