Japanese steel company purchasing Pittsburgh-based U.S. Steel in deal worth nearly $15 billionBy Mike Darnay
Updated on: December 18, 2023 / 7:33 AM EST / CBS Pittsburgh
PITTSBURGH (
KDKA) -- The United States Steel Corporation is being purchased by the Nippon Steel Corporation, the largest steelmaker in Japan.
The companies announced the news of the purchase early Monday morning and say that it will be an all-cash transaction at a value of $55 per share, making the total deal worth nearly $15 billion, including Nippon acquiring U.S. Steel's debt.
As part of the agreement, U.S. Steel, which was founded in 1901 by Andrew Carnegie, J.P. Morgan, and Charles Schwab, will keep its iconic name and headquarters in Pittsburgh and all collective bargaining agreements with the United Steelworkers Union will be honored.
The companies say that Nippon acquiring U.S. Steel will lead to the combining of 'world-leading technologies and manufacturing capabilities' and that it will allow them to serve their customers better in the United States and around the world. ...