US Steel shareholders approve Nippon buyout despite political opposition
by Theresa Maher - 04/12/24 6:54 PM ET
U.S. Steel shareholders approved a $14.9 billion acquisition by Japan’s Nippon Steel Friday, despite opposition from the Biden administration, steelworkers and congressional lawmakers.
“#USSteel is pleased to report that, based on the preliminary vote count, 98 % of stockholders voted to approve our proposed merger with Nippon Steel,” U.S. Steel said in a post to social platform X Friday.
The proposed deal, announced in December, has faced pushback from lawmakers in both parties, who argue the deal could threaten national security, U.S. industrial capacity and the livelihoods of steel workers.
“As I’ve always said, steel is about security — both our national security and the economic security of workers and steel communities in Pennsylvania and across the country,” Sen. John Fetterman (D-Pa.) said in a statement following the announcement. “This conversation should be about the steelworkers who power U.S. Steel.”
Republican Sens. J.D. Vance (Ohio), Marco Rubio (Fla.) and Josh Hawley (Mo.), called for the Committee on Foreign Investment in the United States (CFIUS) to block the sale Friday.
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https://thehill.com/business/4591091-us-steel-shareholders-approve-nippon-buyout/