US Steel shareholders approve takeover by Japan’s Nippon Steel opposed by Biden administration

2024-12-25 13:09:10 source:lotradecoin pricing category:Markets

PITTSBURGH (AP) — U.S. Steel shareholders have overwhelmingly approved the company’s sale to Nippon Steel of Japan for $14.1 billion in cash, voicing unequivocal support for a combination that has drawn opposition from the Biden administration on economic and national security grounds.

More than 98% of the shares voted at a special investor meeting Friday approved the takeover, according to a preliminary count of ballots announced by Pittsburgh-based U.S. Steel.

The transaction has raised concerns about what the sale could mean for unionized workers, supply chains and U.S. national security.

President Joe Biden has come out in opposition to the deal, saying in March that the U.S. needs to “maintain strong American steel companies powered by American steelworkers.” Japanese Prime Minister Fumio Kishida said on Wednesday during a White House news conference that he hopes discussions on Nippon “will unfold in directions that would be positive for both sides.”

More:Markets

Recommend

Singaporean killed in Johor expressway crash had just paid mum a surprise visit in Genting

The 21-year-old woman who died in a motorcycle crash in Johor on Tuesday (Dec 10) had just surprised

Second Rhode Island man pleads not guilty to charges related to Patriots fan’s death

WRENTHAM, Mass. (AP) — A second Rhode Island man charged with assault and battery and disorderly con

Radio communication problem preceded NYC subway crash that injured 25, federal report says

NEW YORK (AP) — A worker guiding an out-of-service New York City subway train that collided with ano