## U.S. Steel Shareholders Approve Nippon Steel Acquisition, Despite Political Opposition
U.S. Steel shareholders have approved the proposed $14.9 billion acquisition by Japan's Nippon Steel, moving the merger one step closer to completion. Over 98% of the votes were in favor of the deal, under which Nippon will pay $55 per share.
However, the deal has faced political opposition from several U.S. lawmakers, citing national security concerns. President Joe Biden has stated that U.S. Steel must remain a domestically owned American firm. The United Steelworkers (USW) labor union has also expressed concerns about potential job losses.
Regulators are also scrutinizing the deal. The Committee on Foreign Investment in the United States (CFIUS) and the U.S. Justice Department have both opened investigations into the takeover.
Nippon Steel has pledged no job cuts as a result of the deal and has committed to honoring all agreements between the union and U.S. Steel. The Japanese steelmaker also plans to move its own U.S. headquarters to Pittsburgh, where U.S. Steel is based.
Despite the controversy, the deal is expected to close in the second half of 2024.