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According to the agreement, Nippon Steel acquired the American steelmaker for $55 per share. The overall transaction value was $14.9 billion.
US Steel will keep its name and its headquarters located in Pittsburgh, Pennsylvania. The majority of the board members and senior executives of the company will be American.
Last Friday, US President Donald Trump signed an executive order permitting the deal to proceed. It had been in development for a year and a half. Former US President Joe Biden vetoed the agreement in January for national security reasons, asserting it could jeopardize essential supply chains. Trump directed the Committee on Foreign Investment in the U.S. (CFIUS) to examine the agreement in April and chose to authorize the deal in late May.
Nippon Steel's Chairman and CEO Eiji Hashimoto expressed gratitude to Trump, stating that the company is “excited to begin a new phase in the esteemed legacy of U.S. Steel.” Acquiring U.S. Steel will enable the Japanese firm to raise its production capacity to 86 million tons, up from the existing 63 million tons. Concurrently, Nippon Steel has pledged to invest approximately $11 billion in the U.S. over the next three years and to construct a new steel mill after 2028.
source: cnn.com
US Steel will keep its name and its headquarters located in Pittsburgh, Pennsylvania. The majority of the board members and senior executives of the company will be American.
Last Friday, US President Donald Trump signed an executive order permitting the deal to proceed. It had been in development for a year and a half. Former US President Joe Biden vetoed the agreement in January for national security reasons, asserting it could jeopardize essential supply chains. Trump directed the Committee on Foreign Investment in the U.S. (CFIUS) to examine the agreement in April and chose to authorize the deal in late May.
Nippon Steel's Chairman and CEO Eiji Hashimoto expressed gratitude to Trump, stating that the company is “excited to begin a new phase in the esteemed legacy of U.S. Steel.” Acquiring U.S. Steel will enable the Japanese firm to raise its production capacity to 86 million tons, up from the existing 63 million tons. Concurrently, Nippon Steel has pledged to invest approximately $11 billion in the U.S. over the next three years and to construct a new steel mill after 2028.
source: cnn.com
