US Steel’s shareholders just voted to end more than a century of American ownership. It may not matter
CNN
US Steel shareholders Friday overwhelmingly approved a deal for the iconic American manufacturer to be purchased by Japan’s Nippon Steel. But the outlook for the controversial merger has never looked so bad.
US Steel shareholders Friday overwhelmingly approved a deal for the iconic American manufacturer to be purchased by Japan’s Nippon Steel. But the outlook for the controversial merger has never looked so bad. The deal is significant, not just for the future of what is still a key US industry central to building everything from cars to appliances to roads and bridges, it is also at the center of election year politics and relations between the United States and Japan, a major ally. The company announced that 98% of shares voted on the measure were in favor of the $14 billion deal. “The overwhelming support from our stockholders is a clear endorsement that they recognize the compelling rationale for our transaction with Nippon Steel,” said US Steel CEO David Burritt. “This is an important milestone. This transaction truly represents the best path forward for all of US Steel’s stakeholders – union and non-union employees, customers, communities and stockholders – and for the United States.” But the deal faces signficant opposition from the United Steelworkers union and politicians on both sides of the aisle. And for the deal to close, it needs approval from both the Justice Department, which enforces antitrust laws, and the normally low profile but powerful Committee on Foreign Investment in the United States, made up of members of the President Joe Biden’s cabinet, including the secretaries of Treasury, Commerce, Defense, State, Homeland Security and the Attorney General. And last month Biden came out publicly against the proposed deal.
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